Did These Three Officers ‘Willfully’ Deprive George Floyd of His Constitutional Rights?


Lane-Kueng-Thao-Hennepin-County-Sheriff-enlarged

Former Minneapolis police officer Derek Chauvin was convicted of murder and manslaughter last April for killing George Floyd by pinning him facedown to the pavement for more than nine minutes, an incident that triggered nationwide protests. Chauvin, who was sentenced to 270 months in prison after those convictions, pleaded guilty in December to violating 18 USC 242 by depriving Floyd of his constitutional rights under color of law. The three officers who were with Chauvin during Floyd’s arrest in May 2020 are now on trial in federal court, charged with violating the same statute by failing to intervene or render medical aid.

In opening statements yesterday, the prosecution and the defense presented dueling portraits of three men who either callously disregarded Floyd’s pleas for help or understandably deferred to a superior officer in a volatile and potentially dangerous situation they were unable to handle on their own. Yesterday and today, the jury heard testimony from FBI forensic media examiner Kimberly Meline, who presented videos of Floyd’s arrest and the aftermath, and Christopher Martin, the cashier at the store where Floyd allegedly used a fake $20 bill to buy cigarettes, the incident that ultimately led to his death.

The challenge for federal prosecutors is proving beyond a reasonable doubt that the officers not only neglected their legal duties but did so “willfully.” Officers J. Alexander Kueng and Thomas Lane, both rookies at the time, helped restrain Floyd as he repeatedly complained that he could not breathe. Lane held Floyd’s legs, while Keung applied pressure to his back. Officer Tou Thao was tasked with managing a group of bystanders who were increasingly alarmed by Chauvin’s treatment of Floyd, warning that his life was in danger.

“For more than nine minutes, each of the three defendants made a conscious choice over and over again not to act,” federal prosecutor Samantha Trepel told the jury. “They chose not to intervene and stop Chauvin as he killed a man slowly in front of their eyes on a public street in broad daylight.”

As Chauvin’s lawyer did during his state trial, the defense attorneys urged the jury to consider factors that were not captured in the horrifying videos of Chauvin kneeling on Floyd’s neck. Kueng and Lane had unsuccessfully tried to force an agitated Floyd into the back seat of their patrol car after arresting him for using a counterfeit bill. “He was all muscle,” said Earl Gray, Lane’s lawyer. “These two rookies simply could not get this fellow in the back seat and were clearly doing something wrong. So what does Chauvin do? He takes over and he grabs the guy and he puts him on the ground.”

Gray suggested that Floyd, who seemed to be intoxicated, was exhibiting “superhuman strength”—a claim that Chauvin’s defense also deployed. Former police officer Barry Brodd, testifying as a use-of-force expert during Chauvin’s trial, averred that “drug-influenced” suspects “don’t feel pain” and “may have superhuman strength”—an old canard with racist roots that police tend to drag out when they are accused of using excessive force.

Kueng’s lawyer, Thomas Plunkett, emphasized that he was working just the third shift of his career that day, when he was “confronted with a complex, rapidly unfolding set of circumstances.” Plunkett argued that Kueng had received “inadequate training” and suggested that he was in no position to question Chauvin, his training officer.

Thao’s lawyer, Robert Paule, argued that the officer, who had been employed by the Minneapolis Police Department for about 11 years, had his hands full as “a human traffic cone” standing between his colleagues and a group of six to 10 witnesses. In Trepel’s telling, the outraged reactions of those onlookers, far from an extenuating circumstance, showed that the defendants should have known Chauvin’s behavior was beyond the pale. “After Mr. Floyd lost the ability to speak, the people on the sidewalk stood up for him,” Trepel said. “They understood just by seeing his body go limp, listening to his words and then listening to his silence that, unless somebody changed what was happening, he would die.”

While Thao may not have had as clear a view of what was happening as Kueng and Lane did, his responses to the bystanders’ objections made it seem as if he did not really care. He initially appeared to make light of the situation, saying, “This is why you don’t do drugs, kids.” Thao echoed the other officers’ false assurances about Floyd’s condition, saying, “He’s talking, so he’s fine.”

