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Friday, September 6, 2024

Steward bankruptcy Senate hearing to go forward

 

Man charged for plotting Oct. 7 attack on Jewish Center in New York

 A Canadian resident was arrested this week over a terror plot against a Jewish Center in New York City that was planned for Oct. 7, the one-year anniversary of Hamas’s initial attack on Israel which sparked the ongoing war in Gaza.

The plotter, according to the Justice Department (DOJ), was a supporter of the Islamic State.

Muhammad Shahzeb Khan, also known as Shazeb Jadoon, planned the attacks to coincide with the anniversary. The 20-year-old Pakistani national intended to travel to Brooklyn to carry out a mass shooting, according to a DOJ press release.

“The defendant is alleged to have planned a terrorist attack in New York City around October 7th of this year with the stated goal of slaughtering, in the name of ISIS, as many Jewish people as possible,” Attorney General Merrick B. Garland said in the release.

The FBI began investigating Khan after he started posting about his support for ISIS on social media and encrypted apps in 2023.

“The defendant was allegedly determined to kill Jewish people here in the United States, nearly one year after Hamas’ horrific attack on Israel,” FBI Director Christopher Wray said. “The FBI will continue to work closely with our partners to investigate and hold accountable those who seek to commit violence in the name of ISIS or other terrorist organizations.”

“Fighting terrorism remains the FBI’s top priority,” he added.

Khan was arrested in Canada on Sept. 4, and was charged with “one count of attempting to provide material support and resources to a designated foreign terrorist organization.”

He faces a maximum sentence of 20 years in prison.

The news comes as the Israel-Hamas war enters its 11th month. During the initial Oct. 7 attack on Israel, roughly 250 hostages were taken captive, and more than 1,200 Israelis were killed. Cease-fire and hostage deal negotiations continue, as tension in the Middle East continues to rise.

https://thehill.com/regulation/court-battles/4866878-man-charged-plotting-oct-7-attack-new-york/

Debate: Questions Kamala Harris Must Be Asked

 by Steve Cortes via RealClearPolitics,

After six weeks of completely hiding from the media, Kamala Harris finally appeared, with the safety valve of her running mate, in a pre-recorded, brief, and totally friendly interview with Dana Bash of CNN.

Bash did not press on the most urgent issues, nor did she follow up when Harris either obfuscated or simply refused to answer. As such, Harris still escapes the scrutiny of any real interview, even though she has applied for the most difficult and important job in the world.

Moreover, if anything, the burden of proof should be far higher for Harris given that she was elevated to nominee status by the backroom machinations of powerbrokers, rather than citizens voting.

In fact, Harris has never earned a single caucus or primary vote for president, neither in 2020, nor in 2024. Given that she came out of the Democratic Party apparatus that dominates California, in point of fact Harris has not faced serious scrutiny in her entire political career, ever.

She wants to claim all the advantages of incumbency without any of the attendant blame for her record as a sitting vice president and co-manager of the Biden agenda, especially on immigration and on inflation. Unfortunately, the corporate press seems more than willing to grant her this posture of “all the benefits/none of the costs,” in large part because leading media mavens clearly feel guilt for having deposed Biden so unceremoniously.

As part of that media fawning protection over Harris, she faces little blowback for ignoring journalists. Given this strange circumstance, next week’s debate may well provide the singular opportunity to press Harris on key questions that she simply must answer to prove herself worthy of the highest office in the land.

If ABC News wants to find a professional conscience on behalf of the profession of journalism, then these queries really should flow from the moderators, Linsey Davis and David Muir. But if ABC forgoes that ethical obligation, then President Trump should enter the debate hall ready to validly confront Harris on the following key dozen questions:

