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Fwd: Our path to a Senate majority –
by Gunnar Larson 03 Feb '25

03 Feb '25

---------- Forwarded message --------- From: Urgent Alert <info(a)dscc.org> Date: Sun, Feb 2, 2025, 11:19 AM Subject: Our path to a Senate majority – To: <g(a)xny.io> ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ *Two Senate special elections could change EVERYTHING, team:* STATE: FORMER SENATOR: Ohio JD Vance Florida Marco Rubio If we win these crucial states, our chances of flipping the Senate will SKYROCKET! We need to get ready immediately, so don't delay: *Chip in $5 IMMEDIATELY to FLIP key states like these, defend our progress, and take back the Senate majority >> <https://go.dscc.org/go/20854?amount=5&t=5&firstname=&lastname=&email=g%40xn…>* Donate $5 <https://go.dscc.org/go/20854?amount=5&t=6&firstname=&lastname=&email=g%40xn…> The *crucial* battleground states of Ohio and Florida represent critical opportunities to take back momentum and stop Trump from controlling the Senate *for all four years* -- so we MUST prepare *right now.* Republicans will FLOOD these states with cash to keep them red, so we need to match their megadonor money with a grassroots movement. We've launched an URGENT $50,000 midnight goal to make sure we can flip seats like these from *RED* to *BLUE* -- but we're on track to fall 23.21% short! *Please, before the deadline:* *All eyes are on Florida and Ohio. RUSH $5 or more NOW to help us win in states like these, take back the Senate, and STOP Donald Trump's MAGA agenda >> <https://go.dscc.org/go/20854?amount=5&t=7&firstname=&lastname=&email=g%40xn…>* We need your help to fight for the Senate. If you've saved payment info with ActBlue Express, your donation will be processed immediately. Donate $5 <https://go.dscc.org/go/20854?amount=5&t=8&amount=5&express_lane=true&firstn…> Donate $10 <https://go.dscc.org/go/20854?amount=5&t=9&amount=10&express_lane=true&first…> Donate $20 <https://go.dscc.org/go/20854?amount=5&t=10&amount=20&express_lane=true&firs…> Other Amount <https://go.dscc.org/go/20854?amount=5&t=11&firstname=&lastname=&email=g%40x…> Thanks, Team DSCC [image: Chip in $5 monthly to flip the Senate] <https://secure.actblue.com/donate/support-senate-democrats-2025-q1-recurrin…> ------------------------------ The DSCC is the only committee solely dedicated to supporting Democrats in the U.S. Senate, and our work relies on grassroots supporters like you. If you'd like to make a contribution to support us, please *click here <https://secure.actblue.com/donate/support-senate-democrats-2025-q1?refcode=…>*. *Click here <https://go.dscc.org/signup/receive-fewer-emails/?t=3&akid=19484%2E26297126%…>* to receive fewer emails. *Click here <https://go.dscc.org/unsubscribe/unsubscribe/?t=4&akid=19484%2E26297126%2Elt…>* to unsubscribe. Paid for by the DSCC | PO Box 96047, Washington, DC 20090 | *dscc.org <https://www.dscc.org/>* | Not authorized by any candidate or candidate's committee. Contributions or gifts to the DSCC are not tax deductible.

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As Elon Musk Begins Shutting Down Payments to Federal Contractors, a Strange Money Trail Emerges to His Operatives Inside the U.S. Treasury’s Payment System
by Gunnar Larson 03 Feb '25