A man who said he had trained at the police academy repeatedly questioned that judgment and berated Thao for not intervening: “That’s bullshit, bro. You’re fucking stopping his breathing right there, bro….You’re a bum for that, bro.” A woman who identified herself as a Minneapolis firefighter told Thao, “You should check on him… He’s not responsive.” Thao, the “human traffic cone,” disregarded all such warnings, ordering the bystanders who stepped into the street back onto the sidewalk.

Lane twice suggested that, consistent with what police are taught about the risk of “positional asphyxia” during prolonged prone restraints, Floyd should be turned from his stomach onto his side. “The medical aid that would have saved George Floyd’s life was as simple as that—turning George Floyd on his side so his heart kept beating,” Trepel said.

Lane’s suggestions, which Chauvin rejected, imply that Lane recognized Floyd was in danger, although they also indicate that Lane was more concerned about Floyd’s welfare than Chauvin was. By contrast, Trepel portrayed Kueng, based on the video record, as idly distracted by gravel in the tire of a police car as Floyd begged for his life.

The extent and nature of the defendants’ indifference are relevant in deciding whether they acted “willfully” in the context of 18 USC 242. In the 1945 case Screws v. United States, the Supreme Court held that willfulness requires either that the defendant had “a specific intent” to deprive someone of his constitutional rights or that he acted with “open defiance or in reckless disregard of a constitutional requirement.” Federal appeals courts applying that standard have reached somewhat different conclusions.

The U.S. Court of Appeals for the 5th Circuit, for example, has said willfully means “the act was committed voluntarily and purposely with the specific intent to do something the law forbids”—i.e., “with a bad purpose either to disobey or to disregard the law.” The U.S. Court of Appeals for the 3rd Circuit, by contrast, approved instructions saying jurors could “find that a defendant acted with the required specific intent even if you find that he had no real familiarity with the Constitution or with the particular constitutional right involved.” A 2020 report from the Congressional Research Service notes that “the Supreme Court’s interpretation of the willfulness requirement has resulted in what some view as a significant hurdle to bringing Section 242 claims.”

In addition to the federal charges, Kueng, Lane, and Thao face state charges of aiding and abetting Chauvin’s crimes, which may be easier to prove. After the state charges were filed, Ted Sampsell-Jones, a professor at Mitchell Hamline School of Law in St. Paul, noted that they are “legally valid under Minnesota law” but “rely on some fringe doctrines of accomplice liability.” Those doctrines, he added, “have long been criticized by progressive reformers” because they “create expansive strict liability for minor participants in group crimes.”

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New York State Supreme Court Judge Strikes Down Statewide Mask Mandate


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A New York Supreme Court judge ruled on Monday that Governor Kathy Hochul’s mask mandates for schools and public places are void and cannot be enforced. 

On December 10, Hochul reinstituted rules published by the New York Department of Health requiring masking in all public schools and for most venues generally unless they required proof of vaccination. The mandate was initially supposed to be reassessed on Jan. 15, but Hochul announced an extension on New Year’s Eve, pushing the mandate until February 1. 

In his decision in the case, brought by several New Yorkers against the state health department, New York Supreme Court Justice Thomas Rademaker of Nassau County wrote that Hochul and the state health commissioner lacked the authority to enact the measure and that the power to do so rests with the state legislature. 

In March 2021, the New York Senate and Assembly passed legislation restricting New York governors from implementing or extend mandates outside of a state of emergency.

“It is evident that the Legislature of the State of New York is the branch of government charged with enacting laws and that the Executive branch is charged with enforcing the law,” Rademaker wrote. He also expressed concern at the prospect of unelected officials doing the work of legislators. 

“To allow such agency law making would result in laws being changed at the whim of every new Commissioner who could then be said to be beholden to their appointor,” the decision reads. “But also it would surely result in a lack of representative government wherein only a select few appointees of the Governor make the laws.” 

On Monday night, the office of New York Attorney General Letitia James filed a notice of intent to appeal the ruling. She also announced this on her Twitter account. Hochul released a statement expressing “strong disagreement” with the ruling and declaring that she will seek “every option” to reverse it. 

