"In a time of drastic change it is the learners who inherit the future. The learned usually find themselves equipped to live in a world that no longer exists."
Eric Hoffer
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A clue to the scarcity of financial crisis prosecutions
One of the enduring mysteries of the 2008 financial crisis has been why the Justice Department made so few attempts to prosecute the individuals responsible for it, given the abundance of tangible evidence of wrongdoing by Wall Street bankers, traders and executives in the years leading up to the great unwinding. Yes, the United States attorney in the Eastern District of New York tried, and failed, to prosecute the Bear Stearns executives who were responsible for the two hedge funds that collapsed in July 2007. And yes, in November 2013, Kareem Serageldin, a former senior trader at Credit Suisse, was sentenced to 30 months in prison for inflating the value of mortgage bonds in his trading portfolio, allowing them to appear more valuable than they really were in hopes of receiving a bigger bonus. (Serageldin was released from prison in March.) But that is pretty much it. The Justice Department’s main accomplishment was extracting $200 billion in civil fines and penalties from a variety of financial institutions in exchange for releasing them from the threat of future prosecutions. We might never know why Eric H. Holder Jr., the former attorney general, chose to let Wall Street off the hook with just a proverbial slap on the wrist. After six years as attorney general and a short break after leaving government last year, he recently rejoined his old Wall Street law firm, Covington & Burling, in Washington as a partner focused on litigation, complex investigations and regulatory matters.
Amazon to enter student loan business
E-commerce giant Amazon has entered the student loan business, teaming up with US bank Wells Fargo to offer lower interest rates to subscribers of its "Prime Student" services. For an annual fee "Prime Student" gives subscribers discounts, free delivery and access to Amazon's video streaming. Wells Fargo is one of the largest providers of student loans in the US. The deal should help the bank promote products and Amazon attract students. "Prime Student" subscribers will be eligible for a 0.5% discount on Wells Fargo student loans. Wells Fargo's head of personal lending John Rasmussen said: "We are focused on innovation and meeting our customers where they are - and increasingly that is in the digital space. Wells Fargo is not paying Amazon for connecting the student and the bank. Amazon charges $49 a year in the US or £39 in the UK for its "Prime Student" service. The fees are about half of a regular Amazon "Prime" membership. Amazon said it has "a track record of investing in great offerings for students" and that it was "excited" about the new partnership.
'Law is suspended': Turkish lawyers report abuse of coup detainees
Thousands of people taken into custody since Turkey's attempted coup are being held in sports facilities and stables, where some have been beaten and mistreated, according to lawyers familiar with the cases. Lawyers from the Ankara Bar Association's human rights commission say members have reported the alleged abuses after trying to meet with clients. Other lawyers and human rights organizations have made similar allegations. In addition to verbal and physical abuse, clients complained about a lack of food and that their hands have been bound for days. The mistreatment is "systematic," while lawyers have been prevented from documenting physical signs of beatings and abuse. The Turkish government strongly denies the allegations, and Erdogan has stressed in interviews that due process is being followed. "We are doing everything according to the law," said a Turkish official. He said that the law is being upheld and that he "categorically denies" that prisoners have been abused in custody. The United States and European nations have urged Turkey to maintain democracy and respect for human rights after the brazen attempted coup.
Presidential election will shape Supreme Court, and national policies, for years to come
The next president could reshape the Supreme Court for decades, potentially appointing three or more new justices to lifetime seats and steering the court’s ideological direction on issues ranging from abortion to environmental law to religious rights.
1 - PayPal and Visa ink partnership agreement - click here.
2 - ExxonMobil to buy InterOil for up to $3.6bn - click here.
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UK explores multi-billion pound free trade deal with China
Chancellor Philip Hammond has begun discussions with China on an ambitious free trade deal which could see greater access for major Chinese banks and businesses to the UK economy. The Chancellor said it was time to explore "new opportunities" across the world, including with China, one of the UK's biggest inward investors. That is despite a short term economic shock from leaving the European Union. He added that the EU is not in "punishment mode" over the Brexit vote.
South China Sea: Asean deadlock after court ruling against China
South-East Asian nations have failed to agree a common position on Chinese claims to the South Sea China, after a court ruled against Beijing. The international tribunal supported a case brought by the Philippines this month, rejecting Chinese claims to rights in the sea. At a meeting in Laos, foreign ministers from 10 states - the Asean group - were unable to reach a joint statement. Diplomats say Chinese ally Cambodia blocked any reference to the ruling.