03 Feb '25

*By Pam Martens and <https://wallstreetonparade.com/about-3/about/>Russ Martens <https://wallstreetonparade.com/about-3/about/>: February 3, 2025 ~* [image: Elon Musk, CEO of Tesla] <https://wallstreetonparade.com/wp-content/uploads/2021/05/Elon-Musk.jpg> Elon Musk Elon Musk is the billionaire CEO of the publicly-traded EV company, Tesla. As such, under corporate law <https://www.investopedia.com/terms/d/duty-loyalty.asp>, he owes a Duty of Loyalty to Tesla. Notwithstanding this well-established law, Musk is engaged in an array of other corporate endeavors outside of Tesla, including being the CEO of SpaceX, a private rocket company. SpaceX is a major federal contractor to NASA and the Department of Defense. See our report: The U.S. Government Is Plowing Billions into SpaceX, Overlooking Drug Use, Sex Parties, and Elon Musk’s Coziness with Putin <https://wallstreetonparade.com/2024/10/the-u-s-government-is-plowing-billio…> . Now, the New York Times, Wall Street Journal, Bloomberg News, and a host of other media outlets are reporting that Musk has used his 2-week old position as the head of a Donald Trump faux agency – the Department of Government Efficiency (DOGE) – which Trump created out of thin air last month by Executive Order <https://www.whitehouse.gov/presidential-actions/2025/01/establishing-and-im…>, to have his DOGE operatives gain access to the U.S. Treasury’s $6 trillion payment system and snoop on its payments. This means that Musk’s DOGE hires could potentially access confidential information on government contract payments made to Musk’s competitors as well as highly confidential payments related to national security. There are media reports this morning that Musk has begun to cancel payments to some federal contractors. One of the individuals engaged in this snooping on behalf of Musk, according to reporting at the New York Times, is Tom Krause, the CEO of Cloud Software Group, which describes itself as “Developer of enterprise infrastructure software” whose platform encompasses, among other things, “business intelligence.” Krause is still listed at the website of Cloud Software Group as its current CEO, as well as using that same title on his personal LinkedIn page. So how, exactly, did he gain security clearance to snoop on this vast U.S. government payment system <https://www.fiscal.treasury.gov/about.html>. Why is the Board of Directors of Cloud Software Group allowing him to engage in this legally dubious undertaking? Cloud Software Group’s major owners include Vista Equity Partners and Elliott Investment Management, according to an interview with Krause at SpencerStuart <https://www.spencerstuart.com/research-and-insight/an-investor-minded-ceo-l….> . The founder, Chairman and CEO of Vista Equity Partners is billionaire Robert F. Smith, whose net worth is pegged at $10.8 billion according to Forbes <https://www.forbes.com/profile/robert-f-smith/>. In 2020, during the first Trump administration, Smith was charged by the U.S. Department of Justice with engaging in a massive 15-year international tax fraud scheme. Smith was given a non-prosecution agreement and settled the matter for $139 million <https://www.justice.gov/opa/pr/private-equity-ceo-enters-non-prosecution-ag…> after cooperating with prosecutors. The other major co-owner of Krause’s firm, Elliott Investment Management, is the giant hedge fund founded by billionaire Paul Singer, who remains at Elliott as President, Co-Chief Executive Officer, and Co-Chief Investment Officer. Singer gave the Trump-supporting Make America Great Again Inc. PAC $5 million in one check in August of last year. In addition, *and notably*, Singer is also Chairman of the Manhattan Institute for Policy Research, a right-wing think tank. William Barr, one of Donald Trump’s Attorneys General during his first term as President, is a member of the Board of Trustees of the Manhattan Institute. Megadonors to Trump and Republicans, including hedge fund titan John Paulson <https://wallstreetonparade.com/2024/03/hedge-fund-titan-john-paulson-made-1…> and former Education Secretary Betsy DeVos in Trump’s first term, also serve on the Manhattan Institute’s Board of Trustees <https://manhattan.institute/board-of-trustees>. Senator Ron Wyden, the Ranking Member of the Senate Finance Committee has sent a letter <https://www.finance.senate.gov/imo/media/doc/letter_from_senator_wyden_to_s…> to Trump’s recently confirmed U.S. Treasury Secretary, Scott Bessent, raising national security concerns about the snooping by DOGE inside the Treasury’s payment system and demanding answers in short order.