“My responsibility as Governor is to protect New Yorkers throughout this public health crisis, and these measures help prevent the spread of COVID-19 and save lives,” Hochul said.

The ruling voids New York’s statewide mask mandate for public spaces. However, it does not eliminate local mask mandates. 

New York City Mayor Eric Adams said that the mask mandate would remain in place for the city’s schools. “I believe it’s unfortunate that it was struck down, and I believe those jurisdictions that are using it as an opportunity to remove mandates are making a big mistake,” he said on New York radio station 1010 Wins.

Meanwhile, at least 20 Long Island school districts have moved to make mask-wearing optional. These districts include: Plainedge, Massapequa, North Merrick, Smithtown, Levittown, East Meadow, Sachem, West Islip, Farmingdale, Franklin Square, Rockville Centre, Sewanhaka, Bellmore-Merrick Central High School Districts, Copiague, Carle Place, Harborfields, Commack, Connetquot, Lindenhurst, and South Huntington.

The science behind masking children in schools has been deeply politicized. As Reason has reported, some widely-circulated studies cited by the CDC have amounted to “junk science.” Furthermore, although the Omicron variant of COVID-19 is very contagious, it is milder than earlier strains of the virus, and the COVID-19 vaccine is available for anyone at least 5 years old. 

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Russia-Ukraine Crisis Deescalating As NATO Countries Break From Bellicose US-UK Stance

Russia-Ukraine Crisis Deescalating As NATO Countries Break From Bellicose US-UK Stance

Deescalation appears to be accelerating over the Ukraine crisis given a number of rapid developments which have seen lead NATO countries break from the more bellicose and threatening tone of the United States and UK. After Germany’s neutrality toward the Russia-Ukraine crisis became apparent, Sweden is the latest to follow its lead of forbidding arms transfers to Kiev, while Croatia is out with a firm statement saying it will recall all of its troops from NATO in the event of war. 

This followed on the heels of Ukrainian President Volodymyr Zelensky announcing that circumstances in the region are now “under control” and that there’s “no reason to panic” according to The Associated Press.

It appears the earlier hyped messages of an ‘imminent Russian invasion’ have backfired, as Ukraine officials have now turned to castigating the media for spreading a sense of overblown panic and doom among the population. Defense Minister Oleksii Reznikov went so far as to say the threat of a Russian invasion “doesn’t exist” despite there still being “risky scenarios”. Other Ukraine defense officials have echoed this as well…

“As of today, we don’t see any grounds for statements about a full-scale offensive on our country,” Danilov had stated confidently on Monday. Here’s more from the defense chief:

“As of today, the Russian army has not formed a strike group that would be able to carry out an invasion,” Reznikov was quoted saying in local media after a meeting with lawmakers in Kyiv. “There are no grounds to think that an invasion will happen tomorrow from a military point of view.”

“But that doesn’t mean,” he said, “that they won’t develop—there are threats.”

“The Kremlin is trying to destabilize Ukraine with hybrid means, particularly by sowing panic,” he wrote in an op-ed published by Ukrainskaya Pravda a day earlier. “We must not give them the opportunity.”

This perhaps more realist sentiment is spreading, and now with a European consensus emerging that direct conflict with Russia must be avoided at all cost, the message has reached the White House, which is singing a different tune from even a day ago…

“President Joe Biden told reporters Tuesday that he does not foresee U.S. troops moving into Ukraine,” Axios writes Tuesday afternoon. Biden stressed, “There is not going to be any American forces moving into Ukraine,” which seems a reversal of the “stand by orders” he gave the day before. Here’s further details on the administration’s backing off the prior confrontational tone, as it’s looking more and more like diplomacy is winning out

  • He added that the decision to put troops on high alert is “not provocative” but intended to reassure the U.S.’ allies.
  • “We have no intention of putting American forces, or NATO forces, in Ukraine. But as I said, there will be serious economic consequences if he moves,” he added, referring to Russian President Vladimir Putin.
  • Asked if he could see himself personally sanctioning Putin in the case of an invasion, Biden replied, “Yes…I would see that.”

