April 2025 - cypherpunks - lists.cpunks.org

Paladin's CEO Kristen Sonday On Streamlining Pro Bono
by Gunnar Larson 07 Apr '25

07 Apr '25

Paladin's CEO Kristen Sonday On Streamlining Pro Bono <https://www.law360.com/newyork/articles/2308597?nl_pk=b53aa520-5013-4a8d-a5…> By Marco Poggio While the legal industry has long touted the impact of volunteer work, Kristen Sonday, the co-founder and CEO of Paladin, an online platform matching pro bono opportunities with lawyers, said the industry has failed to properly value its impact on recruiting, retention and morale. Read full article » <https://www.law360.com/newyork/articles/2308597?nl_pk=b53aa520-5013-4a8d-a5…> | Save to favorites » <https://www.law360.com/newyork/articles/2308597?nl_pk=b53aa520-5013-4a8d-a5…>

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Fwd: Crash or correction?, Teddy Roosevelt the disrupter, Getting out of DOGE, and other great ideas...
by Gunnar Larson 07 Apr '25

07 Apr '25

---------- Forwarded message --------- From: The Cryptonite Weekly Rap <cryptoniteventures(a)substack.com> Date: Mon, Apr 7, 2025, 1:33 AM Subject: Crash or correction?, Teddy Roosevelt the disrupter, Getting out of DOGE, and other great ideas... To: <g(a)xny.io> This ain't 2000, but keeping a positive attitude will still help… ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ Forwarded this email? Subscribe here <https://substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9jcnlwdG9uaXRldmVudHVyZXM…> for more <https://substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9jcnlwdG9uaXRldmVudHVyZXM…> Crash or correction?, Teddy Roosevelt the disrupter, Getting out of DOGE, and other great ideas... <https://substack.com/app-link/post?publication_id=1665481&post_id=160281838…> The Cryptonite Weekly Rap <https://substack.com/@cryptoniteventures> and Anthony Perkins <https://substack.com/@anthonybperkins> Apr 7 ∙ Preview <https://substack.com/@cryptoniteventures> <https://substack.com/@anthonybperkins> <https://substack.com/app-link/post?publication_id=1665481&post_id=160281838…> <https://substack.com/app-link/post?publication_id=1665481&post_id=160281838…> <https://substack.com/app-link/post?publication_id=1665481&post_id=160281838…> <https://substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9vcGVuLnN1YnN0YWNrLmNvbS9…> READ IN APP <https://open.substack.com/pub/cryptoniteventures/p/oogle-scmoogle-wheres-yo…> <https://substack.com/redirect/d4a937e5-e777-4084-86f5-ed14715e06a6?j=eyJ1Ij…> The rice fields in Bali—A place you would rather be. This ain't 2000, but keeping a positive attitude will still help… As we sit here on the eve of 'Black Monday' (CNBC's Jim Cramer's words <https://substack.com/redirect/38315e99-8150-4038-9ab7-d537dc01a897?j=eyJ1Ij…>), we thought it might be constructive to lay some simple math on the table to put corporate media's (and Wall Street's <https://substack.com/redirect/01661a09-f231-486b-87ba-b45aaf487d77?j=eyJ1Ij…>) recent hysteria into perspective. First, the table below reminds us that we are experiencing a tech stock correction, <https://substack.com/redirect/80fa0900-fed2-488d-90e4-f68ebf6ff3f1?j=eyJ1Ij…>*not <https://substack.com/redirect/80fa0900-fed2-488d-90e4-f68ebf6ff3f1?j=eyJ1Ij…>* a crash. <https://substack.com/redirect/80fa0900-fed2-488d-90e4-f68ebf6ff3f1?j=eyJ1Ij…> A tech crash happened between March 10, 2000, when NASDAQ was at 5,049, and October 9, 2002, when the Internet/NASDAQ Bubble <https://substack.com/redirect/117e232d-2e7c-4376-9531-c1b5da409a31?j=eyJ1Ij…> fully deflated and landed at 1,114—a 75 percent collapse!😳 <https://substack.com/redirect/562e1eef-aab9-43f1-8910-4d97c84dcc37?j=eyJ1Ij…> *Not a picture of a 'widespread collapse.'* The table shows that after last week's stock blood bath, four of the Magnificent 7 <https://substack.com/redirect/bcaf9d4a-7d75-4685-98e9-e6b6378321ba?j=eyJ1Ij…> are still up from 9% (Nvidia) to 30% (Tesla🤔) since April 4, 2024. This contrasts sharply with the widespread collapse of the Internet Bubble pop in 2000. In our December prediction post, we expressed that we couldn't choose any stock picks for 2025 because the market was so pumped up by the Trump Bump and AI hype <https://substack.com/redirect/bcaf9d4a-7d75-4685-98e9-e6b6378321ba?j=eyJ1Ij…>. We suggested shorting Nvidia and Google, with the caveat that we have never shorted a stock in our lives. ------------------------------ [image: Cryptonite's predictions for 2025—Short Google, Nvidia, & OpenAI?, TechBro backlash begins, Robotaxis & IPOs up...] <https://substack.com/redirect/3ceb61ee-df01-41c1-9a3f-47b989c27b3f?j=eyJ1Ij…> Cryptonite's predictions for 2025—Short Google, Nvidia, & OpenAI?, TechBro backlash begins, Robotaxis & IPOs up... <https://substack.com/redirect/3ceb61ee-df01-41c1-9a3f-47b989c27b3f?j=eyJ1Ij…> The Cryptonite Weekly Rap <https://substack.com/profile/146561965-the-cryptonite-weekly-rap> and Anthony Perkins <https://substack.com/profile/1338763-anthony-perkins> · Jan 6 Read full story <https://substack.com/redirect/3ceb61ee-df01-41c1-9a3f-47b989c27b3f?j=eyJ1Ij…> ------------------------------ Real revenues, baby… In our 1999 book, *The Internet Bubble: What You Need to Know Before the Coming Shakeout! (HarpersBusiness) <https://substack.com/redirect/41b3fd33-2b21-4957-9dac-c84021a21c06?j=eyJ1Ij…>*, we noted that of the 133 Internet companies that went public, over 80 percent had minimal revenues and no profits, and the other 20 percent had no revenues.