  1. When did you know about Joe Biden’s cognitive issues and were you always truthful with the American people about his condition?
  2. It has been reported that Biden was threatened with use of the 25th Amendment as leverage to get him to drop out. Can you speak to that issue and defend why you belong on the ballot even though no primary voters chose you?
  3. You have publicly boasted about Bidenomics, but Americans hate the economy. Can you describe Bidenomics and whether you still own it?
  4. President Trump did a highly confrontational town hall on CNN as a candidate this cycle. Will you do a similar town hall with someone like Laura Ingraham?
  5. Why do you affect accents in front of different audiences and what does it say about your authenticity?
  6. On fracking, CNN states that you never did change your own personal opinion in 2020, so can you explain when and why you did change to become pro-fracking?
  7. You’ve repeatedly backed race-based reparations. Can you explain why Hispanic, Asian, and white Americans today should pay their black neighbors for racial injustices committed before they were ever even born?
  8. Can you state whether or not your home state of California is a model for America?
  9. How can you assure the American people that millions of migrants who poured into America will not receive amnesty and citizenship?
  10. What would you say to the parents of Laken Riley?
  11. Biden’s Afghanistan withdrawal – you said you were the last person in the room and that you’re comfortable with the decision. Is that still the case?
  12. Housing affordability has never been worse in America by some metrics, and not since the 2006 Housing bubble, according to Goldman Sachs. Why shouldn’t Americans blame you for this crisis?

Steve Cortes is former senior advisor to President Trump, former commentator for Fox News and CNN, and president of the League of American Workers, a populist right pro-laborer advocacy group.  

https://www.zerohedge.com/political/debate-questions-kamala-harris-must-be-asked

US to Propose Bank Capital Rule Revisions as Soon as This Month

 

The Federal Reserve and other regulators are poised to unveil sweeping changes to a slate of proposed capital rules for banks as they seek to overcome tough resistance from the industry, according to people familiar to the matter.

The revisions, which run up to 450 pages, may be unveiled as soon as Sept. 19 and would reshape key components of the US bank-capital regime known as Basel III Endgame, said the people, who asked not to be identified as the plans may change.


 

The rejiggered proposals may ease concerns among Wall Street banks that unleashed an unprecedented lobbying campaign after the plans were unveiled in mid-2023. That could help avoid a potential legal battle with the industry, which has argued vociferously that the proposals to hike their capital requirements would harm the economy and low-income borrowers most of all.

After the updated proposals are published, there will be a comment period where regulators seek responses on how the revisions compare with the original draft from the Fed, Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency.

Spokespeople for the three watchdogs declined to comment.

Bank Backlash

The banks’ very public pushback and threats of legal action had forced Fed Chair Jerome Powell to step in with public pledges to change the proposals. In recent weeks, he met with bank bosses including JPMorgan Chase & Co.’s Jamie Dimon and Citigroup Inc.’s Jane Fraser to try to bring them on board.


The tweaked proposal will offer changes that center on operational-risk provisions, according to the people, who asked not to be identified discussing private information. Those adjustments will include a reduction in the capital that banks must allocate against fee-based, non-interest business lines such as wealth-management services and certain credit-card operations. 

The changes also remove a so-called internal loss multiplier that would have adjusted each bank’s capital requirements based on a certain number of historical operational risk losses.


The re-proposal, though not a wholesale re-write of the earlier plan, would also reduce the market-risk requirement for the nation’s biggest lenders, or Global Systemically Important Banks, from the initial proposed restrictive use of their internal models, the people said. 

On the credit risk side, banks will not face such stringent requirements around mortgages or tax-equity exposures, among other revisions, said the people.

Regional Banks

The revamped plan would also tailor the requirements for large regional banks, or so-called Category IV firms. Specifically, those firms would face a less-onerous capital requirement tied to market risk.


 

Still, such large regional firms would be required to recognize unrealized gains and losses in their available-for-sale securities portfolio, known as accumulated other comprehensive income, as part of their capital requirements, the people said.

The tweaked proposal will also walk back a requirement that regional banks have to comply with the countercyclical capital buffer, a tool that the Fed uses to demand banks build up capital during periods of excessive growth.


Capital Hike


The new plan would also include a compilation of data from banks on how the changes could affect aspects of their businesses, according to some of the people. That so-called Quantitative Impact Study, which collected year-end 2023 data from the nation’s eight largest banks, is supposed to help the Fed weigh the relative costs and benefits of each aspect of the proposed rule and the regulation as a whole. 


