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Company: cnbc, Activity: cnbc, Date: 2017-07-21
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Scaramucci, hedge fund magnate and GOP fundraiser, reaches White House

Anthony Scaramucci, the back-slapping Wall Street hedge-fund magnate, is a long-time Republican donor and fundraiser who once criticized Donald J. Trump, the presidential candidate. But he eventually became one of Trump’s biggest defenders, and after months of delays he is finally getting what he has worked for behind the scenes since last year: a position in the Trump White House. He was originally going to be a White House advisor and liaison to the business community. On Friday he was named W


Anthony Scaramucci, the back-slapping Wall Street hedge-fund magnate, is a long-time Republican donor and fundraiser who once criticized Donald J. Trump, the presidential candidate. But he eventually became one of Trump’s biggest defenders, and after months of delays he is finally getting what he has worked for behind the scenes since last year: a position in the Trump White House. He was originally going to be a White House advisor and liaison to the business community. On Friday he was named W
Scaramucci, hedge fund magnate and GOP fundraiser, reaches White House Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2017-07-21  Authors: liz moyer, jonathan ernst
Keywords: news, games, cnbc, companies, house, close, business, fox, fund, trump, white, street, magnate, gop, investment, reaches, hedge, wall, scaramucci, fundraiser, later


Scaramucci, hedge fund magnate and GOP fundraiser, reaches White House

Anthony Scaramucci, the back-slapping Wall Street hedge-fund magnate, is a long-time Republican donor and fundraiser who once criticized Donald J. Trump, the presidential candidate.

But he eventually became one of Trump’s biggest defenders, and after months of delays he is finally getting what he has worked for behind the scenes since last year: a position in the Trump White House.

He was originally going to be a White House advisor and liaison to the business community. That didn’t happen. Then he was offered the post of U.S. ambassador to the Organization for Economic Cooperation and Development. That didn’t happen. In June, he was named chief strategy officer of the Export-Import Bank.

On Friday he was named White House communications director, a post that has been vacant since May after Mike Dubke resigned.

Scaramucci, 53, a Long Island native who is sometimes called by the nickname “the Mooch,” graduated from Harvard Law School in 1989 after getting a bachelor’s degree in economics from Tufts University in 1986. According to biographical information on Bloomberg, he was an investment professional at Fidelity Investments and later a vice president in private wealth management at Goldman Sachs. He eventually made it to Lehman Brothers as a managing director in its investment management division.

He founded his hedge fund firm SkyBridge Capital in 2005 and later launched a lavish annual hedge-fund confab in Las Vegas known as SALT.

Preparing to take a role in the Trump administration after the election last year, he put the $12 billion fund of funds company up for sale. He struck a $200 million deal in January with the Chinese conglomerate HNA Group and investment partner RON Transatlantic EG, according to The Wall Street Journal at the time.

The deal has not yet closed. “The close is proceeding as planned and is going through customary regulatory approvals,” a SkyBridge spokesman told CNBC on Friday. “We are confident it will close this summer. We had originally expected it would close by the end of June but things can move more slowly than anticipated sometimes in Washington.”

SALT, the conference business, is to be spun off as a separate entity.

Scaramucci doesn’t come to the White House communications role with a media background per se, but he was once a regular CNBC contributor on such shows as “Fast Money,” and he later became a contributor to Fox News and Fox Business. He revived an old PBS show called “Wall Street Week” in 2015 and hosted it weekly on Fox Business.


Company: cnbc, Activity: cnbc, Date: 2017-07-21  Authors: liz moyer, jonathan ernst
Keywords: news, games, cnbc, companies, house, close, business, fox, fund, trump, white, street, magnate, gop, investment, reaches, hedge, wall, scaramucci, fundraiser, later


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Kushner adds at least $10 million in assets he ‘inadvertently omitted’ to disclose

Among the new set of assets Kushner disclosed, which could be worth as much as $51 million, he reported owning an art collection worth between $5 million and $25 million. A lawyer advising Kushner said that federal officials are allowed to amend their initial financial disclosures before they are certified, and stressed that Kushner had complex finances. “Jared and Ivanka have followed each of the required steps in their transition from private citizens to federal officials. The federal disclosu


