FEMA is refusing to pay California more than $300 million to repair the nation’s tallest earthen dam

The Trump administration is refusing to pay more than $300 million in federal funds California sought to repair the Oroville Dam, which suffered a spillway crisis in 2017 after heavy rains that led to nearly 200,000 residents getting evacuated downstream from the nation’s tallest earthen dam. State officials worked to plug a hole in the flood-control spillway and put the estimate to repair the dam at about $1.1 billion back in 2018. But the Federal Emergency Management Agency plans to reimburse


The Trump administration is refusing to pay more than $300 million in federal funds California sought to repair the Oroville Dam, which suffered a spillway crisis in 2017 after heavy rains that led to nearly 200,000 residents getting evacuated downstream from the nation’s tallest earthen dam. State officials worked to plug a hole in the flood-control spillway and put the estimate to repair the dam at about $1.1 billion back in 2018. But the Federal Emergency Management Agency plans to reimburse
FEMA is refusing to pay California more than $300 million to repair the nation’s tallest earthen dam Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-08  Authors: jeff daniels, justin sullivan, getty images news, getty images
Keywords: news, cnbc, companies, fema, california, repair, spillway, earthen, work, pay, sought, dam, nations, federal, reimbursement, refusing, million, tallest, state


FEMA is refusing to pay California more than $300 million to repair the nation's tallest earthen dam

The Trump administration is refusing to pay more than $300 million in federal funds California sought to repair the Oroville Dam, which suffered a spillway crisis in 2017 after heavy rains that led to nearly 200,000 residents getting evacuated downstream from the nation’s tallest earthen dam.

State officials worked to plug a hole in the flood-control spillway and put the estimate to repair the dam at about $1.1 billion back in 2018. But the Federal Emergency Management Agency plans to reimburse California for only $333 million of the cost, instead of the $639 million sought by the state.

The administration’s rejection of $306 million in costs for the Oroville Dam means the federal government would pay less than one third of the total cost the state was forced to spend on the emergency repairs.

According to the California Department of Water Resources, FEMA notified the state this week that “it does not consider some spillway construction to be eligible for reimbursement based on information submitted by DWR to date. DWR will work with FEMA to provide further information to support the department’s assertion that all reconstruction work should be eligible for reimbursement.”


Company: cnbc, Activity: cnbc, Date: 2019-03-08  Authors: jeff daniels, justin sullivan, getty images news, getty images
Keywords: news, cnbc, companies, fema, california, repair, spillway, earthen, work, pay, sought, dam, nations, federal, reimbursement, refusing, million, tallest, state


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‘Pure extortion’ – Yale’s Sonnenfeld sees no doubt that the Enquirer sought to blackmail Bezos

Amazon CEO Jeff Bezos has a solid case against the National Enquirer and its parent company, American Media Inc., for alleged blackmail and extortion, management expert Jeffrey Sonnenfeld told CNBC on Monday. Meanwhile, federal prosecutors are reviewing the Enquirer’s handling of the story, a source told NBC News. A spokesman for AMI told CNBC on Monday the company — run by David Pecker, a longtime Trump friend — declined to comment beyond Friday’s statement. Sonnenfeld, an award-winning author,


Amazon CEO Jeff Bezos has a solid case against the National Enquirer and its parent company, American Media Inc., for alleged blackmail and extortion, management expert Jeffrey Sonnenfeld told CNBC on Monday. Meanwhile, federal prosecutors are reviewing the Enquirer’s handling of the story, a source told NBC News. A spokesman for AMI told CNBC on Monday the company — run by David Pecker, a longtime Trump friend — declined to comment beyond Friday’s statement. Sonnenfeld, an award-winning author,
‘Pure extortion’ – Yale’s Sonnenfeld sees no doubt that the Enquirer sought to blackmail Bezos Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-11  Authors: berkeley lovelace jr
Keywords: news, cnbc, companies, sonnenfeld, enquirer, doubt, extortion, told, sees, yales, pure, sought, week, bezos, blackmail, pecker, source, company


'Pure extortion' – Yale's Sonnenfeld sees no doubt that the Enquirer sought to blackmail Bezos

Amazon CEO Jeff Bezos has a solid case against the National Enquirer and its parent company, American Media Inc., for alleged blackmail and extortion, management expert Jeffrey Sonnenfeld told CNBC on Monday.

