Monitor’s Report In Fraud Case Contains “Factual Inaccuracies”, Is “Disingenuous” Says Trump Attorney

Monitor’s Report In Fraud Case Contains “Factual Inaccuracies”, Is “Disingenuous” Says Trump Attorney

Authored by Catherine Yang via The Epoch Times (emphasis ours),

Attorneys for former President Donald Trump on Monday responded to a recent report issued by a court-appointed independent monitor regarding Trump Organization finances, disputing former judge Barbara Jones’s characterization of the financial statements as incomplete and inconsistent.

Former U.S. President Donald Trump and his lawyers Christopher Kise and Alina Habba attend the closing arguments in the Trump Organization civil fraud trial at New York State Supreme Court on January 11, 2024 in New York City. (Seth Wenig-Pool/Getty Images)

Ms. Jones recommended that third party monitoring of Trump Organization continue, and concluded that “misstatements and errors may continue to occur,” which defense attorneys said was an effort to continue the monitor’s “exorbitant” fees paid by Trump Organization. Ms. Jones has been paid $2.6 million in her 14-month period as an independent monitor on the case.

Ms. Jones’s team has received Trump Organization financial disclosures to third parties, including lenders and insurers; agreements and documents related to transactions; documents related to Trump Organization entities and dissolutions; bank statements; and documents provided to tax authorities.

Attorney Clifford Robert claimed that the Jan. 26 report, submitted at the request of the court, was also meant to “fill the gaping hole in the Attorney General’s case” and was issued “in bad faith.”

The January 26 Report also contains numerous factual inaccuracies (casting serious doubt on the Monitor’s competency), fails to reference governing standards of any kind, and is otherwise misleading and disingenuous,” the letter reads.

The report pointed out errors on seven disclosure items, three inconsistencies, and five clerical errors, which the defense argues are immaterial amid the thousands of pages of financial data related to the 400 entities Ms. Jones is monitoring.

The Monitor was appointed to report any financial reporting misconduct, suspicious activity or any suspected or actual fraudulent activity,“ the letter reads. ”The Monitor was not appointed to identify math errors or otherwise sensationalize minor and inconsequential accounting discrepancies scattered throughout the financial reports of the over 400 companies comprising the Defendants’ global enterprise.”

Mr. Robert pointed out that the biggest discrepancy Ms. Jones identified was a difference of $1 million in an “internal trial balance presentation,” and had no actual impact. Mentions of delays in implementing transactions had provided “no evidence of any inappropriate or untoward conduct,” he added, claiming this representation as an effort to “malign such disclosures.”

Mr. Robert noted that the words “misconduct,” “suspicious activity,” “suspected fraud,” or “actual fraud” do not appear in Ms. Jones’s report at all, and argued the errors she cites have been blown out of proportion.

“Moreover, as the Reports and the January 26 Report make clear, every item identified has been resolved to the full satisfaction of the Monitor,” he added. “She has not and cannot point to even a single instance of controversy or complaint between any of the Defendants and outside third parties.”

He pointed to five reports Ms. Jones previously submitted, in which she wrote that Trump Organization defendants were repeatedly “complying with” and “continuing to comply with” court orders and the third-party monitoring as a pattern of ongoing cooperation and good faith.

“The Monitor now twists immaterial accounting items into a narrative favoring her continued appointment, and thereby the continued receipt of millions of dollars in excessive fees,” Mr. Robert argued.

Mr. Robert argued there is no purpose in continuing the monitoring of Trump Organization going forward.

Ruling, Penalties Imminent

President Trump and other Trump Organization executives were sued by New York Attorney General Letitia James in September 2022 for fraud in the organization’s financial statements from 2011 to 2021.

New York Supreme Court Justice Arthur Engoron has already found the defendants liable for fraud, and is expected to issue an order this week that will detail the penalties President Trump will have to pay.

The attorney general is seeking $370 million in disgorgement, which is the difference in what the state claims Trump Organization would have paid in interest and fees if the financial statement totals had been lower, plus several other penalties.

The judge had already ordered the cancellation of President Trump’s business certificates and the dissolution of Trump Organization companies. The ambiguous order had been put on pause by an appeals court after defense attorneys argued it would upend the livelihoods of hundreds of employees overnight. It was not clear whether an independent receiver would then sell off Trump Organization properties under bankruptcy procedures, and the judge had said he would revisit the details.

The attorney general is also seeking to bar President Trump from doing business in New York or with New York-based financial organizations for life, as well as five-year bans for his sons Eric Trump and Donald Trump Jr., who are executive vice presidents at Trump Organization.