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Fwd: RIDW & SCCA Conference | Join & Hear From Leading Industry Experts!
by Gunnar Larson 03 Feb '25

03 Feb '25

---------- Forwarded message --------- From: LexisNexis Middle East <contact.MENA(a)lexisnexis.fr> Date: Sun, Feb 2, 2025, 2:01 AM Subject: RIDW & SCCA Conference | Join & Hear From Leading Industry Experts! To: <g(a)xny.io> *Exclusive 30% Off | Join Us for the Largest Legal Event in MENA!* Riyadh will host the SCCA 4th International Conference and Exhibition, the flagship event of Riyadh International Dispute Week 2025, which is a premier gathering for a diverse array of international attendees from around the world, to will explore the horizons of growth for the commercial dispute resolution industry and examine the latest global trends shaping this dynamic field. February 2025 26 Register Now <https://lexis.us20.list-manage.com/track/click?u=06abfb4b919982faaa1abf33d&…> ------------------------------ Exclusive 30% Off SCCA Roaster Tickets Use Promo Code: RM209LEX30 *Get ready to engage in insightful discussions on Arbitration and the Law as Pillars of Transformation* *What to Expect at the Conference?* *4 Panel Discussions* *2 Keynote Speeches* *7 Subtopics* *30 Speakers* <https://lexis.us20.list-manage.com/track/click?u=06abfb4b919982faaa1abf33d&…> Conference Promo Video Register Now <https://lexis.us20.list-manage.com/track/click?u=06abfb4b919982faaa1abf33d&…> Limited Seats *Copyright © 2024 LexisNexis, All rights reserved. LexisNexis Middle East* Our mailing address is: LexisNexis 141 rue de Javel <https://www.google.com/maps/search/141+rue+de+Javel+%0D%0AParis+75015+%0D%0…> Paris 75015 <https://www.google.com/maps/search/141+rue+de+Javel+%0D%0AParis+75015+%0D%0…> France <https://www.google.com/maps/search/141+rue+de+Javel+%0D%0AParis+75015+%0D%0…> Want to change how you receive these emails? You can update your preferences <https://lexis.us20.list-manage.com/profile?u=06abfb4b919982faaa1abf33d&id=a…> or unsubscribe from this list <https://lexis.us20.list-manage.com/unsubscribe?u=06abfb4b919982faaa1abf33d&…> . We respect your right to privacy – view the privacy notices and policies <https://lexis.us20.list-manage.com/track/click?u=06abfb4b919982faaa1abf33d&…> of LexisNexis SA. This email was sent by LexisNexis (contact.MENA(a)lexisnexis.fr) To make sure you keep getting these emails, please add contact.MENA(a)lexisnexis.fr to your address book or whitelist us. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏

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BREAKING: Trump Fires CFPB Director Chopra
by Gunnar Larson 01 Feb '25

01 Feb '25

BREAKING: Trump Fires CFPB Director Chopra <https://www.law360.com/banking/articles/2286209?nl_pk=e602c558-f520-472e-90…> By Jon Hill President Donald Trump has fired Rohit Chopra as director of the Consumer Financial Protection Bureau, in a long-awaited move to purge another holdover of the Biden administration. Read full article » <https://www.law360.com/banking/articles/2286209?nl_pk=e602c558-f520-472e-90…> | Save to favorites » <https://www.law360.com/banking/articles/2286209?nl_pk=e602c558-f520-472e-90…>

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HERE'S YOUR CHANCE TO FIGHT CITY HALL
by Gunnar Larson 01 Feb '25

01 Feb '25

Art Director/Designer: Sidney Myers Copywriter: Evan Stark Agency: Doyle Dane Bernbach, Inc. Client: Whirlpool HERE'S YOUR CHANCE TO FIGHT CITY HALL If you have a product you are not happy with, what do you do? Sit and sulk? Moan to your next-door neighbor? Promise yourself that you'll never buy another product from the manufacturer? A lot of good that will do. No, Mr. and Mrs. Consumer, that's not the answer. If you have a gripe, let the manufacturer know. Call him up. Write to him. Keep after him until he does something about it. Because nothing bothers a reputable manufacturer more than dissatisfied customers. We at Whirlpool believe in putting our money where our mouth is. We believe we make the best appliances you can buy. Automatic washers, dryers, refrigerators, air conditioners, dishwashers, etc. And we also believe our Tech-Care Service specialists provide the best service in our field. In addition, we were the first to do away with the complicated standard warranty and replace it with a fully binding, easy-to-understand warranty letter. We were first to provide a free, nation wide telephone number (800-253-1301) for service information. And we were the first to have consultants answer your calls, thereby solving many of your problems right over the phone. But still and all, we know that you can't please all of the people all of the time. That's the reason for the blank letter on the facing page. If you have a gripe about us, we want to know so we can do something about it. Just write your complaint, tear out the page and mail it to us. If you know anything at all about Whirlpool, you know it won't be ignored. By the way, if you have something nice to say about us, we'd like to hear that too. Steve Upton Vice President, Consumer Services Division Whirlpool Corporation