AMI and the Enquirer’s alleged actions were “pure extortion,” the senior associate dean at the Yale School of Management said on “Squawk Box.” This is the way “anybody in the court of law or Webster’s dictionary defines extortion,” he said. Extortion is the practice of making a threat in order to force someone to take an action or give up something valuable.

In a bombshell blog post Thursday, Bezos accused the Enquirer’s publisher of threatening to post sexual pictures that the billionaire had texted to his mistress and news anchor, Lauren Sanchez. He accused AMI of blackmail and extortion but has yet to sue them.

Meanwhile, federal prosecutors are reviewing the Enquirer’s handling of the story, a source told NBC News. They want to determine whether the tabloid violated an immunity agreement its parent company struck last year in the investigation into Michael Cohen, President Donald Trump’s former personal lawyer. That deal required the company to agree to “commit no crimes whatsoever.”

AMI denied Bezos’ claims, saying in a statement on Friday, “American Media believes fervently that it acted lawfully in the reporting of the story of Mr. Bezos,” but added that the board determined “it should promptly and thoroughly investigate the claims.” A spokesman for AMI told CNBC on Monday the company — run by David Pecker, a longtime Trump friend — declined to comment beyond Friday’s statement.

Elkan Abramowitz, attorney for Pecker, denies Bezos’ allegations. “It absolutely is not extortion and not blackmail,” Abramowitz said Sunday on ABC’s “This Week.” “The story was given to the National Enquirer by a reliable source that had been giving information to the National Enquirer for seven years prior to this story. It was a source that was well known to both Mr. Bezos and Miss Sanchez.”

The Daily Beast, citing multiple sources, said Lauren Sanchez’s brother, Michael, was the source of the texts. The news site said Michael Sanchez, a Trump supporter, declined to comment.

Some suspect the story may have been politically motivated, including Stu Zakim, a former spokesman for AMI who last week on CNBC questioned the wisdom of attempting to use leverage on the world’s richest man. Jerry George, who spent 28 years at the tabloid, including as senior editor and Los Angeles bureau chief, said on CNBC on Friday, “I think American Media and David Pecker tried to make amends and brought this divorce story to the president as a means of kissing and making up.”

Sonnenfeld, who views Bezos as a “victim” in this story, said the Amazon chief deserves a Pulitzer Prize in “courage” for making public AMI’s actions. Sonnenfeld, an award-winning author, said some lawyers say Bezos could go for property damages in the Enquirer story. “Reputation is always considered property damage,” he added. Last week, Sonnenfeld told CNBC the Enquirer saga is a “warning volley over the bow” to Amazon board to make a succession plan for Bezos.

Amazon was not available to respond to CNBC’s request for comment.

— CNBC’s Michelle Fox contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-02-11  Authors: berkeley lovelace jr
Keywords: news, cnbc, companies, sonnenfeld, enquirer, doubt, extortion, told, sees, yales, pure, sought, week, bezos, blackmail, pecker, source, company


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The major bank earnings reports are all in and Morgan Stanley was the biggest loser

Banks’ trading desks ended 2018 with a whimper – and nowhere as much as at Morgan Stanley. The New York-based firm had the worst bond-trading performance among the big five Wall Street investment banks, a precipitous 30 percent decline to $564 million. It was one of the most meager hauls since Morgan Stanley revamped the struggling business at the end of 2015, prompting a flurry of questions from analysts. “On the one hand, we could say, ‘Oh, this is Morgan Stanley acting conservatively, scrubbi


Banks’ trading desks ended 2018 with a whimper – and nowhere as much as at Morgan Stanley. The New York-based firm had the worst bond-trading performance among the big five Wall Street investment banks, a precipitous 30 percent decline to $564 million. It was one of the most meager hauls since Morgan Stanley revamped the struggling business at the end of 2015, prompting a flurry of questions from analysts. “On the one hand, we could say, ‘Oh, this is Morgan Stanley acting conservatively, scrubbi
The major bank earnings reports are all in and Morgan Stanley was the biggest loser Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-17  Authors: hugh son, bess adler, bloomberg, getty images
Keywords: news, cnbc, companies, banks, reports, loser, major, trading, stanley, biggest, wall, revenue, struggling, hand, street, earnings, morgan, bank, sought


The major bank earnings reports are all in and Morgan Stanley was the biggest loser

Banks’ trading desks ended 2018 with a whimper – and nowhere as much as at Morgan Stanley.

