Saturday, February 1, 2020

Will inquiry into Ukraine continue after acquittal?

U.S. Acknowledges Paper Trail on Trump’s Ukraine Role, CNN Says

By

Ros Krasny

February 1, 2020, 2:01 PM CST

  • Justice Department acknowledges 24 emails on Trump’s thinking

  • Revelation comes after Senate rejects call for new witnesses

President Donald Trump

President Donald Trump Photographer: Al Drago/Bloomberg


The Justice Department, in a court filing late Friday, said it has two dozen emails related to President Donald Trump’s involvement in withholding millions of dollars in security assistance to Ukraine, CNN reported.

The filing, made in response to a lawsuit by the Center for Public Integrity, was the first official acknowledgment from the Trump administration of the existence of such emails.

The news came hours after Republicans in the Senate rejected Democrats’ efforts to call new witnesses in Trump’s impeachment trial, which was centered on the president’s attempts to pressure Ukraine into investigating former Vice President Joe Biden, a political rival, and his son Hunter.

Friday’s Senate vote, which turned back an attempt to subpoena additional documents and witnesses in the case, is expected to result in the president’s acquittal next week.

CNN said a lawyer with the White House’s Office of Management and Budget wrote to the court that the emails, dated between June and September, describe “communications by either the President, the Vice President, or the President’s immediate advisers regarding Presidential decision-making about the scope, duration, and purpose of the hold on military assistance to Ukraine.”

A variety of new information has come to light since the Democratic-led House completed its inquiry into Trump’s Ukrainian dealings in December, energizing Democrats’ efforts to call for witnesses.

That includes reports a week ago of a soon-to-be-published manuscript by John Bolton. Trump’s former national security adviser reportedly wrote that Trump directly linked the release of $391 million in aid to Ukraine to politically-motivated investigations.

Democrats have said they plan to continue inquiries into Trump once the impeachment saga ends, including a focus on his conduct in dealing with Ukraine.

Above is from:  https://www.bloomberg.com/news/articles/2020-02-01/u-s-acknowledges-paper-trail-on-trump-s-ukraine-role-cnn-says



THE NATIONAL INTEREST JAN. 30, 2020

The Republican Cover-up Will Backfire. The House Can Keep Investigating Trump.

By Jonathan Chait

Mitch McConnell Photo: Stefani Reynolds/Bloomberg via Getty Images

Toward the end, the impeachment trial’s strategic purpose narrowed into an obsessive quest to produce evidence. Democrats have defined victory not as removal, but as winning a procedural vote to allow more testimony, especially by John Bolton. The House managers have designed their arguments not to reinforce Trump’s guilt but to underscore the need for more testimony. They seem to have given little attention to the question of whether such a victory would actually serve their larger strategic purposes at all. Republicans may have succeeded in blocking all new evidence and driving toward the rapid conclusion they seek, bu the tactical victory may well become a strategic defeat.

If the several days that have passed since the Bolton revelation have proved anything, it is just how uninterested Republicans are in holding Trump to account for his misconduct. Initially, even Trump’s staunchest supporters conceded that pressuring Ukraine to investigate Trump’s rivals would be, if true, unacceptable. (Lindsey Graham: “very disturbing”; Steve Doocy: “off-the-rails-wrong.”) As evidence of guilt accumulated, their denial that this unacceptable conduct took place narrowed to a tiny, highly specific claim: No witness testified that Trump personally ordered them to carry out a quid pro quo. Bolton is the final piece of the jigsaw puzzle.

It is probably for this reason that Republicans have fallen back to a quasi-legal argument offered by Alan Dershowitz: Even if true, abuse of power is not an impeachable offense. While Dershowitz’s reasoning is ahistorical, legally absurd, and opens the door to aspiring strongmen, it signals the party’s determination to acquit Trump regardless of the facts. Democrats hoped to persuade four Republicans to allow new evidence, and thus to extend the trial for perhaps a few weeks, prove Trump’s culpability even more thoroughly than they have. But this would only proceed to a partisan vote to acquit.

But what if they fail? A failure would occur But losing because Republicans refused to allow pertinent evidence will stage their defeat on the most advantageous possible terms. The principle that a trial should include relevant evidence is so intuitive it has penetrated even fairly deep into the Trump cult, producing polling margins on the order of three to one:




McConnell’s desired process of muscling through a wildly unpopular vote to suppress all evidence, followed by a vote to acquit, would rob the outcome of much of the legitimacy Republicans crave. It is instead widely and accurately seen as a cover-up.

Such an outcome will, in turn, legitimize House Democratic efforts to continue the investigation. They can continue to press for Bolton’s testimony, and continue prying loose the documents Trump has withheld. To the extent a Senate trial was perceived as thorough and fair, it would have made additional investigations look like sore-loser-ism. Republicans will say it anyway, but the national media will be far more likely to take such probes seriously in the wake of an overt cover-up.

