How the CEO of HFT Firm Virtu Financial is Demanding a Taxpayer Bailout in Florida

What the financial crisis, subsequent taxpayer bailouts, zero prosecutions of financial industry participants and further consolidation of the economy by oligarchs has taught us more than anything else is that the super rich and politically connected are not allowed to fail. Apparently, this may also apply to the head of one of the largest firms in what is quickly becoming the most despised “industry” in the nation.

By now, pretty much everyone in America knows about Michael Lewis’ book Flash Boys, which exposes the high frequency trading (HFT) industry for the money-sucking parasite it is. However, what will really get your blood boiling, particularly if you live in Florida, is how the CEO of one of the biggest players in the HFT space, Virtu Financial, is looking for taxpayers to bail-out his poorly performing investment in the Florida Panther NFL hockey franchise. This takes having “some nerve” to a whole new level of absurdity.

From Bloomberg:

Vincent Viola, whose high-frequency trading firm plans to raise millions of dollars in an initial public offering next month, is seeking tax dollars to help cover the bills for the Florida Panthers hockey team he bought six months ago.

Viola asked lawmakers in South Florida’s Broward County to use $64 million in taxpayer funds for arena bond payments owed by the team, which says it’s losing money as attendance has fallen to a 14-year low. Officials in Broward, which encompasses Fort Lauderdale on the Atlantic Coast, disagree on how to proceed, with some saying that if they don’t pick up the tab, the team may move and leave taxpayers with $225 million in debt and an empty arena.

Sounds a lot like the nonsense we all head that went something like “we must bail-out and not regulate banking criminals otherwise they will leave the U.S.” Oh the horror, these crooks might take their organized crime elsewhere…

continue reading

from A Lightning War for Liberty http://ift.tt/1hINjVd
via IFTTT

Town of 91,000 Suffers Fifth Shooting by Police of the Year

shot by copsPolice officers in Yakima, Washington, a town of
91,000, have shot at suspects five times this year, three fatally.
Police say the latest victim, 24-year-old Rolando Villanueva, told
a relative four years ago he wanted to commit “suicide by cop.” He
spent 90 days in jail after that incident, on one count of felony
harassment (for threatening to kill someone).

This time police say Villanueva used his car to ram into police
vehicles after a chase started because Villanueva was allegedly
driving erratically. Police say dashboard video supports their
story but they won’t release it. Police cited privacy concerns, but
then,
via the Yakima Herald
:

A city attorney later clarified that statement, saying
the video was part of an ongoing investigation and therefore isn’t
yet subject to release under the state’s Public Records Act. As
with previous cases, the video should be released when police
conclude their investigation.

Of the two other people fatally shot by Yakima cops this year,
one was in a stand-off and the other pointed a toy gun at a
cop.

from Hit & Run http://ift.tt/1p7LXaC
via IFTTT

Jim Epstein on the Progressive Fight to Keep Poor Kids Trapped in Failing Schools

Annaly Lopez with her daughter Renee outside Success Academy ||| Credit: Jim Epstein

“Just because I live in the ‘hood, why should I have to
send my kid to a bad school?” says Annaly Lopez, a 26-year-old
single mother who had her daughter Renee when she was 18. Renee was
zoned for a notorious public school in Harlem, but ultimately won a
spot at Success Academy, the charter school network that’s been at
the center of a raging debate over how to provide a quality
education for poor kids.

Reason TV’s Jim Epstein writes about how charter schools allow
parents a way around the greatest injustice of urban education,
which is that the quality of a child’s school is often determined
by where his or her parents can afford to live.

“I don’t want Renee to follow in my footsteps,” says Lopez, who
dropped out of high school when she got pregnant. “Education makes
you feel like you can do anything.”