Among the new set of assets Kushner disclosed, which could be worth as much as $51 million, he reported owning an art collection worth between $5 million and $25 million. A lawyer advising Kushner said that federal officials are allowed to amend their initial financial disclosures before they are certified, and stressed that Kushner had complex finances. “Jared and Ivanka have followed each of the required steps in their transition from private citizens to federal officials. The federal disclosu
Kushner adds at least $10 million in assets he ‘inadvertently omitted’ to disclose Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2017-07-21  Authors: getty images
Keywords: news, games, cnbc, companies, kushner, business, inadvertently, disclosures, trump, interest, federal, officials, company, sold, disclose, adds, assets, million, omitted


Kushner adds at least $10 million in assets he 'inadvertently omitted' to disclose

Among the new set of assets Kushner disclosed, which could be worth as much as $51 million, he reported owning an art collection worth between $5 million and $25 million. The new forms also reflect that Kushner sold his interest in an aging shopping mall along the Jersey Shore, and no longer has a stake in a company that had held an interest in apartments in Toledo, Ohio.

Kushner also clarified his $5 million to $25 million stake in a holding company that owns Cadre, a real estate tech startup he co-founded with his brother, Joshua, that investors valued at $800 million.

Kushner’s wife and the president’s daughter, Ivanka Trump, also filed new federal disclosures. She reported assets of at least $66 million and earned at least $13.5 million in income last year from her various business ventures, including more than $2.4 million from the new Trump hotel near the White House.

The filings reflect the extraordinary wealth of Trump and her husband, who jointly made at least $100 million since the beginning of 2016 and hold at least $206 million in combined assets, including some that they report are being sold off. The couple stepped down from running their companies and left behind their lavish Manhattan apartment to move their three small children to Washington earlier this year.

The new disclosures come as Kushner faces renewed questions about his vast business holdings and how they may conflict with his role shaping public policy.

A lawyer advising Kushner said that federal officials are allowed to amend their initial financial disclosures before they are certified, and stressed that Kushner had complex finances.

“Jared and Ivanka have followed each of the required steps in their transition from private citizens to federal officials. The Office of Government Ethics has certified Jared’s financial disclosure, reflecting its determination that his approach complies with federal ethics laws,” said Kushner attorney Jamie Gorelick. “Ivanka’s financial disclosure form is still in the pre-certification stage, as she began the process later.”

Clay Johnson, who served as President George W. Bush’s director of presidential personnel, said he was surprised by the sheer number of updates six months in.

“The way we ran it … is that the general direction to all nominees is tell us what we ask for now. We will then stand behind you whatever may come in. But there are to be no surprises,” said Johnson, who also served as Bush’s deputy director of the Office of Management and Budget.

The federal disclosures filed by Ivanka Trump were her first since taking on an official, unpaid role at the White House.

The bulk of her assets came from the $50 million value she placed on her business trust, formed to hold a collection of her businesses and corporations. The trust produced between $1 million and $5 million in income.

Trump got $2.5 million in salary and severance when she resigned from the Trump Organization in January. She received $787,500 as anáadvance for her book, “Women Who Work.”

In addition, Trump also revealed that she will be receiving recurring annual payments totaling $1.5 million from some of her real estate and consulting interests, according to agreements she worked out in consultation with the Office of Government Ethics. Her filing notes that the fixed payments were necessary to reduce her interest in the performance of the businesses.

The documents also show that the young couple resigned from a wide array of corporate positions: Kushner stepped down from 266 such posts, while Trump resigned from 292 positions. The form requires officials to use ranges to report their income, which makes it difficult to determine the couple’s exact wealth.

A White House spokesman said Kushner sold his interest in the Monmouth Mall in Eatontown, New Jersey, in May. His family company recently received approval from town officials to greatly expand the mall in the face of opposition, andánow is embroiled in a related lawsuit filed by four residents. Kushner reported receiving at least $2.1 million in income from the property.

He also no longer owns a company holding an interest in several apartment complexes in Toledo, Ohio. Those complexes are part of the Kushner Cos.’ garden apartment business that includes more than 20,000 units in six states. The Toledo apartments are no longer listed on the Kushner Cos. website, suggesting that the company may have sold them off.

Representatives of the Kushner Cos. did not immediately respond for comment.


