Sunday and Monday this week, I gathered up all my dead branches from the ice storm along the curb in advance of Tuesday’s announced neighborhood-wide branch pickup. I know it’s going to take some time, but it’s Friday and I see no signs that brush has been cleared from anyone’s curbs…
He said ESG poses a threat to the American Economy and individual economic freedom, he further said it’s an attempt for corporate’s elite to discriminate against those who do follow a particular “ideological agenda.” His proposal will outlaw this.
“By applying arbitrary ESG financial metrics that serve no one except the companies that created them, elites are circumventing the ballot box to implement a radical ideological agenda. Through this legislation, we will protect the investments of Floridians and the ability of Floridians to participate in the economy,” DeSantis said, at the news conference.
Heh. “Federal District Court Judge Orders Illinois to Show Examples of Every Newly-Banned Firearm.” (Hat tip: Instapundit.)
Maybe they should spend more time on schools instead. “Not A Single Student Can Do Math At Grade Level In 53 Illinois Schools.”
“Judy Monro-Leighton, one of three women who accused now-Justice Brett Kavanaugh of sexual assault, was found to have lied during a congressional investigation and is now being charged with making materially false statements and obstruction.”
Nicaragua’s scumbag commie government sentences Roman Catholic bishop Roland Alvarez to 26 years in prison for “treason” for daring to stand up for Catholics and refusing to be exiled.
What began as a trickle is now a flood: the US government is using the banking sector to organize a sophisticated, widespread crackdown against the crypto industry. And the administration’s efforts are no secret: they’re expressed plainly in memos, regulatory guidance, and blog posts. However, the breadth of this plan — spanning virtually every financial regulator — as well as its highly coordinated nature, has even the most steely-eyed crypto veterans nervous that crypto businesses might end up completely unbanked, stablecoins may be stranded and unable to manage flows in and out of crypto, and exchanges might be shut off from the banking system entirely. Let’s dig in.
For crypto firms, obtaining access to the onshore banking system has always been a challenge. Even today, crypto startups struggle mightily to get banks, and only a handful of boutiques serve them. This is why stablecoins like Tether found popularity early on: to facilitate fiat settlement where the rails of traditional banking were unavailable. However, in recent weeks, the intensity of efforts to ringfence the entire crypto space and isolate it from the traditional banking system have ratcheted up significantly. Specifically, the Biden administration is now executing what appears to be a coordinated plan that spans multiple agencies to discourage banks from dealing with crypto firms. It applies to both traditional banks who would serve crypto clients, and crypto-first firms aiming to get bank charters. It includes the administration itself, influential members of Congress, the Fed, the FDIC, the OCC, and the DoJ. Here’s a recap of notable events concerning banks and the policy establishment in recent weeks:
On Dec. 6, Senators Elizabeth Warren, John Kennedy, and Roger Marshall send a letter to crypto-friendly bank Silvergate, scolding them for providing services to FTX and Alameda research, and lambasting them for failing to report suspicious activities associated with those clients
On Dec. 7, Signature (among the most active banks serving crypto clients) announces its intent to halve deposits ascribed to crypto clients — in other words, they’ll give customers their money back, then shut down their accounts — drawing its crypto deposits down from $23b at peak to $10b, and to exit its stablecoin business
On Jan. 3, the Fed, the FDIC, and the OCC release a joint statement on the risks to banks engaging with crypto, not explicitly banning banks’ ability to hold crypto or deal with crypto clients, but strongly discouraging them from doing so on a “safety and soundness” basis
On Jan. 9, Metropolitan Commercial Bank (one of the few banks that serve crypto clients) announces a total shutdown of its cryptoasset-related vertical.
More at the link. I’ve long been skeptical of cryptocurrency advocates assertion that crypto provides a useful alternative to government-backed fiat currency. But it sure looks like the federal government is acting like that’s the case…
An important message about eternal truths from well-known biologist Fred Rogers:
TRIGGER WARNING. ⚠️ This is the most upsetting thing you will see all weekend. pic.twitter.com/eVLPZ3J3RI
CRT-pushing commie Angela Davis finds out that one of her ancestors was on the Mayflower.
A British farmer reviews Clarkson’s Farm. He says despite obvious setup bits, a lot of it (like the unexpected catastrophes and intractable town council bureaucracy) rings true.
Here’s a longer-than-usual LinkSwarm, since last week’s edition was wiped out by the ice storm power outage.
The leftwing corruption of all government institutions continues apace. “US lost 287,000 jobs while government was reporting +1 million in gains.” (Hat tip: Instapundit.)
“That’s because economic growth is slowing down,” explains research fellow EJ Antoni. “Even the areas which contributed positively to gross domestic product (GDP) are not necessarily signs of prosperity. For example, business investment grew at only 1.4 percent in the fourth quarter, but that was almost entirely inventory growth. Nonresidential investment, a key driver of future economic growth, was up just 0.7 percent.”
“Meanwhile, residential investment fell off a cliff,” Antoni continued, “dropping 26.7 percent as consumers were unable to afford the combination of high home prices, high interest rates and falling real incomes. No wonder homeownership affordability has fallen to the lowest level in that metric’s history.”
There was a gain in net exports, but that was largely a mirage created by a major slowdown in international trade. “Imports are simply falling faster than exports, which shows up as an increase in GDP.”
But probably most concerning to Antoni is the sharp decline in real disposable income in 2022, which exceeded $1 trillion.
“This is the second-largest percentage drop in real disposable income ever, behind only 1932, the worst year of the Great Depression,” he observed. “To keep up with inflation, consumers are depleting their savings and burning through the ‘stimulus’ checks they received during 2020 and 2021. Credit card debt continues growing, while savings plummeted $1.6 trillion last year, falling below 2009 levels.”
