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☆ Launch of arthritis drug biosimilars ramps up US pressure on pricing 'middlemen'
▼ + stars: | 2023-07-25 | by ( Patrick Wingrove | ) www.reuters.com time to read: +5 min

Seven drugmakers this month launched their own versions, known as biosimilars, of AbbVie's (ABBV.N) flagship arthritis drug Humira, once the world's top-selling prescription medicine. Three have kept their list price within 5%-7% of AbbVie's, two priced at an 85% discount and two have offered both types of prices. For insured patients who are often on the hook for co-pays of 10% to 25% of the list price, the savings have been minimal. Reuters GraphicsThe Biden administration has made lowering drug prices a priority. Amgen offered 5% and 55% discounts to AbbVie's $6,922 per month Humira price tag, and both were included on drug coverage lists at two large PBMs.

Persons: Dado Ruvic, Humira, Ameet Sarpatwari, Biden, PBMs, Cigna, UnitedHealth, Amgen, Robin Feldman, Ron Wyden, Wyden, Chuck Grassley, Grassley, Patrick Wingrove, Moira Warburton, Josephine Walker, Caroline Humer, Bill Berkrot Organizations: REUTERS, Association for Accessible Medicines, Harvard Medical School, Reuters, Lawmakers, Federal Trade Commission, FTC, CVS, Biosimilars, Healthcare, Novartis, Sandoz, Reuters Graphics Reuters, University California College of the, Democratic, Republican, Thomson Locations: U.S, Humira, San Francisco, New York, Washington

☆ Senate Committee Presses Leon Black on Epstein Tax Advice
▼ + stars: | 2023-07-25 | by ( Matthew Goldstein | More About Matthew Goldstein | ) www.nytimes.com time to read: +1 min

A Senate committee is investigating whether $158 million that the billionaire investor Leon Black paid the disgraced financier Jeffrey Epstein for tax and estate planning services should have been classified as a gift, as part of a broader inquiry into tax-avoidance schemes by ultrawealthy individuals, according to a letter reviewed by The New York Times. In addition to the fees that Mr. Black said he had paid Mr. Epstein, the Senate Finance Committee is looking into several trusts that Mr. Black used to save on taxes and advice that Mr. Epstein gave on art purchases, according to the letter, which the committee’s chairman, Senator Ron Wyden, sent to the private equity mogul on Monday. Mr. Wyden, Democrat of Oregon, wrote that the committee was dissatisfied with the information that Mr. Black, a co-founder of Apollo Global Management, had provided it to date and requested his cooperation. “A significant number of open questions remain regarding the tax-avoidance scheme you implemented with Epstein’s assistance, including whether the exorbitant amounts paid to Epstein should have been classified as a gift for federal tax purposes,” the senator wrote. Gifts exceeding an annual threshold in value are subject to federal taxes ranging from 18 to 40 percent.

Persons: Leon Black, Jeffrey Epstein, Black, Epstein, Ron Wyden, Wyden Organizations: The New York Times, Senate Finance, Mr, Democrat, Apollo Global Management Locations: Oregon

☆ Harlan Crow's jaunts on his yacht with Justice Clarence Thomas were a 'textbook billionaire tax scam,' Sen. Ron Wyden tells ProPublica
▼ + stars: | 2023-07-18 | by ( Azmi Haroun | ) www.businessinsider.com time to read: +3 min

Justice Clarence Thomas and GOP megadonor Harlan Crow's yacht trips have come under scrutiny again. Per ProPublica, Crow registered his yacht as a charter vessel but only took close friends on trips. As a result, he could pay his own company, report losses, and save on his tax bill, per ProPublica. Some of those were trips aboard Crow's yacht, the Michaela Rose, and were organized through Rochelle Charter, a company registered to charter the yacht. In April, Crow and Thomas first faced scrutiny related to the 20 years worth of undisclosed trips Crow is accused of gifting to Thomas, per ProPublica.