The New York-based firm had the worst bond-trading performance among the big five Wall Street investment banks, a precipitous 30 percent decline to $564 million. It was one of the most meager hauls since Morgan Stanley revamped the struggling business at the end of 2015, prompting a flurry of questions from analysts.

“I’m struggling with the quarter understanding exactly what happened,” Mike Mayo, a veteran bank analyst with Wells Fargo, said Thursday during the call. “On the one hand, we could say, ‘Oh, this is Morgan Stanley acting conservatively, scrubbing the balance sheet, etc. On the other hand, it could be the Morgan Stanley of old where you had hiccups in fixed-income like the second-half of 2015 or 2013 or during the financial crisis.”

After the 2008 crisis reordered the banking world, Wall Street firms sought to reduce the volatility of results across trading and advisory businesses. Goldman Sachs and Morgan Stanley, where trading still makes up a bigger slice of revenue than peers, have sought new sources of revenue in consumer banking or wealth management.

But the sharp declines in December showed that, while they’ve made progress, banks are still exposed to the whims of the market.


Company: cnbc, Activity: cnbc, Date: 2019-01-17  Authors: hugh son, bess adler, bloomberg, getty images
Keywords: news, cnbc, companies, banks, reports, loser, major, trading, stanley, biggest, wall, revenue, struggling, hand, street, earnings, morgan, bank, sought


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Russian-backed online campaigns benefited Trump: Research report

“What is clear is that all of the messaging clearly sought to benefit the Republican Party — and specifically, Donald Trump,” the report says. The report also emphasizes that it is difficult to tell whether these campaigns genuinely persuaded individuals to vote one way or another. The IRA campaign began as early as 2009 in Russia, according to the report, with early tweets written in Russian and apparently tested on a domestic Russian audience, according to the report. “English language tweet a


“What is clear is that all of the messaging clearly sought to benefit the Republican Party — and specifically, Donald Trump,” the report says. The report also emphasizes that it is difficult to tell whether these campaigns genuinely persuaded individuals to vote one way or another. The IRA campaign began as early as 2009 in Russia, according to the report, with early tweets written in Russian and apparently tested on a domestic Russian audience, according to the report. “English language tweet a
Russian-backed online campaigns benefited Trump: Research report Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-17  Authors: kate fazzini, kevin lamarque
Keywords: news, cnbc, companies, report, groups, voters, ira, online, research, americans, russianbacked, sought, spent, russia, early, trump, campaigns, targeted, benefited


Russian-backed online campaigns benefited Trump: Research report

A report compiled on online influence operations in the 2016 elections points to an “aggressive” effort by Russia to inflame sentiments on Facebook, Instagram, YouTube and Twitter, with efforts dating back to as early as 2009. Russia increased those efforts as campaigning for the 2016 U.S. presidential election heated up, with the intention of boosting the candidacy of Republicans and then-candidate Donald Trump, the report says.

“What is clear is that all of the messaging clearly sought to benefit the Republican Party — and specifically, Donald Trump,” the report says.

The research was conducted for the Senate Intelligence Committee by Oxford University’s Internet Institute. It describes an effort by Russia’s Internet Research Agency (IRA) to sow discord and polarize voters in the United States by creating and promoting news and opinion meant to amplify the most extreme views held by organizations on both the right and left of the political spectrum.

The report also emphasizes that it is difficult to tell whether these campaigns genuinely persuaded individuals to vote one way or another.

“Understanding precisely how social media platforms impact public life is difficult,” the report says.

