Martin Shkreli trial put on hold as defense and prosecution duel over witnesses, evidence

Martin Shkreli’s securities trial came to a temporary halt early Wednesday afternoon after his lawyers objected heatedly to the prosecution’s plans to show jurors documents they claim are evidence of fraud, without calling witnesses to back that up. The documents included settlement agreements that Shkreli reached with investors at two of his hedge funds, as well as consulting agreements with some of those investors. Prosecutors additionally claim Shkreli used sham consulting agreements from Ret


Martin Shkreli’s securities trial came to a temporary halt early Wednesday afternoon after his lawyers objected heatedly to the prosecution’s plans to show jurors documents they claim are evidence of fraud, without calling witnesses to back that up. The documents included settlement agreements that Shkreli reached with investors at two of his hedge funds, as well as consulting agreements with some of those investors. Prosecutors additionally claim Shkreli used sham consulting agreements from Ret
Martin Shkreli trial put on hold as defense and prosecution duel over witnesses, evidence Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2017-07-19  Authors: dan mangan, jeenah moon, bloomberg, getty images
Keywords: news, games, cnbc, companies, hold, agreements, trial, evidence, martin, duel, consulting, investors, retrophin, jurors, shkreli, defense, witnesses, prosecution, documents, hedge, prosecutors


Martin Shkreli trial put on hold as defense and prosecution duel over witnesses, evidence

Martin Shkreli’s securities trial came to a temporary halt early Wednesday afternoon after his lawyers objected heatedly to the prosecution’s plans to show jurors documents they claim are evidence of fraud, without calling witnesses to back that up.

The documents detail payments that Shkreli’s drug company made to investors he had allegedly previously defrauded at two hedge funds he ran, as well as supposedly bogus consulting agreements with some investors.

The trial’s judge gave jurors were given the rest of Wednesday off, as well as Thursday, to allow both sides to file legal briefs on their arguments for and against requiring witnesses for the relevant documents.

Testimony is expected to resume Friday.

Shklreli’s lawyer Benjamin Brafman said that if he does not get a crack at cross examining people about their relationship to documents that prosecutors want to use, Shkreli will be denied his constitutional rights to confront witnesses against him.

Brafman suggested that prosecutors were worried that his questioning of witnesses would undercut their claims that the documents in question really show fraud.

“This trial is not open and shut, your honor,” Brafman told Judge Kiyo Matsumoto.

In fact, prosecutors have, as recently as Wednesday morning, had witnesses testify about receiving the same kinds of documents that they now want to introduce to jurors without witnesses.

And defense attorneys have subjected each of those witnesses to probing cross-examination.

Brafman said he “was stunned, quite frankly,” to learn Tuesday night from his co-counsel in the case that prosecutors planned from now on to show jurors the documents without witnesses.

The documents included settlement agreements that Shkreli reached with investors at two of his hedge funds, as well as consulting agreements with some of those investors.

Prosecutors claim that Shkreli scammed multiple investors in his MSMB hedge funds by lying about the poor performance of those funds, and by refusing to give back the money they believed they had in the funds when they asked him to do so.

Prosecutors also charge that Shkreli defrauded the new drug company he founded, Retrophin, by looting that firm of stock and cash to pay back the ripped-off hedge fund investors.

Prosecutors additionally claim Shkreli used sham consulting agreements from Retrophin to facilitate a number of such payoffs to defrauded investors.

The settlement agreements in dispute Wednesday included the terms of what investors received from Retrophin in exchange for dropping any claims against Shkreli and his hedge funds.

Matsumoto, the judge, indicated that she was sympathetic to the defense’s argument that settlement and consulting agreements should only be shown to jurors if a person who received those agreements takes the witness stand.

“I do think the fundamental right to confront the witnesses and question the witnesses is important,” Matsumoto said.

She also noted that “there is a fairly limited universe” of investors whom Shkreli allegedly defrauded, suggesting that it would not be onerous to prosecutors or jurors to have those people called as witnesses.

Brafman said he believed there were fewer than 10 people whom the government argued were defrauded by Shkreli.

Prosecutors told Matsumoto that they believed they had legal grounds for such an end-run around calling those witnesses.

The judge gave them until late Wednesday afternoon to file a brief arguing that view.

Shkreli’s trial began in late June. If prosecutors are allowed to introduce the documents to jurors without calling related witnesses, they could rest their case soon.

But if Matsumoto bars that method, prosecutors could be forced to call multiple people to the witness stand, meaning they would be unlikely to rest their case until next week sometime.

The surprising delay in the normal pace of the trial came after Brafman wrapped up an extensive cross-examination of a witness, Lee Yaffe, whom prosecutors had call to detail his allegedly sham consulting agreement with Retrophin.

