Deputy Who Failed to Engage Parkland Shooter Gets $104,000 Annual Pension for Life

Scott Peterson, the Broward County sheriff’s deputy who failed to engage the Parkland high school shooter, is eligible to receive an annual pension in excess of six figures.

The Sun Sentinel obtained records from the Florida Department of Management Services showing that Peterson, who retired in the weeks after the March shooting, is due to collect $8,700 per month. That works out to slightly more than $104,000 a year. Peterson, who is 55 years old, will be able to receive that pension for the rest of his life, and Broward County taxpayers will cover 50 percent of his health insurance premiums.

Peterson earned more than $101,000 during his final year of service, the Sun Sentinel reports. That includes about $75,600 in base salary, with the rest coming from overtime pay and other forms of compensation. As Reason has previously reported, Peterson had been the school resource officer at Marjory Stoneman Douglas High School since 2009, and he had been an employee of the Broward County Sheriff’s Office since 1985.

That means Peterson put in at least 25 years at the job, an important threshold for accruing pension benefits under state law. The pensions afforded to Florida’s sheriffs are based on a calculation that starts with an average of the employee’s five highest-paid years. That average is then multiplied by a percentage that varies based on how many years an employee has worked and at what job.

Law enforcement employees and other public employees in so-called “high-risk” positions earn a multiplier of 3 percent for every year worked. (Other public workers earn a lower multiplier, usually 2 percent.) After 25 years of service, a law enforcement employee like Peterson would have earned a pension equal to 75 percent of the average of his five highest-paid years during his final 10 years of employment. Under Florida law, pension payouts are capped at 100 percent of this figure, which is known as a “final annual salary.”

This specific situation sheds light on the broader implications of public retirement costs in Florida and around the country. An employee like Peterson, who was by all accounts a typical deputy in the sprawling Broward County Sheriff’s Office before his unfortunate rise to national prominence this month, is afforded a retirement package that kicks in at age 52 and allows him to collect a pension even if he pursues other work after his retirement. It’s vastly different from what most private sector workers can expect to receive. The difference is premised on the idea that Peterson put his life on the line in a high-risk profession. Except, of course, that Peterson did not put his life on the line when the moment arose.

But the payouts are virtually guaranteed, regardless of performance in the line of duty. Under Florida law, public pensions can be revoked for felony offenses that “breach the public trust.” While Peterson’s actions in March may fit the spirit of that law, the letter of the law identifies only a few specific crimes—embezzlement, theft, bribery, and child sexual assault—for which pensions can be revoked.

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Dollar Drops, Yields Pop As Small Caps Squeeze To New Record High

Interest rates and stocks are going…

 

Stocks opened confidently (after for once trading sideways overnight), then slipped into the European close (Italian headlines) before ramping into the last hour when Navarro headlines spooked stocks and bonds…

 

The post-Navarro weakness in stocks took all but Small Caps back into the red for the week…

 

Russell 2000 broke to a new record high…

 

On the back of a major short squeeze once again…

 

Big Bank stocks were mixed after ramping on the European close (not helped by Italian bank weakness), they slid into the close after Navarro headlines…

 

Small bank stocks underperformed as Small Caps soared to record highs…

 

TSLA bonds pushed lower in price once again but the stock managed gains on the back of Soros buying converts in Q1…

 

Treasury yields traded in a narrow range but the trend was higher…

 

But 10Y pushed to a new cycle high this afternoon after Navarro headlines…

 

The long-end of the US Breakevens curve has now inverted…

 

But all eyes were on Italy where BTP spreads exploded on “Debt Cancellation” talk..

 

The Dollar ended the day modestly lower, also trading in a very narrow range on the day – and unable to make a higher high…

 

The Argentine Peso slipped lower again today after yesterday’s huge intervention…

 

Cryptocurrencies were largely flat on the day but Bitcoin Cash slipped lower after its fork…

 

Commodities all made gains on the day but WTI remain sthe big winner on the week and gold the laggard…

 

Finally consider that Small Caps are being touted as domestically focused – amid fears of global trade wars etc… – but US domestic economic data is dismal…

 

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Arizonans Get More Freedom to Operate Food Trucks, Grow Hemp

Food trucksHey Arizonans: Food trucks may be coming to a desert oasis near you. And industrial hemp may start showing up in your farmlands.