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US election: Email row claims Debbie Wasserman Schultz
The US Democratic Party chair says she will resign as a row over leaked emails threatens efforts for party unity at the presidential nominating convention. Debbie Wasserman Schultz's move follows a leak of emails appearing to suggest that party insiders tried to thwart the campaign by Hillary Clinton's rival. Bernie Sanders had pressed for Wasserman Schultz to quit on the eve of the convention. Clinton is to be officially nominated at the Philadelphia meeting.
UN praises Colombia and FARC's agreement on women
The UN has welcomed an agreement between the Colombian government and FARC rebels giving specific guarantees to women as part of a peace accord. Both sides agreed that women would have equal access to land after a final peace deal was signed. A commission will also be set up to look into sexual violence during the 50-year conflict. Women displaced by the conflict have often led the struggle for land rights, and suffered sexual violence.
Brexit heightens global economic risks, says G20
The UK's vote to leave the European Union heightens risks for the world economy, finance chiefs have said at the end of the G20 summit in China. The outcome of last month's referendum "adds to the uncertainty" for the global economy, the group of the world's 20 largest economies said.bIt urged the UK to remain "a close partner of the EU", amid concerns Brexit talks could be acrimonious. Following the meeting in the Chinese city of Chengdu, the G20 group said it had the tools to cope with the potential economic and financial consequences from the referendum result. Other factors complicating the world economy include geopolitical conflicts, terrorism and refugee flows, according to the G20.
For Brazil's women, laws are not enough to deter rampant violence
Latin America is the continent with the highest number of murders of women in the world. In most countries of the region, including Brazil, there are specific laws against femicide and violence against women generally to deal with the epidemic. But those laws haven't been working. Murders generally are up in northern Brazil, as drug and gang violence takes its toll amid a security crisis. New laws have not deterred violent crime, with police and the courts failing to follow through. A lack of budget and facilities to protect women only makes things worse.
IMF's Lagarde to face trial over payout court
The head of the International Monetary Fund, Christine Lagarde, will stand trial over a state payout to the French tycoon Bernard Tapie, an appeals court has ruled. She is charged with negligence over the award to Tapie of €404m ($445m) in 2008 when she was France's economy minister. Lagarde had appealed against a lower court ruling from December. She is now expected to appear before a special court for government ministers. The case stems from Tapie's sale of his majority stake in the sports equipment company, Adidas, which was handled by the state-owned bank, Credit Lyonnais. The businessman sued for compensation after claiming he was defrauded by the bank and received too little from the sale in 1993.
Electronic Frontier Foundation sues to ease access to copyrighted material
The Electronic Frontier Foundation (EFF) filed a complaint today in the United States District Court for the District of Columbia challenging the “anti-circumvention” and “anti-trafficking” provisions of the Digital Millennium Copyright Act (DMCA). The complaint alleges that the act infringes on the rights of citizens of the United States to "tinker" with lawfully purchased machinery or software or to conduct research that could expose security and operation flaws in cars and medical devices.
Turkey to disband Presidential guard
Turkey's elite presidential guard is to be disbanded after nearly 300 of its members were detained following last week's failed coup. Prime Minister Binali Yildirim told a TV channel that there was "no need" for the regiment. Erdogan launched a widespread crackdown following the attempted coup, arresting thousands of service personnel and sacking or suspending thousands of government officials, school teachers and university heads.
DOJ brings suit against Pennsylvania township for denying zoning approval to mosque
On Thursday the US Department of Justice (DOJ) filed a complaint against Bensalem Township, Pennsylvania for denying zoning approval to a mosque in 2014. The complaint alleges that the township violated the federal Religious Land Use and Institutionalized Persons Act after the board rejected the Bensalem Masjid's requested zoning variance to build a mosque on three adjoining properties in the "Business and Professional district." Under the town ordinances, religious institutions are only permitted to be in the "institutional district." The DOJ alleges that rejection of the variance application constitutes a "substantial burden on Bensalem Masjid's religious exercise, which burden is not in furtherance of a compelling governmental interest" or achieved through the least restrictive means possible. It is also alleged that, because other religious institutions have been granted zoning variances to build in areas other than institutional districts, Bensalem Township has discriminated against the Bensalem Masjid because of his religious belief. The DOJ seeks to obtain a court order to compel the city to approve the mosque and also seeks further, unspecified monetary damages.