Persons: Clarence Thomas, Harlan, Per, Crow, Thomas, Michaela Rose, Ron Wyden, ProPublica, gifting, Thomas —, — Organizations: Service, Privacy, ProPublica, Dallas Morning News, Democrats Locations: Wall, Silicon, Rochelle

It can boost security, especially for small organizations that lack the resources to run their own IT or security departments. But competitors squeezed by Microsoft's security offering are sounding the alarm over how wide swaths of industry and government were effectively putting all their eggs in one basket. Adair said he understood that Microsoft wanted to make money from its premium security product. He noted that the hackers - which Microsoft nicknames Storm-0558 - were caught only because someone at the State Department with access to Microsoft's top-of-the-line logging noticed an anomaly in their forensic data. "Having Microsoft further empower customers and security companies so they can work together is probably the best way," Adair said.

Persons: Steven, Adair, Gina Raimondo, Microsoft, Ron Wyden, Redmond, Adam Meyers, CrowdStrike, Raphael Satter, Matthew Lewis Organizations: Microsoft, NASA, Reuters, U.S, State Department, Storm, Thomson Locations: cyberdefense, U.S, Washington

☆ Tax prep companies shared private taxpayer data with Google and Meta for years, congressional probe finds
▼ + stars: | 2023-07-12 | by ( Brian Fung | ) edition.cnn.com time to read: +10 min

Some of the tax-prep companies still do not know whether the data they shared continues to be held by the tech platforms, the report said. The Warren aide told CNN it was unclear whether Meta knew it was inappropriately using taxpayer data at the time. The investigation found that all three tax-prep companies had discontinued their use of Meta’s pixel after The Markup’s report last November. “The scope of ‘taxpayer information’ is broad by design,” Rosenthal said, adding that tax-prep companies can be sued for “knowingly” or “recklessly” leaking that information. Depending on the strength of the allegations, the tax-prep companies could quickly be forced into a binding settlement, said a former FTC official who requested anonymity in order to speak more freely.

Persons: “, ”, David Vladeck, Vladeck, Democratic Sen, Elizabeth Warren, Meta, Warren, ‘, Sens, Ron Wyden, Richard Blumenthal, Tammy Duckworth, Sheldon Whitehouse, Sen, Bernie Sanders, Katie Porter, TIGTA didn’t, Block, TaxSlayer didn’t, TaxAct, TaxSlayer, TurboTax, Steven Rosenthal, ” Rosenthal Organizations: CNN, Meta, Google, Georgetown University, Federal Trade Commission, Democratic, FTC, Internal Revenue Service, Justice Department, Tax Administration, Intuit, IRS, Urban, Brookings Tax Locations: United States, Google’s

☆ Google and Meta got customer data from tax prep firms, and lawmakers want a probe
▼ + stars: | 2023-07-12 | by ( Lauren Feiner | ) www.cnbc.com time to read: +5 min

A group of lawmakers led by Massachusetts Democratic Sen. Elizabeth Warren are calling on the Biden administration to investigate how tax prep software companies may have illegally shared customer data with tech platforms Google and Meta . Some statements the tax prep companies provided to the publications at the time seemed to indicate the data sharing was done accidentally. Our system is designed to filter out potentially sensitive data it is able to detect." Among their findings released Wednesday, the lawmakers said that millions of taxpayers' information had been shared with Big Tech firms through the tax prep software and that both the tax prep companies and tech firms were "reckless" in how they handled sensitive information. Although Meta and Google both said they have filters to catch sensitive data that's inadvertently collected, they seemed to be "ineffective," the lawmakers wrote.

Persons: Sen, Elizabeth Warren, Massachusetts Democratic Sen, Biden, General Merrick Garland, Lina Khan, Daniel Werfel, J, Russell George, TaxAct, Block, Ron Wyden, Richard Blumenthal, Conn, Tammy Duckworth, Bernie Sanders, Sheldon Whitehouse, Katie Porter, Warren, Meta Organizations: Capitol, Massachusetts Democratic, Google, Federal Trade, Tax, Facebook, Meta, CNBC, Big Tech, YouTube, Apple Locations: Washington ,, Sens, D

☆ US lawmakers urge FTC to finalize new consumer protections for car buyers
▼ + stars: | 2023-06-22 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

WASHINGTON, June 21 (Reuters) - A group of 17 Democratic U.S. lawmakers on Wednesday urged the Federal Trade Commission to finalize new consumer protections for car buyers despite objections from auto dealers who argue the rules would actually raise the cost of buying a car. They argued that "unfair and deceptive practices involving motor vehicle dealers have widespread consequences." The lawmakers said the FTC should require dealers to provide a legally enforceable "Offering Price" "that includes all pre-installed and mandatory add-on products" and finalize regulations prohibiting specific misrepresentations, among other reforms. The FTC wants to ban fees for add-on products and services that provide no consumer benefits like "nitrogen-filled" tires that contain no more nitrogen than normal air. "Dealers also pack vehicle sales with mandatory and price-inflated add-ons, increasing the cost and creating further confusion and uncertainty about a vehicle’s ultimate price," the lawmakers wrote.

