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Category Archives: Financial System

Legal experts say Supreme Court ruling on Trump financial records will have far-reaching effect

SCOTUS Blog – Opinion analysis – Disputes over Trump financial records to continue: “This morning [July 9, 2020] the Supreme Court issued its long-awaited rulings in the battle over efforts to obtain financial records belonging to President Donald Trump. By a vote of 7-2, the justices sent a pair of cases challenging congressional subpoenas for the records back to the lower courts for another look, holding that subpoenas involving the president must be subject to a tougher standard than the courts had applied. In a third case, in which the president challenged a subpoena by a Manhattan district attorney, the justices – again by a vote of 7-2 – rejected the president’s claim that he is always immune from state grand jury proceedings while he is in office. But the decision in that case does not mean that the financial records that the grand jury seeks will be turned over: The court sent the case back to the trial court and agreed that the president could still argue that complying with this subpoena would interfere with his ability to do his job. The upshot of today’s decisions is that the disputes are likely to continue in the lower courts for some time; even if the House of Representatives and the New York prosecutor ultimately prevail, neither Congress nor the New York grand jury will have access to the documents anytime soon.

The dispute at the heart of Trump v. Mazars began in April 2019, when three different committees of the House of Representatives issued subpoenas for the president’s financial records. Explaining that it wanted the records as part of an investigation into the adequacy of current government ethics laws, the House Committee on Oversight and Reform sought documents from Mazars, the president’s longtime accountant. The second case, Trump v. Deutsche Bank (argued and decided together with Mazars), arose after the House Committee on Financial Services and the House Permanent Select Committee on Intelligence issued subpoenas to Deutsche Bank and Capitol One seeking records relating to the president, his family and the Trump Organization as part of an investigation into possible foreign influence in U.S. elections…”

Federal workers are returning to the office

Washington Post – Some members of Congress say they shouldn’t be. “With the number of coronavirus cases increasing across much of the country, leading members of Congress on civil service issues are challenging orders by federal agencies for teleworking federal employees to return to their regular worksites. “I think we have to press the pause… Continue Reading

Thousands of contracts highlight quiet ties between Big Tech and U.S. military

NBC News: “Over the past two years, thousands of tech company employees have taken a stand: they do not want their labor and technical expertise to be used for projects with the military or law enforcement agencies. Knowledge of such contracts, however, hasn’t been easy for tech workers to come by. On Wednesday, newly published… Continue Reading

Audit Finds Facebook’s Decisions Were ‘Setbacks for Civil Rights

The New York Times – “An independent audit faulted the social network for allowing hate speech and disinformation to thrive — potentially posing a threat to the November elections. Auditors handpicked by Facebook to examine its policies said that the company had not done enough to protect people on the platform from discriminatory posts and… Continue Reading

Study – Google, Amazon funnel at least $25 million to coronavirus conspiracy sites

Why is ad tech paying US$25 million to COVID-19 disinfo sites? – Household brands are inadvertently funding disinformation sites to spread COVID-19 conspiracies, thanks to ad tech companies that do not effectively screen the sites to which they provide ads services.  New research from the Global Disinformation Index (GDI) shows that Google, Amazon and other… Continue Reading

An Update to the Economic Outlook: 2020 to 2030

Committee for a Responsible Federal Budget – “Today, the Congressional Budget Office (CBO) released updated economic projections, incorporating the economic damage from the COVID-19 pandemic. These estimates are an update to CBO’s May projections; they incorporate data through June 26 – not including the latest jobs report – as well as the estimated effects of fiscal support enacted so far. CBO projects rapid economic growth beginning in the… Continue Reading

SBA Paycheck Protection Program Loan Level Data

Department of the Treasury SBA Paycheck Protection Program Loan Level Data To download all Paycheck Protection Program data, click here. Paycheck Protection Program Loans of $150,000 and above by State Click here to download Paycheck Protection Program loan data by state for loans of $150,000 and above. The data for all 56 states and territories is available… Continue Reading

Public Companies: Disclosure of Environmental, Social, and Governance Factors and Options to Enhance Them

Public Companies: Disclosure of Environmental, Social, and Governance Factors and Options to Enhance Them, GAO-20-530: Published: Jul 2, 2020. Publicly Released: Jul 6, 2020. “Nonfinancial information about how a company does business (e.g., a bank’s cybersecurity program) could be an indicator of its long-term financial performance. Investors have been asking companies to disclose more on… Continue Reading

A 28-Year-Old With No Degree Becomes a Must-Read on the Economy

Bloomberg: “Nathan Tankus, 28, hasn’t finished his bachelor’s degree at New York City’s John Jay College of Criminal Justice. He has, however, mastered enough knowledge of economics and finance to become a widely followed commentator on the Federal Reserve. A newsletter he launched this year has followers at the Fed, the Securities and Exchange Commission,… Continue Reading

The Fullest Look Yet at the Racial Inequity of Coronavirus

[Note – The New York Times obtained the CDC data included in this article after winning a FOIA lawsuit.] The New York Times – “…Racial disparities in who contracts the virus have played out in big cities like Milwaukee and New York, but also in smaller metropolitan areas like Grand Rapids, Mich., where the Bradleys… Continue Reading

Pete Recommends Weekly Highlights on Cyber Security Issues July 5, 2020

Via LLRX – Pete Recommends Weekly Highlights on Cybersecurity Issues July 5, 2020 – Privacy and security issues impact every aspect of our lives – home, work, travel, education, health and medical records – to name but a few. On a weekly basis Pete Weiss highlights articles and information that focus on the increasingly complex… Continue Reading

OECD Employment Outlook 2020

Worker Security and the  COVID-19 Crisis – OECD Employment Outlook 2020 – “The 2020 edition of the OECD Employment Outlook focuses on worker security and the COVID-19 crisis. It provides an initial assessment of the labour market consequences of the COVID-19 outbreak and the resulting economic crisis. It also presents an overview of the emergency… Continue Reading