Boom. “Texas has punted Citigroup from the syndicate that’s set to manage the Lone Star state’s largest-ever municipal bond offering, saying the bank’s policies for gun retailers discriminate against the firearms industry.”
Grand Theft Pollo. The food service director of an impoverished Illinois school district was charged with stealing $1.5 million of food — most of which was chicken wings. Vera Liddell, 66, allegedly began stealing from the Harvey School District during the height of COVID-19.” (Hat tip: Dwight.)
Bill Maher continues to take regular red pills. “The problem with communism and some very recent ideologies here at home, is that they think you can change reality by screaming at it.”
We could be heroes, just for one day. Or once a month, as the case may be…
This week in rapper murders: “Tampa rapper arrested for young mother’s murder days after being acquitted of recording studio double-murder.”
A Tampa jury acquitted Billy Adams of killing two men in a makeshift recording studio in Lutz. He walked free from a Tampa courtroom on January 27.
Three days later, a young mother who was pregnant with her second child was found shot to death in a residential area of New Tampa. Her toddler was still in her vehicle nearby.
A week after her death, Tampa police said Billy Adams “did admit to being the one to pull the trigger.”
Jordan Peterson always makes a great Joe Rogan guest, and the new interview they did last week is no exception.
Discussing the Twitter files, Critical Race Theory and Marxism, victimhood identity politics, postmodern theory, and falseness of reducing everything to power dynamics.
On the World Economic Forum:
“Globalist Utopian Tyranny” is a great phrase.
They follow in the wake of “Paul Ehrlich, in the 1960s, who really believe, really believe, truly, that maybe the planet should only have 500 million people on it.”
There then follows a devastating take-down of the immortality of pushing 350 million of the world’s poorest to the brink of death through higher energy prices in the hope that maybe 100 years from now life for the poor will be better. I encourage you to watch the entirety of this segment for that.
“It’s a little bit too convenient for me that your prescriptions to save the planet are accompanied by this insistence that the only way forward to that is to give you all the power. It’s like there’s a bit of a moral hazard in, that don’t you think?”
“Do you want to save the planet, or do you want the power? And let’s let’s put the second one first, because the probability that you’re a saint or the messiah is pretty damn low. So that’s the danger of the Davos crowd.”
I suspect I’ll be putting up more snippets from this interview sometime this week…
One-Party Democratic California is so desperate for cash they want to tax people for leaving.
Desperate to stem the stampede of cash cows — affluent residents — out of their state, they are trying to pass an exit tax for households with assets of $50 million or more. Current residents would have to keep paying for years after they have decamped to less hostile states.
Heaven forbid that these legislators should instead come to terms with the reasons so many productive residents flee or what they could do to make their state a more attractive destination for people and businesses. They aren’t much concerned with that, merely with stopping the flight of all that revenue. If they cared about the livelihoods of the people leaving, they probably would have governed in a way that didn’t prompt people to head for the exits.
This is probably unconstitutional nine ways to Sunday. Wealth tax, Ex-Post Facto law, taxation without representation, etc. It’s also likely to be counterproductive, as rich people are not only likely to leave the state preemptively to avoid being subject to it, but are exactly the people that can hire top-notch lawyers to get it overturned.
Louis Rossmann, who recently fled New York City to Austin, has additional thoughts:
“They are showing and demonstrating here they have no confidence in their ability to govern better, or in their ability to actually give the customers of that state what they want, because they’re telling you ‘We’re not going to make things better. Rather, if you leave we are going to figure out a way to fine you.'”
“It demonstrates a sick ideology that’s both just authoritarian and disgusting in nature.”
“It’s not like [the tax rates in California and New York] just spiked up insanely over the past one or two years, they’ve been higher than the tax rate in Texas and Florida for as long as I’ve been alive, by a fairly large margin. This is not news. It’s something else in addition to that, and they don’t even appear to be interested in trying to figure out what that is.”
“Florida and Texas…have not had income tax for a very long time.”
“Maybe it would make sense to actually ask people what changed over the past two or three or five years that caused you to decide that you want to move your business and get the fuck out.”
“I could tell you from experience that losing half of your employees, putting all your stuff in a truck, carting it across the country. and spending months putting it all back together is insanely stressful, and not something that I’m going to do so I could save six or eight percent of my income tax.”
“Why are you then going to bake more taxes, and then have a fine for leaving that is then going to discourage anybody else that has the same concern from ever coming to your state thereby ensuring that the population of people that are productive and create value diminishes.”
“The idea of being taxed based on what you are worth at a particular time without actually cashing it out is insane to me.”
Long, correct discussion of why long-term capital gains are taxed at a lower rate snipped. (I doubt many of my readers don’t already understand, or disagree.) Ditto the discussion of how investment creates jobs.
“People deciding to defer their gratification, to decide ‘I will wait for the large payoff 10 to 20 years from now rather than make a decision that results in me getting more money right now,’ and I think that that it should be discussed more often because if it’s not, then we are going to end up with stuff like this.”
He discusses the slippery slope argument: The bill already states the tax will start at billionaires, but then in two years hit people with a net worth of $50 million or more. “Once it gets low enough like once this makes its way off to 10 million or a million, because again this is going to slip.”
And just wait until it hits the net worth not only of individuals, but of businesses.
Democrats enabling sexual predators (yet again), more tanks for Ukraine information, and the unexpected return of Storm Drain Woman. It’s the Friday LinkSwarm!
Published in November of 2022, the story indicated “thousands of child molesters are being let out after just a few months, despite sentencing guidelines.”
The story reported that more than 7,000 inmates convicted of “lewd or lascivious acts with a child under 14 years of age” were released from prison the same year they were incarcerated.
The Daily Mail’s analysis was conducted using a database—created in 1994 after the federal Megan’s Law was passed—requiring law enforcement to make public information regarding registered sex offenders. The news organization examined data in California through July of 2019.
“Everyone should be really upset and frightened by this,” Dordulian said.