Yaffe had testified Tuesday that Shkreli proposed paying him off for a failed investment Yaffe’s father made in Shkreli’s earlier hedge fund, Elea Capital, in 2007. Yaffe said he agreed to accept $200,000 and 15,000 shares in Retrophin through a consulting deal with the company that purportedly had Yaffe doing “research on cluster headaches.”

Yaffe testified that he neither intended to actually do that research, and that he was not qualified to do it, in any event.

Yaffe said that on April 1, 2015, which he called the “worst April Fool’s day, two FBI agents visited his home in Florida and asked him about the Retrophin consulting agreements..

Yaffe testifed that he “panicked” and claimed the deal was legitimate, as he also did at a subsequent meeting with authorities. But he ended up recanting that claim, and admitted the agreement was a sham.

Authorities gave a non-prosecution agreement with Yaffe, which required him to testify truthtfully about Shkreli, and to pay back $355,00, which represents his cash payments under the consulting deal, the Retrophin shares he received and the investment returns on those shares.

Additional reporting by Rachel Pak and Matthew Zdun


Company: cnbc, Activity: cnbc, Date: 2017-07-19  Authors: dan mangan, jeenah moon, bloomberg, getty images
Keywords: news, games, cnbc, companies, hold, agreements, trial, evidence, martin, duel, consulting, investors, retrophin, jurors, shkreli, defense, witnesses, prosecution, documents, hedge, prosecutors


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Rich shouldn’t pay their taxes, Washington state GOP says

Seattle’s rich should engage in upper-class “civil disobedience” and refuse to pay their city taxes, Washington state’s Republican leaders said. After the city of Seattle passed a new income tax on households earning more than $500,000, the Washington State Republican Party called for taxpayers to “forcefully resist” the tax by refusing pay, file or comply with it. Washington state has no personal income tax, and until Seattle’s tax, no city in the state collected income tax. State Republican la


Seattle’s rich should engage in upper-class “civil disobedience” and refuse to pay their city taxes, Washington state’s Republican leaders said. After the city of Seattle passed a new income tax on households earning more than $500,000, the Washington State Republican Party called for taxpayers to “forcefully resist” the tax by refusing pay, file or comply with it. Washington state has no personal income tax, and until Seattle’s tax, no city in the state collected income tax. State Republican la
Rich shouldn’t pay their taxes, Washington state GOP says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2017-07-19  Authors: robert frank
Keywords: news, games, cnbc, companies, republican, seattle, gop, pay, city, tax, shouldnt, state, seattles, rich, washington, taxes, income


Rich shouldn't pay their taxes, Washington state GOP says

Seattle’s rich should engage in upper-class “civil disobedience” and refuse to pay their city taxes, Washington state’s Republican leaders said.

After the city of Seattle passed a new income tax on households earning more than $500,000, the Washington State Republican Party called for taxpayers to “forcefully resist” the tax by refusing pay, file or comply with it.

“It deserves nothing less than civil disobedience,” the state GOP said in a statement.

Last week, Seattle’s city council passed a 2.25 percent tax on income above $250,000 for individual filers and income over $500,000 for couples. Washington state has no personal income tax, and until Seattle’s tax, no city in the state collected income tax.

Seattle is seeing a massive wealth boom from growing tech companies like Amazon and Microsoft, yet the gains aren’t being spread evenly. Soaring housing prices are squeezing out middle-class families and lower-income earners from many neighborhoods and creating a shortage of affordable housing, local officials say.

Seattle’s outgoing mayor called the tax “a new formula for fairness.”

The city estimates the tax will raise $140 million a year, which it says it will use to replace money lost from federal budget cuts that would adversely affect cities.

Yet the tax is certain to face a court challenge. State Republican lawmakers say the tax is unconstitutional and violates state law, arguing the city doesn’t have the right to impose taxes. They add that while the tax is aimed at the wealthy, it is a “thinly veiled attempt to test the state constitutional limits of an income tax for all.”

During a news conference urging the wealthy to refuse to pay the tax, state GOP Chairman Susan Hutchison was drowned out by opponents shouting and holding signs that read “Tax the Rich.”

One study found that the city has among the most regressive tax burdens in the country, with low-earners paying a much larger share of their income on government fees.

The study, by the District of Columbia’s chief financial officer, found that among families earning $25,000 a year, Seattle had the fourth-highest tax burden among 51 cities when it comes to taxes paid for income, property, sales and automobile. Yet for those making more than $150,000, Seattle is the fourth lowest in the country.

Even if the tax survives a court battle, many top earners in Seattle might move to the nearby suburbs to avoid paying the tax. The two richest men in the world — Bill Gates and Jeff Bezos — live in nearby Medina, which is not part of the city of Seattle.


