April 2024 - cypherpunks - lists.cpunks.org

NBC Defeats Trump's Subpoena Of 'Stormy' Documentary Info
by Gunnar Larson 08 Apr '24

08 Apr '24

NBC Defeats Trump's Subpoena Of 'Stormy' Documentary Info <https://www.law360.com/newyork/articles/1822506?nl_pk=ac5a3855-e47c-4403-be…> By Frank G. Runyeon A New York judge on Friday rejected Donald Trump's attempt to subpoena records from NBC linked to Stormy Daniels, a central figure in the Manhattan district attorney's hush money charges, finding that the ex-president's request was overbroad and barred by civil rights laws. Read full article » <https://www.law360.com/newyork/articles/1822506?nl_pk=ac5a3855-e47c-4403-be…> | Save to favorites » <https://www.law360.com/newyork/articles/1822506?nl_pk=ac5a3855-e47c-4403-be…>

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Intent-Based Theory Of Liability In Hwang Creates Ambiguity
by Gunnar Larson 08 Apr '24

08 Apr '24

Intent-Based Theory Of Liability In Hwang Creates Ambiguity <https://www.law360.com/banking/articles/1819890?nl_pk=feb6bbba-7878-4d39-be…> A case against Archegos Capital founder Bill Hwang alleging that he participated in a securities manipulation scheme, which goes to trial next month in New York federal court, highlights the need for courts to clarify the legal standard defining "market manipulation," says Edward Imperatore at MoFo. Read full article » <https://www.law360.com/banking/articles/1819890?nl_pk=feb6bbba-7878-4d39-be…> | Save to favorites » <https://www.law360.com/banking/articles/1819890?nl_pk=feb6bbba-7878-4d39-be…>

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Med School Ex-CEO Sues For Legal Fees In Del. After Fraud Suit
by Gunnar Larson 08 Apr '24

08 Apr '24

Med School Ex-CEO Sues For Legal Fees In Del. After Fraud Suit <https://www.law360.com/health/articles/1822227?nl_pk=6422bbc2-a823-4be5-9a9…> By Jeff Montgomery A company controlled by the former chief executive of a Grand Bahama-based medical school has sued the school's developers and indirect owner for legal fee advancements in Delaware's Court of Chancery, citing a federal suit accusing the ex-officer of selling undocumented stakes in the business. Read full article » <https://www.law360.com/health/articles/1822227?nl_pk=6422bbc2-a823-4be5-9a9…> | Save to favorites » <https://www.law360.com/health/articles/1822227?nl_pk=6422bbc2-a823-4be5-9a9…>

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Firefighters Union's Finance Firm Can't Spike Whistleblower Claim
by Gunnar Larson 08 Apr '24

08 Apr '24

Firefighters Union's Finance Firm Can't Spike Whistleblower Claim <https://www.law360.com/compliance/articles/1822347?nl_pk=ab5ce197-c1fb-4d8e…> By Brian Dowling A finance firm set up for the nation's largest firefighters' union can't escape a whistleblower retaliation claim from the investment adviser it fired after he reported concerns to the U.S. Securities and Exchange Commission, a Boston federal judge has ruled. Order attached | Read full article » <https://www.law360.com/compliance/articles/1822347?nl_pk=ab5ce197-c1fb-4d8e…> | Save to favorites » <https://www.law360.com/compliance/articles/1822347?nl_pk=ab5ce197-c1fb-4d8e…>

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Justices Urged To 'Shut The Door' On Meta Disclosure Suit
by Gunnar Larson 08 Apr '24

08 Apr '24

Justices Urged To 'Shut The Door' On Meta Disclosure Suit <https://www.law360.com/technology/articles/1822452?nl_pk=2bd720dd-746c-4744…> By Jessica Corso The U.S. Supreme Court should "shut the door" on private securities lawsuits that could create a bloated disclosure regime and hurt businesses and investors alike, the U.S. Chamber of Commerce said Friday in a brief backing Meta Platforms Inc.'s call for the justices to hear a shareholder proposed class action over the Cambridge Analytica data abuse scandal. Brief attached | Read full article » <https://www.law360.com/technology/articles/1822452?nl_pk=2bd720dd-746c-4744…> | Save to favorites » <https://www.law360.com/technology/articles/1822452?nl_pk=2bd720dd-746c-4744…>