Gov. Doug Ducey just signed two bills giving Arizona citizens more economic freedom. The first creates a framework for food trucks to operate more freely across the state. H.B. 2371 essentially sets up rules about setting up rules: It tells municipalities what sorts of regulations they may put on food truck operations. The law prohibits cities from passing regulations that are designed not to protect public health or safety but to shield traditional restaurants from competition.

Specifically, the law prohibits cities from: requiring food trucks to get special permits they don’t require of other vendors; mandating that food trucks stay a certain distance from other commercial businesses; putting limits on hours of operation that are different from those of restaurants; restricting food truck operations on a private property location (though they may prohibit trucks from operating in a spot for more than a 96 hours in a row); or stopping food trucks using parking spaces (including metered parking) to the same extent as other commercial vehicles. Cities will still be able to set up regulations prohibiting food trucks from serving in residential areas, and they can still shoo them away from airports, transit facilities, and county parks. The bill was designed following tips from the Institute for Justice, which has produced a guide to help cities craft food truck ordinances that focus on health and safety rather than protectionism.

The law was, interestingly, pushed by a state legislator who also operates a barbecue truck. The Arizona Republic reports that Rep. Kevin Payne (R-Peoria) was inspired to pursue the law when he encountered wildly different regulations traveling from city to city, many of them obviously in place not for the public’s service but to protect entrenched brick-and-mortar restaurants:

He said some cities don’t allow food trucks to operate after 9 p.m. Others prohibit trucks in upscale areas. A few localities even require his food truck to have a certain size of trash can.

Payne said that’s why, when he became a state lawmaker last year, he started working to deregulate food trucks. He said the bill would treat food trucks the same as other commercial vehicles, so cities can’t create special requirements to keep them out of public spaces.

The bill would also let them operate during the same hours as restaurants, he said.

“I just want an even playing field,” Payne said. “We’re trying to make a living and we shouldn’t have to jump through all these hoops to do it.”

On the same day, Ducey also signed into law a bill that funds a pilot program to bring industrial hemp farming and manufacturing to the state. The law was crafted to distinguish hemp from marijuana by mandating the crop have no more than .3 percent tetrahydrocannabinol, a.k.a. THC—the psychoactive part of marijuana that gets folks high. As with every new commercial venture getting the government’s stamp of approval, there will be a costly permitting and licensing process. Arizona will be setting aside $500,000 to pay for hemp inspectors.

The Arizona Capitol Times notes that even with strong rules, it has taken years for the state to grant permission to grow hemp. A 2001 bill that would have allowed universities to research hemp as an agricultural product was vetoed by the then-governor.

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Inside Ecuador’s Multi-Million Dollar Operation To Spy On Julian Assange

Ecuador has spent at least $5 million over the last five years on a “secret intelligence budget” for the surveillance and protection of Julian Assange in its central London embassy, according to documents seen by the Guardian.

All visitors, embassy staff and even the British police are surveilled as part of the spy operation, which employs an international security company and undercover agents to monitor everyone who has stopped by to say hi to Assange – from Nigel Farage to Pamela Anderson, to journalist Cassandra Fairbanks, who visited Assange in March shortly before he was denied use of the internet and telephone (and now guests) as a result of controversial political comments over Twitter.

Documents show the intelligence programme, called “Operation Guest”, which later became known as “Operation Hotel” – coupled with parallel covert actions – ran up an average cost of at least $66,000 a month for security, intelligence gathering and counter-intelligence to “protect” one of the world’s most high-profile fugitives.

[D]ocuments show an international security company was contracted to secretly film and monitor all activity in the embassy. The company installed a team who provided 24/7 security, with two people on shift at a time, based at a £2,800-a-month flat in an Edwardian mansion building round the corner from the Knightsbridge embassy. –The Guardian

Assange’s daily activities have been recorded in “minute detail,” including his interactions with embassy staff, his legal team and his visitors. “They also documented his changing moods,” according to the report.