Company: cnbc, Activity: cnbc, Date: 2017-07-19  Authors: robert frank
Keywords: news, games, cnbc, companies, republican, seattle, gop, pay, city, tax, shouldnt, state, seattles, rich, washington, taxes, income


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US, Chinese delegations cancel news conferences on economic talks

U.S. and Chinese delegations participating in an annual economic dialogue on Wednesday have both canceled news conferences scheduled for late afternoon following the conclusion of the talks, a U.S. Treasury spokesman said. The spokesman said there was no information on the cause of the cancellations. The Chinese embassy in Washington confirmed the cancellation of the Chinese press conference, also without explanation. Senior Trump administration officials, led by U.S. Treasury Secretary Steven M


U.S. and Chinese delegations participating in an annual economic dialogue on Wednesday have both canceled news conferences scheduled for late afternoon following the conclusion of the talks, a U.S. Treasury spokesman said. The spokesman said there was no information on the cause of the cancellations. The Chinese embassy in Washington confirmed the cancellation of the Chinese press conference, also without explanation. Senior Trump administration officials, led by U.S. Treasury Secretary Steven M
US, Chinese delegations cancel news conferences on economic talks Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2017-07-19  Authors: yuri gripas
Keywords: news, games, cnbc, companies, secretary, cancel, steven, talks, economic, trump, delegations, chinese, treasury, conferences, spokesman, trading, washington, wilbur


US, Chinese delegations cancel news conferences on economic talks

U.S. and Chinese delegations participating in an annual economic dialogue on Wednesday have both canceled news conferences scheduled for late afternoon following the conclusion of the talks, a U.S. Treasury spokesman said.

The spokesman said there was no information on the cause of the cancellations. The Chinese embassy in Washington confirmed the cancellation of the Chinese press conference, also without explanation.

Senior Trump administration officials, led by U.S. Treasury Secretary Steven Mnuchin and Commerce Secretary Wilbur Ross, were demanding a “more fair” trading relationship with China.


Company: cnbc, Activity: cnbc, Date: 2017-07-19  Authors: yuri gripas
Keywords: news, games, cnbc, companies, secretary, cancel, steven, talks, economic, trump, delegations, chinese, treasury, conferences, spokesman, trading, washington, wilbur


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These are the worst states for student debt

How to deal with college debt Tuesday, 30 May 2017 | 9:25 AM ET | 01:17Dealing with crippling student debt is not on anyone’s post-grad agenda. While the price of college tuition and rates on student loans rising, many recent grads are scouting out job opportunities and ways to budget and save. Student loan debt has skyrocketed more than 256 percent in the past decade to $1.23 trillion in 2015 from $346 billion in 2004, according to ValuePenguin. However, about two million graduates are dealing


How to deal with college debt Tuesday, 30 May 2017 | 9:25 AM ET | 01:17Dealing with crippling student debt is not on anyone’s post-grad agenda. While the price of college tuition and rates on student loans rising, many recent grads are scouting out job opportunities and ways to budget and save. Student loan debt has skyrocketed more than 256 percent in the past decade to $1.23 trillion in 2015 from $346 billion in 2004, according to ValuePenguin. However, about two million graduates are dealing
These are the worst states for student debt Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2017-07-19  Authors: rachel cao
Keywords: news, games, cnbc, companies, states, loans, totaling, valuepenguinthe, college, worst, debt, student, trillion, tuition, ways, wrestling


These are the worst states for student debt

How to deal with college debt Tuesday, 30 May 2017 | 9:25 AM ET | 01:17

Dealing with crippling student debt is not on anyone’s post-grad agenda.

While the price of college tuition and rates on student loans rising, many recent grads are scouting out job opportunities and ways to budget and save.

Student loan debt has skyrocketed more than 256 percent in the past decade to $1.23 trillion in 2015 from $346 billion in 2004, according to ValuePenguin.

The average outstanding balance is $26,700. However, about two million graduates are dealing with loans totaling more than $100,000.

Here are the top 10 states with the highest proportion of students wrestling with debt.


Company: cnbc, Activity: cnbc, Date: 2017-07-19  Authors: rachel cao
Keywords: news, games, cnbc, companies, states, loans, totaling, valuepenguinthe, college, worst, debt, student, trillion, tuition, ways, wrestling


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The perk companies should be offering employees: Help with housing—commentary

So, what do you do if you are an employer trying to lure employees to come and work for you? One solution is for companies to actually start helping employees with housing. Public corporations have trillions in liquid assets, so the scale and impact of providing housing assistance to employees could be significant. In return, it would be beneficial to companies in a couple of ways: 1) The company would get interest on that loan and 2) It would help companies solicit and retain valuable employees