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BREAKING: Court Won't Block Tempur Sealy's $4B Mattress Firm Deal
by Gunnar Larson 01 Feb '25

01 Feb '25

BREAKING: Court Won't Block Tempur Sealy's $4B Mattress Firm Deal <https://www.law360.com/competition/articles/2291743?nl_pk=6e763a2a-9f82-44c…> By Matthew Perlman A Texas federal court on Friday denied the Federal Trade Commission's bid to put a hold on Tempur Sealy International Inc.'s planned $4 billion purchase of Mattress Firm Group Inc. over concerns about rival mattress suppliers' access to the retail chain. Order attached | Read full article » <https://www.law360.com/competition/articles/2291743?nl_pk=6e763a2a-9f82-44c…> | Save to favorites » <https://www.law360.com/competition/articles/2291743?nl_pk=6e763a2a-9f82-44c…>

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Fwd: The Briefing: Zuckerberg-Musk Double Act
by Gunnar Larson 01 Feb '25

01 Feb '25

"On conference calls discussing their respective fourth-quarter earnings reports this week, both Musk and Zuckerberg characterized this year as vital to determining the outcome of these bets." ---------- Forwarded message --------- From: Martin Peers <info(a)theinformation.com> Date: Fri, Jan 31, 2025, 6:29 PM Subject: The Briefing: Zuckerberg-Musk Double Act To: <g(a)xny.io> Is Mark Zuckerberg auditioning for the role of Elon Musk’s Mini-Me? We’re kidding, but it is uncanny how much Zuckerberg seems to be following Musk’s lead lately. In the latest example, The Wall Street Journal reported on Friday that Meta Platforms is considering moving its legal incorporation to Texas, out of Delaware, just as Tesla did last year. ͏ ‌ ͏ ‌ ͏ ‌ ͏ ‌ ͏ ‌ ͏ ‌ ͏ ‌ ͏ ‌ ͏ ‌ ͏ ‌ ͏ ‌ ͏ ‌ ͏ ‌ ͏ ‌ ͏ ‌ ͏ ‌ ͏ ‌ ͏ ‌ ͏ ‌ ͏ ‌ ͏ ‌ ͏ ‌ ͏ ‌ ͏ ‌ ͏ ‌ ͏ ‌ ͏ ‌ ͏ ‌ ͏ ‌ ͏ ‌ ͏ ‌ ͏ ‌ ͏ ‌ ͏ ‌ ͏ ‌ ͏ ‌ ͏ ‌ ͏ ‌ ͏ ‌ ͏ ‌ ͏ ‌ ͏ ‌ ͏ ‌ ͏ ‌ ͏ ‌ ͏ ‌ ͏ ‌ ͏ ‌ ͏ ‌ ͏ ‌ [image: The Information logo] <https://url3396.theinformation.com/ls/click?upn=u001.71kYkaWDpGOJSzbGrs4y1T…> Jan 31, 2025 The Briefing By Martin Peers ------------------------------ *Thanks for reading The Briefing, our nightly column where we break down the day’s news. If you like what you see, I encourage you to subscribe to our reporting here <https://url3396.theinformation.com/ls/click?upn=u001.71kYkaWDpGOJSzbGrs4y1Z…>.* ------------------------------ Greetings! Is Mark Zuckerberg auditioning for the role of Elon Musk’s Mini-Me? We’re kidding, but it is uncanny how much Zuckerberg seems to be following Musk’s lead lately. In the latest example, The Wall Street Journal reported <https://url3396.theinformation.com/ls/click?upn=u001.71kYkaWDpGOJSzbGrs4y1Z…> on Friday that Meta Platforms is considering moving its legal incorporation to Texas, out of Delaware, just as Tesla did <https://url3396.theinformation.com/ls/click?upn=u001.71kYkaWDpGOJSzbGrs4y1T…> last year. This follows Zuckerberg’s recent decision to adopt a “community notes” feature for fact-checking within Meta’s apps, as in Musk’s X. Then there’s Zuckerberg’s pullback on DEI, his podcast chatter about “masculine energy,” and Meta’s support of Musk’s challenge to OpenAI’s for-profit conversion <https://url3396.theinformation.com/ls/click?upn=u001.71kYkaWDpGOJSzbGrs4y1Z…>. The days when these two were talking about a cage match seem to be far in the rearview mirror. It may not be a coincidence that, unlike most tech CEOs, the two have unchallenged power at their companies. In keeping with that power, they’re both making giant, risky investments on AI-based products. That’s particularly true for Zuckerberg, who is turning on