According to Dordulian, child molesters are the least likely of criminals to be rehabilitated and are four times more likely to commit the same crime again.
“Once they’re out,” he said, “they are going to re-offend and there’s going to be another child that is victimized by these people.”
Senate Bill 357. Signed by Governor Gavin Newsom in July, the measure decriminalized loitering with the intent to engage in prostitution. The bill did not officially take effect until January 1 of this year; but, from the moment it became law back in July, these women say, the on-the-ground reality changed. “The minute the governor signed it, you started seeing an uptick on the streets,” Powell said. “And on social media, the pimps were saying: ‘You better get out there and work because the streets are ours.’”
The pimps were right: police stopped making arrests for crimes that would no longer be charged. The anti-loitering statute had provided the grounds for officers to question women and children whom they suspected might be trapped in a prostitution ring. “As a police officer, you need probable cause to stop and investigate,” Powell explained. “So if I have a law that says you can’t loiter in this area, with pasties and a G-string, flagging down cars, I could stop you for that because you’re loitering. But if I just say I’m stopping you because you look kind of young, that’s a little weak. So, it takes away a tool.” Without the statute, police hands were suddenly tied. Henceforth, questioning the girls—and potentially provoking a violent confrontation with pimps—came to seem a Pyrrhic gamble, one that California’s police officers would now avoid.
The films, which include “Miss Representation,” “The Mask You Live In,” “The Great American Lie” and “Fair Play,” are licensed to taxpayer-funded schools across every state and sometimes contain sexually explicit imagery and push students to feel “shame and sorrow” about American society split by privilege and oppression. They are paired with curricula that include discussion on Gov. Newsom’s comments within the films, urging them to gather their friends and vote for aligned politicians that support a “care economy” that “embraces universal human values.”
“Former Arlington teachers union president charged with embezzlement. A former president of the Arlington teachers union, who was ousted last spring, has been charged with embezzling more than $400,000 from the organization. Ingrid Gant, 54, of Woodbridge, was arrested yesterday (Monday) in Prince William County on four counts of embezzlement.” (Hat tip: Ed Driscoll at Instapundit.)
“Thirty years ago, Guan County, Shandong Province launched the ‘Hundred Childless Days‘ campaign under the aegis of national family planning, known in the West as the ‘one-child policy.’ The birthplace of the “Boxers” was deemed to have too high a birth rate by the provincial government. County officials sought to correct this by ensuring that not a single baby was born between May 1 and August 10, 1991.” (Hat tip: Ace of Spades HQ.)
North says they do not feel safe anymore, and she believes it all ties back to the large homeless encampment located only feet away from the salon.
“Our safety started to become a big issue. We suffered from multiple break-ins. We’ve had our cars broken into. We clean up feces and needles on a weekly basis. It increased from that to, you know, people approaching us and threatening us with weapons, threatening rape, murder, all of those things,” said North.
The salon has been up and running just off Ben White Blvd. for four years now. North says she has seen an uptick in crime for a while now, but the dangerous behavior from people living in this encampment picked up recently.
“In the past year, it’s gotten increasingly worse and, in the past couple of weeks, it’s gotten to the point where I actually finally felt like this might shut my business down,” said North.
Erin Mutschler, another co-owner of the salon, says they have called the police every time they have dealt with a situation like the one caught on video, but she says police often take 45 minutes to an hour for anyone to show up.
The mayorship of Steve Adler is the gift that just keeps giving, even with him out of office… (Hat tip: Dwight.)
Follow-up: Democratic State Rep. Harold Dutton: “Don’t Blame Abbott, Houston ISD Takeover Plan Was My Idea.” (Previously.)
A Florida woman was pulled from a storm drain for the third time in two years. Maybe she was looking for David Icke’s lizard people. Also, she sounds like a real winner: “Police said her license had been suspended 17 times from 2007 to 2020.” (Previously.) (Hat tip: Dwight.)
Jay Leno broke his collarbone, several ribs and both kneecaps in a motorcycle accident. But it sounds like a freak accident: “So I turned down a side street and cut through a parking lot, and unbeknownst to me, some guy had a wire strung across the parking lot but with no flag hanging from it…I didn’t see it until it was too late. It just clothesline me and, boom, knocked me off the bike.” (There’s no evidence the line was strung there by Conan O’Brien.) “But I’m OK!…I’m working this weekend.” (Hat tip: Instapundit.)
More moving trucks left from California than any other state in 2022 for the third year in a row, while more Americans are flocking to Republican-led states like Texas and Florida, a new study published on Jan. 3 has found.
The study was conducted by the moving truck rental company, U-Haul, and found that Texas, Florida, and the Carolinas were the preferred destinations for one-way moving trucks in 2022, with those states ranking as the top growth states on the annual U-Haul Growth Index.
U-Haul’s Growth Index is compiled according to the net gain of one-way U-Haul trucks arriving in a state or city, versus those departing from that state or city each calendar year across the U.S. and Canada and is a strong indicator of what kind of job states and cities are attracting and maintaining residents, according to the company.
Texas is the top destination for U-Haul trucks for the second consecutive year and the fifth time since 2016, according to the study. That is followed by Florida, which has been a top-three growth state for seven years in a row. South Carolina, North Carolina, Virginia, Tennessee, Arizona, Georgia, Ohio, and Idaho also saw strong growth rates in 2022, the study found.
I think I’ve posted a variation on this story just about every year I’ve published this blog…
From July 2021 to July 2022, 300,000 more people moved out of the state than moved in. New York had the largest population loss—in both percentage and absolute terms—experienced by any state during that period.
Sadly, this was both predictable and preventable.
In March 2021, a study of New York found that its already staggeringly high tax burden had worsened due to an increase in the top marginal tax rate to almost 15% for those in New York City. The study projected that the flood of people leaving would only accelerate—and it did.
