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☆ Norfolk Southern CEO says he supports parts of new rail safety bills
▼ + stars: | 2023-03-22 | by ( Noah Sheidlower | ) www.cnbc.com time to read: +3 min

Norfolk Southern CEO Alan Shaw on Wednesday told senators that his railroad company supports parts of two bipartisan rail safety bills that came in the wake of a derailment last month of a train carrying toxic materials in Ohio. Shaw did not fully endorse the Railway Safety Act, which includes provisions calling for two-person crews on all railroad locomotives. "We're not aware of any data that links crew size with safety," Shaw said Wednesday. "There are significant opportunities for advanced technology to enhance rail safety, and we encourage Congress to consider additional research into on-board rail car defect detection technology." Ohio sued Norfolk Southern last week, seeking damages, civil penalties and a "declaratory judgement that Norfolk Southern is responsible," Attorney General Dave Yost said.

☆ Manhattan DA Alvin Bragg's ties to billionaire George Soros are not as close as Republicans claim
▼ + stars: | 2023-03-22 | by ( Brian Schwartz | ) www.cnbc.com time to read: +6 min

As Manhattan District Attorney Alvin Bragg moves to bring an expected indictment against Donald Trump, Republicans lawmakers leaping to the former president's defense have fixated on what they call Bragg's ties to billionaire George Soros. There is also no indication the Open Society Policy Center's donation was directed toward an eventual Color of Change campaign to influence Bragg. The funding from Soros' nonprofit was not targeted toward the campaign to support McCarter, the Color of Change official told CNBC. Open Society's website says the group's donation was intended "to support [Color of Change]'s social welfare activities" over the course of five years. Months before Bragg won a 2021 Democratic primary on his way to becoming Manhattan DA, George Soros' son, Jonathan, and his wife, combined to donate $20,000 to Bragg's campaign, state records show.

☆ Senate GOP populists push Republican colleagues to back railway regulations, arguing 'their voters' are the most affected by disasters
▼ + stars: | 2023-03-22 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +5 min

Vance, Hawley, and Rubio are touting a bill to enact new regulations on the rail industry. They're trying out a new argument for their Republican colleagues: these are your voters. Josh Hawley of Missouri, and Marco Rubio of Florida, are touting the Railway Safety Act of 2023. "When derailments occur, it is predominantly Republican voters—their voters—who bear the brunt and who rush to put out the fires." "Look, I think if the vote were held today, we'd get 65 votes in the Senate," he told Insider.

☆ Norfolk Southern CEO told that railroads' planned voluntary safety improvements aren't enough
▼ + stars: | 2023-03-22 | by ( Chris Isidore | ) edition.cnn.com time to read: +5 min

New York CNN —Norfolk Southern CEO Alan Shaw returns to Capitol Hill Wednesday facing pressure to support rail safety legislation proposed in the wake of his railroad’s massive toxic spill from a February 3 derailment in East Palestine, Ohio. “We support legislative efforts to enhance the safety of the freight rail industry,” was the only discussion of the legislation in his prepared remarks. Shaw said the railroad would support increasing fines and penalties for people found tampering with railroad facilities and safety equipment, without endorsing proposals for potential fines on railroads found guilty of safety violations. They said residents who live near freight rail tracks can’t depend on the railroad’s voluntary measures to improve safety. Vance said it is important to raise the maximum fine for rail safety violations from the current limit of $225,455.

☆ JPMorgan vs. Bank of America? Analysts say one of the stocks is set to soar 50%
▼ + stars: | 2023-03-21 | by ( Weizhen Tan | ) www.cnbc.com time to read: +5 min

It's not just regional bank shares that have been hit by the recent banking crisis — large-cap bank stocks have also tumbled. JPMorgan was down nearly 6% last week, while Bank of America tumbled 8% over the same period. It said big banks are a "big beneficiary" and fundamentals at JPMorgan Chase, Bank of America, Wells Fargo and Citi look "rather strong." For those looking to invest, CNBC Pro takes a look at what analysts are saying about JPMorgan Chase and Bank of America in particular. However, Bank of America has only 8% of uninsured deposits as a proportion of its total deposit liabilities.

☆ We asked the GOP senators who've endorsed Trump for 2024 if an indictment might change their mind. They said it wouldn't.
▼ + stars: | 2023-03-16 | by ( Oma Seddiq | Bryan Metzger | ) www.businessinsider.com time to read: +6 min

Trump may soon face an indictment in New York over a "hush-money" payment to Stormy Daniels. Insider asked all five GOP senators who back Trump in 2024 whether him being charged would alter their support. And Republican senators who have already endorsed his third White House bid appear to be sticking with him regardless. Schmitt, for his part, abruptly declined to comment when asked about the possibility of an indictment of Trump. Trump also recently suggested that an indictment could be politically beneficial for him — a notion that Tuberville agreed with on Thursday.