Company: cnbc, Activity: cnbc, Date: 2017-07-21  Authors: getty images
Keywords: news, games, cnbc, companies, kushner, business, inadvertently, disclosures, trump, interest, federal, officials, company, sold, disclose, adds, assets, million, omitted


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Jeff Sessions reportedly discussed campaign issues with Russian ambassador

Attorney General Jeff Sessions discussed key Trump campaign issues with the former Russian ambassador to the United States during the 2016 presidential race, The Washington Post reported Friday, citing current and former American officials. Sessions and ambassador Sergey Kislyak talked about matters of interest to the Kremlin, including President Donald Trump’s stance on Russia-related issues, a former official told the Post. Current and former U.S. intelligence officials told the newspaper that


Attorney General Jeff Sessions discussed key Trump campaign issues with the former Russian ambassador to the United States during the 2016 presidential race, The Washington Post reported Friday, citing current and former American officials. Sessions and ambassador Sergey Kislyak talked about matters of interest to the Kremlin, including President Donald Trump’s stance on Russia-related issues, a former official told the Post. Current and former U.S. intelligence officials told the newspaper that
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Company: cnbc, Activity: cnbc, Date: 2017-07-21  Authors: christine wang, getty images
Keywords: news, games, cnbc, companies, discussed, sessions, post, issues, told, russian, campaign, washington, officials, intelligence, conversations, reportedly, ambassador, kislyak, jeff


Jeff Sessions reportedly discussed campaign issues with Russian ambassador

Attorney General Jeff Sessions discussed key Trump campaign issues with the former Russian ambassador to the United States during the 2016 presidential race, The Washington Post reported Friday, citing current and former American officials.

Sessions and ambassador Sergey Kislyak talked about matters of interest to the Kremlin, including President Donald Trump’s stance on Russia-related issues, a former official told the Post. That allegation directly contradicts the attorney general’s assertion that he “did not have communications with the Russians.”

Current and former U.S. intelligence officials told the newspaper that the conflicting information came from intercepted communications between Kislyak and Moscow. While it’s possible Kislyak could have inflated or misconstrued his conversations, officials told the Post that the former ambassador had a reputation for accuracy.

Sessions recused himself from the investigation into Russia’s efforts to meddle in the 2016 election after he failed to disclose his contacts with Kislyak during his confirmation hearing.

When reached for comment, Justice Department spokeswoman Sarah Isgur Flores responded:

“Obviously I cannot comment on the reliability of what anonymous sources describe in a wholly uncorroborated intelligence intercept that the Washington Post has not seen and that has not been provided to me.”

Flores also said that Sessions stands by his statement that he “never met with or had any conversations with any Russians or any foreign officials concerning any type of interference with any campaign or election.”

Read the full report in The Washington Post.


Company: cnbc, Activity: cnbc, Date: 2017-07-21  Authors: christine wang, getty images
Keywords: news, games, cnbc, companies, discussed, sessions, post, issues, told, russian, campaign, washington, officials, intelligence, conversations, reportedly, ambassador, kislyak, jeff


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As oil producers meet, agreement looks strained, OPEC shows ‘cracks,’ analysts say

When oil producers meet Monday, their alliance will look frayed, showing just how tough their goal of stabilizing the world oil market has been, analysts say. Oil prices fell Friday after a report that OPEC’s July supply could rise by 145,000 barrels over June, driving production above 33 million barrels per day. “Ecuador wants to pull out, and then Iraq has been talking about increasing output by a half million barrels,” Blanch said. Blanch expects oil prices to remain between $45 and $50 per b


When oil producers meet Monday, their alliance will look frayed, showing just how tough their goal of stabilizing the world oil market has been, analysts say. Oil prices fell Friday after a report that OPEC’s July supply could rise by 145,000 barrels over June, driving production above 33 million barrels per day. “Ecuador wants to pull out, and then Iraq has been talking about increasing output by a half million barrels,” Blanch said. Blanch expects oil prices to remain between $45 and $50 per b
As oil producers meet, agreement looks strained, OPEC shows ‘cracks,’ analysts say Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2017-07-21  Authors: patti domm, leonhard foeger
Keywords: news, games, cnbc, companies, blanch, producers, shows, oil, death, meet, analysts, opec, looks, say, barrels, cracks, production, strained, prices, day, market, million, saudi


As oil producers meet, agreement looks strained, OPEC shows 'cracks,' analysts say

When oil producers meet Monday, their alliance will look frayed, showing just how tough their goal of stabilizing the world oil market has been, analysts say.