😳 Who needs revenues? We have eyeballs and clicks!' was the mantra that ultimately drove the economy into a major recession <https://substack.com/redirect/41b3fd33-2b21-4957-9dac-c84021a21c06?j=eyJ1Ij…> . In retrospect, all the Internet revenues didn't materialize until *Web2*, with the advent of smartphones, enterprise, and mobile cloud apps. <https://substack.com/redirect/b22a1b4d-21b4-48b0-ad9e-67b7b526a4be?j=eyJ1Ij…> *Thank you, Grok3.* *Public tech company revenue* *Public tech companies such as Tesla, NVIDIA, Meta, Google, Amazon, Apple, and Microsoft have shown significant growth in AI-related revenues:* *2021: $50 billion - 2022: $70 billion - 2023: $90 billion - 2024: $130 billion* Private AI company revenue *Companies like Anduril <https://substack.com/redirect/cdb5c996-4404-44c3-adb5-c183212f6107?j=eyJ1Ij…>, Anthropic <https://substack.com/redirect/18a026e2-f9bb-484f-b5ac-4ceb6daa1116?j=eyJ1Ij…>, Celonis <https://substack.com/redirect/b8569636-e077-47ca-a8b2-cd0898a00660?j=eyJ1Ij…>, Databricks <https://substack.com/redirect/075eac63-56df-4ca9-8bc9-710d54537526?j=eyJ1Ij…>, OpenAI <https://substack.com/redirect/1d726996-199f-4c51-9d1d-090b77bc54b5?j=eyJ1Ij…>, and Perplexity AI <https://substack.com/redirect/71bd11ee-3811-4473-a01a-fa2b418460cb?j=eyJ1Ij…>, and others have also experienced rapid revenue increases:* *2021: $5 billion - 2022: $10 billion - 2023: $20 billion - 2024: $30 billion* A significant difference in this chapter is that the AI business is already showing robust revenue growth, driven by advancements in generative AI models, subscription-based services, and enterprise adoption of AI tools. We've already paid for our Grok3 and Perplexity PRO accounts, which cost $20 and $30 a month, respectively, so we see the must-have value. <https://substack.com/redirect/a9ae8605-b1b5-4730-bdde-d50c9a59be28?j=eyJ1Ij…> *Early on, the commercialization of the Internet was a rebellion against Microsoft's rise <https://substack.com/redirect/f592615b-88db-40f3-96a0-99ed3bf0bfd7?j=eyJ1Ij…> and a desire for an alternative open software development platform. **Art by Grok3.* The Internet Bubble was about everything being free! (Other than your dial-up access). ☎️ And the best part of it all is that no one owned the IInternet 🎶*Ding Dong, the Wicked Bill G is dead.*🎶 Mission accomplished. This over-enthusiasm turned out to be an excellent ROI for *Web2* entrepreneurs and investors, as it inspired 6 billion people to connect over free and ownerless network protocols. This same found now sits at the foot of *Web3*, and the results will be 10x *Web2* (as in $200 trillion of new wealth). The AI-powered new world, much of it built on top of blockchain-based apps to guarantee security and privacy, is ultra-added value. It's the next modern layer on top of the Internet that offers advantages over Web2 we can only imagine. Take heart💜. The prices of our favorite stocks got puffed up, but they aren't going to grind down for the next two-and-a-half years. We promise. ------------------------------ And we’ve only just begun <https://substack.com/redirect/b79a4538-a08b-4185-a274-03c7804a85df?j=eyJ1Ij…> ------------------------------ Oh, and those pesky tariffs *Breaking News!* The Elon leaks his tariff advice to the President on X: *"At the end of the day, I hope it's agreed that both Europe and the United States should move ideally to a zero-tariff situation. If people wish to work in Europe or wish to work in North America, they should be allowed to do so, in my view—This has certainly been my advice to the president."* —*Elon's remarks during a video interview with Italian Deputy Prime Minister Matteo Salvini on Saturday.* The Cowardly Lion is effectively recommending the creation of a free trade zone between Europe and North America. Brilliant.😎🤙🏼 More on this in a second. Back to the math. In our last post, we learned from DOGE team member Tom Krause <https://substack.com/redirect/efc8de69-e0ab-4093-92a5-002b4836827e?j=eyJ1Ij…>, who was formerly Broadcom's CFO and later President of its Software Group, that 'the Treasury Department uses only one bank account to make trillions in federal payments.' 😳 Mr. Krause further stated that if the government were a public corporation, 'it would not only be impossible for it to pass an audit, but the leadership would likely be in jail.' Do we deserve for our government, as a public agency we fund, to conform to the same GAAP standards and corporate governance principles as the Magnificent 7? In the same way, when you study the chart below (referred to as the 'chart of death' by corporate media), you see that the US has a trade deficit with every major country. You will also see in the 'Tariffs Charged' section that, according to the Boogeyman, we live on a very uneven playing field. Is it reasonable to suggest to our 'trade partners' that WWII is long over, the Marshall Plan is exhausted, we have shifted to a multipolar world order, and the US can no longer play Sugar Daddy to foreign governments? These uneven arrangements are