The original plan had called for an overall 16% hike in the capital that banks must hold as a cushion against financial shocks. But the Fed later floated a dramatically weaker version of the plan to other regulators, which alarmed some agency officials at the time and led to robust negotiations. The weaker version, which served as the initial draft of the September changes, suggested an increase as low as 5%


.

Supporters of the first version have billed it as a fix for some of the flaws that led to the collapse of Silicon Valley Bank and Signature Bank last year. Critics say it will raise the costs of lending and put US banks on weaker footing compared with international rivals.

Reaching an agreement among the three agencies was no easy feat, the people said. But all of them were given incentives to complete this so they could turn to other proposals that have been in the works since last year’s regional banking turmoil.


Alibaba.com, Mastercard to Launch U.S. Co-Branded Business Credit Card Powered by Cardless

 Alibaba.com, a leading platform for global business-to-business (B2B) e-commerce and a business unit of Alibaba International Digital Commerce Group, announced a partnership with Mastercard and Cardless to offer a co-branded credit card designed to reward businesses for cross-border and domestic sourcing purchases through Alibaba.com. Created to meet the needs of small business owners, the Alibaba.com Business Edge Credit Card will be the company's first co-branded U.S. credit card.

This new credit card will enable Alibaba.com buyers in the U.S. to earn rewards on all of their purchases in the form of cashback, or special financing terms. The waitlist for the Alibaba.com Business Edge Credit Card is live as of Thursday, September 5, 2024, and the credit cards will be available for application later this year.

Amongst the benefits that the new card offers businesses are a choice of 3% cashback or 60-day interest-free payment terms on purchases of up to $40,000 made on Alibaba.com per year. After that, cardholders will continue to earn 1% cashback on purchases made on the platform. For purchases made outside of the platform, cardholders will earn 2% cashback on other business expenses such as advertising and dining*, and 1% on all other purchases where Mastercard is accepted.

Purchases from Alibaba.com made with the Business Edge Credit Card are also eligible for an extended 90-day order protection through Alibaba.com's Trade Assurance service, as well as Mastercard World Elite benefits, with access to products and services that help boost productivity, reach new customers and give peace of mind with cyber protections.

https://www.prnewswire.com/news-releases/alibabacom-and-mastercard-team-up-to-launch-us-co-branded-business-credit-card-powered-by-cardless-302238059.html

KinderCare revives plans for long-sought US IPO

 KinderCare Learning Companies, a provider of early childhood education that first filed for a stock market listing three years ago, is rebooting its bid for an initial public offering in the United States.

The IPO would be among the first major moves by KinderCare's new CEO Paul Thompson, who took over the reins in June after his predecessor Tom Wyatt's 12-year stint.

The 55-year-old company, based in Oregon, is one of the biggest players in a highly decentralized market. It has over 1,500 centers for children ranging from six weeks to 12 years of age.

In 2015, it was bought by investment firm Partners Group, which will continue to be the controlling shareholder after the IPO.

The availability of child care services often plays an important role in employment decisions. Surveys have shown that several parents choose to leave work or reduce office hours in the absence of child care.

But skeptics have questioned the sustainability of the business model. In a blog in April, the White House Council of Economic Advisers said there was a persistent gap between the cost of providing high quality care and prices that families can afford, with low-income families facing the biggest costs.

KinderCare's revenue grew 6% from last year to $1.34 billion in the first half of 2024. It earned $26.8 million in the same period versus $71.7 million last year.

The company had first filed to list its shares in 2021 but abandoned its plans last year.

A consortium of 12 banks, led by Goldman Sachs, Morgan Stanley, Barclays, and J.P.Morgan, is underwriting the IPO.

KinderCare aims to list its shares on the New York Stock Exchange under the symbol "KLC."

https://money.usnews.com/investing/news/articles/2024-09-06/kindercare-revives-plans-for-long-sought-us-ipo

Social media platforms leave alleged Russian influence network largely untouched

 Two days after U.S. authorities accused two employees of Russian state media network RT of coordinating an online network aimed at influencing the 2024 presidential election, more than 400 posts by Tenet Media, the online content company at the heart of the case, were still accessible on TikTok, unlabeled and untouched.