At the same time, a criminal investigation is proceeding from the Department of Justice. That investigation has already led one of Trump’s co-conspirators, Lev Parnas, to flip on him and reveal a trove of incriminating evidence. Because the House has largely ignored the Giuliani-Parnas-Fruman scheme and focused tightly on the president, the full depth of sleaze and corruption has not sunk in. But Giuliani’s scheme is a far deeper cesspool than anything cited by the House. The president’s personal lawyer was shaking down Ukraine for money as well as political gain, and seemed to be paid for it by a Kremlin agent. The scandal is revealing Trump and Russia colluding to recorrupt Ukraine.

From the very beginning, Democrats have followed an informal norm that impeachment should not impinge on the presidential campaign. That self-declared constraint forced the House to work quickly, and is now being used in the Senate as a weapon against more evidence. One revealing moment in the dynamic came last night, when a pair of Republican senators teed up a softball question for the Trump lawyers, asking them to estimate how long the trial would take if all the Democratic requests for evidence were granted. “It would take a long time,” warned Jay Sekulow, “months … This would be the first of many weeks.”

This threat underscored the method Trump has used all along to ward off accountability. He threatens to exhaust every avenue to withhold evidence, running out the clock, and then uses the fear of a lengthy process as a shield. Trump will drag it out, and then Democrats will be blamed for running the process into the election season.

But what if you assume, instead, that the cover-up affixes the blame onto Republicans? That the sheer nakedness of their methods liberates Democrats from the self-imposed constraint of respecting the election-year norm? They can keep digging into Trump from next week through fall, keeping public attention not only on his corruption and abuse of power but also on the Republican conviction that abuse of power is permissible. If impeachment is about exacting a price for Trump’s misconduct, perhaps the highest price will come by letting his enablers reveal exactly how far they are willing to go.

Above is fromhttp://nymag.com/intelligencer/2020/01/senate-impeachment-trial-evidence-bolton-cover-up-trump-ukraine.html

Tuesday, January 28, 2020

Will the new virus affect stock market

MARKETS

Market reactions to past virus scares show stocks may have more to lose

PUBLISHED TUE, JAN 28 202012:38 PM ESTUPDATED AN HOUR AGO

Yun Li@YUNLI626

KEY POINTS

  • Looking back 20 years, previous epidemics from SARS in 2003 to the Ebola scare six years ago shaved 6% to 13% off the S&P 500 over different lengths of time, according to Citi.
  • The equity benchmark was down about 2.6% through Monday’s close since Jan. 21.
  • Zika started in Nov. 2015 and was spread mostly by bites from infected mosquitoes. The market suffered a near 13% pullback in the span of 66 sessions.
  • All 11 S&P 500 sectors declined during SARS, and information technology and communication services were among the biggest losers, falling 14% and 26% respectively.

Reusable: New York Stock Exchange traders in panic excited markets

A trader works on the floor of the New York Stock Exchange.

Getty Images

Investor anxiety over the coronavirus led to the Dow Jones Industrial Average’s longest losing streak since August, and the market may have more to lose, going by past epidemics.

Looking back 20 years, previous epidemics from SARS in 2003 to the Ebola scare six years ago shaved 6% to 13% off the S&P 500 over different lengths of time, according to Citi’s head of U.S. equity strategy Tobias Levkovich. The equity benchmark was down about 2.6% through Monday’s close since Jan. 21.

CH 20200128_market_reactions_virus_emergencies.png

The coronavirus outbreak has killed 106 people and infected 4,515 in China, and the disease has spread to countries around the globe. Medical experts have compared the coronavirus to the severe acute respiratory syndrome, or SARS, which lasted 38 trading days and resulted in a 12.8% sell-off in the S&P 500.

The most recent outbreak was Zika, which started in Nov. 2015 and spread mostly by bites from infected mosquitoes. The market suffered a near 13% pullback in the span of 66 sessions.

“The SARS scare in Hong Kong in 2003 changed the mindset of fund managers who had not dealt with such a health risk emergence and therefore MERS, Ebola, Zika, avian flu, and now coronavirus has created deep concern with still limited information on the extent of contagion and what remedies can be put in place and over what timeframe,” Levkovich said in a note.

Tech biggest loser

All 11 S&P 500 sectors declined during the SARS outbreak 17 years ago, and information technology and communication services were among the biggest losers during the period, falling 14% and 26%, respectively, according to Citi’s analysis.

CH 20200128_sector_performance_sars_outbreak.png

That’s because China has been an important manufacturer and supplier for many American tech companies. Apple, for example, could see its iPhone production slowing down due to the coronavirus outbreak, the Nikkei Asian Review reported Tuesday.