There is much focus on the meeting of the five-member Joint Ministerial Monitoring Committee, set up to oversee compliance of the deal struck by OPEC, Russia and others as an effort to boost world oil prices.

Analysts say the committee will likely recommend maintaining the policy of holding back output at current levels, but efforts will be made to bring Nigeria and Libya into the framework because of the recent unexpected return of their production.

Oil prices fell Friday after a report that OPEC’s July supply could rise by 145,000 barrels over June, driving production above 33 million barrels per day. West Texas Intermediate crude futures fell 2.5 percent to $45.77 per barrel, and Brent was down 2.6 percent at $48.

“Clearly, OPEC has a lot of cracks,” said Francisco Blanch, head of commodities and derivatives strategy at Bank of America Merrill Lynch. “The cartel is certainly under a fair amount of pressure from members that feel they shouldn’t be cutting production here. I think the meeting is going to be more routine than anything else. There will be some recommendations.”

The fact that prices have fallen again and now languish under $50 is hurting OPEC producers. “Ecuador wants to pull out, and then Iraq has been talking about increasing output by a half million barrels,” Blanch said. Ecuador left the agreement and said it is raising production.

The monitoring committee meeting in St. Petersburg, Russia, includes Algeria, Kuwait, Russia, Venezuela and Oman, and other ministers, from Saudi Arabia and elsewhere, could participate as observers, Blanch said.

“There’s been talk of a Saudi cut being thrown around. … I don’t think it’s very likely right now,” Blanch said. Saudi Arabia was already shouldering the biggest portion of OPEC’s cut, as its largest producer, but it has also previously said it would make room for Libyan and Nigerian output if necessary.

John Kilduff of Again Capital said there’s been speculation that Saudi Arabia could keep as much as 1 million barrels a day from the world market in August, a time of year when it normally keeps more crude at home for domestic use. “I think we’re set up for a ‘buy the rumor, sell the news’ type of market,” said John Kilduff of Again Capital.

“The only surprise to the market would be if the Saudis stood up and cut more,” said Kilduff. “But there doesn’t appear to be much appetite for further cuts.”

OPEC and other producers, such as Russia, have agreed to hold back 1.8 million barrels a day, but an initial jump in oil prices resulting from the accord spurred more production from U.S. shale drillers and others. The U.S. industry has become increasingly more efficient, as it exploits new technologies, and it is expected to produce an average 9.3 million barrels a day this year, and 9.9 million barrels a day next year.

World oil supplies have remained stubbornly high, and even though supply has been drawing down in the U.S. and elsewhere, there’s still a lot of oil. Many analysts have brought down their price targets as crude prices fell and stayed stubbornly low. Blanch expects oil prices to remain between $45 and $50 per barrel this year.

Blanch said OPEC is boxed in. “They cannot get out of this one very easily. It’s either fast death, slow death or death by a thousand cuts. If they decide to break up the deal and increase production, it’s a fast death. If they keep the deal as it is, it’s a slow death. If they cut production and give away market share to U.S. shale, it’s a death by a thousand cuts,” Blanch said.


Company: cnbc, Activity: cnbc, Date: 2017-07-21  Authors: patti domm, leonhard foeger
Keywords: news, games, cnbc, companies, blanch, producers, shows, oil, death, meet, analysts, opec, looks, say, barrels, cracks, production, strained, prices, day, market, million, saudi


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Market will be swimming in earnings from FANG, others, and that could be good

“The Fed will basically put more nuance around what they’re going to do on the balance-sheet front,” said Krishna Memani, CIO at OppenheimerFunds. If the Fed formalizes more of that concern in its statement, “the bond market is going to rally and the stock market is going to rally,” he said. It plans to slowly reduce the amount of replacement securities it is buying, thereby chipping away at the size of the balance sheet. “Do they get a step closer to saying we’re on track to reduce the balance


“The Fed will basically put more nuance around what they’re going to do on the balance-sheet front,” said Krishna Memani, CIO at OppenheimerFunds. If the Fed formalizes more of that concern in its statement, “the bond market is going to rally and the stock market is going to rally,” he said. It plans to slowly reduce the amount of replacement securities it is buying, thereby chipping away at the size of the balance sheet. “Do they get a step closer to saying we’re on track to reduce the balance
Market will be swimming in earnings from FANG, others, and that could be good Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2017-07-21  Authors: patti domm, source
Keywords: news, games, cnbc, companies, fang, earnings, inflation, theyre, quarter, continue, swimming, fed, going, balance, sheet, expectations, market, good