Even before that study, the Empire State lost so many people that it cost New York a seat in Congress after the 2020 census. This exodus is a direct response to New York’s obscenely high taxes.
Just how bad is it? Compared with other states, New Yorkers:
Pay the highest total tax burden and highest share of personal income (14%) in taxes.
Endure the second-worst overall business-tax climate.
Face the highest individual income-tax rate and income-tax collections per capita.
Pay the second-highest state and local corporate income tax collections per capita.
Have the fourth-highest property taxes and local sales-tax rate (on average).
Pay the highest cigarette taxes and ninth-highest gasoline taxes.
Remember how I’ve noted that semiconductor memory manufacturers make money hand-over-fist in boom times and barely break even during busts? “Samsung Profits Plunge 69% As Global Chip Demand In ‘Full-Fledged Ice Age.'”
Turnabout is fair play: “U. Houston Prof Tells Students to Report Teachers Berating ‘White People or Christians to DEI Office.'”
Denver Mayor Michael Hancock takes pride in virtue signaling his city as a refuge for illegal aliens. Guess what?
The Pennsylvania House of Representatives voted on Wednesday to impeach controversial Philadelphia District Attorney Larry Krasner (D-PA).
Five lawmakers, including three Republicans and two Democrats with constituencies in Philadelphia, formed a committee to investigate Krasner earlier this year. Members of the lower chamber voted by a margin of 107 to 85 in favor of impeaching Krasner, enabling the Pennsylvania Senate to remove the official with a two-thirds majority.
“Texas Democrats Blame Lackluster Midterm on 2021 Election Reform, Redistricting, and Poor Border Messaging.” Note that the word “policies” appears nowhere in the article…
The partisan index for Texas counties. Republican counties tended to get slightly more Republican while Democratic counties got slightly less Democratic.
A study conducted by criminologist Michael Smith of the University of Texas at San Antonio shows that 56 percent of individuals charged with violent crimes or weapons law violations in Dallas are released on bail or their own recognizance. That figure includes about 75 percent of offenders charged with weapons law violations, about two-thirds of those arrested for aggravated assault, and 34 percent of those arrested for murder.
Smith examined 464 arrests from 2021 and followed the cases through May 15 of this year. The dataset included all (109) arrests for murder, 25 percent (73) of arrests for robbery, 25 percent (154) of arrests for aggravated assault involving a family member, 10 percent (67) of arrests for aggravated assault not involving a family member, and 10 percent (61) of arrests for weapons law violations.
Almost a quarter of those released were arrested again within the course of the study. The average length of time between release and the second arrest was 148 days.
Disney shares are down 40 per cent this year, and last week’s quarterly report makes for grim reading. Disney’s expenses and operating losses are skyrocketing. Even the hugely popular Disney+, which continues to gain in subscribers, made an operating loss of $1.47 billion – more than double its loss last year. An internal memo last week announced job cuts and a hiring freeze.
Perhaps it is no coincidence that Disney’s troubles arrive in a year when the company has been distracted by politics. Indeed, it seems to have gone into overdrive to promote woke causes, both on screen and off.
Most infamously, in March, Disney waded into a bruising political battle with Florida governor Ron DeSantis, over his Parental Rights in Education Act. The law, now enacted, bans ‘classroom instruction’ on issues of ‘sexual orientation or gender identity’ for Florida schoolkids under the age of 10. Although the law has the overwhelming support of parents, from across the political spectrum, it sparked fury in media circles. Critics were quick to dub it the ‘Don’t Say Gay’ law, arguing that it ‘marginalises LGBTQ+ people’.
Disney was only too happy to join in the chorus of denunciation. The act ‘should never have passed’, said Disney in a statement. ‘Our goal as a company is for this law to be repealed by the legislature or struck down in the courts.’ Disney also pledged to donate $5million to organisations opposed to the law. But DeSantis hit back. He revoked a special tax status that Disney’s Florida theme parks had enjoyed since 1967.
Disney’s growing reputation for championing woke causes is costing it more than just its tax exemptions. It is now clearly damaging its relationship with audiences. As recently as March 2021, Disney’s public-approval rating was 77 per cent. But a September poll finds approval for Disney has now fallen to only 51 per cent among all Americans. And it has fallen into negative territory among Republicans. As pollster Chris Wilson notes: ‘It is highly unusual for a family entertainment company to find itself outside the good graces of so many Americans.’
Governor Ron DeSantis said in his victory speech that, not only did he win the Florida gubernatorial race, but he has also “rewritten the political map.” It is difficult to argue with that assessment. He beat Democrat Charlie Crist by 20 percentage points and flipped Democratic strongholds such as Miami-Dade County.
A particularly potent force in his campaign has been culture-war issues — battles DeSantis won by going on the offensive. “We fight the woke in the legislature,” he said in his speech. “We fight the woke in the schools. We fight the woke in the corporations. We will never, ever surrender to the woke mob. Florida is where woke goes to die.”
As with Trump, DeSantis’s political aggressiveness wins him admirers. The tactics that some conservatives consider morally or philosophically dubious appear only to intensify his popularity.
In March, the Republican Florida legislature passed the Parental Rights in Education Act, preventing teachers from instructing kindergarten through third-grade students in gender identity and sexuality. “I would say when you oppose a parent’s rights and education bill, which prevents six-, seven-, eight-year-olds from having sexuality, gender ideology injected in their curriculum, you are the one that’s waging the culture war,” DeSantis said in defense of the bill. DeSantis also signed the Stop W.O.K.E. (Wrongs to Our Kids and Employees) Act, preventing critical race theory from being promoted or advanced in schools and corporations.