detrimental to the self-esteem of every participating nation and are no longer sustainable. <https://substack.com/redirect/ba57c7a6-b37b-43be-8d8e-bca264726f30?j=eyJ1Ij…> In addition to this list, there are about 60 other nations being levied a baseline 10% tariff on all imports. Canada and Mexico were already hit with 25% tariffs tied to border, immigration, and drug issues. The Boogeman practices what we call the 'shock and awe' <https://substack.com/redirect/ff76e1ee-321c-4e5b-814a-8fc9cd25551a?j=eyJ1Ij…> global diplomacy. While it is everything but *gentil*, the Boogeyman does get people's attention to what he thinks is a problem real quick. Tacking tariffs on 8o+ countries all at once was definitely a shock. Even so, when you analyze Trump's 'reciprocal tariffs' hikes, they only average 28 percent versus the 57 percent average' trade tax' we pay our 'partners.' So this move is more of a half of a shock and awe. What is in play here is Trump's high-stakes game to erase the US trade deficit, boost domestic manufacturing, reset the global industrial base, and raise revenue (potentially hundreds of billions) to offset the tax cuts he promised the American people. Of course, the Bogeyman haters are banging the alarm bells, and the 'economists' are criticizing his formulas as flawed, noting that they truly do not reflect foreign tariffs and could spark retaliation, higher consumer prices, or even a recession.Those are all fair points, but we have a more optimistic view. Our year-end forecast What we dispassionately see is a 'shock and awe' strategy that has worked with Venezuela and Colombia to take back their gangsters, Panama to cut ties with the CCP in the Panama Canal, and Canada and Mexico to help beef up our border and stem the flow of fentanyl into the US. Inelegant in delivery, with trumped-up details and math? Yes, but our asks to those countries were ultimately fair and challenging to refute. It will be the same with the tariff negotiations. And back to Elon's idea about creating a free zone between the US and the EU. That's the goal! It is far better than charging EU countries 20 percent tariffs and the US running a $260 billion trade deficit with our allies. Indeed, China has quickly 'retaliated' with its own 35 percent tariff hike on US goods. Still, there is growing reason to believe that most other nations are ready and willing to negotiate. While traveling on Air Force One today, Trump told reporters that since the tariffs announcement, he has spoken with 'a lot of leaders in Europe and Asia, who are dying to make a deal.' He also boasted that the US has already 'received $7 trillion of committed investments for building automotive manufacturing plants, chip companies and other types of businesses, at levels that we've never seen before.' Earlier in the day, in a statement to the *Sunday Times*, the UK prime minister's office said Keir Starmer will announce Monday that he understands the rationale behind President Donald Trump's <https://substack.com/redirect/97f937e2-377f-41e3-a6b5-fe9e4945aa67?j=eyJ1Ij…> tariffs and acknowledge that 'the West is entering a new economic era, and globalization is over.' The stock market will edge back up by year-end and continue to rise into 2026 because our industry's fundamentals are so strong. We shall see how this announcement goes tomorrow, but if the 'centrist left' Labour Party Prime Minister from the UK can set a tone of partial appeasement with the Boogeyman and inspire other countries to follow suit, there is also hope for a quicker rebound. We will also stick with our prediction that 25 tech IPOs will still happen this year (one down already with CoreWeave). Barring some unforeseen disasters, the US should continue to fortify our government’s operations, cut deficits, balance trade, lower energy costs, stay out of wars, and be at peace with our neighbors. For these things, we pray.🙏🏼 ------------------------------ Who you know, what you know, and when you know it is the most valuable currency in the global Silicon Valley. Share <https://substack.com/app-link/post?publication_id=1665481&post_id=160281838…> ------------------------------ Channeling Teddy Roosevelt Steve Jobs used to say, 'You don't have to accept the way things are just because they are the way they are.' Every US President has started their administration with the intention of downsizing the scope and power of government and balancing our trade deficits. It is one thing to recognize the big problems, but it's another to solve them, especially in an increasingly complex modern world. The kind of fundamental changes necessary today to return power back to the people requires a disruptor as the leader, not a politician. <https://substack.com/redirect/a66ade81-02bf-43c9-b869-9a2bad1dc356?j=eyJ1Ij…> A 1902 political cartoon depicting Theodore Roosevelt in his Rough Rider role from the Spanish-American War promoting the Monroe Doctrine and warning European powers to stay out of American affairs.🤔 *"We can't sustain a system that bleeds billions of taxpayer dollars on programs that have outlived their usefulness or exist solely because of the power of politicians, lobbyists, or interest groups. We are going to go through our federal budget as I promised during the campaign, page by page, line by line, eliminating those programs we don't need and insisting that those that we do need to operate in a sensible, cost-effective way."