State Department spokesman Ned Price still thought it necessary to go and act tough for the cameras – “no concessions” he warned… even as allies like France are vowing they’ll always be willing to site down dialogue and negotiate with Russia. “We will never give up dialogue with Moscow,” French President Macron said Tuesday.

And yes, there is daylight… actually massive fissures opening among NATO allies on the issue:

“No daylight” with European allies. 

“The key point is that any steps that we would take would not be concessions,” Price said. “They would need to be on a reciprocal basis, meaning that the Russians would also have to do something that would help improve our security – our security posture.”

And Jen Psaki is still standing by the White House’s line of an invasion is “imminent” as of Tuesday afternoon even as the Ukrainians themselves downplay it. Additionally Biden had this to say directly of the situation

But he made clear Putin remains something of an enigma, one whose vague intentions have have proved befuddling to him and other western leaders.

“I’ll be completely honest with you, it is a little bit like reading tea leaves,” Biden said after browsing a small gift shop and selecting a sweatshirt for his grandson.

“Ordinarily, if it were a different leader, the fact that he continues to build forces along Ukraine’s border, from Belarus all the way around, you’d say, ‘Well, that means that he is looking like he is going to do something,’” Biden went on. “But then you look at what his past behavior is and what everyone is saying and his team as well as everyone else as to what is likely to happen, it all comes down to his decision.”

All of this looks like an admission that the assessment has changed: no, at this point he’s not going to do anything we thought he was going to do, the president appears to now be admitting. The above is also a reaction to NATO showing willingness to sit down and take Moscow’s security demands seriously. According to the latest via CNN, NATO Secretary General Jens Stoltenberg has ruled out sending troops to Ukraine…

Importantly for the Russians, and after all the panic that resulted from Putin merely moving a hundred thousand troops to southern positions but within Russia’s own sovereign borders, it appears momentum is moving in their direction. Russia may get what it wants after all: guarantees of no further NATO eastward expansion – or at least for the West to take its concerns seriously.

The US previously said this demand was a “non-starter” – but given the rapid shift in atmosphere surrounding tensions, it’ll be interesting to see if by week’s end the US tune is very different.

For for time being, some level of military economic threats and counterthreats look to continue…

Tyler Durden
Tue, 01/25/2022 – 17:15

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New York State Supreme Court Judge Strikes Down Statewide Mask Mandate


polspphotos867023

A New York Supreme Court judge ruled on Monday that Governor Kathy Hochul’s mask mandates for schools and public places are void and cannot be enforced. 

On December 10, Hochul reinstituted rules published by the New York Department of Health requiring masking in all public schools and for most venues generally unless they required proof of vaccination. The mandate was initially supposed to be reassessed on Jan. 15, but Hochul announced an extension on New Year’s Eve, pushing the mandate until February 1. 

In his decision in the case, brought by several New Yorkers against the state health department, New York Supreme Court Justice Thomas Rademaker of Nassau County wrote that Hochul and the state health commissioner lacked the authority to enact the measure and that the power to do so rests with the state legislature. 

In March 2021, the New York Senate and Assembly passed legislation restricting New York governors from implementing or extend mandates outside of a state of emergency.

“It is evident that the Legislature of the State of New York is the branch of government charged with enacting laws and that the Executive branch is charged with enforcing the law,” Rademaker wrote. He also expressed concern at the prospect of unelected officials doing the work of legislators. 

“To allow such agency law making would result in laws being changed at the whim of every new Commissioner who could then be said to be beholden to their appointor,” the decision reads. “But also it would surely result in a lack of representative government wherein only a select few appointees of the Governor make the laws.” 

On Monday night, the office of New York Attorney General Letitia James filed a notice of intent to appeal the ruling. She also announced this on her Twitter account. Hochul released a statement expressing “strong disagreement” with the ruling and declaring that she will seek “every option” to reverse it. 

“My responsibility as Governor is to protect New Yorkers throughout this public health crisis, and these measures help prevent the spread of COVID-19 and save lives,” Hochul said.

The ruling voids New York’s statewide mask mandate for public spaces. However, it does not eliminate local mask mandates. 