The team consulted Assange about each person seeking to visit him. Guests would pass through a security zone, leaving their passports with staff there, according to sources, and documents seen by the Guardian.

The passports were used to create a profile that described the visit and gave background details of all his visitors.

The operation was approved by then-Ecuadorian president, Rafael Correa, as well as former foreign minister Ricardo Patiño, according to the Guardian‘s sources.

“From June 2012 to the end of August 2013, Operation Hotel cost Ecuador $972,889, according to documents belonging to the country’s intelligence agency, known as Senain.” 

The program was kept so confidential that former Ecuadorian ambassador to the UK, Juan Falconí Puig was apparently unaware of the operation until a “council tax bill” for the apartment rented by the private security company was presented to the embassy in may 2015. A confused Puig was straightened out by Patiño.

Escape!

Ecuadorian officials also hatched a plan to smuggle Assange out of the embassy in a diplomatic vehicle in the event that British authorities would use force enter and seize him.

 

They included smuggling Assange out in a diplomatic vehicle or appointing him as Ecuador’s United Nations representative so he could have diplomatic immunity in order to attend UN meetings, according to documents seen by the Guardian dated August 2012.

The plan to smuggle Assange out if necessary wasn’t exactly unfounded – after a photo was snapped of a British MP holding a clipboard which read “Action required: Assange to be arrested under all circumstances.

There should be no escape, the note suggests, ordering that Assange is arrested if “he comes out with dip [presumably a diplomat] … as dip bag [which allows immunity from search for diplomatic communications, and which could be as large as a suitcase, crate or even a shipping container], in dip car …. in dip vehicle.”The Guardian

Funding for PR

Ecuador also provided funds to help Assange’s public image – hiring a lawyer to help him devise a “media strategy” for the “second anniversary of his diplomatic asylum,” in a leaked 2014 email exchange seen by the Guardian. 

This included a joint press conference with him and Patiño in London, and the publication of an opinion piece for the Guardian. The fee including other costs would be $180,960 for a year’s media consultancy.

Unfortunately for Assange, however, his relationship with Ecuador has deteriorated a bit – starting with the time he hacked into the embassy’s communications system and had his own satellite access, according to an anonymous source. In doing so, Assange was able to read the both personal and official communications over the network, the source claimed. 

In 2014, the company hired to film Assange’s visitors was warning the Ecuadorian government that he was “intercepting and gathering information from the embassy and the people who worked there”.

The cost of keeping Assange in the embassy has also been a point of contention between government officials. In March 2013, Ecuador’s comptroller general, Carlos Pólit, wrote to former intelligence chief, Pablo Romero, asking how $411,793 ended up being spent on special expenses over a five-month period with no receipt. 

Over half of it – $224,699 – was spent on undercover agents for the operation; a colonial, a counter-intelligence operator and a captain in the Ecuadorian navy – who were usually given monthly cash payments of around $10,000, according to official accounts – for providing services considered to be “intelligence and counter-intelligence operations.” 

Ecuador’s comptroller is investigating how Senain spent $284.7m between 2012 and 2017, the majority of it on special expenses such as activities connected to Assange. About 80% of the overall budget went on such expenses last year, according to a statement on the comptroller’s website.

That said, “Operation Hotel” constituted a fraction of the “Senain” intelligence agency’s budget for special expenses.

 In Assange’s first two months in the embassy, Senain spent $22.5m on 38 other operations with codenames including “undercover agents”, “counter-intelligence” and “Venezuela”, according to official documents.

Ecuador’s new president, Lenín Moreno, shut down Senain in March due to what he called the “ethical outcry of citizens,” as well as to “guarantee the security needs of the country” – possibly referring to the resources spent by the agency on Assange, a person with very little to do with Ecuador’s national security.

With Assange’s internet cut off the same month as Moreno dissolved Ecuador’s clandestine agency, one has to wonder if his comments on his country’s “security needs” will include eventually giving Assange up to Britain – where he faces an outstanding arrest warrant for jumping bail to seek political asylum on now-abandoned rape allegations in Sweden.