Persons: Ed Markey, Ron Wyden, Cory Booker, Brian Schatz, Elizabeth Warren, Richard Blumenthal, Pramila Jayapal, David Shepardson, Chris Reese, David Gregorio, Leslie Adler Organizations: Democratic U.S, Wednesday, Federal Trade Commission, FTC, Reuters, National Automobile Dealers Association, Center for Automotive Research, Alliance, Automotive Innovation, General Motors, Toyota, Volkswagen, Thomson

☆ A bipartisan bill aims to protect journalists from being forced to reveal their sources
▼ + stars: | 2023-06-22 | by ( Oliver Darcy | ) edition.cnn.com time to read: +3 min

CNN —Journalists could soon enjoy greater protections under federal law. A bipartisan group of US senators and congressmen united this week to reintroduce the Protect Reporters from Exploitive State Spying Act, or as it is more commonly known, the PRESS Act. First, it would prevent the government from compelling reporters from being forced to disclose their sources. “The PRESS Act is the strongest federal shield bill for journalists we’ve ever seen,” Seth Stern, director of advocacy for the Freedom of the Press Foundation, said in a statement. The PRESS Act would solve for that by enshrining protections into federal law.

Persons: we’ve, ” Seth Stern, Donald Trump, General Merrick Garland, Republican Sen, Mike Lee, ” Lee, Democratic Sen, Ron Wyden, ”, ” Wyden Organizations: CNN — Journalists, Exploitive, Press Foundation, News / Media Alliance, Radio Television Digital News Association, National Association of Broadcasters, American Civil Liberties Union, Department of Justice, CNN, Washington Post, The New York Times, DOJ, Republican, Democratic

☆ US Senate panel invites PGA Tour commissioner, LIV CEO to testify on merger
▼ + stars: | 2023-06-21 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

REUTERS/Nick Lachance/File PhotoWASHINGTON, June 21 (Reuters) - A U.S. Senate panel on Wednesday invited PGA Tour Commissioner Jay Monahan, Saudi Arabia's Public Investment Fund Governor Yasir al-Rumayyan and LIV Golf CEO Greg Norman to testify at a July 11 hearing. The Justice department has been investigating the PGA Tour for trying to keep its players from defecting to LIV. The PGA Tour, DP World Tour and rival Saudi-backed LIV circuit, which had been involved in a bitter fight that split the sport, announced an agreement to merge and form one unified commercial entity. The LIV Golf series is bankrolled by the Saudi Arabia Public Investment Fund (PIV). The PGA Tour and LIV did not immediately respond to requests for comment on Wednesday.

Persons: LIV, Nick Lachance, Jay Monahan, Yasir al, Greg Norman, Richard Blumenthal, Ron Johnson, Blumenthal, Elizabeth Warren, Ron Wyden, LIV Golf, Critics, Jamal Khashoggi, David Shepardson, Mark Porter, Bill Berkrot Organizations: Canadian, PGA Tour, Oakdale, Country Club, REUTERS, WASHINGTON, U.S, Senate, Wednesday, Saudi, Public Investment, Investigations, PGA, Saudi Public Investment Fund, Justice Department, Saudi Arabia Public Investment Fund, Washington Post, Thomson Locations: Saudi, Toronto , Ontario, Canada, Saudi Arabian

☆ US announces new visa restriction policy for those who have assisted fugitives
▼ + stars: | 2023-06-21 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, June 21 (Reuters) - The U.S. State Department on Wednesday announced a new visa restriction policy targeting foreign government officials and agents who assist fugitives in evading the U.S. justice system. "The Department of State is committed to deterring and promoting accountability for extraordinary foreign government involvement in aiding fugitives to evade the U.S. justice system," Blinken said in the statement. The State Department did not immediately reply to questions on whether the new policy was aimed at specific countries or if anyone had yet been targeted under it. "The loss of Fallon to her family and loved ones can never be erased, but this new State Department policy named for this young Portlander killed by a foreign national establishes genuine accountability for any foreign official who assists fugitives fleeing U.S. Reporting by Daphne Psaledakis and Costas Pitas Editing by Leslie Adler and Alistair BellOur Standards: The Thomson Reuters Trust Principles.