So, what do you do if you are an employer trying to lure employees to come and work for you? One solution is for companies to actually start helping employees with housing. Public corporations have trillions in liquid assets, so the scale and impact of providing housing assistance to employees could be significant. In return, it would be beneficial to companies in a couple of ways: 1) The company would get interest on that loan and 2) It would help companies solicit and retain valuable employees
The perk companies should be offering employees: Help with housing—commentary Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2017-07-19  Authors: jeremy wiesen, retired professor at nyu stern school of business, chip chipman, bloomberg, getty images
Keywords: news, games, cnbc, companies, program, loan, school, employees, housing, employee, help, employer, history, mortgage, offering, housingcommentary, companies, perk


The perk companies should be offering employees: Help with housing—commentary

Housing has proven elusive in many markets and often the case is affordability — whether it’s sky-high prices or a personal financial matter — difficulty scraping together a downpayment or a bad credit history affecting a mortgage or rental agreement.

So, what do you do if you are an employer trying to lure employees to come and work for you?

One solution is for companies to actually start helping employees with housing. An employer might provide a loan to the employee or a guarantee for a mortgage that the employee might not otherwise get because of credit history, school debt or other outstanding loans, or short employment history (e.g., a millennial just entering the workforce). The company might also be the mortgage lender or put up equity or debt behind an apartment developer.

Helping employees get over financing hurdles for housing would pump relatively “lazy” capital on corporate balance sheets directly into the economy. Public corporations have trillions in liquid assets, so the scale and impact of providing housing assistance to employees could be significant.

In return, it would be beneficial to companies in a couple of ways: 1) The company would get interest on that loan and 2) It would help companies solicit and retain valuable employees. For example, they could offer employees the convenience of living close to work.

President Trump, through his real-estate and business background is well suited to make the case to companies for such a program. The administration has already assembled America’s corporate leaders, the very group that could refine, implement and promote this initiative of company-assisted housing.

Of course, it might not make sense for every employer or employee but as a voluntary program it could bring a nice infusion of corporate cash into the broader economy.

Google, as an example, is finally starting a large home-building project for its employees. Its headquarters in Mountain View, Calif., offers every conceivable activity and amenity to keep employees at work; but, at some point they have to go home and the closer, and more comfortable, the better.

Such a program could have a ripple effect: It would likely encourage developers of middle income apartment housing, presently a lagging sector of the housing industry, to proceed. It pumps money into the economy and creates the non-skilled jobs we need.

Currently, there is a disagreement about whether bank-lending requirements to prospective homeowners need to be loosened or tightened. In either event, nothing makes more sense than bringing the employer into the loan picture because it should be in a better position to assess an employee’s future than any bank loan officer.

As part of the recent “National Homeownership Month” in June, Housing and Urban Development Secretary Ben Carson proposed that banks be provided with evidence of who is likely to default in order to make more loans available to worthy home buyers. That noble effort needs to be supplemented by an employer because employers are, to date, the most highly disregarded predictor of the borrower’s future.

Secretary Carson has also proposed a creative initiative which combines school debt held by millennials with their home mortgages to bring down the interest rate on the former.

President Trump recently said he was committed to substantially increasing homeownership so “that hard-working Americans enjoy a fair chance at becoming homeowners,” which he writes will also benefit communities, states and America.

This win-win objective also needs the win that companies will experience when they adopt the objective of helping their employees with their housing needs.

Commentary by Jeremy Wiesen, a retired Professor of Entrepreneurship at New York University’s Stern School of Business. He was also the chairman and co-CEO of the Financial News Network, which was later acquired by CNBC.

For more insight from CNBC contributors, follow @CNBCopinion on Twitter.


Company: cnbc, Activity: cnbc, Date: 2017-07-19  Authors: jeremy wiesen, retired professor at nyu stern school of business, chip chipman, bloomberg, getty images
Keywords: news, games, cnbc, companies, program, loan, school, employees, housing, employee, help, employer, history, mortgage, offering, housingcommentary, companies, perk


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ISIS fight shows US military can use lower-cost weapons with lethal results

The Defense Advanced Research Projects Agency, or DARPA, also has been working on lower-cost technologies to help the military better fight insurgents. As a result, it hasn’t mattered as much if aircraft go low and slow and lower-cost precision weapon systems have proven effective, too. “If all I’m doing is shooting up truck convoys or machine gun positions that ISIS has, I can do it with cheap but precision weapon systems,” said Goure, a former Pentagon strategist. It also touts the precision w


The Defense Advanced Research Projects Agency, or DARPA, also has been working on lower-cost technologies to help the military better fight insurgents. As a result, it hasn’t mattered as much if aircraft go low and slow and lower-cost precision weapon systems have proven effective, too. “If all I’m doing is shooting up truck convoys or machine gun positions that ISIS has, I can do it with cheap but precision weapon systems,” said Goure, a former Pentagon strategist. It also touts the precision w
ISIS fight shows US military can use lower-cost weapons with lethal results Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2017-07-19  Authors: jeff daniels, stringer, source, army staff sgt jason hull, senior airman jordan castelan, us airforce
Keywords: news, games, cnbc, companies, weapon, weapons, military, isis, results, systems, using, technology, lethal, shows, fight, system, precision, aircraft, forces, air, lowercost


ISIS fight shows US military can use lower-cost weapons with lethal results

One Reaper stopped a public execution of ISIS prisoners in May using precision-guided munitions or PGMs. Other recent missions have included taking out senior commanders of the militant group.