☆ Dozens of Senate Republicans oppose overturning the law that made the disastrous 2003 Iraq invasion possible
▼ + stars: | 2023-03-16 | by ( Bryan Metzger | John Haltiwanger | ) www.businessinsider.com time to read: +7 min

The Senate began the process on Thursday to repeal the 1991 and 2002 Iraq War AUMFs. "It should be easy to remove," quipped Republican Sen. Rand Paul of Kentucky, a supporter of repeal. "I don't want to do anything that reduces the President's ability to kill somebody like Soleimani," said Republican Sen. Rick Scott of Florida. For Sen. Paul, repealing the Iraq War AUMFs — which he called "symbolic" — isn't going far enough. The 2001 AUMF opened the door for the invasion of Afghanistan, launching the longest war in US history.

☆ Howard: The market is teetering on the trend line of going negative, now is not the time to be a bull
▼ + stars: | 2023-03-16 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHoward: The market is teetering on the trend line of going negative, now is not the time to be a bullVance Howard, CEO and portfolio manager at Howard Capital Management, discusses how the banking crisis events in the U.S. and Europe have changed his mindset over just how fully invested people should be right now.

☆ Here's how a Trump indictment would play out: Yes, he'll be fingerprinted. No, he probably won't be handcuffed.
▼ + stars: | 2023-03-15 | by ( Laura Italiano | ) www.businessinsider.com time to read: +12 min

Here are predictions for how this historic event would roll out, courtesy of some of Manhattan's top defense lawyers, former high-ranking prosecutors, and a retired Secret Service special agent. "They can tell the foreperson come back two weeks from Wednesday, or something," to sign the revised indictment, Florence said. There can always be a leak, of course, somewhere between indictment and arraignment, which is the court proceeding where Trump would plead not guilty. But even if Trump does need to surrender in person, Secret Service would likely give the perp walk a hard pass. "That walk is not going to happen," said Pickle, the former Secret Service special agent.

REUTERS/Gaelen MorseCompanies Norfolk Southern Corp FollowMarch 14 (Reuters) - The state of Ohio sued Norfolk Southern (NSC.N) Tuesday over the Feb. 3 derailment of a freight train that released over a million gallons of hazardous materials and pollutants into the environment around the town of East Palestine. Since the Ohio derailment caused cars carrying toxic vinyl chloride and other hazardous chemicals to spill and catch fire, Norfolk Southern has been under pressure over a number of train derailments. Last week, Norfolk Southern CEO Alan Shaw was sharply questioned at a U.S. Senate hearing and will appear at another March 22 rail safety Senate hearing. Those suits claim Norfolk Southern was negligent and has created a nuisance for residents, among other claims for liability. Last week, Norfolk Southern agreed to create a new first responders training center and expand a training program in Ohio.

☆ SVB is still looking for a buyer. Here is what we know so far.
▼ + stars: | 2023-03-13 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +5 min

The weekend came and went without a buyer for SVB Financial Group, the parent company of the failed Silicon Valley Bank. SVB Capital focuses on venture capital and credit investing and SVB Securities is its investment banking arm. Axios reported Monday morning that JPMorgan and PNC were in talks to acquire SVB Financial Group but not the failed commercial bank. SVB Securities, better known as SVB Leerink, the investment banking arm born out of SVB's 2018 acquisition of Leerink, is a very desirable business, he added. "SVB Leerink is a well-known name in the tech and healthcare space that will be attractive to someone," said Healy.

☆ Inside the Trump grand jury room — '40s-era furniture, linoleum-topped desks, and a looming indictment
▼ + stars: | 2023-03-13 | by ( Laura Italiano | ) www.businessinsider.com time to read: +11 min

Instead, the grand jury room where Donald Trump could become the first former president to be criminally indicted is a drab, un-Trumplike space, seemingly too ordinary for its purpose. After each presentation, she'd wait, seated on one of those same chairs, as grand jurors deliberated behind closed doors. "And yes, sometimes there are people who will drive the other 22 grand jurors crazy with off-the-wall questions." There needs to be at least 16 grand jurors present out of the originally selected 23 to have a voting quorum. The prosecutor, meanwhile, will sit on that old, uncomfortable wooden chair just outside the grand jury room, and wait for the buzzer.