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Nevada Records Show ‘Opioid-Related’ Deaths Usually Involve Illicit Drugs or Mixtures

People who want to attack the “opioid crisis” by restricting access to pain medication often cite recent increases in opioid-related deaths as evidence that doctors have seriously underestimated the dangers that drugs like hydrocodone and oxycodone pose to patients. Yet those trends are driven mainly by heroin and illicit fentanyl, and even when pain pills are involved they are usually combined with other drugs. A recent report by KLAS-TV, the CBS station in Las Vegas, highlights that reality by examining every death that the Clark County coroner tied to opioids from the beginning of 2017 through April 18 of this year.

Most of the “opioid-related” deaths during this period (221 of 430, by my count*) involved heroin or fentanyl, and more than three-quarters (328 of 430) involved multiple drugs. The additional substances include alcohol, benzodiazepines, cocaine, and methamphetamine as well as other opioids. Other jurisdictions also report that drug mixtures are typical in opioid-related deaths. In New York City, for example, 97 percent of drug-related deaths involve more than one substance.

Just 11 percent of the opioid-related deaths in Clark County (47 of 430) involved a single prescription opioid. Fourteen of those cases involved methadone, which can be prescribed for pain but is better known as a treatment for heroin addiction. Seven are listed as suicides, and 21 involved complicating factors such as cancer, morbid obesity, heart disease, chronic obstructive pulmonary disease, and (in one case) a gunshot wound to the chest. Excluding methadone, suicides, and complicating conditions leaves nine cases where the only cause listed is a commonly prescribed pain medication: hydrocodone (five cases), oxycodone (two), hydromorphone (one), and oxymorphone (one). That’s 2 percent of the opioid-related deaths.

Clark County’s records do not tell us whether those opioids were prescribed for the people who took them, let alone whether they were bona fide patients. But it’s clear that the risk for any given patient is very low. In Nevada, KLAS reporters George Knapp and Matt Adams note, “99.98 percent of all opioid prescriptions do not result in overdoses.” Similarly, a 2015 study of opioid-related deaths in North Carolina found 478 fatalities among 2.2 million residents who were prescribed opioids in 2010, an annual rate of 0.022 percent.

[*I excluded three deaths where phencyclidine (PCP) was the only drug mentioned and one that was attributed to mitragynine, the chief active ingredient in kratom. I counted morphine mentions as heroin mentions, since the body quickly converts heroin into morphine and heroin use is the most likely explanation when morphine shows up in an autopsy.]

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Peter Navarro “Who Has Behaved Erratically”, To Be Excluded From China Talks: Report

Back in late February, we noted something that few at the time noticed: Trump had just promoted “populist” trade-hawk Peter Navarro to the rank of assistant to the president. What happened shortly thereafter shook the administration, as first Gary Cohn resigned in very short order, and just days later Trump launched trade war against China and many other nations with which the US has had a trade deficit.

We went so far as to declare a victory for the populists over the globalists in the Trump inner circle.

Well, not even three months later, following some behind the scenes discussions between Trump and Beijing which have yet to be disclosed, it appears that the globalists are back in control as Trump’s main China trade adviser, author of  “Death by China” and “Crouching Tiger: What China’s Militarism Means for the World” and unrepentant trade hawk, Peter Navarro, has been excluded from talks tomorrow with China’s top economic envoy aimed at defusing a brewing trade war with the U.S., Bloomberg reported citing two administration officials.

As we reported this morning, Vice Premier Liu He, who is also Xi Jinping’s special envoy, will meet with Treasury Secretary Steven Mnuchin, U.S. Trade Representative Robert Lighthizer and Commerce Secretary Wilbur Ross.

So why is Navarro, arguably the architect of Trump’s entire China trade policy, being left out? According to Bloomberg’s sources, Navarro has “lately behaved erratically and unprofessionally” and “his exclusion from the meeting marks another downturn in his White House career, where he was long isolated by other top officials before the president promoted him earlier this year to his top rank of aides.”

Navarro didn’t immediately respond to a request for comment. The two officials didn’t elaborate on Navarro’s behavior.