Tyler Durden
Tue, 01/30/2024 – 22:05

via ZeroHedge News https://ift.tt/sTKauFg Tyler Durden

More Israeli Troops To ‘Go Into Action’ Soon At Lebanon Border: Defense Minister

More Israeli Troops To ‘Go Into Action’ Soon At Lebanon Border: Defense Minister

As the region braces for the consequences of major US airstrikes on ‘Iranian proxies’ in Iraq and Syria, Israel’s defense minister has issued an alert saying Israeli troops will “very soon go into action” near the country’s northern border with Lebanon.

Defense Minister Yoav Gallant issued the words Monday at a time of daily tit-for-tat cross-border fire with Hezbollah. The conflict has thus far been seen as “contained” – yet things across the broader region are looking anything but contained. Gallant said, “They will very soon go into action… so the forces in the north are reinforced.”

Anadolu Agency via Getty Images file

He added that reservists need to “prepare and come ready” for future operations in the north when called upon. Israel’s military struck several Hezbollah positions on Monday.

“The targets included Hezbollah’s infrastructure and an observation post located in the southern Lebanese areas of Markaba, Taybeh, and Maroun Al-Ras,” the IDF said.

This was in response to at least a dozen earlier attacks by Hezbollah the same day, which reportedly included use of Iranian-made Falaq-1 and Burkan missiles.

Days ago, ABC News quoted an Israeli government official who predicted:

Israel is “closer to war” with Hezbollah and a possible regional war than ever, a senior Israeli official said.

Gallant had previously estimated that as a result of Hezbollah rockets which started soon after Oct.7, over 80,000 Israeli citizens are still displaced from their homes, after border regions had to be evacuated en masse.

Incoming missile and drone alerts have also become commonplace across communities in the north. Some Israeli officials have wanted a more hawkish response in order to eventually allow these citizens to safely return to their homes in the north.

Over a month ago, Prime Minister Benjamin Netanyahu warned, “If Hezbollah decides to open an all-out war, then with its own hands it will turn Beirut and southern Lebanon, which are not far from here, into Gaza and Khan Younis.”

The consensus among regional analysts is that Hezbollah is far superior to Hamas’ capability in terms of numbers of fighters, missiles, and weaponry such as laser-guided anti-tank missiles. An all-out war scenario would be severe, but likely Lebanon would be devastated and come under Israeli bombs. For now it seems, neither side wants this worst-case scenario.

Tyler Durden
Tue, 01/30/2024 – 21:45

via ZeroHedge News https://ift.tt/jMc1oZB Tyler Durden

The Beltway Judge Hearing Trump Cases And Her Anti-Trump, Anti-Kavanaugh Husband

The Beltway Judge Hearing Trump Cases And Her Anti-Trump, Anti-Kavanaugh Husband

Authored by Julie Kelly via RealClear Wire,

Washington glitterati assembled at the John F. Kennedy Center for the Performing Arts in October to celebrate federal employees making a difference in government. Hosted by CNN anchor Kate Bolduan, the black-tie affair featured in-person appearances by top Biden White House officials including Chief of Staff Jeffrey Zients, Deputy Attorney General Lisa Monaco, and Secretary of Agriculture Thomas Vilsack.

Midway through the evening’s festivities, Max Stier, president of the group sponsoring the event – the Partnership for Public Service, a $24 million nonprofit based in Washington that recruits individuals to work in the civil service – took the stage to thank his high-profile guests. “Great leaders are the heart and soul of effective organizations,” Stier said, “which is why I am so thankful to see so many of our government’s amazing leaders here tonight.”

Stier also acknowledged one federal employee, his wife, Judge Florence Y. Pan, who sits on the Court of Appeals for the District of Columbia. Pan would soon need no introduction. Earlier this month she made headlines  by asking Donald Trump’s lawyers whether the presidential immunity he sought in connection with alleged Jan. 6 crimes was absolute.

Could a president order SEAL Team Six to assassinate a political rival?” Pan asked Trump lawyer John Sauer. “That’s an official act – an order to SEAL Team Six?” she clarified.

Related: Anti-MAGA Networker at White House and Her J6 Prosecutor Husband

Although the back and forth between Pan and Sauer was inconclusive as to the question about a president’s criminal liability, many mainstream outlets misconstrued the exchange while lionizing Pan for posing a question that they then used to advance their description of Trump as a lawless menace. The exchange, which Pan prompted when she posed the pre-arranged hypothetical at beginning of the hearing, has raised new questions about the impartiality of judges hearing politically charged cases.