* *—President Barak Obama on February 24, 2009, during his Address to Joint Session of Congress. President Obama went on to sign off on $5 trillion worth of new legislative costs and drove the federal debt up an additional $4.6 trillion.* President Teddy Roosevelt was a disrupter <https://substack.com/redirect/7b496d49-b4a3-4f2b-a719-d595d7776459?j=eyJ1Ij…> because he took on the corporate monopolies that controlled the American economy at the turn of the 20th century. Massive trusts like Standard Oil and US Steel held unchecked power over entire industries, stifling competition, exploiting workers, and taking advantage of consumers. Roosevelt viewed this central corporate power as a threat to both democracy and the free market, and he took bold action to dismantle it. Today, the concentration of power in our government has become the greatest threat to our democracy. It will take a disruptor with the will of Teddy to take down that Beast. ------------------------------ [image: Top 25 Robot VC investors, the F-147 and killer drones, the X/xAI global content juggernaut, the electric BMW M3 for '28, and more scary stuff...] <https://substack.com/redirect/c4b8a13c-bd6c-4080-9574-9efc0b0153df?j=eyJ1Ij…> Top 25 Robot VC investors, the F-147 and killer drones, the X/xAI global content juggernaut, the electric BMW M3 for '28, and more scary stuff... <https://substack.com/redirect/c4b8a13c-bd6c-4080-9574-9efc0b0153df?j=eyJ1Ij…> The Cryptonite Weekly Rap <https://substack.com/profile/146561965-the-cryptonite-weekly-rap> and Anthony Perkins <https://substack.com/profile/1338763-anthony-perkins> · Apr 1 Read full story <https://substack.com/redirect/c4b8a13c-bd6c-4080-9574-9efc0b0153df?j=eyJ1Ij…> ------------------------------ It’s time to get out of DOGE Perhaps the Boogeyman dissentors are right—it's a good time to get out of DOGE. Why not go to a place where people live much more simple and happier lives for a while? Extended stays allow you to become part of the community and reflect upon your life back home in the US. You will find that you have escaped an incredibly stressed-out, often psychotic, busy-busy culture where people have given over their identities to social media and politics. It’s time for a break! <https://substack.com/redirect/c9b1020b-d7ea-4c2c-8888-92ed16c94d7a?j=eyJ1Ij…> *A scene from a Lisbon coffee shop.* Unless you've already made your riches and created your personal Neverland nestled along the western Santa Cruz Mountain Hills, looking down on Silicon Valley, we suggest you consider camping out in one of the six cities below that stand out for remote workers and blend affordability with quality of life. Lisbon, Portugal *Quality of Life:* Lisbon offers a mild climate, a vibrant culture, and a welcoming expat community. It ranks high for safety, walkability, and access to beaches and historic sites. Fast internet (average speeds over 100 Mbps), a growing tech scene, and a digital nomad visa make it a hotspot for remote workers. Cafés and coworking spaces abound. *Cost of Living:* Approximately $1,500–$2,000 per month for a single person, including rent in the city center (e.g., a one-bedroom apartment averages $1,000). This is roughly half the cost of many U.S. cities. <https://substack.com/redirect/22e89f3a-5cbd-4b31-9d0d-03e498d129d0?j=eyJ1Ij…> Chiang Mai, Thailand *Quality of Life:* Known for its laid-back vibe, lush surroundings, and rich cultural heritage (temples, night markets), Chiang Mai offers a peaceful yet stimulating environment. Reliable internet, a strong digital nomad community, affordable coworking spaces (e.g., Punspace), and great food. *Cost of Living:* Around $800–$1,200 per month, with rent for a modern one-bedroom apartment averaging $300–$500. This is a fraction of U.S. costs. <https://substack.com/redirect/de2e2785-6576-4769-8a9f-086bf3567c2b?j=eyJ1Ij…> *The Colombian people will lift your spirit!* Medellin, Colombia *Quality of Life:* Dubbed the “City of Eternal Spring,” Medellín boasts a pleasant climate, modern infrastructure, and a thriving arts scene. It’s safer than its past suggests. *Cost of Living:* Approximately $1,000–$1,500 per month, with a one-bedroom apartment in a good area costing $400–$700. *Why It’s Ideal: *High-speed internet, a growing number of coworking spaces, and a digital nomad visa make it attractive. The friendly locals and low costs enhance the lifestyle. <https://substack.com/redirect/c4651690-9829-4047-9bbf-af9a8ff79c02?j=eyJ1Ij…> *The streets of Tbilisi.* Tbilisi, Georgia *Quality of Life:* Tbilisi combines old-world charm with modern amenities, offering a unique blend of Eastern European and Asian influences. It’s safe, walkable, and surrounded by stunning landscapes. *Cost of Living:* 1,000–$1,300 per month, with rent averaging $300–$600 for a central apartment. *Why It’s Ideal:* Excellent internet (fiber-optic widespread), a burgeoning tech scene, and a six-month visa-free stay for many nationalities (plus a low tax burden) appeal to remote workers. <https://substack.com/redirect/c0fa1e86-e9c5-4147-b2b0-58fcc860e203?j=eyJ1Ij…>