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Inside the push to make intellectual property work for African pharma (GO.MYDR.co)
by Gunnar Larson 08 Apr '24

08 Apr '24

Upgrade to a smarter Gmail Secure, fast & organized email OPEN <https://mail.google.com/mail/mu/mp/27/#> Inbox Africa forges ahead with its pharma revolution Devex Newswire to me 1 hour ago Details Bridging the growing gap in climate finance. Problems reading this email? Try opening the web version <https://t.devex.com/v/Njg1LUtCTC03NjUAAAGSXFpFpOFJcBXqIYg-32kTFYLOT-UQFbJyN…> <https://t.devex.com/Njg1LUtCTC03NjUAAAGSXFpFpT8FX80-ZAWjYfbwCdVVDeVF3tqBNuk…> <https://t.devex.com/Njg1LUtCTC03NjUAAAGSXFpFpXWxNdfUJzZBtW83mNIw6uWm4NFCy_E…> *PRESENTED BY THE MASTERCARD CENTER FOR INCLUSIVE GROWTH <https://t.devex.com/Njg1LUtCTC03NjUAAAGSXFpFpcj4R7KkP5l74jjCcN1yVIzjkXV8MkL…>* APRIL 8, 2024 BY HELEN MURPHY <https://t.devex.com/Njg1LUtCTC03NjUAAAGSXFpFpOGaNo-_nhH1o8DRwu2WfluR4-EtRBz…> Africa’s leaders want pharmaceutical autonomy. The continent is crafting a different vision for how innovation, intellectual property, and access to pharmaceutical products will play out. *Also in today’s edition:* Climate adaptation finance must urgently increase — but how? And we explain how to wow recruiters at Tetra Tech. Going it alone Africa's leadership has embarked on *a bold endeavor to ramp up pharmaceutical manufacturing* on the continent. The aim? To create health security for its people that’s sturdy enough to withstand the many challenges ahead. But establishing autonomy is no easy feat, and *one big hurdle looms large* : access to manufacturing licenses <https://t.devex.com/dc/kyXVoDpAY__Vu56MNr4POpCphgeXlcwK-5u_CbLr-mMOu1sC6zYz…>. With pharmaceutical patent holders mostly overseas, securing permissions is a complex task, and there aren’t enough partnerships with foreign entities to guide local producers. On top of that, there’s a scarcity of trained personnel, inadequate infrastructure, a dearth of local research and development initiatives, feeble regulatory frameworks, and financial risks to potential investors. The *tides are slowly turning*, however, and a lot of effort is being funneled into making this happen, writes Devex Senior Reporter Sara Jerving. As part of the push, experts gathered in Addis Ababa, Ethiopia, for the first International Conference on Innovation, Intellectual Property and Technology Transfer in Africa’s Pharmaceutical Sector — hosted by the new African Pharmaceutical Technology Foundation, which was launched by the African Development Bank. But there are no panaceas, and *numerous barriers must be dismantled* for things to fall into place, participants said. While power predominantly lies outside the continent — in the hands of multinational pharmaceutical giants — African nations have levers capable of reshaping the status quo. “We are in a defining moment. We really need to make sure that we will not miss the opportunity,” says Michel Sidibé, the African Union special envoy for the African Medicines Agency. “We really need a paradigm shift … from a privilege-centered approach to a people-centered approach.” Sara lays out just *what’s needed to transform issues around intellectual property* and technology transfer in Africa’s pharmaceutical manufacturing and gives the lowdown on the difficulties ahead. *Read:* Inside the push to make intellectual property work for African pharma <https://t.devex.com/dc/kyXVoDpAY__Vu56MNr4POpCphgeXlcwK-5u_CbLr-mMOu1sC6zYz…>