Persons: Fallon, Antony Blinken, Smart's, Blinken, Ron Wyden, Michael Ratney, Wyden, Portlander, Daphne Psaledakis, Costas, Leslie Adler, Alistair Bell Organizations: U.S . State Department, Wednesday, of State, Oregonian, The State Department, Oregon, State Department, Department, Thomson Locations: Oregon, United States, Saudi Arabian, Saudi, U.S, Saudi Arabia, America

☆ PGA Tour-Saudi deal scrutiny intensifies as Senate Finance Committee investigates
▼ + stars: | 2023-06-15 | by ( Samantha Delouya | ) edition.cnn.com time to read: +2 min

CNN —The backlash to the proposed merger between the PGA Tour and LIV Golf intensified as Senate Finance Committee Chairman Ron Wyden, D-Oregon, opened an investigation into the deal on Thursday. The committee will probe the deal between the US-based PGA Tour and the Saudi Public Investment Fund-backed LIV Golf and assess what the deal means for national security. The PGA Tour and LIV Golf did not immediately respond to CNN’s request for comment. The surprise deal this month between the PGA Tour and LIV Golf, competing tours locked in a legal battle before the merger announcement, has faced growing opposition from lawmakers. The US-based PGA Tour said the merger would “unify the game” and all pending litigation between the tours would be dropped under the new agreement.

Persons: LIV Golf, Ron Wyden, ” Wyden, Wyden, Mohammed bin Salman, Bin Salman, Jamal Khashoggi, Elizabeth Warren, LIV, “ Organizations: CNN, PGA, Saudi Public Investment Fund, Saudi, of Justice, PGA Tour, DOJ, Democratic, Senate, LIV Locations: Oregon, United States, Saudi, Saudi Arabia, U.S

PGA TOUR logo is seen during the second round of the Farmers Insurance Open at Torrey Pines South on January 29, 2021 in San Diego, California. The Justice Department's Antitrust Division has informed the PGA Tour it will review the organization's proposed merger with Saudi-funded LIV Golf, a source told NBC News on Thursday. The Justice Department and LIV Golf declined to comment. The PGA Tour policy board will have to approve the agreement, Monahan told players in a memo. The PGA Tour revealed Tuesday that Monahan is currently recovering from an unspecified medical matter and is taking a leave of absence.

Persons: LIV, LIV Golf, Democratic Sens, Elizabeth Warren of, Ron Wyden, Sen, Richard Blumenthal, Conn, Wyden, Saudi Arabia's Crown Prince Mohammed bin Salman, LIV dangled, Donald Trump, Jay Monahan, Monahan Organizations: Farmers Insurance, Torrey Pines, Department's Antitrust, PGA, Saudi, NBC, Justice, LIV, CNBC, PGA Tour, Democratic, Oregon, DOJ, Investment Fund, Saudi Arabia's Crown, Tour Locations: San Diego , California, Elizabeth Warren of Massachusetts, New Jersey

☆ US lawmakers seek new law to protect TikTok user information
▼ + stars: | 2023-06-14 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

WASHINGTON, June 14 (Reuters) - A bipartisan group of six senators and two members of the House of Representatives on Wednesday introduced legislation to protect Americans’ data from being used by U.S. adversaries. TikTok denies any improper data use and says it has spent more than $1.5 billion on data security measures. TikTok said on Wednesday it is "well underway in cutting off access to protected U.S. user data to any employee — wherever they are." The bill also would regulate exports of personal data by data brokers and firms like TikTok directly to restricted foreign governments. It would apply export control penalties to senior executives who knew or should have known that employees were directed to illegally export Americans’ personal data.