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https://x.com/BloombergTV/status/1909265519598858298?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1909265519598858298%7Ctwgr%5Ea32594f1e6b097ac6fe93362d5c0af646401b43f%7Ctwcon%5Es1_c10&ref_url=https%3A%2F%2Fwww.bloomberg.com%2Fnews%2Flive-blog%2F2025-04-06%2Fmarkets-react-to-us-tariffs-china-retaliation
by Gunnar Larson 07 Apr '25

07 Apr '25

Stock Market Today: Live Updates on Trump Tariffs, S&P 500, Nasdaq 100 - Bloomberg https://www.bloomberg.com/news/live-blog/2025-04-06/markets-react-to-us-tar… https://x.com/BloombergTV/status/1909265519598858298?ref_src=twsrc%5Etfw%7C… Gold - Once Soundtrack And I love her so I wouldn't trade her for gold I'm walking on moon beams I was born with a silver spoon And i'm gonna be me I'm gonna be free I'm walking on moon beams and staring out to sea and if a door be closed then a row of homes start building and tear your curtains down for sunlight is like gold And you better be you And do what you can do When you're walking on moon beams Staring out to sea Cause if your skin was soil How long do you think before they start diggin' and if your life was gold how long would you think you'd stay livin'? Hey And I love her so I wouldn't trade her for gold https://youtu.be/HdloJ2hq4vQ?si=AgeLDBwLFrV9SLB4

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Deutsche Bank Not Liable For ISIS Terror, Judge Finds
by Gunnar Larson 07 Apr '25

07 Apr '25

Deutsche Bank Not Liable For ISIS Terror, Judge Finds <https://www.law360.co.uk/financial-services-uk/articles/2321582?nl_pk=9aaa8…> By Rae Ann Varona A New York federal judge on Friday dismissed a lawsuit accusing Deutsche Bank AG of facilitating the financing of the Islamic State, saying that the families of two journalists and an aid worker the terrorist group killed failed to sufficiently allege that the bank participated in a human trafficking venture. Opinion attached | Read full article » <https://www.law360.co.uk/financial-services-uk/articles/2321582?nl_pk=9aaa8…> | Save to favorites » <https://www.law360.co.uk/financial-services-uk/articles/2321582?nl_pk=9aaa8…>

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Pension Protection Fund Says 'Time Is Right' To Review Rules
by Gunnar Larson 07 Apr '25

07 Apr '25

Pension Protection Fund Says 'Time Is Right' To Review Rules <https://www.law360.co.uk/financial-services-uk/articles/2321099?nl_pk=9aaa8…> By Joel Poultney Britain's pensions compensation fund has said the "time is right" to review a range of key areas of its governing legislation, including how it sets its levy and rules determining how benefits for older pensioners rise. Read full article » <https://www.law360.co.uk/financial-services-uk/articles/2321099?nl_pk=9aaa8…> | Save to favorites » <https://www.law360.co.uk/financial-services-uk/articles/2321099?nl_pk=9aaa8…>

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Businessman's Daughter Sees £79M 'Sham' Loan Case Tossed
by Gunnar Larson 07 Apr '25

07 Apr '25

Businessman's Daughter Sees £79M 'Sham' Loan Case Tossed <https://www.law360.co.uk/financial-services-uk/articles/2321150?nl_pk=9aaa8…> By Lucia Osborne-Crowley The daughter of a deceased businessman had her attempt to bring a claim on behalf of one of her father's companies over a "sham" loan thrown out by a London court owing to a rule mandating that only the company itself can bring such a claim. Read full article » <https://www.law360.co.uk/financial-services-uk/articles/2321150?nl_pk=9aaa8…> | Save to favorites » <https://www.law360.co.uk/financial-services-uk/articles/2321150?nl_pk=9aaa8…>

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Denmark's £56M Cum-Ex Fraud Case Struck Out On Appeal
by Gunnar Larson 07 Apr '25

07 Apr '25

Denmark's £56M Cum-Ex Fraud Case Struck Out On Appeal <https://www.law360.co.uk/financial-services-uk/articles/2321123?nl_pk=9aaa8…> By Eddie Beaver Denmark's roughly £56 million ($72 million) tax refund fraud claim against an English brokerage was struck out Friday after a London appeals court ruled that an issue "fundamental" to the case had been decided in earlier proceedings. Read full article » <https://www.law360.co.uk/financial-services-uk/articles/2321123?nl_pk=9aaa8…> | Save to favorites » <https://www.law360.co.uk/financial-services-uk/articles/2321123?nl_pk=9aaa8…>