the money spout this year to make his Meta AI assistant the leader in the industry and make Meta’s Ray-Ban AI glasses an even bigger hit. Musk, for his part, is going all in on self-driving cars at Tesla, hoping to compete with Waymo in robotaxis. (For more that plan, see here <https://url3396.theinformation.com/ls/click?upn=u001.71kYkaWDpGOJSzbGrs4y1T…> ). On conference calls discussing their respective fourth-quarter earnings reports this week, both Musk and Zuckerberg characterized this year as vital to determining the outcome of these bets. Investors so far are backing them to the hilt. If they fall short, expect some fireworks. Missed Opportunities? There’s a reason why very few companies allow reporters to join Wall Street analysts in asking questions on quarterly earnings calls. Unlike reporters, analysts rarely ask tough questions, preferring to zero in on arcane minutiae that help their financial models and ensure they don’t upset company executives. Take this week: None of the Wall Street analysts on Microsoft’s earnings call this week asked CEO Satya Nadella whether President Trump was correct in saying Microsoft was in talks to buy TikTok. Perhaps they thought the subject was too lowbrow? It certainly can’t be because the issue is not important. A purchase could cost tens of billions and eat up eons of management time. Maybe the analysts assumed Nadella wouldn’t want to answer the question, so they obliged him by not asking it. Whatever the reason, investors missed an opportunity to get an answer on an important subject. The Information’s Stories of the Week Start your weekend reading with this colorful feature <https://url3396.theinformation.com/ls/click?upn=u001.71kYkaWDpGOJSzbGrs4y1T…> about the battle between preservationists and environmentalists on the one hand and developers building giant data centers for AI on the other. As Theo Wayt chronicled in the story, they’re waging battle in Virginia, a state that is “at the crossroads of modernity and history.” Elsewhere on the AI front, one of our biggest stories of the week <https://url3396.theinformation.com/ls/click?upn=u001.71kYkaWDpGOJSzbGrs4y1T…> was this scoopy deep dive into how Meta’s AI teams were freaking out about rival AI model DeepSeek’s advances. To figure out how DeepSeek did what it did, Meta’s teams started four war rooms to learn how the model works. Other angles on DeepSeek were here <https://url3396.theinformation.com/ls/click?upn=u001.71kYkaWDpGOJSzbGrs4y1T…>, here <https://url3396.theinformation.com/ls/click?upn=u001.71kYkaWDpGOJSzbGrs4y1T…>, here <https://url3396.theinformation.com/ls/click?upn=u001.71kYkaWDpGOJSzbGrs4y1T…> and here <https://url3396.theinformation.com/ls/click?upn=u001.71kYkaWDpGOJSzbGrs4y1T…>. We also dug into how other Chinese AI startups <https://url3396.theinformation.com/ls/click?upn=u001.71kYkaWDpGOJSzbGrs4y1T…> are doing (not so well). New details about the Stargate AI data center venture emerged this week. We scooped the news <https://url3396.theinformation.com/ls/click?upn=u001.71kYkaWDpGOJSzbGrs4y1T…> that SoftBank will put a total of $40 billion into both Stargate and OpenAI, Stargate’s driving force. Cory Weinberg went deeper on the risks <https://url3396.theinformation.com/ls/click?upn=u001.71kYkaWDpGOJSzbGrs4y1T…> facing SoftBank in making the investment. We also published this Glossary of AI Jargon <https://url3396.theinformation.com/ls/click?upn=u001.71kYkaWDpGOJSzbGrs4y1T…>, which is a must-read for anyone who isn’t fluent in AI tech speak. And we detailed how data centers <https://url3396.theinformation.com/ls/click?upn=u001.71kYkaWDpGOJSzbGrs4y1T…> are becoming their own power utilities to ensure they have enough electricity to operate. Meanwhile, on the deal front, we broke news <https://url3396.theinformation.com/ls/click?upn=u001.71kYkaWDpGOJSzbGrs4y1T…> that Snowflake is in talks to buy analytics startup Redpanda. And we published this True Value <https://url3396.theinformation.com/ls/click?upn=u001.71kYkaWDpGOJSzbGrs4y1T…> analysis making the case that Seagate Technology and Western Digital may be sleeper AI picks. Finally, this was big tech earnings week, with results coming from Meta, Microsoft, Tesla and others. We followed up on Meta’s results with this report on how <https://url3396.theinformation.com/ls/click?upn=u001.71kYkaWDpGOJSzbGrs4y1T…> it is working with ad agencies to ensure advertisers use its generative AI creative ad tools. And Steve LeVine gave his take on Tesla’s earnings <https://url3396.theinformation.com/ls/click?upn=u001.71kYkaWDpGOJSzbGrs4y1T…> . In Other News - Zyphra, a Palo Alto, Calif., developer of open-source models that users can download to devices like phones or home entertainment devices, is in talks to raise $100 million in Series A funding at a $1 billion valuation, according to a person close to the company. - Meta CEO Mark Zuckerberg told employees Thursday that the company sold more than a million of its Ray-Ban smart glasses in 2024, marking the first time it has disclosed sales figures for the product. - Crypto exchange Kraken said its revenue last year more than doubled to $1.5 billion from $671 million in 2023. - Apple filed an emergency motion Thursday evening seeking to pause the U.S. government’s antitrust case against Google as the iPhone maker appeals a district court judge’s decision to prevent it from intervening (more here <https://url3396.theinformation.com/ls/click?upn=u001.71kYkaWDpGOJSzbGrs4y1T…> ). Recommended Newsletter More than 120,000 readers rely on The Information's Creator Economy newsletter for coverage of the creator startups making waves, big tech companies' social media playbooks, and scoops on the sector's biggest hires. Start receiving the free newsletter here <https://url3396.theinformation.com/ls/click?upn=u001.71kYkaWDpGOJSzbGrs4y1T…> . New From Our Reporters <https://url3396.theinformation.com/ls/click?upn=u001.71kYkaWDpGOJSzbGrs4y1T…> The Big ReadWith Google and Microsoft Moving In, a Battle Over Hallowed Ground Erupts <https://url3396.theinformation.com/ls/click?upn=u001.71kYkaWDpGOJSzbGrs4y1T…> By Theo Wayt <https://url3396.theinformation.com/ls/click?upn=u001.71kYkaWDpGOJSzbGrs4y1T…> ExclusiveMeta Taps Ad Agencies to Help Devise AI Ad Tools <https://url3396.theinformation.com/ls/click?upn=u001.71kYkaWDpGOJSzbGrs4y1T…> By Catherine Perloff <https://url3396.theinformation.com/ls/click?upn=u001.71kYkaWDpGOJSzbGrs4y1T…> What We’re Reading Trump Says Tariffs Are Coming on Computer Chips, Steel <https://url3396.theinformation.com/ls/click?upn=u001.71kYkaWDpGOJSzbGrs4y1U…> ------------------------------ To Combat Shoplifters, Retailers Are Hiring People to Steal <https://url3396.theinformation.com/ls/click?upn=u001.71kYkaWDpGOJSzbGrs4y1R…> Upcoming Events Thursday, February 27 —AI Agenda Live - SF <https://url3396.theinformation.com/ls/click?upn=u001.71kYkaWDpGOJSzbGrs4y1T…> Join us for our first AI event of 2025, AI Agenda Live on February 27 in San Francisco. 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JPMorgan Chase Charged by Yet Another Internal Whistleblower with Cooking the Books
by Gunnar Larson 31 Jan '25