So too were Tenet Media's nearly 2,500 Instagram videos and more than 4,000 posts on social network X, along with its posts on Facebook and video platform Rumble, according to a Reuters review of its social media accounts.

Of all the major platforms where Tenet distributed its videos, so far only Alphabet's YouTube has taken action penalizing the company, pulling down the main Tenet Media channel along with four others operated by owner Lauren Chen on Thursday.

The only other change detected by Reuters to those accounts involved an advertisement Tenet had placed on Instagram, which started running in August and was still active as of Wednesday, but was disabled by Thursday.

None of the other social media companies responded to Reuters requests for comment on how they planned to handle the posts or whether Tenet Media was in violation of their platforms' rules.

Meta, the parent company of Facebook and Instagram, also would not clarify whether it or Tenet had removed the Instagram ad. Tenet Media likewise did not respond to a Reuters request, nor did Chen or Liam Donovan, the two people named in its incorporation records.

The platforms' apparent inaction on the campaign is a striking departure from the aggressive efforts they have touted in recent years to expose secretive foreign propaganda campaigns, reflecting both the novelty of the tactics allegedly used and the fraught politics of policing content posted by real people inside the United States.

It also exposes a fresh challenge faced by the platforms as Russia increasingly turns to unwitting American social media stars to covertly influence voters ahead of U.S. elections this year, a sort of digital update to Cold War-era practices of laundering messages through journalists or front media outlets, according to disinformation researchers.

"What we're ultimately grappling with is a problem that exists in the real world. It's manifesting on social media in the sense that the entity has a presence there, but it isn't a social media problem per se," said Olga Belogolova, a disinformation professor at Johns Hopkins School of Advanced International Studies and former head of influence operations policy at Meta.

The U.S. Justice Department said on Wednesday that two RT employees worked with foreign nationals in the United States to set up a company in Tennessee that paid prominent conservative commentators to post regular videos on topics designed to amplify political divisions in the United States.

That company paid $8.7 million to the production companies of three of the online stars it recruited and its founders received more than $760,000, according to the indictment. The commentators did not know the funding came from RT, the Justice Department said.

Though the indictment did not name the company, details provided in court filings match up with Tenet Media, a Nashville-based company.

The offline nature of the alleged relationships between RT, Tenet Media and the U.S. commentators makes the case unusual in the world of online influence operations, which social media companies began cracking down on after U.S. intelligence concluded that Russia had used Facebook as part of a campaign to help former President Donald Trump win the White House in 2016.

Moscow has denied that claim, as it also denied the U.S. allegations on Wednesday. RT responded to the charges with ridicule.

Most major online platforms now label state-affiliated media organizations, while Meta, TikTok and YouTube owner Google all produce either monthly or quarterly reports to document their ongoing removal of coordinated networks of fake accounts.

The companies also have rules requiring users to disclose sponsorships by applying "branded content" and "paid partnership" labels to relevant posts, tools generally used by influencers paid to promote clothes, makeup and other products to their thousands of followers.

Meta defines branded content as "a creator or publisher's content that features or is influenced by a business partner for an exchange of value, such as monetary payment or free gifts," according to its documentation explaining the rules.

Taking action against Tenet-related content, however, entails dealing with accounts that are neither fake, nor directly state-run, nor doing traditional product placements, while also wading into the thorny politics of moderating the speech of real U.S. conservative personalities.

Politicians on the right have accused social media platforms of censoring their speech. Meta CEO Mark Zuckerberg has been extending an olive branch their way, most recently in a letter to Congress last month in which he expressed regret about some of his company’s moderation decisions.

Belogolova, the former Meta staffer, said social media companies would be wise to deliberate carefully before applying their rules in ways that could create dangerous precedents for legitimate speech.

"I can guarantee you, having been on the other side of something like this, that there are conversations happening right now about the policy levers that exist and what would be appropriate and inappropriate to use in this particular situation, and trying not to make snap decisions," she said.

https://ca.news.yahoo.com/social-media-platforms-leave-alleged-141104386.html