The report gives a unique look into how the IRA was used to sow discord long before Donald Trump’s candidacy, announced in June 2015, and then solidified around themes that would eventually send him to the White House. “These attacks against our country were much more comprehensive, calculating and widespread than previously revealed,” said Intelligence Committee Vice Chairman Mark Warner, D-Va.

The IRA campaign began as early as 2009 in Russia, according to the report, with early tweets written in Russian and apparently tested on a domestic Russian audience, according to the report.

“English language tweet activity increased somewhat in early 2014, before ramping up dramatically at the end of 2014 into 2015,” the report states.

The report says the IRA created Facebook posts that frequently “expressed tolerance of extremist views,” by calling immigrants “parasites,” and pitting groups such as veterans and immigrants against one another.

The IRA also used paid Facebook and Instagram posts that mostly targeted African-Americans, followed by white voters divided into liberal and conservative segments, Latin American voters and Muslim voters, with smaller targeted campaigns.

“Facebook uses an auction system to price impressions for different segments, meaning different target interests are priced differently, according to advertiser demand,” the report says. “African Americans, Native Americans, Latin Americans, and youth were the cheapest, while ads to conservatives, Muslim Americans and LGBT users were the most expensive. If we look at the amount spent in total, we see that a similar amount was spent on conservatives (a small number of expensive ads) as was spent on targeting African Americans (a large number of cheap ads).”

“This newly released data demonstrates how aggressively Russia sought to divide Americans by race, religion and ideology, and how the IRA actively worked to erode trust in our democratic institutions,” said Intelligence Committee Chairman Richard Burr (R-N.C.).

The report says the IRA incited anger among ideologically aligned groups and specific demographic groups, as follows:

African-American voters were targeted with content “preying on anger with structural inequalities faced by African-Americans,” the report says. “These campaigns pushed a message that the best way to advance the cause of the African American community was to boycott the election and focus on other issues instead.”

Conservative voters were heavily targeted with ads focused on anti-immigrant messaging, patriotic messaging and a general sentiment of liberal aims to appease non-Americans at the expense of citizens. This content largely encouraged these individuals to vote for Trump.

Liberal voters and the LGBT community. These groups only occasionally “sought to drive some of these voters toward Bernie Sanders or third parties. Content was focused on “antagonism towards groups that are perceived as anti-gay.”

Mexican-American voters. These individuals received “limited” contact as part of the IRA’s targeted campaign until after the 2016 election, when a organized group called “Brown Power” emerged as an IRA-run group “geared towards increasing distrust in the U.S. political system.”


Company: cnbc, Activity: cnbc, Date: 2018-12-17  Authors: kate fazzini, kevin lamarque
Keywords: news, cnbc, companies, report, groups, voters, ira, online, research, americans, russianbacked, sought, spent, russia, early, trump, campaigns, targeted, benefited


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Trump reportedly sought to order prosecutions of Hillary Clinton and James Comey

President Donald Trump said he wanted to order the Justice Department to prosecute his former presidential opponent Hillary Clinton and former FBI Director James Comey, The New York Times reported Tuesday. To impress his point upon Trump, McGahn had White House lawyers draft a memo outlining the consequences of merely asking the DOJ to investigate his political rivals — including impeachment, the newspaper reported. “Mr. McGahn will not comment on his legal advice to the president,” said McGahn’


President Donald Trump said he wanted to order the Justice Department to prosecute his former presidential opponent Hillary Clinton and former FBI Director James Comey, The New York Times reported Tuesday. To impress his point upon Trump, McGahn had White House lawyers draft a memo outlining the consequences of merely asking the DOJ to investigate his political rivals — including impeachment, the newspaper reported. “Mr. McGahn will not comment on his legal advice to the president,” said McGahn’
Trump reportedly sought to order prosecutions of Hillary Clinton and James Comey Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-20  Authors: kevin breuninger, melina mara, the washington post, getty images
Keywords: news, cnbc, companies, comey, prosecute, trump, times, james, reported, hillary, president, sought, order, reportedly, clinton, point, prosecutions, white, mcgahn


Trump reportedly sought to order prosecutions of Hillary Clinton and James Comey

President Donald Trump said he wanted to order the Justice Department to prosecute his former presidential opponent Hillary Clinton and former FBI Director James Comey, The New York Times reported Tuesday.