New York City Mayor Eric Adams said that the mask mandate would remain in place for the city’s schools. “I believe it’s unfortunate that it was struck down, and I believe those jurisdictions that are using it as an opportunity to remove mandates are making a big mistake,” he said on New York radio station 1010 Wins.

Meanwhile, at least 20 Long Island school districts have moved to make mask-wearing optional. These districts include: Plainedge, Massapequa, North Merrick, Smithtown, Levittown, East Meadow, Sachem, West Islip, Farmingdale, Franklin Square, Rockville Centre, Sewanhaka, Bellmore-Merrick Central High School Districts, Copiague, Carle Place, Harborfields, Commack, Connetquot, Lindenhurst, and South Huntington.

The science behind masking children in schools has been deeply politicized. As Reason has reported, some widely-circulated studies cited by the CDC have amounted to “junk science.” Furthermore, although the Omicron variant of COVID-19 is very contagious, it is milder than earlier strains of the virus, and the COVID-19 vaccine is available for anyone at least 5 years old. 

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Woman Who Came Into Contact With Escaped Monkeys Says She Developed Symptoms

Woman Who Came Into Contact With Escaped Monkeys Says She Developed Symptoms

By Jack Phillips of The Epoch Times

A Pennsylvania woman who came into contact with laboratory monkeys last week after a truck carrying them crashed has said she developed unusual symptoms.

Crates holding live monkeys are collected next to the trailer they were being transported in along state Route 54 at the intersection with Interstate 80 near Danville, Pa., on Jan. 21, 2022.

On her Facebook page and during media interviews, the woman, Michelle Fallon, said she developed symptoms after the accident. Fallon wrote that she sought emergency room treatment at the Geisinger Medical Center in Danville.

Fallon told local media that after the crash, she believed the truck was carrying cats. However, when she approached the cages, a monkey appeared at hissed at her.

“What a day I try to help out at a accident seen was told there were cats in the crates. So I over to pet them. To find out it’s monkeys. Then I noticed that’s there 3 in each and I was completely broken the other was half broken,” Fallon wrote. “So I knew 4 got away. So come home go to bed. My aunt runs into New[s] crew was ask to do interview. Then find out not to get close to the monkey.”

She continued: “Well tried to pet one, I touch the creates and walk in poop. Then was told to met police at the scene. To talk about exposure. News crew was the[re]. I thought they were [Centers for Disease Control and Prevention] so I to them. End up doing interviews. Talk to police and a lady with CDC. I’m will getting a letter. I’m very low risk for I don’t know what yet.”

Later, she wrote that she has “symptoms” that are like “Covid symptoms. Like seriously. A day from hell.” She was referring to COVID-19.

Fallon told PAHomepage that she had an open cut on her hand and also developed pink-eye-like symptoms. She went to the emergency room at Geisinger Danville

“Because the monkey did hiss at me and there were feces around, and I did have an open cut, they just want to be precautious,” said Fallon, adding that she will be on preventative medicine for two weeks.

Fallon told WNEP-TV that she was contacted Saturday by the CDC and was told to monitor herself for any unusual symptoms. A letter from the CDC she shared with the outlet said that “the surviving monkeys will be quarantined and will be monitored for infectious diseases for at least 31 days before their release.”

And, over the weekend, activist group PETA issued a press release—with a headline that blared, “The Monkey Crash Could Release Disease”—saying Fallon “got an eyeful of monkey saliva that has caused a reaction. She’s now on antiviral drugs and medication to protect against rabies.”

However, PETA said it fears other people in the area could have been exposed.

“Feces and urine from the terrified monkeys were reportedly smeared across the highway as crates—that weren’t strapped in as required—tumbled from the truck. The Centers for Disease Control and Prevention should be scrambling to ensure that numerous other people who were at the scene aren’t in danger,” the group said.

Pennsylvania State Police told PennLive that several monkeys escaped but were later captured. Three were euthanized, CDC officials told the outlet.

They were among about 100 cynomolgus macaques that were being transported in a trailer near Danville that became unhitched after 3 p.m. on Jan 21, officials said.