☆ Live updates: East Palestine, Ohio train derailment Senate hearing
▼ + stars: | 2023-03-09 | by ( Chris Isidore | Aditi Sangal | ) edition.cnn.com time to read: +2 min

In the lead-up to a Senate committee hearing on the toxic train derailment that spilled chemicals in the Ohio town of East Palestine last month, a bipartisan group of senators is introducing a new bill aimed at shoring up rail safety. The Railway Safety Act of 2023 will be introduced by Republican Sens. Vance of Ohio, Marco Rubio of Florida and Josh Hawley of Missouri, and Democratic Sens. It has a provision requiring “well-trained, two-person crews aboard every train.” And it boosts the maximum fines for rail carriers for wrongdoing. Data compiled by the nonprofit OpenSecrets show that Norfolk Southern, the company involved in the Ohio derailment, spent $1.8 million on federal lobbying last year.

☆ Norfolk Southern CEO to tell senators how he plans to 'make it right' after Ohio derailment
▼ + stars: | 2023-03-09 | by ( Noah Sheidlower | ) www.cnbc.com time to read: +5 min

Drone footage shows the freight train derailment in East Palestine, Ohio, U.S., February 6, 2023 in this screengrab obtained from a handout video released by the NTSB. Norfolk Southern CEO Alan Shaw will tell a U.S. Senate panel Thursday how he plans to "make it right" after one of the company's trains derailed in East Palestine, Ohio, last month. Other committees in Congress are also investigating the East Palestine derailment. On Saturday, another Norfolk Southern train derailed in Ohio, after which residents near Springfield were ordered to shelter in place. Hours after that derailment, internal emails obtained by CNBC indicated that Norfolk Southern was making broad safety adjustments to prevent future incidents.

☆ Elon Musk's office sleeping habits have existed since the early 1990s, according to a book about his first startup
▼ + stars: | 2023-03-05 | by ( Pete Syme | ) www.businessinsider.com time to read: +4 min

Per "The Founders," Musk's company rented a "spartan Palo Alto office space," and he would sleep at the office and shower at the nearby YMCA. Soon after taking over Twitter, Musk similarly said he would be sleeping at the office "until the org is fixed." Back at Zip2, Soni describes a "perpetually sleep-deprived" Musk openly berating other executives and colleagues in 1996. Musk's sleeping habits continued at his second company, too, as the company's cofounder Harris Fricker told Soni. In February, Musk said he has worked an average of more than 120 hours a week after taking over Twitter.

☆ Despite East Palestine toxic train disaster, railroads still want single-person crews
▼ + stars: | 2023-03-04 | by ( Chris Isidore | ) edition.cnn.com time to read: +10 min

The rail safety legislation, introduced in Congress Wednesday with bipartisan support, would include a prohibition on single-person crews. There is no such existing law or federal regulation requiring both an engineer and a conductor to be on a train. The Association of American Railroads confirmed that its position in favor of one-person crews has not changed. “No data shows a two-person crew confined to a cab is safer, and train crew size should continue to be determined through collective bargaining,” a statement from UP. But it might have one or two provisions which are deal breakers for the unions, such as allowing single-person crews.

☆ Investors step into U.S. bank stocks, but with some caution
▼ + stars: | 2023-03-02 | by ( Sinéad Carew | ) www.reuters.com time to read: +4 min

The S&P 500 bank subsector (.SPXBK) is up 4.9% so far in 2023 slightly ahead of the benchmark S&P 500's (.SPX) 3.3% gain. But some investors are circumspect as banks themselves warned during earnings season in January that they expect higher loan losses and weaker demand for borrowing. The rate increases have boosted banks' income, giving them the go-ahead to charge higher interest rates for loans. But now, bank customers with savings accounts are seeking out higher interest rates on deposits, offsetting some lending gains. Barclay's analyst Jason Goldberg sees economic strength as a bigger factor for bank stocks this year than the Fed hikes path.

☆ They've seen enough: Trump-backing CPAC attendees want to freeze the 2024 field before things get any messier
▼ + stars: | 2023-03-02 | by ( Warren Rojas | ) www.businessinsider.com time to read: +4 min

Trump fans told Insider no one else should jump in because things are already too mixed up. "What I'm most looking forward to, obviously, is President Trump," she said, noting that she planned to be front and center for his keynote address on Saturday evening. "I think that's a good group," he said, adding, "That's enough." But President Trump is the one that we need," Le told Insider. CPAC attendee Thao Le shows off the Donald Trump pin on her American flag-themed hat on Thursday, March 2, 2023.