“Pure China exposure stocks tend to be more IT oriented due to supply chain dynamics and it is likely that shipments from places other than Hubei province probably continue with moderate disruption, but time will tell,” Levkovich said.

Financials were the second-worst performer during SARS, declining 16% as falling bond yields posed a profit threat to banks.

To be sure, while history may suggest the sell-off could continue, the economy is in a better place today with a resilient consumer base and strong business spending, which could prevent a bigger market pullback and a negative economic impact.

“The U.S. economy and market is much more domestically-focused,” Levkovich said. “We do not envision a major domestic slowdown as a result of the China news, but this does not mean that share prices cannot continue to falter in the nearer term.”

— CNBC’s Nate Rattner contributed to this report.

Above is from:  https://www.cnbc.com/2020/01/28/market-reactions-to-major-virus-scares-show-stocks-have-more-to-lose.html?__source=newsletter%7Ceveningbrief

Big Downsizing at Belvidere Chrysler?




FCA offers nearly 4,000 Belvidere Chrysler plant employees ‘separation packages’

January 28, 20209:06 amAndrew CarriganTOP STORIES

BELVIDERE (WREX) — Nearly 4,000 employees at the Belvidere Chrysler plant have been offered a separation package from FCA.
FCA Spokesperson Jodi Tinson confirmed 3,900 hourly production employees were offered two voluntary separation packages.
Tinson did not go into specifics about the two packages, but says they were offered to "create opportunities for those employees still on layoff."
Here's the full statement from the FCA:

"FCA confirms that it has distributed information about two voluntary separation packages to approximately 3,900 hourly production employees at the Belvidere Assembly Plant (Ill.) as outlined in the 2019 UAW Collective Bargaining Agreement. These packages are being offered to create opportunities for those employees still on layoff. Employees have until March 11, 2020, to make an election."

FCA Statement

FCA has provided information on the two packages.
Tinson says one package is an Incentive Program to Retire (IPR) that includes a lump sum payment of $60,000.
She says the other package is a Voluntary Termination of Employment (VTEP). This also includes a lump sum payment, but varies depending on seniority. Anyone who accepts this packages severs all ties with the company and will not be eligible for recall, rehire or reemployment.
The confirmation of the separation packages comes less than a week after it was announced the Chrysler Plant will be temporarily closing down in February.
The plant re-opened this week after being shutdown for two weeks to align production with demand, according to Tinson.
The shutdown in February will be the third time within the past 6 months. The first week-long shutdown happened in late August of 2019.
FCA has not said how many employees have been impacted by the shutdowns. According to May 2019 archives in the Chicago Tribune, the plant employed 5,464 people in 2019. As of January 2019, Tinson says the plant employed 3,900.
13 WREX is working to get more information on these packages. Stay tuned for more information.


Above is from:  https://wrex.com/2020/01/28/fca-offers-nearly-4-thousand-belvidere-chrysler-plant-employees-separation-packages/

Wednesday, January 22, 2020

Biotech firm Moderna is working on a vaccine for China’s deadly coronavirus


PUBLISHED WED, JAN 22 20206:27 AM ESTUPDATED WED, JAN 22 20209:09 AM EST

Terri Cullen@IN/TERRICULLEN@TERRICULLEN@TERRICULLEN

KEY POINTS

  • Moderna told CNBC it is working with U.S. government health agencies to develop a vaccine for the current strain of coronavirus that has killed nine and infected hundreds more in China.
  • The biotech company is working with the National Institutes of Health, the National Institute of Allergy and Infectious Diseases, and the Vaccine Research Center on a potential vaccine, the company said in a filing.

Moderna on Tuesday told CNBC it is working with U.S. government health agencies to develop a vaccine for the current strain of coronavirus that has killed nine and infected hundreds more in China.

Shares of Moderna surged 7% in premarket trading following the report.

The biotech company is working with the National Institutes of Health (NIH), the National Institute of Allergy and Infectious Diseases (NIAID), and the Vaccine Research Center (VRC) on a potential vaccine, the company said in a Securities and Exchange filing.

Moderna CEO Stephane Bancel told CNBC’s Becky Quick his company is working with the NIH to develop the vaccine. “They’ve produced a cancer vaccine in 40 days; using the same tech to do this quickly,” Quick tweeted.

Becky Quick

@BeckyQuick

Moderna Therapeutics CEO Stephane Bancel tells me his company is working with the NIH to develop a vaccine for the new coronavirus hitting China. They’ve produced a cancer vaccine in 40 days; using the same tech to do this quickly.

102

“Moderna’s mRNA vaccine technology could serve as a rapid and flexible platform that may be useful in responding to newly emerging viral threats, such as the novel coronavirus,” the company said in its SEC filing. “While we have not previously tested this rapid response capability, Moderna confirms that we are working with NIH/NIAID/VRC on a potential vaccine response to the current public health emergency.”