Persons: Ron Wyden, TikTok, Joe Biden, Warner, David Shepardson, Jonathan Oatis, Kirsten Donovan Organizations: Senate, U.S, Commerce Department, U.S ., Democratic, Thomson Locations: China, U.S, Montana

☆ Senators press DOJ to investigate PGA Tour and LIV Golf merger for antitrust violations
▼ + stars: | 2023-06-14 | by ( Matt Egan | ) edition.cnn.com time to read: +1 min

New York CNN —Democratic Sens. Elizabeth Warren and Ron Wyden are calling on the Justice Department’s antitrust division to inspect the controversial partnership between the PGA Tour and the Saudi Arabian Public Investment Fund. In a letter to senior DOJ officials on Tuesday, Warren and Wyden argued the deal will allow Saudi Arabia to “sportswash” its “egregious human rights record” and would violate multiple provisions of antitrust law. “Significantly, the deal appears to have a substantial adverse impact on competition, violating several provisions of U.S. antitrust law, regardless of whether the deal is structured as a merger or some sort of joint venture,” the senators added. The letter comes after Democratic Sen. Richard Blumenthal announced the Permanent Subcommittee on Investigations has launched a probe into the deal.

Persons: Democratic Sens, Elizabeth Warren, Ron Wyden, Warren, Wyden, LIV, ” Warren, General Merrick Garland, Jonathan Kanter, LIV Golf, Sherman, Democratic Sen, Richard Blumenthal Organizations: New, New York CNN, Democratic, Justice, PGA Tour, Saudi Arabian Public Investment Fund, Saudi Arabia’s Public Investment Fund, Investigations Locations: New York, Saudi Arabia, U.S, Saudi

☆ PGA Tour, LIV golf deal needs close DOJ scrutiny, senators say
▼ + stars: | 2023-06-14 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

[1/3] Golf - The inaugural LIV Golf Invitational - Centurion Club, Hemel Hempstead, St Albans, Britain - June 11, 2022 South Africa's Charl Schwartzel of the Stinger team celebrates on the podium after winning The inaugural LIV Golf Invitational REUTERS/Paul Childs/File PhotoWASHINGTON, June 14 (Reuters) - U.S. Senators Elizabeth Warren and Ron Wyden asked the Justice Department to open an antitrust investigation into the planned deal between the PGA Tour and Saudi-backed LIV Golf, saying they believe it would result in a monopoly over professional golf operations. The LIV Golf series is bankrolled by the Saudi Arabia Public Investment Fund. The department has been investigating the PGA Tour for trying to keep its players from defecting to LIV. On Monday, Senator Richard Blumenthal asked the PGA Tour and LIV Golf for communications and records on their planned tie-up.

Persons: LIV, Paul Childs, Senators Elizabeth Warren, Ron Wyden, LIV Golf, General Merrick Garland, Jonathan Kanter, Richard Blumenthal, Jamal Khashoggi, David Shepardson, Jonathan Oatis Organizations: Centurion Club, LIV Golf, REUTERS, WASHINGTON, U.S, Senators, Justice Department, PGA Tour, Saudi Arabia Public Investment Fund, Critics, PGA, Washington Post, Thomson Locations: Hemel Hempstead, St Albans, Britain, Saudi, U.S, Saudi Arabian

☆ Senate Democrats press for Justice Department inquiry into PGA Tour-LIV Golf merger
▼ + stars: | 2023-06-14 | by ( Chelsey Cox | ) www.cnbc.com time to read: +4 min

WASHINGTON — Two top Senate Democrats with a track record of scrutinizing business and antitrust activity have called for a Justice Department investigation into the merger agreement between the PGA Tour and Saudi-funded LIV Golf. The letter follows Connecticut Democratic Sen. Richard Blumenthal's inquiries to PGA Tour Commissioner Jay Monahan and LIV Golf CEO Greg Norman for details on the merger. The PGA Tour also insists the deal isn't a merger and that Saudi Arabia's Public Investment Fund will be a minority investor. The deal between the PGA Tour and LIV Golf would put an end to pending antitrust litigation between the two golf organizations. Family members of 9/11 victims have protested the Saudi golf league due to the terrorists' ties to the country.