☆ Ohio Senators Lead Rail-Safety Push After East Palestine Train Derailment
▼ + stars: | 2023-03-01 | by ( Natalie Andrews | ) www.wsj.com time to read: 1 min

Two Ohio senators are leading a bipartisan effort to respond to last month’s train derailment in their state, proposing legislation that would subject railroads to a series of new federal safety regulations and increase fines for wrongdoing. Vance of Ohio, along with Sens. Marco Rubio (R., Fla.), Josh Hawley (R. ), Bob Casey (D., Pa.) and John Fetterman (D., Pa.), introduced legislation on Wednesday intended to prevent future train disasters like the Feb. 3 derailment of Norfolk Southern Corp. railcars near East Palestine, Ohio. The incident has raised concerns about the long-term health risks near and around the village of 4,700 people.

☆ Senators unveil rail safety bill after Ohio train derailment
▼ + stars: | 2023-03-01 | by ( Liz Brown-Kaiser | Rose Horowitch | ) www.cnbc.com time to read: +2 min

A bipartisan group of senators will introduce legislation Wednesday aimed at preventing rail disasters after the devastating derailment in East Palestine last month. It would also require trained, two-person crews to work aboard every train carrying hazardous materials and levy heightened fines for rail carriers' wrongdoing. The Feb. 3 derailment of a Norfolk Southern train carrying vinyl chloride led to a spill of toxic chemicals. The bill will be introduced by Brown and his Republican counterpart, Sen. JD Vance, who represent the state where the Norfolk Southern derailment occurred. The Senate Environment and Public Works Committee on Tuesday asked Norfolk Southern CEO Alan Shaw to participate in an upcoming hearing.

☆ Risk now has a price in the market, says Eaton Vance’s Aaron Dunn
▼ + stars: | 2023-02-28 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRisk now has a price in the market, says Eaton Vance’s Aaron DunnEaton Vance’s Aaron Dunn and Cresset Capital’s Jack Ablin join 'Closing Bell: Overtime' to discuss current market trends and their outlook heading into March.

☆ Watch CNBC’s full post-market discussion with Eaton Vance’s Aaron Dunn and Cresset Capital’s Jack Ablin
▼ + stars: | 2023-02-28 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC’s full post-market discussion with Eaton Vance’s Aaron Dunn and Cresset Capital’s Jack AblinEaton Vance’s Aaron Dunn and Cresset Capital’s Jack Ablin join 'Closing Bell: Overtime' to discuss current market trends and their outlook as well as earnings after the bell.

☆ Ohio Democratic Sen. Sherrod Brown, who'll likely face a tough reelection fight in 2024, says he won't 'run from Biden': 'I run my own race, and my own brand'
▼ + stars: | 2023-02-26 | by ( John L. Dorman | ) www.businessinsider.com time to read: +3 min

Sen. Sherrod Brown told Politico he was "fine" with Biden running on the same ballot as him in 2024. Brown is seeking a fourth term in the Senate and has carved out a unique appeal among Ohio voters. And despite President Joe Biden's eight-point statewide loss to former President Donald Trump in 2020, Brown told Politico he was "fine" running alongside the president on the same ballot should the commander-in-chief seek reelection next year. So, I'm not going to run from Biden," Brown told Politico. In the 2018 Senate race, when Brown defeated then-GOP Rep. Jim Renacci, the senator won 98% of Democrats, 56% of Independents, and 11% of Republicans, per CNN exit polling.

☆ Michael Cohen and the Manhattan DA's Trump probe: It's complicated.
▼ + stars: | 2023-02-25 | by ( Laura Italiano | ) www.businessinsider.com time to read: +11 min

There are no security guards or obscuring metal gates when Cohen arrives for his weekly Trump probe sit-downs — just a dozen or so news cameras. "No," Cohen told The Daily Beast last April. By Bragg's sixth week on the job, the new DA, who'd never even met Cohen, told Pomerantz he "could not see a world" in which Cohen could be called as a DA witness. "Alvin Bragg is operating at Alvin Bragg's pace," Cohen told MSNBC on another appearance, after that 16th meeting. "The district attorney, and the team, I find them to be incredibly, incredibly competent and decent people," Cohen told Insider.

☆ Nikki Haley heads to fundraiser hosted by Wall Street executives
▼ + stars: | 2023-02-24 | by ( Brian Schwartz | ) www.cnbc.com time to read: +4 min

Nikki Haley, a Republican who jumped into the 2024 presidential race this month, is set to attend a fundraising event for her campaign hosted by Wall Street executives in New York on Tuesday, according to an invitation first reviewed by CNBC. The Tuesday fundraiser for Haley's campaign is one of her first trips to New York as a candidate for president. Morning Consult's GOP primary tracker shows Haley has 6% of support from potential Republican voters. Former President Donald Trump garners support from about 50% of GOP primary voters, according to Morning Consult. Finance executives have played key fundraising roles for political campaigns of both parties for well over a decade.

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