Market will be swimming in earnings from FANG, others, and that could be good

As markets await the Fed’s announcement, investors will also be watching the dollar, which was down about 1.7 percent against the euro in the past week and now down more than 10 percent for the year. Expectations of a more hawkish European Central Bank contrast with market views that the Fed is more dovish than it had been and is less likely to follow through with another interest-rate hike this year. There are only about 40 percent odds of a December rate hike, according to fed funds futures.

Fed Chair Janet Yellen helped shift market expectations with her recent comments on inflation, so that will be the topic the market could react to most in the Fed’s 2 p.m. statement Wednesday.

“The Fed will basically put more nuance around what they’re going to do on the balance-sheet front,” said Krishna Memani, CIO at OppenheimerFunds.

Memani said the Fed could also address the fact that inflation has come in lower. Yellen and other Fed officials had been saying the drop in inflation was transitory, but in her recent remarks before Congress, she expressed some trepidation, which the market took as dovish. If the Fed formalizes more of that concern in its statement, “the bond market is going to rally and the stock market is going to rally,” he said.

The Fed could just simply state that inflation has declined further, and that would be the equivalent of it upgrading its concerns, said James Caron, fixed income portfolio manager at Morgan Stanley Investment Management.

“The onus right now is on the market data to really show there is a pickup,” Caron said. “For the second quarter, we knew mathematically that inflation was going to hit a soft spot from the year-over-year effects, but there was also an expectation that we would pull out of that soft spot in the third quarter and fourth quarter,” he said. Caron said the Fed could continue to discuss growth as rising moderately and may change the language on employment to reflect the strong jobs report in June.

Caron said the Fed could continue to discuss growth as rising moderately and may change the language on employment to reflect the strong jobs report in June.

“If their dual mandate is full employment and price stability, they’re getting an ‘A’ on one and not doing so well on the other,” he said.

Caron also expects the Fed to comment on its balance sheet. The Fed has long been done with its quantitative easing program, but one vestige of the program has been that it replaces the Treasurys and mortgages on its balance sheet as they roll down. It plans to slowly reduce the amount of replacement securities it is buying, thereby chipping away at the size of the balance sheet.

“Do they get a step closer to saying we’re on track to reduce the balance sheet? Yes, I think that also gets communicated. That’s probably a September event, and they announce it may start in the fourth quarter,” he said.

Focus will also be on Washington in the week ahead, where the Senate is expected to continue working to repeal Obamacare. Expectations are high on Wall Street that Congress will eventually turn to tax reform this year and have something to vote into law early next year. Many believe that Congress will be motivated to pass a tax cut bill by early 2018 to help Republicans keep their House majority in the 2018 midterm elections.

“I still think they’re going to do something, and they have lots of time to do it. The more they fail on other things, the more incentive they have to compromise on this,” Christopher said.

The investigation into the Trump campaign’s ties to Russia will continue to get attention. President Donald Trump’s son-in-law, Jared Kushner, is expected to be interviewed by a congressional committee in a closed-door session on Monday. He will be interviewed by a separate House committee on Tuesday.


Company: cnbc, Activity: cnbc, Date: 2017-07-21  Authors: patti domm, source
Keywords: news, games, cnbc, companies, fang, earnings, inflation, theyre, quarter, continue, swimming, fed, going, balance, sheet, expectations, market, good


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Trader says this is the most important ‘FANG’ stock to report next week

Ahead of Google parent company Alphabet’s quarterly earnings report next week, one trader says he’s watching for the company’s report as a bellwether for technology stocks. “So much of their revenue is based on advertising, and that is so important for the tech industry. After Alphabet’s last quarterly earnings report in April, the stock rose more than 4 percent as it beat both earnings and revenue expectations. Elfenbein said investors ought not to be too concerned with short-term movement in t