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Trump’s Attacks on Big Law, Universities, and the Media Have a Common Goal: Silence Dissent Against Authoritarian Rule
by Gunnar Larson 07 Apr '25

07 Apr '25

https://wallstreetonparade.com/2025/03/trumps-attacks-on-big-law-universiti… By Pam Martens and Russ Martens: March 24, 2025 ~ Brad Karp, Chair of Paul Weiss Brad Karp, Chair of Paul Weiss The New York Times’ Sunday, March 23 newspaper featured a lead story on how the 1,000-lawyer Big Law firm of Paul, Weiss, Rifkind, Wharton & Garrison, a Wall Street favorite, had caved to threats in a Presidential Action from Donald Trump, which would have banned lawyers at the firm from entering federal buildings; from reviewing classified documents for their clients by stripping them of security clearance; and effectively blacklisting the firm as a member of Donald Trump’s enemy list. The Chair of Paul Weiss, Brad Karp, negotiated with Trump and got the order rescinded by agreeing to spend $40 million in pro bono work on projects amenable to Trump — along with other subservient concessions. Trump’s move against Paul Weiss followed his similar actions against Big Law firms Perkins Coie and Covington & Burling. Unlike Paul Weiss, Perkins Coie hired another Big Law firm, Williams & Connolly to represent it, and filed a lawsuit against the Trump administration. As a bold symbol that it would not be intimidated by Trump’s revenge tour, Williams & Connolly listed 14 of its lawyers by name on the court filing as counsel to Perkins Coie. Pertinent sections of the lawsuit read as follows: “This case concerns an Executive Order issued on March 6, 2025, entitled, ‘Addressing Risks From Perkins Coie LLP’ (‘the Order’). The Order is an affront to the Constitution and our adversarial system of justice. Its plain purpose is to bully those who advocate points of view that the President perceives as adverse to the views of his Administration, whether those views are presented on behalf of paying or pro bono clients. Perkins Coie brings this case reluctantly. The firm is comprised of lawyers who advocate for clients; its attorneys and employees are not activists or partisans. But Perkins Coie’s ability to represent the interests of its clients—and its ability to operate as a legal-services business at all—are under direct and imminent threat. Perkins Coie cannot allow its clients to be bullied. The firm is committed to a resolute defense of the rule of law, without regard to party or ideology, and therefore brings this lawsuit to declare the Order unlawful and to enjoin its implementation… “The Order imposes these punishments as retaliation for the firm’s association with, and representation of, clients that the President perceives as his political opponents. Many law firms represented candidates, parties, and related political committees and organizations in the 2016 and 2020 campaigns. But the Order targets only one firm—Perkins Coie—because the President views it, more than any other firm, as aligned with the Democratic Party by reason of its representation of the 2016 Clinton presidential campaign and its successful handling of challenges brought by the Trump campaign seeking to overturn the results of the 2020 election, as well as victories the firm won for its clients in a significant number of voting rights cases, including cases where Perkins Coie succeeded in upholding existing laws, in connection with the 2020 election.” That Trump’s lawyers lost repeatedly to Perkins Coie lawyers in his court attempts to overturn his loss in the 2020 presidential election, would appear to be one of the prime motivators of his unprecedented attack on the firm using the imprimatur of the Oval Office. Perkins Coie with Williams & Connolly as its counsel decided to fight Donald Trump’s intimidation tactics to crush all perceived roadblocks to enforcing his authoritarian agenda. Paul Weiss, on the other hand, caved quickly. Paul Weiss has likely done far more damage to its reputation by licking Trump’s jack boots than Trump could have inflicted on the law firm over the long-term. The firm was widely ridiculed for its capitulation by conservatives, progressives and even a senior fellow at the libertarian Cato Institute. Walter Olson, a senior fellow at Cato’s Robert A. Levy Center for Constitutional Studies, wrote this on a Cato blog: “What is clear is that Trump himself believes that his threats have caused a prominent law firm to back down on vital principles of independence and that he has used the powers of the presidency to gratify his wish for revenge against a particular lawyer for having fought him in court. This is calculated to chill and deter vigorous courtroom advocacy against Trump and his allies. It is an abuse of presidential power that imperils the constitutional rights of all Americans. We can only hope that other litigants, if not