“The most feared assets are the UAVs and the PGMs,” said James Andrew Lewis, senior vice president at the Center for Strategic and International Studies, a Washington think tank. “That’s the one that always has them (ISIS fighters) looking over their shoulders.”

Also, Lewis said the use of special forces and intelligence assets have been meaningful elements of the coalition’s war-fighting strategy. That includes an early effort to counter the problem of improvised explosive devices or IEDs.

“DOD has been pretty good at developing new approaches to meet whatever the current tactical problem is,” said Lewis, a former official of the departments of State and Commerce who also advised the U.S. Central Command for Operation Desert Shield.

The Defense Advanced Research Projects Agency, or DARPA, also has been working on lower-cost technologies to help the military better fight insurgents. One example is DARPA’s Persistent Close Air Support program, a tablet-based targeting and communication system that gives ground forces the power to ensure more precision air strikes.

At the same time, experts say the U.S. coalition fighting the Islamic State has been dealing with an enemy that has proven to be surprisingly organized and resourceful in its ways. For one, the terror group managed to make its own armored vehicles and to create weaponized drones.

Yet ISIS has lacked the basic technology of some established militaries, such as modern air defenses. As a result, it hasn’t mattered as much if aircraft go low and slow and lower-cost precision weapon systems have proven effective, too.

“If all I’m doing is shooting up truck convoys or machine gun positions that ISIS has, I can do it with cheap but precision weapon systems,” said Goure, a former Pentagon strategist. “I don’t have to use things like Hellfires.”

The Hellfire missile, costing about $110,000 apiece, is designed to defeat armored vehicles but also has proven useful in destroying key ISIS buildings. However, the military has been running out of the Lockheed Martin-made Hellfires and had to ask for special funding to replenish the supply.

Indeed, the Pentagon has been ordering a roughly $30,000 rocket known as the Advanced Precision Kill Weapon System from BAE Systems for use by coalition aircraft fighting ISIS in Iraq and Syria. Last year, the Defense Department awarded BAE a contract worth more than $600 million for the laser-guided system, which is an upgrade from a 2.75-inch rocket system first used decades ago.

According to BAE’s website, APKWS was “developed as a highly cost-effective solution that leverages the military’s existing infrastructure and inventory – and inspired by real combat challenges.” It also touts the precision weapon having “a better than 93 percent hit rate.”

Defense experts say another reason for the smaller weapons is they can be more precise, offer more flexibility and there’s less collateral damage.

Another example is the AeroVironment’s Switchblade drone missile, which was first used by U.S. forces in Afghanistan and then against ISIS in Iraq. The drone missile is launched from a tube on the ground and has cameras to allow the operator to isolate targets with lethal accuracy.

“With Switchblade, AeroVironment’s been able to put into the backpack of the front-line war fighter the ability to deal with those lethal threats, quickly, reliably and effectively — and to do so without incurring collateral damage to noncombatants,” said Steve Gitlin, vice president of corporate strategy at California-based AeroVironment.

Then again, a report this week by the group Airwars charged coalition civilian casualties have doubled under President Donald Trump. A March 17 air strike in Mosul killed more than 100 civilians but a Pentagon report in May concluded ISIS had booby trapped the building and put snipers there.

“Avoiding civilian casualties has been a major focus of U.S. policy going after terrorists and has driven a lot of restraint,” said Paul Scharre, director of the technology and national security program at the Center for a New American Security, a Washington think tank. An ex-Pentagon official, he’s also former Army Ranger who served on special operations missions in Iraq and Afghanistan.

There’s also been more interest from the U.S. military in countering explosive-laden drone threats from ISIS as the terror group gets more inventive using off-the-shelf technology. The Islamic State fighters also have been using drones for reconnaissance purposes.

Anti-drone countermeasures are a growing area both on the battlefront and in the homeland. One anti-drone system is known as DroneDefender, a rifle-looking device used to disrupt the signal between the flying craft and operator.

“Market interest continues to be very high as drones/UAVs become more proliferated across the world and modified for deleterious purposes,” said Katy Delaney, a spokesperson for Battelle, maker of the DroneDefender. She said the company has sold a total of around 200 of the DroneDefender units, including customers such as the DOD and U.S. Department of Homeland Security.