When Walt Disney executives criticized the education law as a “Don’t Say Gay” bill, DeSantis retaliated by questioning whether the corporation’s 50-year-old “independent special district” status should go under “review” to ensure that it is “appropriately serving the public interest.” Charles C. W. Cooke warned about the dangers of this move. Yet, however short-sighted, it was undoubtedly effective culture-war politics. DeSantis’s enemies fell into the trap: Democrats revealed their hypocrisy by rushing to the defense of big business.
DeSantis has also won the PR fight on immigration. His morally dubious decision to fly asylum seekers to Martha’s Vineyard revealed Democrats’ hypocrisy. His hard line on immigration does not dampen support among Hispanics. According to a Telemundo/LX News poll, DeSantis had a 51 percent to 44 percent lead over Crist among Hispanic voters. A bilingual pollster who conducted the survey explained: “There are lots of Hispanic voters in this state who really like the governor’s style, this strongman who won’t back down.”
On transgenderism, DeSantis has been utterly fearless. He stated that, in children, most “dysphoria resolves itself by the time they become adults” and “it’s inappropriate to be doing basically what’s genital mutilation.” While other Republican states have tried to use legislation to stop gender experiments, DeSantis appointed a state medical board that banned doctors from prescribing puberty blockers, hormones, and gender-transition surgeries. This way, his enemies can’t claim that politicians are interfering in the medical profession. Rather, it’s medical professionals keeping politics out of health care.
FTX’s new CEO and liquidator, John Ray III, who also oversaw the unwinding and liquidation of Enron, admits that “Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here.”
And just in case his shock at FTX’s fraud of epic proportions was not quite clear enough, he adds that “from compromised systems integrity and faulty regulatory oversight abroad, to the concentration of control in the hands of a very small group of inexperienced, unsophisticated and potentially compromised individuals, this situation is unprecedented.”
Snip.
Below we excerpt some of the most notable highlights from the affidavit, which we embed at the bottom of the post and which everyone should read to get a sense of just how massive Sam Bankman-Fried’s fraud was.
I have over 40 years of legal and restructuring experience. I have been the Chief Restructuring Officer or Chief Executive Officer in several of the largest corporate failures in history. I have supervised situations involving allegations of criminal activity and malfeasance (Enron). I have supervised situations involving novel financial structures (Enron and Residential Capital) and cross-border asset recovery and maximization (Nortel and Overseas Shipholding). Nearly every situation in which I have been involved has been characterized by defects of some sort in internal controls, regulatory compliance, human resources and systems integrity.
Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here. From compromised systems integrity and faulty regulatory oversight abroad, to the concentration of control in the hands of a very small group of inexperienced, unsophisticated and potentially compromised individuals, this situation is unprecedented.
For purposes of managing the Debtors’ affairs, I have identified four groups of businesses, which I refer to as “Silos.” These Silos include:
(a) a group composed of Debtor West Realm Shires Inc. and its Debtor and non-Debtor subsidiaries (the “WRS Silo”), which includes the businesses known as “FTX US,” “LedgerX,” “FTX US Derivatives,” “FTX US Capital Markets,” and “Embed Clearing,” among other businesses;
(b) a group composed of Debtor Alameda Research LLC and its Debtor subsidiaries (the “Alameda Silo”);
(c) a group composed of Debtor Clifton Bay Investments LLC, Debtor Clifton Bay Investments Ltd., Debtor Island Bay Ventures Inc. and Debtor FTX Ventures Ltd. (the “Ventures Silo”);
(d) a group composed of Debtor FTX Trading Ltd. and its Debtor and non-Debtor subsidiaries (the “Dotcom Silo”), including the exchanges doing business as “FTX.com” and similar exchanges in non-U.S. jurisdictions. These Silos together are referred to by me as the “FTX Group.
Each of the Silos was controlled by Mr. Bankman-Fried. Minority equity interests in the Silos were held by Zixiao “Gary” Wang and Nishad Singh, the co-founders of the business along with Mr. Bankman-Fried. The WRS Silo and Dotcom Silo also have third party equity investors, including investment funds, endowments, sovereign wealth funds and families. To my knowledge, no single investor other than the co-founders owns more than 2% of the equity of any Silo.
Much, much more at the link, including an eye-dropping, deeply incriminating Twitter thread by founder Sam Bankman-Fried about the step-by-step decisions they made that weren’t really illegal because they had such good intentions.
BlackRock’s energetic focus on ESG investing is affecting its bottom line. The index fund’s performance is deteriorating, and risks are accumulating. In the face of this situation, UBS Wealth Management recently downgraded ratings for BlackRock (NYSE: BLK) by now listing it as a “Neutral” recommendation rather than a “Buy.” The bank also cut the target stock price to $585 from $700.
The new recommendations were made based entirely on BlackRock’s reckless ESG positioning. UBS says that stubborn insistence on this course could also trigger increased regulatory inspections and investor withdrawals.
Thus, the company pressuring countless firms to adopt more “woke” positions has suddenly found a boomerang coming in its direction. Investors and analysts are now telling BlackRock that ESG shenanigans are bad business and want it stopped.
Another one of those things that makes you go “Hmmmm“: “The Funeral Business Is Booming (And Not Because Of COVID)…We’re having to do at one point of time 20 percent more funerals which is unheard of…the third quarter of this year, we did 15% more calls than we did in the third quarter of 2019.”
Jay Leno is expected to make a full recovery after getting seriously burned in a gasoline fire from one of his many cars. Conan O’Brien should call him up and go “Jay, when I said ‘die in a fire,’ I meant it figuratively, not literally!”
“This was a close call,” said one Republican leader in Washington. “We were worried that we would achieve massive victories tonight, but we thankfully snatched defeat from the jaws of victory to achieve a much more proper and sensible red trickle, like the proper gentlemen we are.”
When the data ends up giving you results that are different than what you expected, it’s time to step back and try to figure out whether your data is wrong or your theory is wrong.
The theory was that Republicans were going to enjoy a red wave election year, with some analysts going so far as to predict a red tsunami.