Moderna, founded in 2010, is using Amazon’s cloud platform for more than a dozen drug candidates in the pipeline, with seven going through trial studies, according to Amazon Web Services. The cloud service is used to help speed up the amount of time it takes to get the drugs from research to clinical trials.

CNBC’s Becky Quick and Tyler Clifford contributed to this report.

Above is from:  https://www.cnbc.com/2020/01/22/moderna-is-working-on-a-vaccine-for-chinas-deadly-coronavirus.html

Tuesday, January 7, 2020

Funderburg Mansion to be taken off tax roles

How long has this building sat empty?


‘Iconic’ Belvidere home to become museum, community space


Image result for funderburg mansion belvidere il


The Funderburg House mansion, built in 1906, was donated to the Boone County Historical Society and Boone County Museum of History. It will become a museum and community gathering space.

By Kevin Haas
Staff writer

Posted at 12:33 PMUpdated at 12:37 PM

BELVIDERE — A 113-year-old mansion on North State Street will be renovated to live on as a historic museum available for rentals and community events.

K-B Farms donated the “Funderburg House” mansion to the Boone County Museum of History and the Boone County Historical Society. It also provided $1 million for long-term maintenance of the property. The donation of the home at 605 N. State St. along with the monetary gift make it the single largest donation in the 83-year history of the Boone County Historical Society, the organization said.

“This is a once in a lifetime opportunity for our museum, as well as our community,” Anna Pivoras, executive director of the Boone County Museum of History, said in a news release. “We are so thankful for this generous gift from K-B Farms and the Funderburg family, and are looking forward to a bright future for the historic residence.”

The home will undergo several renovations in the coming months to convert it to a historic house museum, rental facility and community gathering space.

“The board of K-B Farms is excited by the opportunity to convert our grandparent’s historic home from a private residence into a public asset,” said Rob Funderburg, chairman of K-B Farms. “Since the time the house was built it has been enjoyed by two families, and now it will be enjoyed by many other families in the future.”

The 8,000-square-foot craftsman-style mansion was built in 1906 by Belvidere native Katherine Rhinehart, daughter of Civil War General Allen C. Fuller, according to the historical society. The property was purchased by Hugh K. and Alice Funderburg, owners of Keene-Belvidere Canning Co., in the late 1930s and transferred to the historical society last month.

“Through the efforts of many, an iconic Belvidere property will become a community asset and destination,” said John Wolf, a museum trustee, in a news release. “Boone County and Belvidere are so very fortunate to have received this part of our community’s history to care for and utilize. Assisting the Funderburg family, K-B Farms and the Boone County Historical Museum with this unique donation has been an honor and a blessing.”

Kevin Haas: 815-987-1410; khaas@rrstar.com; @KevinMHaas

Above is from:  https://www.journalstandard.com/news/20200107/iconic-belvidere-home-to-become-museum-community-space

Wednesday, December 18, 2019

Fiat Chrysler-Peugeot Merge To Become World's Fourth-Largest Automaker

Fiat Chrysler, Peugeot Parent Company Merge To Become World's Fourth-Largest Automaker

Neer Varshney

December 18, 2019

Italian-American automaker Fiat Chrysler Automobiles N.V. (NYSE: FCAU) and Peugeot's (OTC: PUGOY) parent company Groupe PSA have officially signed a merger, the two companies said in a joint statement on Wednesday.

What Happened

Both Fiat Chrysler and PSA will own a 50% stake each in the combined company, which will have estimated revenue of about $189.2 billion and an operating profit margin of 6.6% based on the companies' individual 2018 performance.

The statement said the combined company would be the world's fourth-largest automaker in terms of volume, and the third-largest in terms of revenue.

The new company will be domiciled in the Netherlands. Its stock will list at the New York Stock Exchange in the U.S., at Euronext N.V. in France, and the Borsa Italiana S.p.A. in Italy.

Fiat Chrysler's chairman and a descendant of Italy's Agnelli family, John Elkann, will continue in his role at the new company, while PSA's chairman Carlos Tavares will take over as the chief executive officer.

"Our merger is a huge opportunity to take a stronger position in the auto industry as we seek to master the transition to a world of clean, safe and sustainable mobility and to provide our customers with world-class products, technology and services," Tavares said on the merger.

Price Action

Fiat Chrysler's shares closed 1.52% higher at $15.33 on Tuesday. Peugeot's shares closed 0.88% higher at $24.70 in the OTC market.

Above is from:  https://finance.yahoo.com/news/fiat-chrysler-peugeot-parent-company-113246056.html

Friday, December 13, 2019

Great quote for our times

You can sway a thousand men by appealing to their prejudices quicker than you can convince one man by logic.


--Robert Heinlein