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Feds Say Bombing Survivors' Suit Is Outside Court's Authority
by Gunnar Larson 08 Apr '24

08 Apr '24

Feds Say Bombing Survivors' Suit Is Outside Court's Authority <https://www.law360.com/governmentcontracts/articles/1822373?nl_pk=4126fe73-…> By Alyssa Aquino The Biden administration is again pushing to escape survivors' efforts to hold it accountable for U.S. allies' airstrikes in Yemen, telling a Washington, D.C., federal court it had no authority over the executive branch's foreign arms dealing. 1 document attached | Read full article » <https://www.law360.com/governmentcontracts/articles/1822373?nl_pk=4126fe73-…> | Save to favorites » <https://www.law360.com/governmentcontracts/articles/1822373?nl_pk=4126fe73-…>

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Meta Looks To Nix FTC's Antitrust Case Over Acquisitions
by Gunnar Larson 08 Apr '24

08 Apr '24

Meta Looks To Nix FTC's Antitrust Case Over Acquisitions <https://www.law360.com/mergersacquisitions/articles/1822518?nl_pk=a34c25b5-…> By Matthew Perlman Meta Platforms urged a D.C. federal court on Friday to toss the Federal Trade Commission's antitrust case against it, saying the agency has found no evidence showing its acquisitions of Instagram and WhatsApp hurt competition or consumers. Brief attached | Read full article » <https://www.law360.com/mergersacquisitions/articles/1822518?nl_pk=a34c25b5-…> | Save to favorites » <https://www.law360.com/mergersacquisitions/articles/1822518?nl_pk=a34c25b5-…>

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For the First Time in History, the Fed Is Reporting Billions in Losses Weekly; It's Still Paying High Interest Income to the Mega Banks on Wall Street
by Gunnar Larson 08 Apr '24