Persons: Elizabeth Warren, Ron Wyden, LIV, Elizabeth Warren of, General Merrick Garland, Jonathan Kanter, Connecticut Democratic Sen, Richard Blumenthal's, Jay Monahan, Greg Norman, Monahan, LIV Golf, DOJ didn't, Yasir Al, Rumayyan, LIV Golf's, Osama Bin Laden, Prince Mohammed bin Salman, Jamal Khashoggi, Warren, Wyden, –, Jessica Golden Organizations: U.S, Capitol, WASHINGTON —, Democrats, Justice Department, PGA Tour, Saudi, LIV Golf, Oregon, Connecticut Democratic, Saudi Arabia's Public Investment Fund, DOJ, CNBC, PGA, Public Investment Fund, Washington Post, Senate Banking Committee, Finance Locations: Sens, Washington , DC, Elizabeth Warren of Massachusetts, U.S, Saudi, Saudi Arabia

☆ New bipartisan bill in Senate could address TikTok security concerns without a ban
▼ + stars: | 2023-06-14 | by ( Brian Fung | ) edition.cnn.com time to read: +7 min

Much of the existing legislation addressing TikTok at the federal and state level has focused on bans of the app. Wednesday’s legislation, known as the Protecting Americans’ Data From Foreign Surveillance Act, does not identify TikTok by name. TikTok has faced criticism from US officials who say the company’s links to China pose a national security risk. Congress has made several attempts in recent months to address data transfers to foreign adversaries. In February, House lawmakers advanced a bill that would all but require the Biden administration to ban TikTok over national security concerns about the app.

Persons: Oregon Democratic Sen, Ron Wyden, Wyoming Republican Sen, Cynthia Lummis, —, ” Wyden, Wyden, TikTok, ByteDance, Biden, Justin Sherman, ” Sherman, Rhode Island Democratic Sen, Sheldon Whitehouse, Sheldon Whitehouse , Tennessee Republican Sen, Bill Hagerty, New Mexico Democratic Sen, Martin Heinrich, Florida Republican Sen, Marco Rubio, Warren Davidson, Anna Eshoo Organizations: CNN, Oregon Democratic, Wyoming Republican, ByteDance, Commerce Department, Oracle, Texas, Commerce, Duke University’s Sanford School of Public, Rhode, Rhode Island Democratic, Sheldon Whitehouse , Tennessee Republican, New Mexico Democratic, Florida Republican, Ohio Republican, California Democratic Locations: China, United States, Russia, Rhode Island, Sheldon Whitehouse , Tennessee, New Mexico, Florida

☆ TikTok may have a path forward in the US without a sale or ban
▼ + stars: | 2023-06-14 | by ( Ashley Rodriguez | ) www.businessinsider.com time to read: +4 min

A bipartisan bill reintroduced this week would regulate how companies including TikTok share US data. TikTok has faced increased scrutiny around its ties to China, as well as calls for a US sale or ban. TikTok may have a path forward in the US without a sale or ban. TikTok has faced increased scrutiny from US lawmakers around its ties to China, where its parent company, ByteDance, is based. At the core of the issue are concerns that TikTok's Beijing-based parent company could be compelled to give the Chinese Community Party access to US user data.

Persons: TikTok, Sen, Ron Wyden, Cynthia Lummis, Biden, ByteDance, walling, It's, Wyden Organizations: Republican, CNN, Street, Foreign Investment, Congress, Wall, Chinese Community Party, CCP, Oracle Locations: China, Oregon, Wyoming, Montana, TikTok, Beijing, Texas, Russia

☆ US Senate opens investigation into new partnership between PGA Tour and LIV Golf
▼ + stars: | 2023-06-13 | by ( Matt Foster | ) edition.cnn.com time to read: +4 min

CNN —The US Senate opened an investigation into the proposed merger between the PGA Tour and LIV Golf’s owners, Saudi Arabia’s Public Investment Fund (PIF), on Monday. The letter to the PGA Tour is addressed to its commissioner, Jay Monahan, while chief executive Greg Norman received the letter to LIV Golf. Both the PGA Tour and LIV Golf have until June 26 to hand over the requested documentation, per the letters. Brooks Koepka putts on the 18th green during a LIV Golf event on October 30, 2022. “I think the commissioner has been so discredited that he can hardly present a credible voice for [the PGA Tour].