For months progressives have been insisting that Supreme Court Justice Clarence Thomas should recuse himself from any case that involves Trump because of his wife Ginni Thomas’ political involvement and participation in the events of Jan. 6. Those same interests have yet to express similar worries about Pan’s objectivity, despite her husband’s longtime political activism and current opposition to another Trump presidency.

Power couples are the lifeblood of Washington so it’s not unusual for political activists, judges, and White House bigwigs to rub elbows at fancy soirees like the October gala at the Kennedy Center. But Max Stier’s longtime ties to the Democratic Party, his access to key Biden administration officials, and his suggestion that Trump represents a threat to democracy at the same time his wife is handling sensitive matters related to the Department of Justice’s prosecution of the former president should raise questions about her impartiality.

A member of Bill Clinton’s legal team during the Monica Lewinsky scandal, Stier, 57, has been a Democratic Party fixture for nearly three decades. Since 2001, he has run the Partnership for Public Service, which is funded by some of the most generous benefactors of progressive causes including the Gates Foundation, Democracy Fund, and the Ford Foundation. In 2020, the Partnership launched an effort tied to the Diversity, Equity, and Inclusion (DEI) movement, pledging to demand what it considers greater diversity in government agencies and institutions.

In a letter to mark the group’s 20-year anniversary, Stier lamented the country’s democratic “crisis” caused by “a violent insurrection against Congress and growing suspicions about the results of a legitimate election.”

Recently, Stier has joined the growing chorus of Beltway voices warning that a second Trump presidency would pose a unique “threat” to the country’s future. Stier and others are particularly concerned with Trump’s promise to convert tens of thousands of federal bureaucrats into political appointees, meaning they could be fired without cause by the president. Such a plan, according to Stier, undermines the Constitution and the law.

“You wind up with a workforce that is not only going to deliver poor service, but also that is going to be a tool for retribution and actions that are contrary to our democratic system,” Stier said in a December 2023 Politico interview. “If you are selecting people on the basis of their political persuasion or their loyalty as opposed to their expertise and their commitment to the public good, you’re going to wind up with less good service and more risk for the American people.”

Related: In Her J6 Courtroom, Trump Judge Is Pot Calling Defendant Incendiary

“I don’t think we have a deep state today,” he said. But “the proposals that are on the table would create a deep state, rather than the effective state that we all should be pursuing.”

Stier is doing more than just discussing the issue in media interviews; he is working directly with Biden officials to prevent Trump from following through on his pledge if he wins in November. Stier has called Trump’s plans to reform so-called “Schedule F” employees “an assault on our civil service, the core to our system of government and democratic institutions.”

When Republicans threatened to shut down the government last year over disagreements with Democrats on federal spending levels, Stier warned it would sideline what unions estimate as 4 million government employees. “[It] is the equivalent of burning down your own house,” he said of a potential shutdown.

But Stier is perhaps best known for his involvement in attempting to thwart Brett Kavanaugh’s nomination to the Supreme Court. Stier and Kavanaugh attended Yale University together in the mid-1980s. In September 2019, while reporting on a sexual abuse accusation made by another Yale student, Deborah Ramirez, the New York Times disclosed Stier’s account of an incident he allegedly witnessed during their freshman year.

Two Times reporters, in their first-person-plural “analysis” favoring Kavanaugh’s accusers, wrote:

A classmate, Max Stier, saw Mr. Kavanaugh with his pants down at a different drunken dorm party, where friends pushed his penis into the hand of a female student. Mr. Stier, who runs a nonprofit organization in Washington, notified senators and the F.B.I. about this account, but the F.B.I. did not investigate and Mr. Stier has declined to discuss it publicly. We corroborated the story with two officials who have communicated with Mr. Stier; the female student declined to be interviewed and friends say she does not recall the episode.

Stier’s still unproven allegations are included in a new documentary, “Justice,” about the Kavanaugh scandal. The film, which premiered at the 2023 Sundance Film Festival, centers on Ramirez and features a recording of Stier’s never-before-heard 2018 call to the FBI tip line detailing what he claimed to have seen and heard. 