Competing anti-drone systems include the so-called DroneBuster weapon from Radio Hill Technologies and another product sold by the North American division of Israel’s ELTA Systems.

On the aircraft front, there’s now more interest in light-attack and armed observation planes with “off-the-shelf” technology as an option for missions where more expensive craft may not be necessary. Lower cost planes also would ease the burden on the Air Force’s aging fleet of aircraft where readiness is often cited as a major problem due to maintenance issues.

“We’re actually at the place right now where our F-18 fleet is severely overused and flown,” said Scharre. “We’re having to spend quite a bit of money to recapitalize that fleet.”


Company: cnbc, Activity: cnbc, Date: 2017-07-19  Authors: jeff daniels, stringer, source, army staff sgt jason hull, senior airman jordan castelan, us airforce
Keywords: news, games, cnbc, companies, weapon, weapons, military, isis, results, systems, using, technology, lethal, shows, fight, system, precision, aircraft, forces, air, lowercost


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Corporate lobbying helped derail border tax: Senior US Republican

An aggressive corporate lobbying effort to derail a Republican-backed border tax has forced lawmakers working on tax reform to seek alternatives, Kevin Brady, chairman of the tax-writing U.S. House Ways and Means Committee, said on Wednesday. The proposed border adjustment tax on U.S. companies that move jobs abroad and import products back into the U.S. market was meant to be a linchpin of a Republican tax overhaul in the House of Representatives. Brady and members of the Ways and Means Committ


An aggressive corporate lobbying effort to derail a Republican-backed border tax has forced lawmakers working on tax reform to seek alternatives, Kevin Brady, chairman of the tax-writing U.S. House Ways and Means Committee, said on Wednesday. The proposed border adjustment tax on U.S. companies that move jobs abroad and import products back into the U.S. market was meant to be a linchpin of a Republican tax overhaul in the House of Representatives. Brady and members of the Ways and Means Committ
Corporate lobbying helped derail border tax: Senior US Republican Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2017-07-19  Authors: joe raedle, newsmakers, getty images
Keywords: news, games, cnbc, companies, means, republican, industry, senior, border, lawmakers, corporate, tax, derail, members, helped, lobbying, proposed, companies, ways


Corporate lobbying helped derail border tax: Senior US Republican

An aggressive corporate lobbying effort to derail a Republican-backed border tax has forced lawmakers working on tax reform to seek alternatives, Kevin Brady, chairman of the tax-writing U.S. House Ways and Means Committee, said on Wednesday.

The proposed border adjustment tax on U.S. companies that move jobs abroad and import products back into the U.S. market was meant to be a linchpin of a Republican tax overhaul in the House of Representatives.

Brady and members of the Ways and Means Committee faced aggressive pushback from leading companies that rely on imports, eroding Republican support for the border tax.

“To their credit, they mobilized quickly and aggressively, and yes, it had an impact,” Brady told Reuters in an interview on Wednesday.

It was a rare instance of a lawmaker acknowledging the impact of industry in lawmaking.

He would not declare the proposed border tax dead, but he acknowledged being open to other alternatives that would accomplish the same goals, primarily removing incentives for American companies to move operations overseas.

Retailers were united in their response.

Led by the Retail Industry Leaders Association, CEOs of Target and Autozone and lobbyists for auto manufacturers like Toyota met with members of Congress and the administration.

The coalition the association built targeted lawmakers in their home districts.


Company: cnbc, Activity: cnbc, Date: 2017-07-19  Authors: joe raedle, newsmakers, getty images
Keywords: news, games, cnbc, companies, means, republican, industry, senior, border, lawmakers, corporate, tax, derail, members, helped, lobbying, proposed, companies, ways


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Wall Street has a new trading king as Morgan Stanley dethrones Goldman

Wall Street has a new bond trading king. While revenue from fixed income fell during a quiet second quarter, Morgan Stanley still managed to come out looking good. Morgan Stanley has bested Goldman in fixed income revenue for two quarters now, with $2.9 billion of fixed income trading revenue in the first half of the year versus Goldman’s $2.8 billion. But Morgan Stanley’s overhaul of its bond trading business two years ago, in which it cut one-quarter of its bond trading staff and reshaped the


Wall Street has a new bond trading king. While revenue from fixed income fell during a quiet second quarter, Morgan Stanley still managed to come out looking good. Morgan Stanley has bested Goldman in fixed income revenue for two quarters now, with $2.9 billion of fixed income trading revenue in the first half of the year versus Goldman’s $2.8 billion. But Morgan Stanley’s overhaul of its bond trading business two years ago, in which it cut one-quarter of its bond trading staff and reshaped the
Wall Street has a new trading king as Morgan Stanley dethrones Goldman Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2017-07-19  Authors: liz moyer, scott eells, bloomberg, getty images, michael nagle
Keywords: news, games, cnbc, companies, dethrones, street, stanley, bond, morgan, wall, revenue, quarter, goldmans, king, fixed, goldman, clients, trading, income


Wall Street has a new trading king as Morgan Stanley dethrones Goldman

Wall Street has a new bond trading king.