The Times, citing two people familiar with the conversation, reported that Trump made the remark in the spring to former White House counsel Don McGahn, who told the president that he had no authority to order such action by the DOJ.

To impress his point upon Trump, McGahn had White House lawyers draft a memo outlining the consequences of merely asking the DOJ to investigate his political rivals — including impeachment, the newspaper reported.

“Mr. McGahn will not comment on his legal advice to the president,” said McGahn’s lawyer, William Burck. “Like any client, the president is entitled to confidentiality. Mr. McGahn would point out, though, that the president never, to his knowledge, ordered that anyone prosecute Hillary Clinton or James Comey.”


Company: cnbc, Activity: cnbc, Date: 2018-11-20  Authors: kevin breuninger, melina mara, the washington post, getty images
Keywords: news, cnbc, companies, comey, prosecute, trump, times, james, reported, hillary, president, sought, order, reportedly, clinton, point, prosecutions, white, mcgahn


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The Fed wants to loosen regulations even more for community banks

The Federal Reserve isn’t finished easing up rules for the nation’s smallest financial institutions, according to remarks Wednesday from the central bank’s top regulator. He said the next proposal would be aimed at a leverage ratio proposal for community banks. In the most recent changes, the Fed put banks into four categories for leverage requirements but stressed that size was only one factor it would use in determining how much of a buffer banks would need. Those changes were aimed primarily


The Federal Reserve isn’t finished easing up rules for the nation’s smallest financial institutions, according to remarks Wednesday from the central bank’s top regulator. He said the next proposal would be aimed at a leverage ratio proposal for community banks. In the most recent changes, the Fed put banks into four categories for leverage requirements but stressed that size was only one factor it would use in determining how much of a buffer banks would need. Those changes were aimed primarily
The Fed wants to loosen regulations even more for community banks Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-14  Authors: jeff cox
Keywords: news, cnbc, companies, community, financial, proposal, loosen, changes, capital, fed, strong, overall, sought, banks, regulations, wants


The Fed wants to loosen regulations even more for community banks

The Federal Reserve isn’t finished easing up rules for the nation’s smallest financial institutions, according to remarks Wednesday from the central bank’s top regulator.

Just two weeks after the Fed announced changes to the way banks are classified and the types of capital cushions they’ll need, Randal Quarles, vice chair of supervision, said more changes are coming that will allow community banks relief from the post-financial crisis capital requirements

“Our work to improve regulatory efficiency is not done, and we expect to make additional progress in the months ahead on a number of issues,” Quarles said in remarks to be delivered to the House Financial Services Committee. He said the next proposal would be aimed at a leverage ratio proposal for community banks.

“We expect that this proposal would meaningfully reduce the compliance burden for community banking organizations, while preserving overall levels of capital at small banks and our ability to take prompt action when problems arise,” he added.

In the most recent changes, the Fed put banks into four categories for leverage requirements but stressed that size was only one factor it would use in determining how much of a buffer banks would need. Beyond assets, the central bank said it would consider nonbank assets, short-term wholesale funding and off-balance-sheet exposure.

Those changes were aimed primarily at easing conditions for banks with between $100 billion and $250 billion in assets.

Dodd-Frank reforms after the financial crisis sought to increase capital buffers, decrease risk-taking and institute a procedure for unwinding banks that fell into the “too big to fail” category.

However, President Donald Trump has said some of those efforts went too far, and the administration has sought to loosen the reins for community and regional institutions while still keeping protections in place for larger institutions.

Quarles said the reforms have largely worked and the system overall is in solid shape.

“The banking sector remains in strong condition, in line with strong U.S. economic performance, with lending growth, fewer nonperforming loans, and strong overall profitability,” he said.

He did note that several areas of concern remain that the Fed is monitoring closely, with a particular focus on cyber and technology risks.