Washington Post entertainment reporter Jada Yuan wrote in January 2023:

In the previously unheard recording, Stier says classmates told him not just that Kavanaugh stuck his penis in Ramirez’s face, but that afterward, Kavanaugh went to the bathroom to make himself erect before allegedly returning to assault her again, hoping to amuse an audience of mutual friends, In the film, Ramirez says she’d suppressed the memory so deeply she couldn’t recall this second incident. … Stier’s message to the FBI also cites another incident involving a different woman, which he says he witnessed “firsthand”: A severely inebriated Kavanaugh, his dorm mate, pulling his pants down at a different party while a group of soccer players forced a drunk female freshman to hold his penis.

Stier did not appear as an interview subject in the film. Some speculated that Stier’s involvement in the Kavanaugh matter was retaliation against former Senate Majority Leader Mitch McConnell for allowing his wife’s earlier nomination as district judge to expire with the end of the Obama administration.

Judge Pan, 57, a Taiwanese-American, has longstanding ties to the Democratic Party. A graduate of Stanford Law School, Pan worked for President Clinton’s departments of Justice and Treasury before joining the U.S. Attorney’s Office for the District of Columbia in 1999. In 2009, President Barack Obama nominated her to serve as an associate judge on the Superior Court of the District of Columbia. As his tenure drew to a close, Obama then nominated her unsuccessfully to serve as a United States district judge for the District of Columbia.

After Trump left office in 2021, Pan became one of President Biden’s first judicial nominees, tapped again to serve as a U.S. district judge in Washington. Less than a year later, Biden promoted her to the D.C. appellate court; in both instances, Pan replaced Ketanji Brown Jackson as she made her way to the Supreme Court. She is the first Asian American to serve on both benches.

“This is a perfect example of how the Deep State defends its interest,” Russell Vought, president of the Center for Renewing America, one of the organizations pushing for the Schedule F reforms told RealClearInvestigations. “In and out of government, multiple branches of government, relying on personal networks, even marriages, to defeat President Trump and thereby protect a permanent, unaccountable bureaucracy.”

During her brief tenure on the appellate court, Pan has found herself on an unusually high number of politically charged cases.

A panel of three judges initially hears appeals before the full court selected out of 11 sitting judges. Pan has been seated on two such panels regarding cases involving Jan. 6 and Donald Trump. In both cases she provided the key vote in a split, 2-1 decision, that sided with the government. In Fischer v. USA, Pan acknowledged that the government was making a “novel” use of a post-Enron statute that addressed tampering with documents to increase the legal jeopardy of individuals who disrupted the Electoral College Count on Jan. 6.

“To be sure, outside of the January 6 cases brought in this jurisdiction, there is no precedent for using 1512(c)(2) to prosecute the type of conduct at issue in this case.” Nonetheless, Pan applied a “broad reading of the statute” to allow application of the law.

Pan reached the same conclusion in Robertson v. USA on the same matter in another 2-1 decision. Her opinion in the Fischer case is now before the Supreme Court; legal observers predict the court might reverse her opinion, essentially overturning how the DOJ has interpreted the statute’s language to charge more than 300 Jan. 6 protesters with the felony count. (This would put Judge Kavanaugh in the unique position of voting against a decision written by the spouse of one of his accusers.)

Unusual GOP Dissent on Court

Pan also upheld another controversial lower court ruling that favored the DOJ and worked against Trump, one that recently resulted in a harsh rebuke from some of her colleagues on the circuit court.

U.S. District Court Judge Beryl Howell, another Obama appointee, in 2023 authorized an application from Special Counsel Jack Smith to obtain a search warrant for Trump’s Twitter data in his Jan. 6 case against the former President. Not only did Howell force the company to produce the records, which included direct messages and draft posts, she signed a nondisclosure order to prevent Twitter – now X and owned by liberal bête noire Elon Musk – from notifying its customer, Trump, about the warrant for 180 days.

X appealed Howell’s nondisclosure order; Judge Pan backed Howell’s decision and ruled against the company’s appeal, citing the need to “safeguard the security and integrity of the investigation” and “avoid tipping off the former President about the warrant’s existence.”

But Pan’s conclusions were wrong, four Republican-appointed judges on the D.C. circuit court wrote this month in what legal observers described as an unusual 12-page statement related to the appeal.

“The Special Counsel’s approach obscured and bypassed any assertion of executive privilege and dodged the careful balance Congress struck in the Presidential Records Act,” Judges Neomi Rao, Justin Walker, Gregory Katsas, and Karen Henderson wrote in an order filed Jan. 16. “The district court and this court permitted this arrangement without any consideration of the consequential executive privilege issues raised by this unprecedented search. We should not have endorsed this gambit. Rather than follow established precedent, for the first time in American history, a court allowed access to presidential communications before any scrutiny of executive privilege.”