The officials said Navarro wasn’t a team player when the U.S. sent a delegation led by Mnuchin earlier this month to Beijing to meet with He. President Donald Trump has proposed at least $50 billion in tariffs on Chinese goods to punish the country for what he considers unfair trade behavior, including its acquisition of U.S. technologies. China has threatened to retaliate for the tariffs, which could be imposed after a public comment period ends May 22.

Navarro’s sudden exclusion would also explain Trump’s sudden U-turn on ZTE, and – all else equal – would suggest that the “globalists” are back in control of US trade policy, which means that first China, then the EU, will gradually be able to normalize trade relations with the US, as Trump’s threats of tariffs quietly fade away into nothing.

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Iran Looks To Bitcoin As Rial Tumbles

Authored by Michael Kern via SafeHaven.com,

Amid sanctions fears, Iranians have reportedly spent over $2.5 billion on cryptocurrencies to get their cash out of the country in a new form of digital capital flight.

The Iranian version aired on state-run media was buried at the bottom on a long discourse on cryptocurrencies, and downplayed as to its significance, but it comes as the Iranian rial plunges to new lows against the U.S. dollar, the climax of which has been Trump’s formal announcement of a withdrawal from the nuclear deal.

“No virtual national currency has been designed in the country at the present and based on the existing data few people in Iran are cryptocurrencies’ customer and more than 2.5 billion dollars has been sent out of the country for buying digital currencies, added point most of the digital currency activists enter this arena because of the huge benefits and speculation” Chairman of the Economic Commission of the Parliament Mohammad Reza Pourebrahimi said.

Shortly after Trump’s announcement last week, the rial nose-dived to 85,000 to 1 US dollar, down from 57,500 rials to 1 US dollar at the end of April, and 42,890 at the end of last year.

Since April, Iran has been attempting to get in front of a sell-off, first unifying official and free-market exchange rates and freezing the rate at 42,000, while banning all other trading in the currency, under threat of arrest.

The rial is expected to dive further on news Tuesday that the U.S. has sanctioned Iran’s central bank head.

Late last week, the U.S. levied sanctions on a financing network, accusing the Iranian central bank of helping funnel U.S. dollars to its Quds Force elite military unit, which is on a U.S. blacklist.

This was followed by another move on Tuesday that saw terror sanctions slapped on the head of the Iranian central bank, Valiollah Seif, whom Washington has accused of secretly funneling millions of dollars through an Iraqi bank to help Hezbollah. The sanctions also include bank senior official Ali Tarzali. Both have been listed as “specially designated global terrorists”.

At the same time, Iranian government moves to head off a currency crisis could lead to further capital flight via cryptocurrencies.

On Monday, the Central Bank issued a new directive setting stricter limits on the amount of foreign cash travelers can take with them out of the country. Travelers can leave Iran by air now with only $5,980 (5,000 euros, or the equivalent in any foreign currency). The new amount halves the previous amount allowed. Leaving by land, rail or sea has a limit of $2,392 per person.

Also in April, the central bank banned the country’s banks from offering services to cryptocurrency firms or from dealing in cryptocurrencies domestically. This has led to a flourishing business for cross-border crypto deals with Iranian citizens desperate to get their money out.

While the initial justification for the ban was to thwart money-laundering and terrorism financing, the Iranian Financial Tribune quoted an Iranian official as saying that the move was intended to stop capital flight.

“The ban on trade of cryptocurrencies such as Bitcoin by CBI, as the financial and currency regulator of the country, is to prevent the flight of foreign currency under the current circumstances of the country.”

Now that the original ban has backfired and possibly led to increased capital flight, the government seems to be wavering, suggesting that the policy might not be set in stone and a new regulatory framework should be in place by the third quarter of this year.

In the meantime, capital flight will be hard to stop, especially considering that all of the government’s recent actions undo their liberal economic policymaking of the past years.

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Avenatti Slams “Asshole” Reporter, Says Other Lawyers “Jealous Of His Success”

Michael Avenatti, Stormy Daniels’ lawyer and the world’s most interviewed person in the past 2 months, has had quite the week.