View this article.

from Hit & Run http://ift.tt/1eMpiqH
via IFTTT

Anniversary of Boston Bombing Memorialized, Ukraine Takes Airport, Brussels Bans Uber: P.M. Links

  • Boston strongThousands gathered in Boston to
    memorialize the
    first anniversary of the Boston Marathon bombing
    . Vice
    President Joe Biden spoke, saying that Bostonians have “become the
    face of America’s resolve for the whole world to see.”
  • Ukraine claims government forces
    have secured an airport
    in the eastern part of the country from
    control by a pro-Russian militia group.
  • The white supremacist suspected of killing three outside Jewish
    community centers in Kansas has
    been charged with murder
    . He could face the death penalty if
    convicted.
  • Michigan cities Detroit and Flint
    broke snow records
    for the winter. After measuring the snow
    today (yes, they’re still getting snow), the National Weather
    Service says Detroit’s seasonal total was more than 94 inches. Too
    bad they can’t sell that stuff.
  • India’s Supreme Court has recognized
    transgender people
    as a “third gender,” saying “it is the right
    of every human being to choose their gender.”
  • The city of Brussels, Austria, is the latest to
    ban Uber
    ride-sharing services.

Follow Reason and Reason
24/7
 on Twitter, and like us on Facebook.  You
can also get the top stories mailed to you—
sign up
here.
 Have a news tip? Send it to us!

from Hit & Run http://ift.tt/1p7LWmY
via IFTTT

VIDEO: New Numbers Show Coming Burst of Higher Education Bubble as Colleges See Drops in Enrollment

Yesterday Bloomberg
published fresh data
that foretells the coming burst of the
higher education bubble. The new numbers, which are based on recent
ratings by Moody’s, show a significant drop in enrollment in dozens
of colleges. According to Bloomberg: 

Moody’s, which rates more than 500 public and private
nonprofit colleges and universities, downgraded an average of 28
institutions annually in the five years through 2013, more than
double the average of 12 in the prior five-year period.

 Dozens of schools have seen drops of more
than 10 percent in enrollment, according to Moody’s. As faculty and
staff have been cut and programs closed, some students have faced a
choice between transferring or finishing degrees that may have
diminished value.

Recently, Reason TV sat down with Glenn Reynolds, professor of
law at the University of Tennessee, founder and editor of the
popular Instapundit
blog
, and author of the book
The New School: How the Information Age Will Save American
Education from Itself
, to talk about the state of higher
education. 

Reynolds maintains that the contraction of the higher education
bubble is already happening and says he currently sees the effects
in his field of legal study as lower enrollment numbers have forced
law faculties to trim staff. If the latest numbers from Bloomberg
are any indication, things in higher education are about to get a
lot worse before they get better.

View this article.

from Hit & Run http://ift.tt/1eLJ6dN
via IFTTT

Revenge Porn: Should it be Criminalized?

Revenge porn is defined as the dissemination of sexually
explicit images of an ex-lover without their permission. It
can often be emotionally devastating and have lasting effects on a
person’s reputation and employability. Twenty-four states have
enacted or proposed legislation to make revenge porn a crime.

However, civil libertarians are concerned that these
legislations will have a negative effect on First Amendment
rights. 

“The Supreme Court’s position, rightly, is that all speech is by
default protected by the First Amendment,” says Lee
Rowland
 of the American Civil Liberties Union
(ACLU). 

View this article.

from Hit & Run http://ift.tt/1iUtW6Q
via IFTTT

Want Useful Data on Obamacare? The Census Bureau Won’t Help You.

One of the big unknowns about Obamacare is what effect it has
had on reducing the number of uninsured in America. Over the last
few months, we’ve seen a number of attempts to measure this, but
they’ve all been relatively narrow surveys that for a variety of
reasons don’t provide a complete picture. As a result, many
analysts on both sides of the debate generally agreed that the best
way to answer this question would be to use information gathered by
the Census Bureau, which provides some of the most consistent,
comprehensive data on the nation’s uninsured.