08 Apr '24

https://wallstreetonparade.com/2024/04/for-the-first-time-in-history-the-fe… By Pam Martens and Russ Martens: April 8, 2024 ~ Jerome Powell, Chairman of the Federal Reserve Jerome Powell, Chairman of the Federal Reserve As of April 3 of this year, the Federal Reserve (Fed) has racked up $161 billion in accumulated losses. We’re not talking about unrealized losses on the underwater debt securities the Fed holds on its balance sheet, which it does not mark to market. We’re talking about real cash losses it is experiencing from earning approximately 2 percent interest on the $6.97 trillion of debt securities it holds on its balance sheet from its Quantitative Easing (QE) operations while it continues to pay out 5.4 percent interest to the mega banks on Wall Street (and other Fed member banks) for the reserves they hold with the Fed; 5.3 percent interest on their reverse repo operations with the Fed; and a whopping 6 percent dividend to member banks with assets of $10 billion or less and the lesser of 6 percent or the yield on the 10-year Treasury note at the most recent auction prior to the dividend payment to banks with assets larger than $10 billion. (This morning the 10-year Treasury is yielding 4.41 percent.) Operating losses of this magnitude are unprecedented at the of Fed, which was created in 1913. In a press release dated March 26, the Fed stated this: “The Reserve Banks’ 2023 sum total of expenses exceeded earnings by $114.3 billion.” As of March 13 of this year, the Fed’s accumulated losses stood at $156.24 billion and yet on March 20 the Federal Reserve voted to sustain those high 5+ percent interest rates to its member banks – making it look like the captured regulator it is considered to be by millions of Americans. As the chart above indicates, the Fed’s ongoing weekly losses have ranged from a high of $3.3 billion for the week ending Wednesday, January 31, 2024, to $1.86 billion for the most recent week ending Wednesday, April 3, 2024. American taxpayers have good reason to sit up and pay attention to the Fed’s giant and ongoing losses. That’s because when the Fed is operating in the green, as it was on an annual basis for 106 years from 1916 through 2022, the Fed, by law, turns over excess earnings to the U.S. Treasury – thus reducing the amount the U.S. government has to borrow by issuing Treasury debt securities. According to Fed data, between 2011 and 2021, the Fed’s excess earnings paid to the U.S. Treasury totaled more than $920 billion. The loss of remittances from the Fed means the U.S. government will go deeper into debt, putting a heavier tax burden on the U.S. taxpayer and raising the risk of another credit rating agency downgrade of U.S. sovereign debt. The way the Fed is accounting for these losses is straight out of Alice in Wonderland. A January 31 paper by Paul H. Kupiec and Alex J. Pollock published by the American Enterprise Institute explains why the Fed has negative capital under GAAP accounting. The researchers write: “In 2011, the Fed unilaterally decided to adopt non-standard accounting practices that book operating losses as a ‘negative liability’ in its H.4.1 releases and as a ‘deferred asset’ in its audited financial statements. [The Fed wrote at the time:] ‘[I]n the unlikely scenario in which realized losses were sufficiently large enough to result in an overall net income loss for the Reserve Banks, the Federal Reserve would still meet its financial obligations to cover operating expenses. In that case, remittances to the Treasury would be suspended and a deferred asset would be recorded on the Federal Reserve’s balance sheet.’ “Unfortunately for the Fed, the ‘unlikely scenario’ has become reality. Regardless of the name used, the ‘deferred asset’ account acts to hide the basic immutable fact that operating losses have consumed the Fed’s capital. “Under the Fed’s unique accounting policy, operating losses do not reduce the Federal Reserve’s reported total capital. The accumulated losses in the ‘deferred asset’ account allow the Fed to report the same capital account balance, no matter how large its accumulated losses. Even if it lost 100 times its capital, or $4.3 trillion, the Fed would still report that it has positive $43 billion in capital. Similar creative ‘regulatory accounting’ has not been utilized by financial institutions since the 1980s when it was used to prop up failing savings and loans.” The researchers posted a line-item chart on page 8 of their report showing how the Fed’s accounting compares with GAAP accounting. As of December 27, 2023, the Fed’s accounting produces $42.85 billion in capital. Under GAAP accounting, the Fed’s capital stands at a negative $88.7 billion. As anyone who is a regular reader of Wall Street On Parade will easily guess, the New York Fed has the most dramatic negative capital under GAAP accounting among the Fed’s 12 regional Fed banks. The researchers write: “Restating each of the 12 individual FRBs [Federal Reserve Banks] December 27, 2023 capital accounts using GAAP, 8 have negative GAAP capital. Exhibit 2A shows the FRBs that have GAAP capital deficits larger than $1 billion. The Federal Reserve Bank of New York, with a GAAP capital nearly negative $70 billion, has the largest capital deficit followed by the Federal Reserve Bank of Richmond with negative GAAP capital approaching $12 billion and the Federal Reserve Bank of Chicago with $7.6 billion in negative GAAP capital.” For a deeper understanding of the New York Fed, read our reports: Is the New York Fed Too Deeply Conflicted to Regulate Wall Street? and The New York Fed Has Quietly Staffed Up a Second Trading Floor Near the S&P 500 Futures Market in Chicago. If you agree with Wall Street On Parade that the current banking and Fed structure in the U.S. represents a threat to national security and economic stability, please contact your U.S. Senators today via the U.S. Capitol switchboard by dialing (202) 224-3121. Tell your Senators to hold immediate hearings on the financial stability implications of the Fed’s losses and its deep conflicts with Wall Street’s mega banks.

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IP Firm Sues Florida Attorney For Using Soundalike Name
by Gunnar Larson 08 Apr '24

08 Apr '24

IP Firm Sues Florida Attorney For Using Soundalike Name <https://www.law360.com/competition/articles/1821372?nl_pk=6416fd97-1dc4-4e0…> By Adrian Cruz Georgia-based intellectual property firm Bekiares Eliezer LLP has sued an attorney in Florida federal court, alleging he marketed his services with a name similar to its "Founders Legal" brand. Complaint attached | Read full article » <https://www.law360.com/competition/articles/1821372?nl_pk=6416fd97-1dc4-4e0…> | Save to favorites » <https://www.law360.com/competition/articles/1821372?nl_pk=6416fd97-1dc4-4e0…>

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