After leaking the financial records of President Trump’s personal attorney, Michael Cohen (along with two unrelated Michael Cohens he wrongly accused “possibly fraudulent” payments), people began digging into Avenatti’s past – only to discover a train-wreck of shady business dealings, unpaid taxes, a state-bar complaint, and dozens of lawsuits in the wake of a failed venture in the coffee industry

And as various media outlets have begun to cover Avenatti – from his dodgy past to criticisms of his legal strategy behind the Stormy Daniels case, the balding bulldog attorney seems to have come a bit unglued.

On Monday, he sent an “insane” email to The Daily Caller’s Peter Hasson after he and Joe Simonson reported on a variety of questionable business dealings – using publicly available information, such as a complaint to the California bar claiming his now-defunct venture into the coffee industry dodged millions in taxes after he mislead a business partner (who sued).

Avenatti’s threats received an immediate pushback – with CNN’s Ryan Lizza commenting “It seems fair and well-reported to me. If there is something specific that is false Avenatti should point that out rather than threatening the reporters.

Now, 48 hours later, we learn that Avenatti is at it again – allegedly calling the Hollywood Reporter‘s Eriq Gardner an “asshole” before demanding to speak with Gardner’s editor over an unflattering article questioning the soundness of his legal strategy in the Daniels case. 

[M]any lawyers believe Avenatti’s strategy is risky. His argument — Trump didn’t sign the contract with the nondisclosure agreement, so it isn’t valid — isn’t terrible, but it’s no slam dunk. After all, Daniels did accept $130,000 for her silence and hasn’t returned any of it. But if Avenatti ends up losing, the cost to Daniels could be ruinous. One court document suggested the damages might reach $20 million, and that was based on the first leg of the media tour. It could be higher now.

And even as he takes risks for his client, Avenatti seems to be positioning himself for a bright future. Vanity Fair reported that he approached MSNBC president Phil Griffin about getting his own show, although Avenatti later claimed it was the other way around — networks approached him. Regardless, Avenatti’s profile-boosting posturing certainly will be a win for him. “This ceased being about ‘the law’ and ‘her rights’ about three seconds after they filed the lawsuit,” says Robert Schwartz, a litigation partner at Irell & Manella. “There is no meaningful downside. The coverage will drive business to him for years.” –Hollywood Reporter

Gardner said that as he was in the middle of composing the article, Avenatti contacted the Hollywood Reporter “to express concern.”

As I was preparing this column, Avenatti learned that The Hollywood Reporter would be tallying his media appearances (see below) and reached out to an editor to express concern. Avenatti indicated he’d be open to questions so I sent him a half-dozen. Speculating that the result of my assessment of his work wouldn’t exactly be flattering, he called me up and became somewhat menacing. At one point, he called me an “asshole” with an agenda and accused the lawyers I had spoken to of being jealous of his success. This conversation occurred before he threatened to sue a reporter at The Daily Caller [News Foundation] over what he perceived to be “hit pieces.” –Eriq Gardner

On Monay night, CNN‘s Don Lemon interviewed Avenatti about the email exchange with the Daily Caller – to which he said: 

All journalists are not ethical just because you’re a journalist. There’s good journalists and there’s bad journalists. There’s ethical journalists and unethical journalists,” Avenatti responded. “And do you know what, Don? If we encounter journalists that don’t get their facts straight by design, don’t follow basic standards of journalism, purposefully skew stories to fit their own political dialogue dialogue and what they want their message to be, we’re going to continue to call them out on that.

Much like in his email to the Daily Caller’s Peter Hasson, Avenatti fails to offer any examples of journalists not getting their “facts straight by design.” 

Hilariously, the Daily Caller’s Joe Simonson, who co-wrote the article with Hasson, had a Twitter DM conversation with Don Lemon’s boyfriend, Tim Malone – who has been together with the CNN host since at least summer 2017. Malone said Lemon went easy on Avenatti because they’re friends…

Following Lemon’s interview with Avenatti, Tim Malone reached out to me via Twitter direct message to gauge my thoughts on CNN and the controversial lawyer who just threatened a lawsuit against me, my colleague Peter Hasson and my employer.