That didn’t happen.
Republicans will probably take the House, while control of the senate might not be decided until the Georgia runoff, and Republicans seem to have lost a couple of governorships.
Other widely hailed trends that didn’t happen:
There seemed to be no dramatic swing in Hispanic votes toward the GOP.
There seemed to be no notable movement of white suburban women back into the GOP fold.
Independents did not seem break dramatically for the GOP either.
The only place Republicans really seemed to have overperformed is in Florida, where DeSantis whomped turncoat Charlie Crist in the governor’s race (a far cry from the squeaker he won against Andrew “Gay Meth Orgy” Gillum in 2018), and added either four or five U.S. House seats. (They say four, but seem to be counting FL28 (a newly created seat) as a GOP “hold.”)
If there’s a previous election year this reminds me of, it’s 1978. Despite raging inflation and Jimmy Carter’s feckless policies, Republicans picked up only three senate seats and 15 house seats. (Remember, this was a time when Democrats held a much larger advantage in the House than today.) They would do much better in 1980.
But so far, 2022 is a big disappointment for Republicans.
One evergreen takeaway: Never trust polls, no matter whether they’re good or bad for your side.
Greetings, and welcome to a special Election Eve Monday LinkSwarm! My Internet is back up, and tomorrow night I will be liveblogging the election returns starting around 7 PM.
For the past week or so, my back-of-the-envelope math envisioned a GOP House majority somewhere between 229 and 241, and I’m sticking to that. Give the Republicans the 212 seats in Cook Political Report, with two-thirds of the 35 races in the toss-up category, and you end up with 235 Republicans and 200 Democrats, so put those down as my final prediction numbers.
Snip.
With Bolduc, Laxalt, and Johnson winning, I come out to a 51–48 GOP advantage by the end of the week, with Walker and Warnock headed to a runoff. It wouldn’t shock me if Oz or Masters or both won, giving Republicans a 53- or 54-seat majority.
On Sunday, Hilary Rosen, a longtime Democratic strategist, predicted on CNN’s “State of the Union” that her party will have a bad night on Tuesday because they did not listen to voters.
“I’m a loyal Democrat, but I am not happy. I just think we did not listen to voters in this election, and I think we are going to have a bad night,” she said.
She faulted the Democratic Party for ignoring voters’ concerns about the economy, and implored them to “stop talking about democracy being at stake.”
“When voters tell you over and over and over again that they care mostly about the economy, listen to them,” she said. “Stop talking about democracy being at stake. Democracy is at stake because people are fighting so much about what elections mean. Voters have told us what they wanted to hear. I don’t think Democrats have delivered this cycle.”
Republican Sens. Chuck Grassley and Ron Johnson gave the federal prosecutor probing Hunter Biden a little nudge Wednesday — sending him more than 200 pages of bank records showing millions in transactions between the first son’s companies and Communist Chinese-tied entities.
Snip.
The senators’ analysis of banking records, first reported by Fox News, finds that between August 2017 and October 2018, $6 million was transferred to a company allegedly set up by Hunter Biden called Hudson West III, $5 million came from Northern International Capital, a [Chinese energy compan] CEFC affiliate, and $1 million was transferred from CEFC itself.
From the pool of cash, $4.8 million was transferred from Hudson West III to other Biden companies, such as Owasco P.C. and Owasco LLC, and to a company associated with President Biden’s brother James, the Lion Hall Group.
The bank records also show that Hunter Biden and his aunt and uncle, Sara and James Biden, went on a “spending spree,” in the senators words, after Hudson West III received the millions in payments from CEFC, through a line of credit that was opened.
“We are also providing bank records showing that credit cards were collateralized by a $99,000 preauthorized withdrawal from Hudson West III,” Grassley and Johnson write, noting that the money was spent for airfare, at Apple stores, hotels, and restaurants, as they detailed back in 2020.
Grassley and Johnson also mention two $3 million wire transfers sent to Robinson Walker LLC, another Hunter Biden-associated company; and by State Energy HK Limited, another CEFC affiliate, saying the purpose of those transfers “is unclear.” The Post reported on those mysterious transactions back in 2020.
The senators also make reference to JiaQi Bao, Hunter Biden’s Chinese secretary, who reportedly pushed for “Uncle Joe” Biden to run for president and has been linked to the Chinese government. The bank transactions included in Grassley and Johnson’s letter show that Hunter Biden made payments to Bao totaling $29,795.84 after Hudson West III received the $6 million from the Chinese firms.
Some names and entities will be familiar to BattleSwarm readers, but other bits are new.
Ballot harvesting, according to the California Democrats who’d like to take it national, is an innocent practice where union members and activists, some of them illegally present in the country, do voters the favor, see, of helping voters fill out their ballots and then collecting those ballots for them so that they need never go to the polls. They call it “a new service.” It’s part of their “make every vote count” agenda, and who could be against that?
But out in Florida, where there’s still some semblance of objectivity, investigators found another story.
According to the Washington Times:
JACKSONVILLE, Fla. — Florida’s newly created Office of Election Crimes and Security is requesting a criminal investigation into charges of ballot harvesting in Orlando, a Democratic stronghold in the critical swing state.
Cynthia Harris, a Democrat who ran unsuccessfully for District 6 commissioner in Orange County, which includes Orlando, provided a sworn complaint to the election crimes office, alleging left-leaning organizations have been perpetrating a scheme to encourage residents in black neighborhoods to apply for mail-in ballots and to fill out those ballots, which she said have been collected by paid canvassers, and sometimes altered, all in violation of state law.
In an interview with The Washington Times, Ms. Harris said she has video evidence of paid ballot harvesters operating in Orlando neighborhoods in both 2014 and 2017, and that the scheme has been going on for decades, continuing through the 2020 election and the 2022 primary.