While revenue from fixed income fell during a quiet second quarter, Morgan Stanley still managed to come out looking good. On Wednesday, it said fixed income sales and trading revenue of $1.2 billion fell 4 percent from last year, but that beat the stunning 40 percent drop reported Tuesday by rival Goldman Sachs over the same period.

Morgan Stanley has bested Goldman in fixed income revenue for two quarters now, with $2.9 billion of fixed income trading revenue in the first half of the year versus Goldman’s $2.8 billion. It edged out Goldman in the first quarter as well.

Both banks cited a difficult environment in the most recent quarter, with lower client activity. But Morgan Stanley’s overhaul of its bond trading business two years ago, in which it cut one-quarter of its bond trading staff and reshaped the business, has paid off despite weak trading conditions.

“We feel pretty good about the results in light of the environment,” Morgan Stanley CFO Jonathan Puzon said on a conference call Wednesday.

Goldman’s once-mighty commodities trading desk, on the other hand, has stumbled, with its worst quarterly performance on record, helping to weigh on fixed income trading revenue overall. “We know we need to do better,” Goldman’s CFO Martin Chavez said on a conference call with analysts Tuesday.

Other big banks also had trouble in fixed income trading, with Bank of America reporting a 14 percent decline in revenue from last year, Citigroup down 6 percent and JPMorgan down 19 percent. But Goldman’s was the standout.

Analysts had seen Goldman poised to benefit the most from a revival in bond trading, but persistently low volatility has foiled those chances. Chavez admitted on the call that Goldman is struggling with more than just a lack of activity. Its business is focused on trading for active asset managers, with perhaps fewer corporate clients than other firms, he said. Derivatives are a strength but there may be weaknesses elsewhere.

“We’re looking to see where there are gaps in our client coverage,” he told analysts. “And the ongoing question in every business generally is how can we do better with the clients who are already clients of the firm.”

It was the second consecutive disappointing quarter in fixed income for Goldman. Jason Goldberg at Barclays said Goldman’s shares could be constrained until the company’s executives can articulate “what actions it is taking to rectify this line.”

Morgan Stanley has steadily taken on market share in fixed income, currency and commodity trading, according to Keefe Bruyette & Woods. It started out last year with 7.6 percent share and has steadily climbed to 12.1 percent in the first quarter before dipping slightly in the second quarter, to 11.4 percent. But over the same period, Goldman has lost share, dropping from 14.5 percent to 10.4 percent.

KBW downgraded Goldman’s shares on the trading revenue miss, rating them a market perform in a note to clients on Wednesday. Even if bond trading rebounds “it is unclear whether the company would be positioned right if revenues increase or whether the right mix of clients sees better activity,” the analysts said.


Company: cnbc, Activity: cnbc, Date: 2017-07-19  Authors: liz moyer, scott eells, bloomberg, getty images, michael nagle
Keywords: news, games, cnbc, companies, dethrones, street, stanley, bond, morgan, wall, revenue, quarter, goldmans, king, fixed, goldman, clients, trading, income


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Daymond John, Steve Jobs and Richard Branson prove you don’t need to be rich to start a business

“Shark Tank” investor Daymond John wants budding entrepreneurs to know this: You don’t need money to start a business. “I want people to understand that they have the power to do what they want to do,” John says. Another successful entrepreneur: the late Apple founder Steve Jobs. He started the company with his friend Steve Wozniak in 1976. In order to bring in revenue to buy the necessary materials, Wozniak sold his HP 65 Calculator for $500, although the buyer ended up stiffing him on half, ac


“Shark Tank” investor Daymond John wants budding entrepreneurs to know this: You don’t need money to start a business. “I want people to understand that they have the power to do what they want to do,” John says. Another successful entrepreneur: the late Apple founder Steve Jobs. He started the company with his friend Steve Wozniak in 1976. In order to bring in revenue to buy the necessary materials, Wozniak sold his HP 65 Calculator for $500, although the buyer ended up stiffing him on half, ac
Daymond John, Steve Jobs and Richard Branson prove you don’t need to be rich to start a business Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2017-07-19  Authors: ruth umoh, adam jeffery, tony avelar, bloomberg, getty images
Keywords: news, games, cnbc, companies, daymond, jobs, need, wozniak, prove, worth, successful, according, money, tank, started, richard, start, john, steve, dont, rich, sold


Daymond John, Steve Jobs and Richard Branson prove you don’t need to be rich to start a business

“Shark Tank” investor Daymond John wants budding entrepreneurs to know this: You don’t need money to start a business.