Ahead of Google parent company Alphabet’s quarterly earnings report next week, one trader says he’s watching for the company’s report as a bellwether for technology stocks. “So much of their revenue is based on advertising, and that is so important for the tech industry. After Alphabet’s last quarterly earnings report in April, the stock rose more than 4 percent as it beat both earnings and revenue expectations. Elfenbein said investors ought not to be too concerned with short-term movement in t
Trader says this is the most important ‘FANG’ stock to report next week Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2017-07-21  Authors: rebecca ungarino, getty images, michael nagle, bloomberg, oed, ullstein bild, matt cardy, source, lawrence mcdonald
Keywords: news, games, cnbc, companies, tech, fang, report, watching, earnings, share, week, stock, wrote, price, revenue, important, trader, elfenbein


Trader says this is the most important 'FANG' stock to report next week

Ahead of Google parent company Alphabet’s quarterly earnings report next week, one trader says he’s watching for the company’s report as a bellwether for technology stocks.

“So much of their revenue is based on advertising, and that is so important for the tech industry. So we know that, if ad dollars are flowing to Google, there’s a very good chance they are flowing to these other, smaller tech companies within the broader tech sector as well,” Eddy Elfenbein, editor of the Crossing Wall Street blog, said Friday on CNBC’s “Trading Nation.”

Alphabet reports after the market closes on Monday, and Elfenbein will be watching for the stock’s movement as its earnings are released. After Alphabet’s last quarterly earnings report in April, the stock rose more than 4 percent as it beat both earnings and revenue expectations.

Surely, owning the stocks comes with risks, Elfenbein said. The stock is “very volatile,” and can drop “dramatically” in a short period of time, he added. The stock will likely come in line with analysts’ expectations, he said, and will probably not see a dramatic move in either direction.

Elfenbein said investors ought not to be too concerned with short-term movement in the share price.

In a note to clients on Thursday, Stifel Nicolaus managing director Scott Devitt wrote that gross revenue growth in the second quarter will likely decelerate as the company continues to “drive growth at scale driven by mobile search.”

Devitt carries a “buy” rating on the stock, with a bullish $1,075 price target. When it comes to the earnings call Monday afternoon, Devitt wrote that he expects management to be asked to discuss the company’s recent fine handed down by the European Commission last month.

Analysts largely give the stock a price target of $1,063.56, according to FactSet estimates. This implies a little more than 7 percent of upside from its Friday closing price of $993 per share. Analysts are expecting earnings of $4.39 per share, per FactSet.


Company: cnbc, Activity: cnbc, Date: 2017-07-21  Authors: rebecca ungarino, getty images, michael nagle, bloomberg, oed, ullstein bild, matt cardy, source, lawrence mcdonald
Keywords: news, games, cnbc, companies, tech, fang, report, watching, earnings, share, week, stock, wrote, price, revenue, important, trader, elfenbein


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Abuses hide in the silence of non-disparagement agreements

And neither Ms. Ruvolo nor AngelList are permitted to talk about what happened that day. More from the New York Times:As more harassment allegations come to light, employment lawyers say nondisparagement agreements have helped enable a culture of secrecy. The company and Ms. Lake signed a mutual nondisparagement agreement in 2013, according to a copy of the agreement obtained by the news site Axios. Ms. Ruvolo says she wants to talk about her situation, but cannot. Mr. Jenkin would not say wheth


And neither Ms. Ruvolo nor AngelList are permitted to talk about what happened that day. More from the New York Times:As more harassment allegations come to light, employment lawyers say nondisparagement agreements have helped enable a culture of secrecy. The company and Ms. Lake signed a mutual nondisparagement agreement in 2013, according to a copy of the agreement obtained by the news site Axios. Ms. Ruvolo says she wants to talk about her situation, but cannot. Mr. Jenkin would not say wheth
Abuses hide in the silence of non-disparagement agreements Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2017-07-21  Authors: katie benner, ryan mcvay, the image bank, getty images
Keywords: news, games, cnbc, companies, employment, angellist, agreements, agreement, firm, hide, abuses, nondisparagement, company, board, ruvolo, women, ms, silence


Abuses hide in the silence of non-disparagement agreements

SAN FRANCISCO — Last October, AngelList, a company that helps tech start-ups raise money and hire employees, held an office retreat. In the Hollywood Hills, far from Silicon Valley, the firm’s mostly male staff mingled poolside with bikini-clad women who had been invited to the event.