31 Jan '25

https://wallstreetonparade.com/2025/01/jpmorgan-chase-charged-by-yet-anothe… By Pam Martens and Russ Martens: January 31, 2025 ~ Jamie Dimon Sits in Front of Trading Monitor in his Office (Source -- 60 Minutes Interview, November 10, 2019) Jamie Dimon Sits in Front of Trading Monitor in his Office (Source — 60 Minutes Interview, November 10, 2019) The International Consortium of Investigative Journalists (ICIJ) has gotten its hands on a blockbuster 35-page letter that a former JPMorgan banker sent to the bank’s Audit Committee of the Board of Directors in August 2023. The letter asserts that the bank has been ginning down the amount of capital it is required to hold by improperly using an accounting technique called “netting.” The whistleblower asserts that “this could have allowed JPMorgan Chase to generate an additional $2 billion in net income in one year alone.” The whistleblower indicates that he/she brought this alleged malfeasance to bank officials in 2018 but was “ultimately retaliated against and laid off in 2022.” That is becoming a common refrain by whistleblowers inside JPMorgan Chase: they say they are rewarded for bringing improper, or brazenly illegal, conduct to the attention of their superiors by being shown the exit door. Consider what we reported in October 2022: “The plaintiff in the case is Shaquala Williams, an attorney and financial crimes compliance professional with more than a decade of experience at multiple global banks. The defendant is JPMorgan Chase – the largest bank in the U.S. which has been charged with five felony counts by the U.S. Department of Justice since 2014. Despite the bank’s unprecedented crime spree, federal regulators and the Board of Directors of JPMorgan Chase have allowed the same Chairman and CEO, Jamie Dimon, to continue to run the bank. “Williams charged in her lawsuit that JPMorgan Chase was keeping two sets of books and effectively making a monkey out of the U.S. Department of Justice by brazenly flouting the non-prosecution agreement it had signed with the Justice Department in a previous case. It came out in her deposition testimony, which is part of the court record, that one of the people being paid under her allegation of the bank keeping two sets of books was Tony Blair, the former Prime Minister of the U.K. (See our report: JPMorgan Whistleblower Names Former U.K. Prime Minister Tony Blair in Court Documents as Receiving ‘Emergency’ Payments from Bank.)” Williams’ lawsuit also charged that the bank retaliated against her protected whistleblowing activities by terminating her employment after she raised concerns about the improper payments. Like so many other federal lawsuits alleging brazen crimes at JPMorgan Chase, the Williams case ended up before Judge Jed Rakoff in the U.S. District Court for the Southern District of New York. And like so many other cases against JPMorgan Chase, Rakoff allowed the lawsuit to be settled with a vast array of documents remaining under seal. (See Judge Jed Rakoff Has Regularly Dined in the Past with the Chairman of the Law Firm that Just Got a Big Win in His Court in the JPMorgan Sex Trafficking Case.) Then there was the federal lawsuit brought by Donald Turnbull, a former trader on the precious metals desk at JPMorgan Chase. Turnbull alleged that the bank trumped up false charges against him as a pretext to terminate him when it was actually terminating him for cooperating with the Department of Justice’s investigation of illegal precious metals trading at the bank. Turnbull states in the lawsuit that the indicted traders received better benefits when they were released from employment than he did. Despite a seriously-ill wife, Turnbull alleges in the lawsuit that JPMorgan Chase cancelled his health insurance, did not pay him severance, and took away his unvested stock awards when they terminated him. This would also not be the first time that JPMorgan Chase has been alleged to have engaged in dodgy tactics to reduce the amount of capital it must hold. The Office of Financial Research (OFR) called the bank out for just such an issue in a June 2015 report. The Office of Financial Research was created under the Dodd-Frank financial reform legislation of 2010 to make sure that Wall Street megabanks would never again ravage the economy and financial system of the United States — as they did in 2008 – by engaging in reckless derivative trades and toxic bets. OFR describes its mission as follows: “Our job is to shine a light in the dark corners of the financial system to see where risks are going, assess how much of a threat they might pose, and provide policymakers with financial analysis, information, and evaluation of policy tools to mitigate them.” Buried in OFR’s June 2015 report was a bombshell. When JPMorgan Chase was initiating hundreds of billions of dollars in risky derivative trades in London in 2012, using deposits from its federally-insured bank in the U.S., it was attempting to engage in tricked-up capital relief trades. This outrageous gamesmanship resulted in $6.2 billion in losses at the bank; an investigation by the FBI; embarrassing Senate hearings; a scathing 300-page report by the U.S. Senate’s Permanent Subcommittee on Investigations; charges of engaging in “unsafe and unsound” banking practices by the Office of the Comptroller of the Currency; and the payment of $920 million in fines to its regulators. The OFR researchers wrote this in their June 2015 report: “Despite limited public data, post crisis, there is reason to believe banks continue to use credit derivatives for capital relief. JPMorgan Chase & Co.’s losses in the 2012 London Whale case were the result of CDS [Credit Default Swap] usage which was undertaken to obtain regulatory capital relief on positions in the trading book. SEC staff said in early 2015 they were evaluating potential transactions at other banks akin to those that resulted in JPMorgan’s losses. Additionally, banking regulators have observed that banks’ use of high-cost credit protection could only be economically viable if the cost of the risk weights on the asset in question were high. Specifically, the Federal Reserve said in a 2011 supervisory letter that regulators would scrutinize high-cost transactions and could disallow favorable regulatory capital treatment in some cases.” Clearly, JPMorgan Chase and its long-tenured Chairman and CEO, Jamie Dimon, believe they have nothing to fear from the U.S. court system, the Department of Justice, or their regulators.