Company: cnbc, Activity: cnbc, Date: 2018-11-14  Authors: jeff cox
Keywords: news, cnbc, companies, community, financial, proposal, loosen, changes, capital, fed, strong, overall, sought, banks, regulations, wants


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Democrats to investigate whether Trump administration sought to punish AT&T, Amazon

Representative Elijah Cummings, the likely incoming chairman of the House Oversight and Government Reform Committee, said the committee “may want to look into” if the White House retaliated against Amazon and AT&T. Since winning control of the House of Representatives in the midterm elections last week, Democrats have vowed to launch investigations on a wide range of topics involving the Trump administration. Schiff said Trump “was secretly meeting with the postmaster (general) in an effort to b


Representative Elijah Cummings, the likely incoming chairman of the House Oversight and Government Reform Committee, said the committee “may want to look into” if the White House retaliated against Amazon and AT&T. Since winning control of the House of Representatives in the midterm elections last week, Democrats have vowed to launch investigations on a wide range of topics involving the Trump administration. Schiff said Trump “was secretly meeting with the postmaster (general) in an effort to b
Democrats to investigate whether Trump administration sought to punish AT&T, Amazon Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-11  Authors: getty images
Keywords: news, cnbc, companies, sought, postal, committee, week, post, schiff, investigate, amazon, administration, punish, att, trump, house, white, democrats


Democrats to investigate whether Trump administration sought to punish AT&T, Amazon

When Democrats take control of the U.S. House they plan to investigate the Trump administration’s decision to try to block AT&T from acquiring Time Warner, and whether officials sought to punish Amazon.com by prodding the U.S. Post Office to hike shipping prices for the world’s largest e-commerce company, a senior Democrat said on Sunday.

Speaking to online publication Axios, Representative Adam Schiff, who is expected to be the incoming chairman of the House Intelligence Committee, said Democrats will review if Trump used the powers of the federal government to punish the companies.

Representative Elijah Cummings, the likely incoming chairman of the House Oversight and Government Reform Committee, said the committee “may want to look into” if the White House retaliated against Amazon and AT&T.

Cummings also said on ABCs “This Week” that he intends to investigate if Trump killed plans to relocate the new headquarters of the FBI because moving it could harm his business interests in the Trump Hotel across the street.

Since winning control of the House of Representatives in the midterm elections last week, Democrats have vowed to launch investigations on a wide range of topics involving the Trump administration.

Amazon Chief Executive Jeff Bezos owns the Washington Post, while Time Warner’s holdings include CNN. Trump has lambasted both outlets frequently for their critical coverage.

“It is very squarely within our responsibility to find out, Schiff told Axios in an interview that will air Sunday on HBO.

Schiff said Trump “was secretly meeting with the postmaster (general) in an effort to browbeat the postmaster into raising postal rates on Amazon… This appears to be an effort by the president to use the instruments of state power to punish Jeff Bezos and the Washington Post,” Schiff said.

It is not clear what committees may probe the corporate issues, since Schiff’s Intelligence Committee would not have oversight. A Schiff spokesman declined further comment.

AT&T and Amazon.com both declined to comment Sunday. The White House did not immediately comment.

Trump has repeatedly complained Amazon does not pay the U.S. Postal Service a fair rate for package delivery. Trump has said, without citing evidence, that this costs U.S. taxpayers billions of dollars, and he has threatened to raise the company’s postal rates.

Trump opposed the AT&T-Time Warner merger as a candidate and has repeatedly attacked CNN and last week a CNN reporter’s White House press pass was suspended.

The Justice Department is appealing a federal judge’s approval of the $85.4 billion AT&T acquisition of Time Warner.

With a split decision in last week’s congressional elections, Democrats plan a cautious approach. House Democratic Leader Nancy Pelosi told CBS’s “Face the Nation” that Democrats will not conduct “any investigation for a political purpose, but to seek the truth.”

Cummings vowed a “methodical” approach in approaching investigations. “I’m not going to be handing out subpoenas like somebodys handing out candy on Halloween,” Cummings said.