A day later, on Jan. 22, police had urged people not to look for or capture a monkey in the area. Troopers wrote on Twitter:  “Anyone who sees or locates the monkey is asked not to approach, attempt to catch, or come in contact with the monkey. Please call 911 immediately.”

Trooper Lauren Lesher told the Associated Press that officials were concerned “due to it not being a domesticated animal and them being in an unknown territory,” and “it is hard to say how they would react to a human approaching them.”

Troopers told PennLive that the truck carrying the monkeys had collided with a dump truck on Route 54 at the Interstate 80 interchange.

Tyler Durden
Tue, 01/25/2022 – 16:57

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WTI Dips After Smaller Than Expected Crude Draw

WTI Dips After Smaller Than Expected Crude Draw

Oil prices rallied today, recovering all of yesterday’s losses with WTI back above $85 as geopolitical tensions increased (some 8,500 U.S. troops have been put on heightened alert for a possible deployment due to escalating tensions on the Russia-Ukraine border) even though President Biden appeared to walk actual deployment threats back.

“Crude prices are soaring on expectations that an already tight oil market could see geopolitical risks exacerbate the current imbalance,” said Ed Moya, Oanda’s senior market analyst for the Americas.

“The risks are not just with the Russia-Ukraine border, but also include Iran nuclear talks and also North Korea.”

 

In the short-term, we suspect the next leg of any move will depend on inventories after 3 weeks of ugly gasoline demand and inventory build data

API

  • Crude -872k (-2.1mm exp)

  • Cushing -1.0mm

  • Gasoline +2.4mm (+2.2mm exp)

  • Distillates -2.2mm (-1.6mm exp)

After a small and unexpected build the week before, analysts expected a return to crude inventory drawdowns last week and they were right but the draw was much smaller than expected

Source: Bloomberg

WTI hovered around $85.25 ahead of the API data and slipped lower after…

The U.S. Energy Department announced that it loaned another 13.4 million barrels as part of an 32 million barrel exchange program announced in November, aiming to ease a rise in domestic gasoline prices.

“Markets have proved to be tighter than we thought,” said David Martin, head of commodity desk strategy at BNP Paribas.

He see small reductions in inventories this quarter, “and that underpins this view that the market continues to tighten up.”

Finally, we note that it would seem President Biden’s sabre0ratlling in Eastern Europe are not helping his cause at home…

Source: Bloomberg

As soaring crude and wholesale gasoline prices (driven by geopolitical tensions) imply gas prices at the pump are set to soar.

The market is also skeptical the Biden administration can do anything to slow down oil’s move higher as OPEC+ seems set to stick to gradual production increases, Moya said.

Tyler Durden
Tue, 01/25/2022 – 16:45

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Durham: DNC Lawyer Marc Elias Has Given Grand Jury Testimony

Durham: DNC Lawyer Marc Elias Has Given Grand Jury Testimony

Authored by Techno Fog via The Reactionary,

Today, Special Counsel John Durham provided a “discovery Update” to the court in the Michael Sussmann case. In this filing, available here, he disclosed that his team has obtained a tremendous amount of information ranging from a variety of sources – including Perkins Coie, the Hillary Clinton Campaign, and former DNC/Clinton lawyer Mark Elias.

While Sussmann has been charged with giving false statements to then-FBI General Counsel James Baker regarding the Alfa Bank/Trump Organization hoax (background here), Durham notes that the “Government also maintains an active, ongoing criminal investigation of” Sussmann’s conduct.

In other words, Sussmann’s criminal conduct likely is not limited to false statements. There is more. If we are to make an educated guess, it may have to do with the conspiracy to accuse the Trump Organization of having secret back-channel communications with Alfa Bank. We discussed the potential for a conspiracy charge here.

Now, to the evidence. Durham and his team have secured grand jury testimony from the following individuals:

  1. Former Perkins Coie partner, and DNC/Hillary Clinton lawyer Marc Elias.

  2. Former FBI General Counsel James Baker

  3. Current CIA employees

Durham and his team have completed interviews of the following individuals:

  1. Former FBI General Counsel James Baker

  2. More than 24 other current and former FBI employees.

  3. Current and former employees of the CIA and DARPA.

  4. 12 Employees of the “internet companies” referenced in the Sussmann indictment.