this one, will press federal courts for rulings speedily vindicating those constitutional rights.” The conservative lawyer, George Conway, posted on X (Twitter): “This Paul Weiss capitulation is the most disgraceful action by a major law firm in my lifetime, so appalling that I couldn’t believe it at first. Any lawyers at that firm—partners or associates—who don’t promptly resign will defile their moral and professional reputations beyond repair.” On Friday, Erwin Chemerinsky, a Los Angeles Times contributing writer, penned this: “We all learned long ago, perhaps on the playground, that giving in to a bully only makes things worse. That is why it is shocking to see capitulation on the part of those being illegally bullied by President Trump. This will only embolden him.” Indeed, Trump was emboldened. After Paul Weiss was shamed widely in the media on Saturday for its capitulation, Trump doubled down on Sunday, issuing a breathtaking authoritarian memorandum to his U.S. Attorney General, Pam Bondi, who has been elevated by Trump from representing him personally as one of his defense counsel in his first impeachment proceeding, to the highest law enforcement officer in the U.S., who is now tasked with carrying out Trump’s revenge against his perceived enemies. The memorandum also went to Trump’s Secretary of Homeland Security, Kristi Noem, who proved she was cruel enough to serve in the Trump cabinet by admitting in her 2024 book to shooting to death the family puppy as an expedient means of dealing with an unruly pet. Trump’s Sunday memorandum threatens retaliatory measures against lawyers and/or law firms that engage in lawsuits against the Trump administration as it shreds the U.S. Constitution. As of March 15, the website JustSecurity.org listed 135 lawsuits that have been filed against the Trump administration for overstepping its legal and/or constitutional authority. Trump has lost the vast majority of the preliminary rulings by judges in these matters, thus his need to attempt to scare Big Law away from taking these cases or dropping existing cases. Trump is using similar tactics against universities by threatening them with losing federal grants, which can reach into the hundreds of millions of dollars for research. Trump’s actual fear is that campus protests could accelerate exponentially from coast to coast and lead the evening news cycle, tanking his quest for authoritarian rule with little pushback. Columbia University has capitulated to Trump’s demands after being threatened with the loss of $400 million in federal funding. Trump is also upping his threats against the media in an effort to further silence his critics. He has banned the 59-Pulitzer Prize winning Associated Press from attending press conferences in the Oval Office and elsewhere, in retaliation for its failure to follow his directive about his renaming the Gulf of Mexico to the Gulf of America. Associated Press has not caved and has filed a lawsuit to challenge the restraint on its freedom of speech and freedom to choose its own words. On March 6, while taking questions from the press in the Oval Office, the President called out by name two MSNBC news program hosts that he said “should be forced to resign.” The journalists are Nicolle Wallace and Rachel Maddow, both of whom have doggedly connected the dots on Trump’s grifting and unsavory alignment with his largest campaign donors and with Russian President Vladimir Putin. Trump’s attack on these two specific journalists followed a more general attack on the MSNBC cable network on February 18 during a Sean Hannity interview. Five days later, Joy Reid, another MSNBC program host – and one of Trump’s key critics – learned that her program had been abruptly cancelled. (See our report: News Host Joy Reid Raises Threat of Trump Selling U.S. to Putin; Ten Days Later Her Show Is Cancelled.) We have been monitoring the evening news reporting at MSNBC since our report on the cancellation of the Joy Reid program. If Trump expected his attacks to silence his on-air critics at the network, he must be furious. The program hosts have, instead, doubled down. They are now showing the thousands of Americans that are turning out for protests and anti-Trump rallies across the United States, despite it not being a national election year. A reported 34,000 people turned out Friday night in Denver as Congresswoman Alexandria Ocasio-Cortez and Senator Bernie Sanders spoke at their “Fight Oligarchy” nationwide tour. Sanders said it was the largest rally he had ever had, notwithstanding the massive crowds he attracted during his 2016 campaign bid for President. The threats to their livelihoods and personal sacrifices being made by those standing up to Trump’s tyranny, makes what Paul Weiss and Columbia University did this past week all the more unconscionable. History will not be kind to the cowards. It never is.