Company: cnbc, Activity: cnbc, Date: 2018-11-11  Authors: getty images
Keywords: news, cnbc, companies, sought, postal, committee, week, post, schiff, investigate, amazon, administration, punish, att, trump, house, white, democrats


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UBS expects to be sued by US Justice Department over crisis-era mortgage securities

The U.S. Department of Justice did not immediately respond to a request for comment. UBS said it had been advised by the Justice Department that the law enforcement agency intends to file the civil complaint. It anticipates the Justice Department will seek unspecified monetary penalties regarding the mortgage securities, which date back to 2006 and 2007. The lawsuit would be among the last actions over misconduct in the sale and pooling of mortgage securities which helped to cause the financial


The U.S. Department of Justice did not immediately respond to a request for comment. UBS said it had been advised by the Justice Department that the law enforcement agency intends to file the civil complaint. It anticipates the Justice Department will seek unspecified monetary penalties regarding the mortgage securities, which date back to 2006 and 2007. The lawsuit would be among the last actions over misconduct in the sale and pooling of mortgage securities which helped to cause the financial
UBS expects to be sued by US Justice Department over crisis-era mortgage securities Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-08  Authors: fabrice coffrini, afp, getty images
Keywords: news, cnbc, companies, justice, sued, group, expects, sale, sought, bank, ubs, law, mortgage, department, crisisera, settled, securities


UBS expects to be sued by US Justice Department over crisis-era mortgage securities

UBS Group, Switzerland’s largest bank, said it expects to be sued by the U.S. Department of Justice as early as Thursday on civil charges related to the sale of mortgage-backed securities in the run-up to the 2008-2009 financial crisis, according to a company statement.

The bank said the claims were not supported by the facts or the law and it would contest any such complaint “vigorously.”

The U.S. Department of Justice did not immediately respond to a request for comment.

UBS said it had been advised by the Justice Department that the law enforcement agency intends to file the civil complaint.

It anticipates the Justice Department will seek unspecified monetary penalties regarding the mortgage securities, which date back to 2006 and 2007.

The lawsuit would be among the last actions over misconduct in the sale and pooling of mortgage securities which helped to cause the financial crisis.

The Department of Justice has settled similar claims with Citigroup, Deutsche Bank, JPMorgan Chase, Credit Suisse Group, Morgan Stanley, Goldman Sachs, Bank of America and Barclays.

Barclays settled for $2 billion in March after resisting a penalty the U.S. government sought near the end of the Obama administration in 2016. Justice had sought a much higher fine at the time and, when the two sides could not come to terms, the department filed a lawsuit.

More recently, HSBC Holdings agreed to pay $765 million last month to settle with the Justice Department over its sale of defective mortgage securities before the crisis, while major player Royal Bank of Scotland Group reached a $4.9 billion deal in May.


Company: cnbc, Activity: cnbc, Date: 2018-11-08  Authors: fabrice coffrini, afp, getty images
Keywords: news, cnbc, companies, justice, sued, group, expects, sale, sought, bank, ubs, law, mortgage, department, crisisera, settled, securities


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Twitter deleted more than 10,000 accounts that sought to discourage voting

Twitter deleted more than 10,000 automated accounts posting messages that discouraged people from voting in Tuesday’s U.S. election and wrongly appeared to be from Democrats, after the party flagged the misleading tweets to the social media company. “We took action on relevant accounts and activity on Twitter,” a Twitter spokesman said in an email. The removals took place in late September and early October. The number of accounts removed is modest, considering that Twitter has previously delete


Twitter deleted more than 10,000 automated accounts posting messages that discouraged people from voting in Tuesday’s U.S. election and wrongly appeared to be from Democrats, after the party flagged the misleading tweets to the social media company. “We took action on relevant accounts and activity on Twitter,” a Twitter spokesman said in an email. The removals took place in late September and early October. The number of accounts removed is modest, considering that Twitter has previously delete
Twitter deleted more than 10,000 accounts that sought to discourage voting Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-02  Authors: chris wattie
Keywords: news, cnbc, companies, sought, accounts, twitter, presidential, media, discourage, effort, deleted, took, 10000, voting, millions, removals, party, social


Twitter deleted more than 10,000 accounts that sought to discourage voting

Twitter deleted more than 10,000 automated accounts posting messages that discouraged people from voting in Tuesday’s U.S. election and wrongly appeared to be from Democrats, after the party flagged the misleading tweets to the social media company.

“We took action on relevant accounts and activity on Twitter,” a Twitter spokesman said in an email. The removals took place in late September and early October.