  5. The former chairman of DNC/Clinton law firm Perkins Coie.

  6. A former employee of the Clinton campaign.

  7. Current and former employees of Georgia Tech (involved in the Alfa Hoax).

  8. An employee of “Tech Executive-1” – aka Rodney Joffe, a Sussmann client who assisted with the Alfa Bank hoax.

Still, there is more. Durham has obtained records/documents from the following entities:

  1. The Hillary Clinton Campaign

  2. Perkins Coie

  3. Hillary for America

  4. Fusion GPS

  5. A PR Firm that advised Perkins Coie regarding public statements about Sussmann’s meeting with James Baker.

  6. Phone logs for numerous current and former FBI employees.

  7. “a classified memorandum and related reports of interviews pertaining to a criminal investigation previously conducted by the U.S. Department of Justice regarding a potential leak of classified information”

  8. He also has secured nearly 400 e-mails between the FBI and Perkins Coie from January 2016 through June 2017.

While we expected some grand jury testimony, the fact that Mark Elias, the DNC/Clinton lawyer, was before a grand jury is certainly newsworthy.

And it leads us to believe that Durham is focused on something more substantial than the false Alfa Bank allegations – perhaps the inception of it all: the claim of Russian hacking. As we have said before, consider the possibility that evidence of “Russian hacking” was placed by the DNC, Perkins Coie, et al. for Crowdstrike to conveniently “find.”

Tyler Durden
Tue, 01/25/2022 – 16:33

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Microsoft Tumbles Despite Beating Across The Board

Microsoft Tumbles Despite Beating Across The Board

Looking at Microsoft’s earnings reported moments after the close, which beat from the top to the bottom line, and one would think that the stock is soaring after hours. But instead what one would find is an inexplicable plunge of 6% which can only be attributed to someone bearishly positioned and slamming the stock after hours in hopes of setting a narrative that MSFT’s beat wasn’t strong enough.

Here is what the company reported for Q4:

  • Revenue $51.73 billion, +20% y/y, beating estimates of $50.87 billion
  • EPS $2.48 vs. $2.03 y/y, beating estimates of $2.31
  • Operating income $22.25 billion, +9.9% q/q, beating the estimate $21.06 billion
  • Capital expenditure $5.87 billion, +41% y/y, beating estimates $5.83 billion

Drilling into the revenue numbers shows even more beats:

  • Productivity and Business Processes revenue $15.94 billion, +19% y/y, beating the estimate $15.91 billion
  • Intelligent Cloud revenue $18.33 billion, +26% y/y, beating the estimate $18.32 billion
  • More Personal Computing revenue $17.47 billion, +15% y/y, beating the estimate $16.67 billion

“Solid commercial execution, represented by strong bookings growth driven by long-term Azure commitments, increased Microsoft Cloud revenue to $22.1 billion, up 32% year over year” said Amy Hood, executive vice president and chief financial officer of Microsoft.

If that wasn’t enough, Microsoft was also quite generous and returned $10.9 billion to shareholders in the form of share repurchases and dividends in the second quarter of fiscal year 2022, an increase of 9% compared to the second quarter of fiscal year 2021.

And yet, despite what any other day would have sent the shares soaring 5% to 10% higher, has instead led to a tumble as the merciless market seems ready to punish anything tech related, even if for all the wrong reasons.

That said, don’t be surprise if like with IBM yesterday, the reaction reverses, because while IBM remains a melting ice cube, Microsoft – for better or worse – is one of the best companies in the world. And with the company not guiding in its press release but saying it will provide guidance on the call:

Microsoft will provide forward-looking guidance in connection with this quarterly earnings announcement on its earnings conference call and webcast

we expect that the selloff will reverse as there is little reason for MSFT to spook markets with how it sees the future.

Tyler Durden
Tue, 01/25/2022 – 16:22

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‘Deja Vu All Over Again’ As Stocks Dump’n’Pump Again Ahead Of Fed

‘Deja Vu All Over Again’ As Stocks Dump’n’Pump Again Ahead Of Fed

Well who could have seen that coming?