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DOT, Alaska Air Slam Frontier's Bid To Halt DCA Slot Award (!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!)
by Gunnar Larson 31 Jan '25

31 Jan '25

*(!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!)* DOT, Alaska Air Slam Frontier's Bid To Halt DCA Slot Award <https://www.law360.com/competition/articles/2290456?nl_pk=6e763a2a-9f82-44c…> By Ali Sullivan The U.S. Department of Transportation and Alaska Airlines Inc. are urging the D.C. Circuit to reject Frontier Airlines' emergency bid to block Alaska Airlines from offering direct flights from Ronald Reagan National Airport, just outside Washington, D.C., to San Diego, saying that halting the service would benefit no one. 2 documents attached | Read full article » <https://www.law360.com/competition/articles/2290456?nl_pk=6e763a2a-9f82-44c…> | Save to favorites » <https://www.law360.com/competition/articles/2290456?nl_pk=6e763a2a-9f82-44c…>

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BREAKING: Former Sen. Bob Menendez Gets 11 Years For Bribes, Abuse Of Power
by Gunnar Larson 31 Jan '25

31 Jan '25

BREAKING: Former Sen. Bob Menendez Gets 11 Years For Bribes, Abuse Of Power <https://www.law360.com/newyork/articles/2290369?nl_pk=b53aa520-5013-4a8d-a5…> By Pete Brush A Manhattan federal judge sentenced Robert Menendez to 11 years in prison Wednesday after a jury convicted the former senator from New Jersey of engaging in a lengthy, million-dollar course of bribery and corruption, saying his crimes merit "serious consequence." 4 documents attached | Read full article » <https://www.law360.com/newyork/articles/2290369?nl_pk=b53aa520-5013-4a8d-a5…> | Save to favorites » <https://www.law360.com/newyork/articles/2290369?nl_pk=b53aa520-5013-4a8d-a5…>

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