Before the afternoon was over, Babak Nivi, a founder and board member at AngelList, said things that made Julie Ruvolo, a contractor, uncomfortable about working at the company. His comments included a suggestion that the women, who were not employees, warm up the pool by jumping in and rubbing their bodies together. The incident was described by two entrepreneurs who were told about it in the weeks after it occurred but were not authorized to speak about it.

Precisely what occurred at the Hollywood Hills event and the details of the agreement are not publicly known. Several weeks after the party, each side signed a nondisparagement clause as part of a settlement, the two people said. And neither Ms. Ruvolo nor AngelList are permitted to talk about what happened that day.

More from the New York Times:

As more harassment allegations come to light, employment lawyers say nondisparagement agreements have helped enable a culture of secrecy. In particular, the tech start-up world has been roiled by accounts of workplace sexual harassment, and nondisparagement clauses have played a significant role in keeping those accusations secret. Harassers move on and harass again. Women have no way of knowing their history. Nor do future employers or business partners.

Nondisparagement clauses are not limited to legal settlements. They are increasingly found in standard employment contracts in many industries, sometimes in a simple offer letter that helps to create a blanket of silence around a company. Their use has become particularly widespread in tech employment contracts, from venture investment firms and start-ups to the biggest companies in Silicon Valley, including Google.

Google declined to comment on its use of nondisparagement agreements.

Nondisparagement clauses have become so common that the Equal Employment Opportunity Commission, which enforces federal discrimination laws, and the National Labor Relations Board, a federal agency that protects workers’ rights, have been studying whether they are having a chilling effect on workers speaking up about wrongdoing or filing lawsuits, said Orly Lobel, a law professor at the University of San Diego.

Employees increasingly “have to give up their constitutional right to speak freely about their experiences if they want to be part of the work force,” said Nancy E. Smith, a partner at the law firm Smith Mullin. “The silence sends a message: Men’s jobs are more important than women’s lives.”

At Binary Capital, a venture capital firm in San Francisco that collapsed last month under the weight of multiple sexual harassment allegations, new hires signed an employment contract that included the clause that “employee shall not disparage the company,” according to a contract quoted in a lawsuit filed against the firm last month.

Ann Lai, a former employee, said in her lawsuit filed in San Mateo Superior Court in California that she had complained to her bosses about sexism, discrimination and inappropriate behavior in the workplace, and that Binary used the nondisparagement provision in her employment contract to threaten her and prevent her from talking about why she had quit her job.

The nondisparagement clause made it “hard for employees to ‘speak up’ about inappropriate or illegal conduct,” according to the suit. “Employees are instead led to believe that it is illegal to do so, and that disclosing information about their working conditions will lead to ruinous litigation.”

The founders of Binary Capital, Justin Caldbeck and Jonathan Teo, did not respond to a request for comment on their firm’s employee contract clause. Chris Baker, an employment lawyer at the law firm Baker Curtis & Schwartz who represents Ms. Lai and has sued Google over broad nondisclosure provisions, declined to comment specifically on Ms. Lai’s case.

When Mr. Caldbeck worked at Lightspeed Venture Partners, he attended board meetings at the e-commerce company Stitch Fix, on behalf of the firm. After Lightspeed was informed that Mr. Caldbeck had made Katrina Lake, the Stitch Fix chief executive, uncomfortable, Mr. Caldbeck was removed from his role on the board, according to three people with knowledge of the matter. Spokeswomen for Ms. Lake and Lightspeed declined to comment.

The company and Ms. Lake signed a mutual nondisparagement agreement in 2013, according to a copy of the agreement obtained by the news site Axios.

Mr. Caldbeck left Lightspeed the next year, but the reason he was removed from Ms. Lake’s board was not made public.

At Binary, in text messages reviewed by The Times, he requested evening meetings with an entrepreneur named Lindsay Meyer, asked if she was attracted to him, and if she would accompany him on overnight trips. He also questioned why she would rather be with her boyfriend than with him.

Mr. Caldbeck would not comment about the incidents at the two firms.

In its buyout agreements, The New York Times asks employees to agree to a limited nondisparagement clause that specifies the agreement does not prohibit people from providing information about legal violations or discrimination to the government or regulators. The terms of other nondisparagement agreements vary.

In addition to Ms. Ruvolo, three other women who work in the technology industry told The Times that they had been harassed in the workplace and signed nondisparagement agreements to settle those disputes. The women would not say more because they are not allowed to acknowledge that the agreements even exist.