Persons: LIV Golf’s, Democratic Sen, Richard Blumenthal, LIV Golf, Jay Monahan, Greg Norman, “, ”, LIV, Brooks Koepka putts, Eric Espada, Blumenthal, Ron Wyden, “ I’m, ” Blumenthal, Monahan, ” Sen, Chris Murphy Organizations: CNN, Senate, PGA, Saudi, Public Investment Fund, Democratic, Investigations, PGA Tour, Tour, Justice Department, of Justice Locations: American

☆ Golf’s Titanic Deal Stokes Anger on Capitol Hill
▼ + stars: | 2023-06-13 | by ( Alan Blinder | Kevin Draper | ) www.nytimes.com time to read: +2 min

The trouble for the wealth fund and the tour is that Washington also has a bipartisan affection for lawmakers imitating sports executives, and browbeating actual ones, in public and in private. The tour and the wealth fund can take some comfort in history, which suggests a successful congressional effort to thwart the deal directly is unlikely. The Hill, though, could still seek to make the transaction painful beyond a feisty public hearing or two. Groups like the PGA Tour have combated legislative headaches surrounding their tax-exempt status in the past, with one effort to end the practice for sports leagues vanishing from a 2017 tax bill at the last moment. In the past 18 months, years after the N.F.L.

Persons: Blumenthal, Ron Wyden, “, ” Organizations: Major League Baseball, Democrat, Senate Finance Committee Locations: Washington, Oregon

☆ US senator opens probe into PGA Tour, LIV Golf agreement
▼ + stars: | 2023-06-12 | by ( David Shepardson | ) www.reuters.com time to read: +1 min

Senator Richard Blumenthal on Monday asked the PGA Tour and LIV Golf for communications and records related to their planned merger. Blumenthal, a Democrat who chairs the Senate Permanent Subcommittee on Investigations (PSI), demanded details on how PGA Tour came to its agreement with LIV Golf and how any newly formed entity will be structured and operated, including how the PGA Tour intends to preserve its tax-exempt status. The PGA Tour, DP World Tour and rival Saudi-backed LIV circuit, which had been involved in a bitter fight that split the sport, announced an agreement last week to merge and form one unified commercial entity. "PGA Tour’s agreement with (Saudi Arabian Public Investment Fund) regarding LIV Golf raises concerns about the Saudi government’s role in influencing this effort and the risks posed by a foreign government entity assuming control over a cherished American institution," Blumenthal wrote. Treasury Secretary Janet Yellen told CNBC last week that it was not immediately obvious that the PGA merger with LIV was a matter of national security.

Persons: Richard Blumenthal, LIV, Blumenthal, LIV Golf, Janet Yellen, Ron Wyden, David Shepardson, Rami Ayyub, Doina, Bill Berkrot Organizations: Monday, PGA, Investigations, Saudi Arabian Public Investment Fund, Saudi, Foreign Investment, Treasury, CNBC, Senate Finance, Thomson Locations: Saudi, American, U.S

☆ PGA Tour-LIV Golf merger is a major win for the Saudis — and Americans are slamming it
▼ + stars: | 2023-06-07 | by ( Natasha Turak | ) www.cnbc.com time to read: +8 min

It's lured some of the biggest golf stars away from the PGA Tour with huge paychecks, spurring antitrust lawsuits with the American organization. "This is Saudi Arabia buying the PGA tour," sports talk show host Rich Eisen said in his broadcast after hearing the news. USA Today sports columnist Christine Brennan called the move "a total wimp-out by the PGA Tour. Glyn Kirk | AFP | Getty ImagesSocial media was rife with self-described golf fans vowing to never again watch the PGA Tour. Pro golfer Phil Mickelson, another member of the LIV Tour, tweeted "Awesome day today" in response to the news.