I asked Malone if he thought his partner, a journalist, should have pushed back on Avenatti more on his assertion that TheDCNF’s report on some of his business history was littered with defamatory statements and was published under orders from President Donald Trump

I guess, yeah,” Malone, a real estate agent, said before adding that he doesn’t believe Avenatti will follow through on his legal threats.

“Ha, he won’t [sue]. I think it’s all a game. Who knows? Trump threatens lawsuits and never does it, [Avenatti] seems to be using all the same strategies…[he] is doing Trumps [sic] strategy.”

When I told him that I wished “Don would have pushed [Avenatti] more” in their interview, Malone told me to “connect the dots.”

When asked to clarify, he used Fox News host Sean Hannity’s relationship with Trump as an example of other softball interviews.

Does Hannity push Trump…in interviews or on stories?” Malone asked.

Haha, well what do you think? They’re close friends,” I responded.

“Bingo!” Malone replied. “You don’t think Avenatti is smart enough to try and befriend the liberal media?”

Basta! 

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This Year’s Farm Bill Is Everything Wrong With Washington

The farm bill is up for renewal, and with it almost everything you think of when it comes to big government: billions in corporate welfare, special-interest handouts, protectionist price supports, and massive federal transfers. At least it doesn’t launch any wars.

Currently being marked up in the House, the legislation—which authorizes agricultural spending for the next five years—would cost taxpayers $390 billion from 2019 to 2023. That’s an increase of roughly $3.2 billion, according to the Congressional Budget Office. The bill’s 10-year price tag approaches $900 billion.

The largest share of this spending—almost 80 percent—will go to the Supplemental Nutritional Assistance Program, a.k.a. food stamps. The other 20 percent is split between conservation programs, subsidized crop insurance, and price supports for mostly wealthy farmers.

Though both Congress and the White House are controlled by supposedly fiscally conservative Republicans, the 2018 farm bill makes few cuts to programs, and it piles on additional regulations for the ones already in place.

“Republicans are giving a big signal to their voting base that is worried about big government and deficits not to turn out for the election,” says Chris Edwards, a tax policy expert at the Cato Institute. “I have read no good reason why we subsidize farmers at all.”

Agricultural interests argue that continued subsidies are required to compensate farmers for working in a volatile industry that rises or falls based on the weather, and crop prices. In the words of Farm Bureau chief Zippy Duvall, the farm economy is “teetering on a knife’s edge.”

Duvall has given enthusiastic support for the 2018 farm bill, which he says “will assist farmers and ranchers battered by commodity prices that often do not cover the costs of production

It is true that prices are down across the board for such staple crops as wheat, corn, and soybeans. But as Edwards argues, unpredictable prices are not unique to agriculture.

“Farming is no more risky than any other industry,” Edwards tells Reason. “Sure, there are price fluctuations, but so is there in oil drilling in Texas, the gold mining business, or any mineral business.” Edwards notes that farms are far less likely to go bankrupt than other enterprises. Some 2.4 farms per 10,000 declared bankruptcy in 2017, compared to a rate of 8 per 10,000 for U.S. businesses in general.

And most of the bill’s subsidies will not go to small, struggling farms, but rather to the largest and wealthiest agribusinesses.

A recent paper from the American Enterprise Institute found that 68 percent of all subsidized federal crop insurance payments in 2014–2015 went to the top 10 percent of farms, measured by the value of their crop sales. This goes for cash subsidies as well: The top 10 percent of farms received 58 percent of these subsidies, while the bottom 80 percent of farms received less than 20 percent.

Similarly, the Environmental Working Group has shown that in 2016 the top 1 percent of farm subsidy recipients got an average payout of $116,501. The median farmer received a more modest $2,479.

Despite the huge amount of farm subsidies going to the wealthiest farmers, efforts at pruning back these payments have come to naught, thanks to some deft legislative logrolling that has converted many potential farm bill opponents into enthusiastic backers.

Including food stamps has ensured that urban Democrats, otherwise wary of sending billions to large agribusinesses in rural red states, are brought on board. Opposition from environmentalists, who dislike farm subsidies’ tendency to encourage planting on marginal land that would otherwise be left to nature, is quieted by the inclusion of roughly $4 billion for conservation programs.