Well, now it looks like we won’t be able to use the Census to
determine the health law’s effects on insurance coverage over time.
That’s because the Bureau is in the process of radically altering
the way it asks questions about insurance status. The update will
render useless comparisons between data reported last year and data
reported this year,
according
to The New York Times

The Census
Bureau
, the authoritative source of health
insurance
 data for more than three decades, is changing
its annual survey so thoroughly that it will be difficult to
measure the effects of President Obama’s health
care law
 in the next report, due this fall, census
officials said.

The changes are intended to improve the accuracy of the survey,
being conducted this month in interviews with tens of thousands of
households around the country. But the new questions are so
different that the findings will not be comparable, the officials
said.

An internal Census Bureau document said that the new
questionnaire included a “total revision to health insurance
questions” and, in a test last year, produced lower estimates of
the uninsured. Thus, officials said, it will be difficult to say
how much of any change is attributable to the Affordable Care Act
and how much to the use of a new survey instrument.

The Times reports that the update was not politically
motivated, and that it was made in the interests of gathering more
accurate data. The old survey methodology is said to have been
prone to measurement errors that overestimated the number of
uninsured; the new data supposedly corrects that problem.

Now, to be clear, the change will give us one year of
pre-expansion data: The new measurement methodology
will start with 2013
, which means we’ll be able to compare last
year’s insurance pre-coverage-expansion stats with this year’s.
That will give us some sense of the changes under the Affordable
Care Act. But there are still big problems with the timing of the
transition. As Aaron Carroll notes, it still
destroys
the long-term trendline. The trend info would have had
a lot of value generally, and also would have set the 2013 results
in a helpful context. Now it’s going to be difficult to discern the
impact of the upheavals that we saw in the health insurance market
in 2013, which featured, among other things, large unexplained
spikes in coverage, and the cancellation of millions of individual
insurance policies. 

This is infuriating and unfortunate. Ignore, for a moment, how
politically convenient it is. It’s just poor social measurement.

If the interest is in getting the best and most useful data
possible, then we should want a time series without breaks or
alterations, one that can be used to reliably compare the years
before and after the single largest and most controversial policy
change intended to affect the provision of health insurance in the
last four decades. One might think that creating a consistent
measure for this effect would be a priority for people whose job is
to create socially useful guides to the makeup of the nation’s
population. Apparently not. The data may be more accurate going
forward, but it will be far less useful for measuring this crucial,
once-in-a-generation transition.

As to whether this is politically motivated, there’s no evidence
that it is. And I would be surprised if this move were
intentionally cooked up simply to obscure the figures. But back
in 2009
, the White House moved to exert more direct control
over the Census Bureau and its operations. What that means is that,
at the very least, the White House should have been
involved. If the Obama administration was truly concerned about
transparency in measuring the impact of the health law, then its
officials should have known about the change, should have noted it
publicly before the end of the open enrollment period, and should
have pushed to stop or delay it.

Because as it stands now, we simply won’t have the robust
information set we need to confidently assess the impact of the
Affordable Care Act on the uninsured over time. Nor will we have a
good picture of exactly how Obamacare is affecting various types of
coverage—the particular ways in which people are, or aren’t,
accessing health insurance under the law.

These aren’t the sort of questions you can answer based on first
principles, or what feels right. You need robust measurements.
Solid Census Bureau data, taken consistently over time, would have
helped answer these questions. But it appears that’s not something
we’re going to have. Instead, we’ll be left with ongoing arguments
and unanswered questions, especially if the administration
continues to keep mum on other critical unanswered questions about
the law. A decade from now, we’ll be able to definitively determine
that Obamacare was a thing, that happened, and did something, and
cost some money. But that may be as much as we can know.

from Hit & Run http://ift.tt/1iUtVjz
via IFTTT

Ukraine Launches Anti-Terrorist Operation, Four Separatists Dead

There’s reports of heavy
gunfire between pro-Russian separatists and Ukrainian government
forces as the latter initiates a “full-scale
anti-terrorist operation
.”