Persons: LIV Golf, that's, —, LIV, Saudi Crown Prince Mohammed bin Salman, It's, Jay Monahan, Rich Eisen, Pat Welter, it's, Christine Brennan, Tiger Woods, Glyn Kirk, Ron Wyden, Chris Murphy, Jamal Khashoggi, Saudi LIV, Monahan, Saudi Arabian Crown Prince Mohammed bin Salman, Jim Watson, Bryson DeChambeau, DeChambeau, Phil Mickelson, Jeffries, Yasir Al, Cristiano Ronaldo, Saudi Arabia's, Al Organizations: PGA Tour, Saudi, LIV Players, PGA, Saudi Arabia's Public Investment Fund, Saudi Crown, CNBC, Twitter, 150th, St, AFP, Getty, LIV, Washington Post, Amnesty, Saudi Arabian Crown, Saudi Embassy, Washington D.C, Saudi Foreign Ministry, CNN, Royal, Anadolu Agency, Getty Images Investment, Rumayyan, Nassr Football Club, Al Nassr Football Locations: Saudi Arabia, North Carolina, Saudi, Scotland, Oregon, Connecticut, American, Washington ,, Washington, videoconference, Riyadh, PIF, Portuguese

The Democratic-led Judiciary Committee held a hearing on the subject in May. Crow, a major Republican donor, last month, rejected the panel's request for a meeting. Separately, Bopp declined to provide another Democratic-led Senate panel, the Finance Committee, any personal financial information about Crow, it said. In a statement, the panel accused Crow of "stonewalling" and "doubling down on bogus legal theories." The news outlet ProPublica has detailed the ties between Thomas and Crow.

Persons: Harlan Crow's, Clarence Thomas, Thomas, Crow, Crow's, Michael Bopp, Dick Durbin, Sheldon Whitehouse, Bopp, Ron Wyden, Neil Gorsuch, Susan Heavey, Kanishka Singh, Will Dunham Organizations: U.S, Supreme, Republican, Democratic, Finance Committee, Finance, Politico, Thomson Locations: Texas, Colorado

☆ US senators question Twitter's FTC compliance under Elon Musk
▼ + stars: | 2023-06-05 | by ( Brian Fung | ) edition.cnn.com time to read: +4 min

The lawmakers asked Musk and Yaccarino to respond to a series of questions about Twitter’s FTC obligations and whether the layoffs and resignations have hindered its ability to comply. Elon Musk under TwitterSince purchasing Twitter, Musk has said he’s laid off more than 6,000 employees, or roughly 80% of the company’s pre-acquisition headcount. Twitter is already under investigation by the FTC for possible breaches of its consent orders. But as both the FTC and now the senators have indicated, Twitter’s behavior under Musk is also covered by the consent agreements. House Republicans have alleged that the FTC probe is intended to “harass” Musk and represents an example of the “weaponization” of the US government.

Persons: Elon Musk, Musk, Linda Yaccarino, Ella Irwin, Twitter’s, “ Mr, ”, Massachusetts Democratic Sen, Elizabeth Warren, Elizabeth Warren ; Oregon Democratic Sen, Ron Wyden, Ed Markey, Hawaii Democratic Sen, Mazie, Twitter didn’t, Twitter, he’s, Peiter “ Mudge ” Zatko, Zatko Organizations: Washington CNN —, Twitter, Federal Trade Commission, CNN, Massachusetts Democratic, Elizabeth Warren ; Oregon Democratic, Hawaii Democratic, FTC, Washington Post, House Republicans Locations: Elizabeth Warren ; Oregon

☆ Democrats warn Musk after Twitter safety execs leave
▼ + stars: | 2023-06-05 | by ( Lauren Feiner | ) www.cnbc.com time to read: +2 min

After news broke last week that both Twitter's head of trust and safety, Ella Irwin, and head of brand safety and advertising quality, A.J. Brown, had departed, four senators wrote in a letter to Twitter owner Elon Musk and new CEO Linda Yaccarino that they were concerned about Twitter's ability to meet its legal obligations. The Democrats asked the Twitter leaders several questions about whether and how the company has complied with the security and privacy obligations in the FTC consent decree. "Mr. Musk's behavior reveals an apparent indifference towards Twitter's longstanding legal obligations, which did not disappear when Mr. Musk took over the company," the senators wrote. "Regardless of his personal wealth, Mr. Musk is not exempt from the law, and neither is the company he purchased."

Persons: Ella Irwin, Brown, Elon Musk, Linda Yaccarino, Elizabeth Warren, Ed Markey, Ron Wyden, Mazie Hirono, Musk's, Musk, Twitter Organizations: Federal Trade Commission, Twitter, FTC, Department of Justice, New York Times, Democrats, CNBC, YouTube, Elon Locations: Sens, Hawaii

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