AngelList grappled with a harassment disclosure after the tech news site TechCrunch reported that AngelList was investigating whether a different partner had sexually harassed someone at a previous job. The company, based in San Francisco, confirmed that it had suspended an employee pending an investigation.

Mr. Nivi continued to serve on the company’s board. The nondisparagement clause prevented potential employees and partners from knowing such allegations had been made.

Mr. Nivi said by email, “these statements about me are not true.”

Ms. Ruvolo says she wants to talk about her situation, but cannot. “I asked AngelList to release me from the agreement, but they have declined,” Ms. Ruvolo said. The company did not acknowledge a nondisparagement deal exists, and its terms would probably have prevented it from doing so.

“I wonder how I may have disserviced other women working in tech, including my female colleagues, with my silence,” she said. “I think we need to rethink what it means to ask for or grant silence as resolution.”

AngelList said Mr. Nivi has no role at the company and is no longer a board member, but would not say when or why he left the board.

“When we conduct investigations, individuals are removed from the workplace, given counseling if needed, and can’t contact complainants,” Graham Jenkin, AngelList’s chief operating officer, said in a statement. “Any implication that we would silence anyone or not pursue an issue is mistaken.”

Mr. Jenkin would not say whether AngelList had a nondisparagement agreement with Ms. Ruvolo or whether Mr. Nivi had harassed her. He disputed some of the details of the poolside incident described to The Times, but would not provide clarification.

Ms. Ruvolo, who was a freelance writer for AngelList and whose contract was not renewed this year, said she could not comment on the event that led to her agreement or on the terms of the deal.

“Companies wave the agreements around and use them to force a settlement and make the problem go away,” said Karen Kessler, chief executive of the public relations firm Evergreen Partners. “After that nobody is the wiser for it.”

Daisuke Wakabayashi contributed reporting


Company: cnbc, Activity: cnbc, Date: 2017-07-21  Authors: katie benner, ryan mcvay, the image bank, getty images
Keywords: news, games, cnbc, companies, employment, angellist, agreements, agreement, firm, hide, abuses, nondisparagement, company, board, ruvolo, women, ms, silence


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Hundreds of thousands could be arrested in crackdown on Malaysia’s undocumented migrants

Malaysia is already cracking down on undocumented immigrants — and they may be getting ready to arrest a lot more. So far, the country has arrested more than 3,300 workers and 84 employers since July 1. Activists are crying foul over possible abuses of rights, and business owners are also speaking out against what they say are unfair rules that could cripple industries. The nationwide raid began a day after the deadline passed for migrants to register for an Enforcement Card (E-Card), which allo


Malaysia is already cracking down on undocumented immigrants — and they may be getting ready to arrest a lot more. So far, the country has arrested more than 3,300 workers and 84 employers since July 1. Activists are crying foul over possible abuses of rights, and business owners are also speaking out against what they say are unfair rules that could cripple industries. The nationwide raid began a day after the deadline passed for migrants to register for an Enforcement Card (E-Card), which allo
Hundreds of thousands could be arrested in crackdown on Malaysia’s undocumented migrants Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2017-07-21  Authors: stacey yuen, manan vatsyayana, afp, getty images
Keywords: news, games, cnbc, companies, migrants, unfair, malaysias, ecard, speaking, work, undocumented, rules, hundreds, arrested, thousands, say, valid, crackdown, country, workers


Hundreds of thousands could be arrested in crackdown on Malaysia's undocumented migrants

Malaysia is already cracking down on undocumented immigrants — and they may be getting ready to arrest a lot more.

So far, the country has arrested more than 3,300 workers and 84 employers since July 1. Activists are crying foul over possible abuses of rights, and business owners are also speaking out against what they say are unfair rules that could cripple industries.

The nationwide raid began a day after the deadline passed for migrants to register for an Enforcement Card (E-Card), which allows those lacking valid permits to work in the country until February 14, 2018. If an undocumented migrant is found without an E-Card, they are detained.


Company: cnbc, Activity: cnbc, Date: 2017-07-21  Authors: stacey yuen, manan vatsyayana, afp, getty images
Keywords: news, games, cnbc, companies, migrants, unfair, malaysias, ecard, speaking, work, undocumented, rules, hundreds, arrested, thousands, say, valid, crackdown, country, workers


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