Indeed it was a “deja vu all over again” as Yogi Berra would say, but this time the ending was different…

No obvious catalyst from a news or technical support level for today’s resurgence, but some pointed to optimism sparked by comments from President Biden: “There is not going to be any American forces moving into Ukraine”

Small Caps were the first again to recover their losses, then The Dow, then as the S&P got green, selling pressure started in the last hour.  That smashed Nasdaq back down towards the lows of the day and the S&P notably red on the day while The Dow survived and Small Caps outperformed…

The S&P seemed to stall as it tagged 4400…

Another day, another dump of puts to send stocks higher…

Source: Bloomberg

Following yesterday’s 2Y auction, today’s 5Y TSY auction was also well-bid (trading well thru WI) as demand from foreign entities soared, but Treasury yields ended the day higher, ramping along with stocks and dragging 5Y higher on the week, joining the rest ofthe curve…

Source: Bloomberg

Rate-hike expectations actually shifted hawkishly higher today with Dec 2022 pricing in 4 hikes once again…

Source: Bloomberg

The dollar followed a similar pattern to yesterday too – rallying overnight then dumping across the European close…

Source: Bloomberg

Crypto led stocks higher off the lows and lower off the highs today…

Source: Bloomberg

Finally, we have been asked a number of times today, some version of the following question: How often do we see two such days in a row?

Well, the answer is simple: pretty much never.

Bloomberg’s Cameron Crise reports that based on open/high/low/close data on the S&P going back to the early 1980s, there has never been two consecutive sessions when the SPX drew down at least 2% from the previous day’s close only to finish positive on the day.

There have only been a handful of occasions when the index has dropped as much as 1% intraday and then closed positive on consecutive trading days: three times in 2002, three times in 2008/09, once in 2015 and once in 2020.

Incidentally, I checked the 2% threshold on the Nasdaq Composite as well, and it hasn’t registered consecutive epic comebacks, either.

Of course – all of that is moot by the close as both the S&P 500 and Nasdaq closed in the red.

Meanwhile, Ned Davis Research’s Global Recession Model is back in “high-risk” zone…

Just as The Fed is about to unleash QT and Hike rates… because this is not Q42018… CPI is at 7%!

Tyler Durden
Tue, 01/25/2022 – 16:03

via ZeroHedge News https://ift.tt/347SjT8 Tyler Durden

2nd NYPD Officer Dies After Being Shot During Harlem Ambush

2nd NYPD Officer Dies After Being Shot During Harlem Ambush

Just a day after Mayor Eric Adams unveiled his new plan for tackling crime in NYC – a plan that has been met with cautious optimism, even from the NY Post, which excoriated Adams’ predecessor daily – a second NYPD officer shot in an incident in Harlem on Friday night has reportedly died, making him the second cop to have died in the shooting.

Wilbert Mora

The deceased officer’s name is Wilbert Mora, 27. He had been clinging to life since being gunned down along with his police partner, Jason Rivera, 22, who died shortly after the shooting Friday, an ambush that occurred during a domestic violence call.

News of the officer’s death was announced by NYC Police Commissioner Keechant Sewell on twitter:

An e-mail to the NYPD rank and file described the department’s grief as “incalculable.”

Mora, who was single, underwent two surgeries after he was shot in the head and a bullet lodged in his brain but couldn’t be saved, authorities said.

Mora and Rivera were both assigned to the 32nd Precinct stationhouse, as was the third officer shot in the incident. They responded to the Harlem apartment after a woman reported that her son was threatening her. The caller told the dispatcher that no one in the home was armed. The mother didn’t know her son – the shooter, a career criminal named Lashawn McNeil – had a gun, NYPD sources say.

As for McAdams’ plan, the NYPost’s Bob McManus wrote Tuesday that “it’s overstuffed with concessions to grasping social activists and it’s impossibly dependent on actors far beyond the mayor’s control…[b]ut it just might make a difference”.

Tyler Durden
Tue, 01/25/2022 – 15:55

via ZeroHedge News https://ift.tt/3u7tsJY Tyler Durden