“They have to buy off as many legislators that they can now, because there are only a million farmers in the country,” says Edwards.

Despite all these goodies packed into the latest farm bill, support has been wavering in some corners.

Democrats and some moderate Republicans are turned off by a new requirement that single, working-age recipients of food stamps either have a job or be enrolled in a job training program. (The fiscal effects of this would be a wash, as all the money saved would be plowed back into job training.) And the sugar-growing industry—powerful in Florida and Louisiana—is digging in its heels over an amendment that would end the Department of Agriculture’s practice of buying up surplus (and trade-protected) domestic sugar and the selling it at a loss.

Nevertheless, House Agriculture Committee Chair Mike Conway (R-Texas) says he’s confident the bill will pass the House. “We believe we’ll get there. We’ve got several folks that are still reading the bill and coming to their own conclusions. We’ve got a lot of undecideds,” he tells The Hill.

Should it pass, Washington’s reputation for profligate spending and shameless interest-peddling will remain intact.

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Trump 2018 Financial Report Released, Shows Cohen Payment

President Trump’s latest annual financial disclosure form released on Wednesday revealed something that was not disclosed on Trump’s previous financial disclosure form: the President’s reimbursement of his then-attorney Michael Cohen.  

Trump’s financial disclosure, released by the Office of Government Ethics (OGE), did not list the specific reason for the payment, but Cohen has said he paid porn star Stormy Daniels $130,000 in exchange for her silence about her accusations she had a sexual encounter with Trump.

In the interest of transparency, while not required to be disclosed as “reportable liabilities” on Part 8, in 2016 expenses were incurred by one of Donald J. Trump’s attorneys, Michael Cohen. Mr Cohen sought reimbursement of those expenses and Mr. Trump fully reimbursed Mr. Cohen in 2017. The category of the value would be $100,001 – $250,000 and the interest rate would be zero.”

As The Hill notes, the OGE suggested the payment should have been included on the disclosure form Trump filed last year, which showed his assets and liabilities from the previous 16 months.

“OGE has concluded that the information related to the payment made by Mr. Cohen is required to be reported and that the information provided meets the disclosure requirement for a reportable liability.”

This means that while the Ethics office deemed that the payment to Cohen, made in 2016, should have been reported last year, Trump’s representatives disagreed, writing on the form they were not required to disclose the payment but were doing so “in the interest of transparency.”

The form was filed late on Tuesday, just ahead of the deadline to submit it. OGE reviewed the document and made it public Wednesday afternoon.

The issue of the reimbursement reemerged after Rudy Giuliani, Trump’s newest personal attorney, revealed the payment in a shock interview with Fox News’ Sean Hannity earlier this  month. Trump seemed to confirm the claim on Twitter the following morning. But then Trump said Giuliani was new to the team and would “get his facts straight.” Weeks earlier, Mr. Trump had said he was unaware Cohen paid adult film star Stormy Daniels $130,000 shortly before the election.

The disclosure form details Mr. Trump’s financial interests, and is 92 pages long, due to Mr. Trump’s vast business empire. The White House said on Tuesday afternoon that the president had submitted his form to OGE.

In addition to the Cohen payment, the disclosed that Trump’s golf clubs also had substantial revenue, with CBS reporting that his golf club in Jupiter, Florida had $14 million in revenue. Bedminster brought in $15 million and Mar-a-Lago, $25 million (down from $37 million the prior year.) Turnberry, $20 million, among others. His Doral club, as was the case last year, dwarfed the rest of his golf properties, with revenues of almost $75 million.

The Trump Hotel in Washington, D.C., which opened during his presidential campaign in 2016, saw $40 million in revenues.

He is also still picking up a Screen Actors Guild pension of nearly $65,000 from his years as a reality TV host.

First Lady Melania Trump made money, too — she earned royalties from Getty Images between $100,000 and $1 million for its use of photos of her.

Trump listed liabilities of at least $250 million, with Deutsche Bank as his biggest creditor. Trump also owes Ladder Capital at least $110 million.

Full filing below (pdf link)

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