In a recent video interview with Business and Burgers, he says that most people falsely believe that they must have money, know someone important or have a famous last name to launch a business.

“I want people to understand that they have the power to do what they want to do,” John says. “Nobody is going to come to your house … and say I’m going to make you rich.”

The “Shark Tank” star proves that having a lot of money isn’t necessary to achieve entrepreneurial success. In 1992, he launched the hip-hop apparel line FUBU with only $40 worth of fabric and turned it into a brand worth $6 billion.

But he’s just one of many successful entrepreneurs who have started businesses with little money.

Another successful entrepreneur: the late Apple founder Steve Jobs. He started the company with his friend Steve Wozniak in 1976. Originally, the two worked out of Jobs’ parents’ garage, according to CNN.

In order to bring in revenue to buy the necessary materials, Wozniak sold his HP 65 Calculator for $500, although the buyer ended up stiffing him on half, according to Walter Isaacson’s Steve Jobs biography.

Jobs also sold his Volkswagen bus for $1500. But just two weeks later, the buyer came back because the vehicle’s engine had broken down. Jobs agreed to pay for half of the repairs, according to the biography.

With a final total of about $1300, the two friends began buying and assembling parts to create their first products for sale.


Company: cnbc, Activity: cnbc, Date: 2017-07-19  Authors: ruth umoh, adam jeffery, tony avelar, bloomberg, getty images
Keywords: news, games, cnbc, companies, daymond, jobs, need, wozniak, prove, worth, successful, according, money, tank, started, richard, start, john, steve, dont, rich, sold


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Chipotle says Virginia restaurant reopening after cleaning

Chipotle says a Virginia store that was temporarily closed because of a suspected case of norovirus will reopen Wednesday, after “multiple teams performed complete sanitizations of all surfaces.” The store outside Washington, D.C. closed Monday after Chipotle became aware of reports of illnesses. Chipotle had previously said the store in Sterling, Virginia would reopen Tuesday. David Goodfriend, director of the Loudoun County Health Department in Virginia, said his office recommended keeping the


Chipotle says a Virginia store that was temporarily closed because of a suspected case of norovirus will reopen Wednesday, after “multiple teams performed complete sanitizations of all surfaces.” The store outside Washington, D.C. closed Monday after Chipotle became aware of reports of illnesses. Chipotle had previously said the store in Sterling, Virginia would reopen Tuesday. David Goodfriend, director of the Loudoun County Health Department in Virginia, said his office recommended keeping the
Chipotle says Virginia restaurant reopening after cleaning Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2017-07-19  Authors: getty images
Keywords: news, games, cnbc, companies, reopening, chipotle, store, food, restaurant, employees, goodfriend, virginia, cleaning, extra, norovirus, outbreaks, reopen, closed


Chipotle says Virginia restaurant reopening after cleaning

Chipotle says a Virginia store that was temporarily closed because of a suspected case of norovirus will reopen Wednesday, after “multiple teams performed complete sanitizations of all surfaces.”

The store outside Washington, D.C. closed Monday after Chipotle became aware of reports of illnesses. The chain said the reported symptoms were consistent with norovirus, which can cause vomiting and diarrhea. Norovirus is a leading cause of outbreaks from contaminated food, and infected employees are a frequent source of the outbreaks, according to the Centers for Disease Control and Prevention.

Chipotle said norovirus doesn’t come from its food supply, but company shares fell more than 4 percent Tuesday, underscoring its vulnerability following its food scares in 2015. They were down again about 1.2 percent on Wednesday.

The company said Wednesday that its procedures are designed to provide quick detection in the rare cases where such events occur. It outlined a number of steps it has taken since an E. coli outbreak, such as the creation of a food safety council and the implementation of additional food handling and preparation procedures.

“We continually strive to find new and innovative ways to ensure that our restaurants are safe,” CEO Steve Ells said in a statement.

Chipotle had previously said the store in Sterling, Virginia would reopen Tuesday. David Goodfriend, director of the Loudoun County Health Department in Virginia, said his office recommended keeping the store closed an extra day as a precaution. Goodfriend said that would reduce risk if there were any employees who were infectious, and give time for extra cleaning.

Goodfriend says a stool sample was collected and sent to a state lab in Richmond for testing of norovirus.


Company: cnbc, Activity: cnbc, Date: 2017-07-19  Authors: getty images
Keywords: news, games, cnbc, companies, reopening, chipotle, store, food, restaurant, employees, goodfriend, virginia, cleaning, extra, norovirus, outbreaks, reopen, closed


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