If voting fraud is this massive in Florida, how widespread and massive is it in states controlled by Democrats? (Hat tip: Sarah Hoyt at Instapundit.)
Two members of Congress from Texas and one former Trump administration official who now serves in the Texas House of Representatives are asking for answers from the Biden administration after discovering that an open borders group funded by George Soros received millions of dollars in federal grant money last year.
Alianza Americas, a nonprofit that says it is “committed to a human rights agenda for all people, with an emphasis on the inclusion and support of Latin American immigrant communities, and people on the move in Latin America,” received $7.5 million from the Centers for Disease Control and Prevention in February 2021, according to the Washington Examiner, and then another $1 million from the Health Resources and Services administration in July.
Both organizations fall under President Joe Biden’s Health and Human Services organization, and both grants were to fund COVID relief and vaccination efforts.
The group has also received nearly $1.4 million from George Soros’ Open Society Foundation from 2016 through 2020.
Federal law prohibits government grant money from being spent on lobbying, but Alianza Americas may have violated that prohibition in its activities as a “political advocacy group,” according to a letter from former HHS Chief of Staff Brian Harrison.
Chicago teacher’s unions want to pass an Illinois state constitutional amendment that would basically let them run the state.
If approved by Illinois voters in November, Amendment 1 will give government teachers’ unions an unfettered constitutional right to demand not just anything in their interests, but in what they see as the interests of every Illinoisan. The amendment is not limited to employee matters at the workplace.
Don’t take my word for that. Look at the first sentence of the argument in favor of it as written in the official summary as published by the Illinois Secretary of State: “This amendment will protect workers’ and others’ safety.” [Emphasis added.]
hat particular sentence is just about safety, but it shows the broad interpretation of the amendment beyond the workplace that government unions will assert. The language of the amendment itself supports that broad interpretation, and will extend to anybody’s “economic welfare,” which is pretty much everything.
What will government unions, especially radical teachers’ unions, demand with that new constitutional right?
The Chicago Teachers Union has long been quite open about its purpose. It sees itself as the vanguard of a national movement, led by unions like itself, that is textbook Marxism.
That purpose is well documented. It goes beyond the radical curriculum they teach in schools and encompasses an entire rearrangement of how America works.
Among the first things we wrote about on this site, ten years ago, was the role of the CTU and other teachers’ unions at a Marxism conference held that year:
The event was teeming with teachers who spoke about the new found bond” between Socialism and teachers’ unions according to reports, and Chicago teachers were on the stage. Chicago Teachers Union [then] VP Jesse Sharkey spoke at one breakout session. Becca Barnes, a Chicago Teachers Union teacher and organizer with Chicago Socialists, proclaimed at the beginning of the conference that “the struggle here in the United States has entered a new phase. Nowhere have we pointed the way forward more clearly than here in Chicago with the teachers union strike….”
Since then, militant radicalism has become still more firmly embedded in the CTU. That history is well documented – quite proudly by radicals themselves. The International Socialist Review, for example, lays out a good history of the CTU, saying the CTU “transcended a simple labor dispute and was transformed into a social movement, with the teachers fusing their struggle with that of the community they serve…joining in the Occupy Chicago movement that pointed out the root of societal problems—social and economic inequality.”
A poll that shows ridiculously low support from black voters for defunding the police should be the final nail in the coffin for Democrats’ anti-law and order campaign of the last seven years.
TheGrio.com commissioned a poll, along with the Kaiser Family Foundation, which found that 82% of black respondents want police funding either to be kept about the same (48%) or increased (34%). Only 17% wanted it decreased.
It’s just like Kari Lake said in a recent confrontation with a reporter. If you go into most black neighborhoods and talk about defunding the police, they’ll look at you “like you’re the craziest person on the planet.” But it’s one thing for a white, conservative Republican to say it — it’s far more important to hear black respondents in a poll confirm it overwhelmingly.
Things that make you go “hmmmm“: “San Francisco DA Won’t Release Police Bodycam Video, 911 Calls From Paul Pelosi Attack.”
Great line in the middle of this Ben Shapiro election roundup video: “Andrew Cuomo came to kill all the old people and grab ass, and he ran out of old people.”
Remember all those stories of how bad it sucked for workers in Foxconn’s iPhone factory? It’s worse now.
Hundreds and perhaps thousands of workers fled a Chinese manufacturing complex that accounts for 85% of iPhone assembly capacity. The mass migration, which began this weekend, called into question that country’s COVID-control measures and, more broadly, its reliability as a part of global supply chains.
“Something snapped over the weekend,” Bloomberg News reports. Employees suddenly fled the Zhengzhou plant of Hon Hai Precision Industry Co. Ltd., better known as Foxconn. Videos show, in what is now called the “Foxconn Great Escape” or the “iPhone Long March,” workers scrambling over high chain fences at the plant, known as “iPhone City.”
To avoid detection, workers traveled through cropland by day. At night, they took to the roads. “Some people were walking amid wheat fields with their luggage, blankets, and quilts,” said a poster on WeChat, the popular Chinese social media platform. “I couldn’t help but feel sad.”
Residents of neighboring areas rallied, for instance leaving water and provisions in the open on roadsides. Social media postings reported signs such as “For Foxconn workers returning home.”
Truckers also pitched in. Risking criminal prosecution, they took workers in pick-up, dump, and flatbed trucks. One video shows a woman standing on the back of a big tank truck speeding down a highway in the rain.
Workers fled Foxconn’s “closed loop” system, which isolated the plant from the rest of society. Inside the loop, the company went to great lengths to stop COVID. As a disease-control measure, it had ended canteen service on October 19, forcing workers to eat boxed food in dormitory-style sleeping quarters. Food was reportedly scarce, and conditions in the dorms rapidly deteriorated. On Sunday, Foxconn announced it would resume cafeteria dining.