The number of accounts removed is modest, considering that Twitter has previously deleted millions of accounts it determined were responsible for spreading misinformation in the 2016 U.S. presidential election.

Yet the removals represent an early win for a fledgling effort by the Democratic Congressional Campaign Committee, or DCCC, a party group that supports Democrats running for the U.S. House of Representatives.

The DCCC launched the effort this year in response to the party’s inability to respond to millions of accounts on Twitter and other social media platforms that spread negative and false information about Democratic presidential candidate Hillary Clinton and other party candidates in 2016, three people familiar with the operation told Reuters.


Company: cnbc, Activity: cnbc, Date: 2018-11-02  Authors: chris wattie
Keywords: news, cnbc, companies, sought, accounts, twitter, presidential, media, discourage, effort, deleted, took, 10000, voting, millions, removals, party, social


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Republican operative who sought Clinton emails had ties to Michael Flynn going back to 2015: Report

Mueller’s prosecutors are interested in whether anyone in Trump’s orbit assisted Smith in his search for Clinton’s emails, according to the Journal. He was found dead in a hotel in Minnesota days after telling The Wall Street Journal in an interview that he had been seeking Clinton’s emails from Russian hackers. Trump himself repeatedly suggested during the 2016 election that the emails Clinton’s attorneys deleted from her private server contained incriminating information. In a press conference


Mueller’s prosecutors are interested in whether anyone in Trump’s orbit assisted Smith in his search for Clinton’s emails, according to the Journal. He was found dead in a hotel in Minnesota days after telling The Wall Street Journal in an interview that he had been seeking Clinton’s emails from Russian hackers. Trump himself repeatedly suggested during the 2016 election that the emails Clinton’s attorneys deleted from her private server contained incriminating information. In a press conference
Republican operative who sought Clinton emails had ties to Michael Flynn going back to 2015: Report Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-10  Authors: tucker higgins, mark wilson, getty images
Keywords: news, cnbc, companies, sought, hackers, operative, ties, server, michael, emails, smith, clintons, search, report, flynn, going, clinton, journal, youre, smiths, russian, republican


Republican operative who sought Clinton emails had ties to Michael Flynn going back to 2015: Report

Mueller’s prosecutors are interested in whether anyone in Trump’s orbit assisted Smith in his search for Clinton’s emails, according to the Journal. One witness familiar with his search was called before a grand jury, the paper reported. And a grand jury subpoena sought out documents related to Smith’s hunt.

The quest for Clinton’s emails drew Smith to the anti-secrecy organization Wikileaks, an anti-secrecy group which U.S. investigators have said was used by Russian intelligence services to disrupt the presidential election. The Journal said that in a December 2016 email, Smith told supporters that he had found “multiple individuals” who possessed Clinton’s emails, and directed at least one of them to provide those emails to Wikileaks.

The nature of Smith’s death has raised some suspicion.

He was found dead in a hotel in Minnesota days after telling The Wall Street Journal in an interview that he had been seeking Clinton’s emails from Russian hackers. A suicide note found near him said: “NO FOUL PLAY WHATSOEVER.”

The reporter who interviewed Smith later wrote in a tweet that he saw “no indication that he was ill or planning to take his own life.” In June, it was made public via a court filing that Kathryn Rakoczy, an attorney known for her work in violent crimes cases, had joined the Mueller probe.

Trump himself repeatedly suggested during the 2016 election that the emails Clinton’s attorneys deleted from her private server contained incriminating information. In a press conference in July of that year, the president appealed to Russian hackers to make the emails public.

“Russia, if you’re listening, I hope you’re able to find the 30,000 emails that are missing,” Trump said at the time.

This summer, Mueller’s investigators obtained an indictment against 12 Russian hackers that accused them of attempting to break into Clinton’s personal server for the first time that same day.

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Company: cnbc, Activity: cnbc, Date: 2018-10-10  Authors: tucker higgins, mark wilson, getty images
Keywords: news, cnbc, companies, sought, hackers, operative, ties, server, michael, emails, smith, clintons, search, report, flynn, going, clinton, journal, youre, smiths, russian, republican


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