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Trump’s Tariff Plan Guts $5 Trillion in Stock Value in Two Days; Senator Warren Calls for Emergency Action Before Markets Open on Monday
by Gunnar Larson 07 Apr '25

07 Apr '25

https://wallstreetonparade.com/2025/04/trumps-tariff-plan-guts-5-trillion-i… By Pam Martens and Russ Martens: April 6, 2025 ~ Senator Elizabeth Warren On Wednesday, President Donald Trump unveiled his sweeping tariff plan. By Thursday, Wall Street was stampeding to the exit doors, leaving the Dow Jones Industrial Average down 1,679.39 points by the closing bell. Showing just how dangerous the market is assessing Trump’s tariff war to be, contrarian investors couldn’t even stage a short squeeze by Friday to push stocks back up – something they have been able to do regularly since Trump’s chaos courtiers invaded Washington, promising to “Occupy Mars” as they took a blow torch to their current planet. Friday was indicative of full-on selling panic, with the Dow losing another 2,231 points. The two-day rout in the S&P 500 tallied up to a breathtaking $5 trillion in market value losses, setting a two-day historic record. The plunge in the S&P 500 futures market was so steep before the stock market opened on Friday morning that the yield on the benchmark 10-year U.S. Treasury note sank below 4 percent, trading below 3.90 percent at one point. The loss in yield reflected a stampede into the benchmark security as a safe-haven play, pushing up the cost to purchase it and thus driving down its fixed coupon yield. By Friday night, Senator Elizabeth Warren, the ranking member of the Senate Banking Committee and a former Harvard Law professor, was unveiling a plan for Congress to rip Trump’s tariff-signing pen from his obsessive-compulsive-ready-fire-aim pudgy fingers. The following exchange occurred between Senator Warren and MSNBC host, Lawrence O’Donnell, on his 10 p.m. program, “The Last Word”: Lawrence O’Donnell: The Constitution of the United States, Article 1, Section 7: ‘All bills for raising revenue shall originate in the House of Representatives; but the Senate may propose or concur with Amendments as on other bills.’ That sentence has meant that everyone elected to federal office in the history of the United States of America has understood that the power to set a tariff or a tax belongs exclusively to the Congress. In the twentieth century the Congress voted to give the President very limited authority to raise tariffs in certain narrowly defined situations including national emergencies – like, for example, World Wars. Almost all of the Trump tariffs do not come close to fitting the exceptional conditions allowing the President to raise tariffs. Therefore, almost all of the Trump tariffs are completely illegal. And with those illegal tariffs driving the United States and the world now toward a global recession, according to JPMorgan’s forecast, the bankers at JPMorgan should be very glad that Elizabeth Warren has a plan. Joining us now, Democratic Senator Elizabeth Warren of Massachusetts. She is a top Democrat on the Senate Banking Committee. She’s a member of the Senate Finance Committee, which has jurisdiction over tariffs. Senator Warren, what can we do? Senator Elizabeth Warren: Right now, authority is right here in Congress. We don’t have to just stand by and watch everything melt down because Donald Trump has engaged in this crazy round of tariffs. Instead, we can pass a resolution, reel it back in, take away this authority from him – right now – and get things back to normal. We can do that. We just need a handful of Republicans to join us, and we can get this done. And frankly, we should do this. We should do it before the markets open on Monday. Lawrence O’Donnell: Yeah, it’s the kind, it’s a very simple resolution. It’s the kind of thing that each body could pass very quickly. Senator Warren: We could do this fast and remember, we saw a little crack in the Republican Trump wall on Wednesday when we put forward a resolution to be able to stop the tariff war with Canada. Just a narrow one, to try to get the Republicans in. Four Republicans joined us. We’re now looking at Donald Trump crashing not just the U.S. economy but the economy all around the world. This is truly an emergency, and we need Congress to act. All we have to do is pick up a few Republicans, get those Republicans to join the Democrats and roll back with a resolution what Donald Trump has done, and then we restore where the markets were before. Lawrence O’Donnell: We’ve heard from Senator Rand Paul. We’ve heard from other Republicans. There are now four Republicans who are cosponsors on another bill, [that] Senator Cantwell is a cosponsor of, that would, in effect, allow only, I believe, 60 days for the Trump tariff, for Donald Trump to raise tariffs and then, or some period like that, and then they would expire. They would just automatically expire if Congress doesn’t approve them, but that allows for weeks and weeks and weeks of economic destruction worldwide. Senator Warren: That’s right, and chaos. And look, we don’t need to do that. We don’t need to pass a separate law, or a new law, or a different law. The legal authority is already there. All we have to do is pass a resolution in the House and the Senate declaring that the particular device he’s using, of this fake emergency that he was claiming, triggers his ability to do these tariffs, just saying, ‘That’s not so,’ and that will take away his power to do that. Lawrence O’Donnell: And the audience should understand that previous Presidents have not done what Donald Trump is doing for two reasons. None of them were stupid enough to think it was a good idea, and none of them believed that this kind of tariff raising by a President was legal. Senator Warren: Yeah. But you know, Lawrence, this is really a moment when Republicans in the House and the Senate have to ask themselves: Are they really just here to bend a knee to whatever Donald Trump wants, even if it crashes economies all around the world? Or are they here actually to represent the interests of the American people? If it’s the latter, let’s pick up the tool that’s already there, in law, and reel back these tariffs that Donald Trump has put in place all by himself. Lawrence O’Donnell: Senator, I know you’ve brought up an amendment tonight in what’s moving forward on the Republican budget. What is at stake tonight in these votes? Senator Warren: So, remember, this is the next step in the Republicans trying to do massive giveaways to billionaires and billionaire corporations. And pay for it on the backs of cuts to Medicaid for little babies and for seniors in nursing homes, cuts to our public education system, cuts to the Veterans Affairs Department, cuts in medical research. So, tonight is going to be about forcing the Republicans to have to take a series of votes about exactly what they plan to do with this budget. And the vote I want them to take is, I’m going to put forward a proposal that says, ‘Whatever you all end up doing with the budget, at least promise in this, commit, that you will not do any tax giveaways to companies that make a billion dollars or more in profits.’ Let’s see if the Republicans could at least agree to that. Lawrence O’Donnell: Senator, before you go, have you gotten thanks from those investment bankers at JP Morgan for your idea to save them and save the global economy? Senator Warren: No, but you know, this isn’t about thanks. This really is serious, Lawrence, and I’m really worried. Not just about what’s happening in the stock market, but what this will mean for employment across the country, what this will mean for people who are counting on modest savings. I am really worried about what it means for everybody in our country and worried about the implications all around the world. Congress has a chance, right now, to put a stop to this, but the Republicans in Congress have to be willing to stand up to Donald Trump and say, ‘No, you don’t get to break the American economy.’

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Watch "Big Bear Bald Eagle Live Nest - Cam 2 - Wide View" on YouTube
by Gunnar Larson 07 Apr '25

07 Apr '25

https://www.youtube.com/live/LCGYWfbyBWc?si=Qx4P7OgFVMbyeosF Watch "Big Bear Bald Eagle Live Nest - Cam 2 - Wide View" on YouTube

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