After a week of armed occupations of government buildings, bomb
threats, and hostage takings by pro-Russian separatists, Ukraine’s
government announced late yesterday evening that the deadline to
disarm has passed. Interim President Oleksandr Turchynov
said
, “Tonight an anti-terrorist operation began in the north
of Donetsk [region]. It will be conducted step-by-step,
responsibly, deliberately. The goal of these actions, I want to
underline, is to defend the citizens of Ukraine.”

The Kyiv Post
reports
on the latest development that Ukrainian troops
recaptured an airbase in Donetsk around 6:30p.m. local time, which
is near the Russian border and is Ukraine’s most populous region.
Four separatists were killed in the skirmish. Writing live updates,
the Post highlights:

5:54 p.m. First Deputy Prime Minister Vitaliy Yarema said
several hundred armed Russian military soldiers are in Luhansk,
Donetsk and Kharkiv oblasts who were covertly and gradually sent
there over a long period of time …. “Right now, they’ve
concentrated their strength in Krasniy Lyman, Horlivka, Kramatorsk
and Slovyansk (all in Donetsk Oblast); the terrorists are
committing violent acts against police officers and are taking over
government buildings,” said Yarema.

2:14 p.m. Ukraine’s Deputy Defense Minister Petro Mehed said
that his ministry has mobilized more than 90 percent of its
resources, and activated 23 [regional] militia commissaries in
response to the growing threat in the east.

CNN
writes
that “a National Guard battalion made up of 350 troops
was sent to the Donetsk region from Kiev on Tuesday morning” and
that “a CNN team… encountered a large Ukrainian military column
traveling on roads leading from the city of Donetsk toward other
towns in the region.”

The militarized separatist forces have seized buildings in

10 localities
. These include administrative buildings, police
headquarters, and arms depots. They are demanding referendums for
secession. Although the majority of residents in the east
favor a unified Ukraine
and the militants number only in the
hundreds, they have have the same professional training as the
masked forces that destabilized Crimea. An audio track
purportedly
caught separatists communicating with a
“coordinator” in Russia “discussing strategy, weapon stockpiles,
and requests for reinforcements.”

NATO chief Anders Fogh Rasmussen
called
on Russia to “stop being part of the problem and start
being part of the solution.” The European Union is imposing

new sanctions
and the U.S. is
considering
more as well.

Read more Reason coverage of Ukraine here.

from Hit & Run http://ift.tt/1t5H8hA
via IFTTT

Where Does Your Tax Money Go?

might as well be a money holeHappy Tax Day. For supporters of big
government it’s
a day to celebrate
. How else would we have roads? For advocates
of
limited government
it’s a day to rue how large and wasteful
government has grown. Despite the cry of “ROADZ!” only a small part
of your tax dollar actually goes to roads. Assuming your tax dollar
is evenly divided for federal expenditures and that money the
federal government borrows is also evenly divided for expenditures,
and using the president’s proposed 2014 budget, your tax dollar is
divied up as follows:

  • Social Security, Unemployment and Labor – 33.24 cents
  • Medicare and Health – 24.54 cents
  • Military – 17.1 cents
  • Interest on Debt – 6 cents
  • Transportation – 4.1 cents
  • Veterans Benefits – 3.7 cents
  • Food and Agriculture – 3.5 cents
  • Education – 1.8 cents
  • Government – 1.8 cents
  • Housing and Community – 1.5 cents
  • International Affairs – .9 cents
  • Energy and Environment – .9 cents
  • Science – .9 cents

If you know how much you owe or you’ve paid already, multiply
your tax bill times the number above and divide by 100 for
personalized results. For ease of reading, mandatory and
discretionary spending on domains like Health and Transportation
were combined for the above list. Here it is in pie chart
format:

not to you

Original numbers
via National Priorities
.

from Hit & Run http://ift.tt/1eELTLi
via IFTTT