The political establishment—left and right—want desperately to move on, to pretend the last 30 months didn’t happen. With very few exceptions (Ron DeSantis, Kirsti Noem, Rand Paul, Thomas Massie, Ron Johnson, and a few others, later), they betrayed their core values. Many Republicans and so-called Libertarians quickly capitulated the primacy and importance of individual liberties. Whereas supposedly equality-loving democrats embraced policies that in no uncertain terms screwed women, children and the poor. The 2020 democrat campaign slogan might as well have been “protect the rich, infect the poor.” Or “only the rich need to learn.” They’d all very much like that you forget about that. They’d like to go back to the fights they know how to fight, the golden oldies that turn the bases out, and turn us against each other. But COVID policies turned the whole thing on its side, jumbling us all up and resulting in all sorts of hitherto unheard of alliances. And when your business is maintaining the status quo, that is very dangerous.
Which is why Emily Oster is pleading for an amnesty.
First, let’s be clear to whom Emily Oster is speaking. She’s speaking to the furious well-educated suburban women who are swinging towards Republicans in this cycle, even in the bluest of states. Because it was the bluest of states that were hit hardest by these policies. It was in blue states that the schools were closed longest, that the economic devastation was worst, that crime spiked the most, where masks were required longest. The damage done by these policies is at its beginning, not its end. Dr. Oster, would like women to believe that it was all just a mistake, a mis-understanding, and remember that it is the Republicans who are looking to limit the freedoms that really count. That while democrats had no problem sacrificing the well-being of our living children for three years in support political power, it is Republicans that pose the real threat.
Blue city blues: “Nearly 20% Of Seattle Shootings Happened Near Homeless Encampments.”
Man who used to get all his information on conservatives from the mainstream media realizes he’d been lied to.
When I left the mainstream liberal media bubble & started listening to right-wing media to understand what they want, I became more aware of the world around me than ever before. Without the filter, I got to hear what conservatives actually believe & it's not what I was told.
— Adam B. Coleman, President of Aintblackistan (@wrong_speak) October 21, 2022
For a couple of days, I was at this conservative conference, everyone I spoke with was courteous and supportive and I felt completely comfortable. I didn't have people stare at me or give me the feeling that I wasn't welcome. Actually, quite the opposite.
— Adam B. Coleman, President of Aintblackistan (@wrong_speak) October 21, 2022
However, when I would go on Twitter, they would show clips from the event and reframed this benign conservative conference as being a "KKK rally". If Americafest was a KKK rally, then it was the lamest KKK rally ever.
— Adam B. Coleman, President of Aintblackistan (@wrong_speak) October 21, 2022
Wendell Perez received a call from the elementary school that would alarm any parent. School officials told him that his 12-year-old daughter had attempted suicide in the school’s bathroom. He was told it was because she wanted to be a boy, with a male name and pronouns.
Wendell couldn’t believe it. At home, his daughter hadn’t shown any signs of gender dysphoria or discomfort in being a girl. The Perez family is Catholic, and they raised their children with a biblical and scientific understanding of biological sex.
But when Wendell and his wife Maria arrived at the school, they found out that school officials had been having confidential meetings with their daughter and discussing her discomfort with her gender. Wendell and Maria found out that teachers and staff at school had begun treating their daughter as a boy at school without their consent or knowledge. Wendell was told by staff that they didn’t share information about his daughter’s “transition” with him or his wife because of “confidentiality issues.”
Whatever happened to in loco parentis? Or does that just not apply when there are radical transexual activists to mollify?
When the school called his 14-year-old son to the principal’s office for refusing to say a female student was a boy, Matthew Duncan decided he’d had enough.
When the school called his 14-year-old son to the principal’s office for refusing to say a female student was a boy, Matthew Duncan decided he’d had enough.
“There was never a push towards dominance and control like it is now,” said Duncan. “You can’t voice your opinion.”
In response, many families in Grants Pass have withdrawn their children from public school, enrolling them in private school or starting to homeschool, Grants Pass teachers, school administrators and parents told The Epoch Times.
Meanwhile, in a civilized state: “Florida Bans Puberty Blockers and Transgender Surgery for Minors.”
Also, an O’Rourke rally too close to a voting location violated Texas law.
Still more Beto: “New poll shows Abbott gaining six points in eight weeks, 53/40.”
“More California companies moving headquarters out-of-state than ever before.” Texas once again tops the list of destination states, followed by Tennessee, Nevada, Florida and Arizona.
“Democrat Nominee In Arkansas Arrested For Felony Terroristic Threatening. Law enforcement officials in the state of Arkansas arrested Diamond Arnold-Johnson, the Democrat nominee for Arkansas auditor, on Friday for first-degree terroristic threats.” Bonus:
Arnold-Johnson’s husband was on trial in August for allegedly posting terroristic threats on Facebook, police said. During the trial, Arnold-Johnson, 32, admitted that she, not her husband, posted the threatening messages on Facebook that led to the criminal charges, KATV reported.
A warrant was served for Arnold-Johnson’s arrest on October 13, but she refused to comply and a SWAT team was dispatched to resolve the matter.
However, police made the decision to cancel using the SWAT team to force compliance from Arnold-Johnson in an apparent attempt to not risk an explosive situation happening right before an election.
I cannot believe democracy is about to die in America, again.
After years of living under a dictatorship, America rose from the ashes. Democrats took control of the Presidency, the House, the Senate, the university system, Big Tech, the entertainment industry, and major corporations – and thereby defeated fascism by seizing every major lever of power in the nation. With one-party rule established, and all of our critics silenced, democracy was once again free to flourish.
Now, our dear democracy is under attack – by America holding a so-called “election” and allowing idiots to vote. Let us be clear about what the stakes are: if a single person I disagree with is elected in a free and fair election, democracy will be DEAD. If citizens have the power to simply vote the ruling party out of power – when I really like the current ruling party – all is lost.