Hollande’s labor reform clears final parliamentary hurdle
Francois Hollande’s labor law reform passed its final parliamentary hurdle after the government used special constitutional powers to push the bill through the legislature in the face of sustained opposition from his own Socialist lawmakers and labor unions. Prime Minister Manuel Valls used article 49-3 of the constitution to avoid a vote -- the third time he’ll have used the special power during the bill’s passage through parliament. The new labor regulations will allow businesses to increase working hours with minimal compensation, cap severance pay and make it simpler for companies to eliminate jobs. Hollande, who considers the law a cornerstone of his efforts to cut unemployment, called on the government to enact the law through decrees as quickly as possible.
Verizon 'agrees $5bn Yahoo deal'
US telecoms giant Verizon Communications is to buy Yahoo's search and advertising operations for $5bn. The two firms were reported on Friday to be in exclusive talks over a possible deal. US internet firm Yahoo announced in February that it was looking at "strategic alternatives" for its core internet business. Verizon declined to comment on the reports. (Click here)
UK urges prosecutors to combat hate crimes with tougher sentences
The UK Home Office announced on Sunday that prosecutors will be encouraged to use tougher sentences against hate crimes in response to the nation's increasingly hostile environment since the EU referendum. Since the middle of June over 6,000 hate crimes and incidents have been reported to the authorities, and the Crown Prosecution Service (CPS) has also seen a record breaking increase in prosecutions for "violence against the person."
Former Peru leader makes another presidential pardon request
Alberto Fujimori, Peru's former leader who was jailed in 2007, submitted another request for a presidential pardon on Saturday, just five days before President-elect Pedro Pablo Kuczynski takes office. Fujimori is serving a 25-year sentence after being convicted in 2009 of committing human rights abuses during his 1990-2000 rule. The Peruvian Supreme Court upheld the sentence in January 2010, and Fujimori's previous request for a presidential pardon was denied in 2013. President-elect Kuczynski is not in favor of pardoning Fujimori's guilt, although he has considered allowing pardons for aging prisoners which would permit the remainder of a sentence to be served through house arrest.
Virginia Supreme Court strikes down governor's order restoring felon voting rights
In a 4-3 ruling on Friday, the Virginia Supreme Court held that Governor Terry McAuliffe's executive order granting a blanket restoration of the state's felon voting rights is unconstitutional. The voter-disqualification provision in Article II of Virginia's Constitution provides that "[n]o person who has been convicted of a felony shall be qualified to vote unless his civil rights have been restored by the Governor or other appropriate authority." Article II also enables the Governor to consider and act on any request from felons to have their voting rights restored. Noting that "All prior Governors exercised their clemency powers — including pardons, reprieves, commutations, and restorations— on an individualized case-by-case basis taking into account the specific circumstances of each," the Court stated that "we are aware of no point in the history of the Commonwealth that any Governor has even asserted the power to issue ... sua sponte clemency order of any kind, whether to restore civil rights or grant a pardon, to an entire class of unnamed felons without regard for the nature of the crimes or any other individual circumstances relevant to the request."
Turkey closes thousands of private schools, charities and other institutions
Erdogan ordered the closure of thousands of private schools, charities and other institutions on Saturday. Mr. Erdogan alleges Muslim preacher Fethullah Gulen of orchestrating last week's failed coup and the schools and other institutions are suspected by Turkish authorities of having links to the US-based preacher. 1,043 private schools, 1,229 charities and foundations, 19 trade unions, 15 universities, and 35 medical institutions will be closed. Mr. Gulen operates some schools and charitable foundations in the country. One foundation targeted is "a secular group that criticized a recent judicial law drafted by Erdogan's Islamist-rooted AK party," the Association of Judges and Prosecutors.
Washington Supreme Court finds antibegging law unconstitutional
The Washington Supreme Court Thursday found an antibegging ordinance under the Lakewood Municipal Code to be unconstitutional on First Amendment grounds. The court found that the ordinance restricted protected speech in a public forum and was therefore invalid. The restrictions, which the court referred to as "content-based," prohibited begging in several areas such as ramps, intersections, bus stops, or within 25 feet of an ATM.
If a $2 trillion Saudi Aramco goes public, will it withstand outsider scrutiny?
The company will need to elevate its governance practices to retain the support of Western institutional investors.
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