But it was Pan’s exchange with Trump’s defense attorney during oral arguments related to Trump’s claims of presidential immunity against criminal prosecution that caught the media’s attention. Trump is seeking to dismiss Smith’s Jan. 6 indictment on immunity grounds; Judge Tanya S. Chutkan issued a landmark ruling in December denying Trump’s motion and concluded that presidents are subject to criminal prosecution.

Roughly one minute into the Jan. 9 discussion, Pan interrupted Trump lawyer Sauer with her hypothetical question. The exchange went as follows:

Pan: Could a president order SEAL Team Six to assassinate a political rival? That’s an official act, an order to SEAL Team Six?

John Sauer: He would have to be and would speedily be impeached and convicted before the criminal prosecution.

Pan: But if he weren’t … there would be no criminal prosecution, no criminal liability for that?

Sauer: Chief Justice’s opinion in Marbury against Madison … and the Impeachment Judgment Clause all clearly presuppose what the Founders were concerned about …

Pan: I asked you a yes or no question. Could a president who ordered SEAL Team Six to assassinate a political rival who was not impeached, would he be subject to criminal prosecution?

Sauer: If he were impeached and convicted first.

Pan: So your answer is … no.

Sauer: It is a qualified yes.

Despite Sauer’s answer, figures in major media nonetheless reported that Sauer claimed a president could not be prosecuted for ordering the assassination of a political rival. (It was unclear whether Pan suggested the order or the act itself was illegal.) Legal analysts, cable news hosts, and columnists praised Pan regardless of the plausibility of such a scenario.

Former federal prosecutor Harry Litman told MSNBC host Chris Hayes that “after Judge Pan asked that hypo about SEAL Team Six, Sauer … was a dead man walking. He will lose. He should lose.”

Writing for the Atlantic, former federal prosecutor and Trump antagonist George Conway described Pan’s hypothetical as a way of setting a “trap” for Team Trump. He further suggested Pan could host “Meet the Press” if she decided to pursue a different career outside the judiciary.

Conway continued to praise Pan in a CNN interview, calling her SEAL Team Six line of inquiry an “intellectual tour de force.”

Democrats also seized on Sauer’s response. Rep. Adam Schiff, currently running for the U.S. Senate in California, denounced Trump and his legal team, insisting “there is no immunity for murder.”

A reporter asked Trump about the exchange during an appearance on Jan. 11. “Do you agree with your lawyers, what they said on Tuesday, that you should not be prosecuted if you ordered SEAL Team Six to kill a political opponent?” Trump replied that presidents “have to have immunity,” otherwise every president would be prosecuted by that leader’s successor of the opposite political party.

Some pundits took Pan’s hypothetical a step further. MSNBC contributor Elie Mystal misrepresented Sauer’s answer, then proposed that Joe Biden could “launch a preemptive strike on a rebel stronghold at Mar-a-Lago” under Trump’s way of thinking.

Paul Rozenzweig of the anti-Trump conservative site The Bulwark wrote that Trump’s reasoning meant Biden could assassinate Trump without any consequences.

The controversy presumably will continue to swirl until Pan’s panel issues its ruling. It could be weeks until the opinion is filed. Until then, Trump’s March 4 trial date is on hold and looks less likely by the day, which is why Jack Smith asked the court to fast-track the announcement to expedite the process as it inevitably heads toward the Supreme Court. Considering the political composition of the three-judge panel – two judges appointed by Democratic presidents – most observers expect the appellate court to uphold Chutkan’s ruling.

Meanwhile, Pan’s hypothetical scenario of a presidentially ordered hit likely will figure prominently in any opinion.

Tyler Durden
Tue, 01/30/2024 – 21:25

via ZeroHedge News https://ift.tt/9sZXjxe Tyler Durden

Taxpayer-Funded Electric Busses Are Sitting Broken Down And Idled Across The Country

Taxpayer-Funded Electric Busses Are Sitting Broken Down And Idled Across The Country

Stop us if you’ve heard this one before, but the billions of dollars we’re spending to convert the country to “clean” energy in order to reduce carbon emissions is being allocated poorly. We know, government spending that isn’t efficient? We were shocked, too.

The latest example comes from the idea that our tax money should be responsible for instituting electric busses nationwide. As Fox News reported this week, the idea has been nothing short of a total disaster, with busses broken down and unused across the nation. 

Fox cites several examples, including authorities in Asheville, North Carolina, who have encountered numerous difficulties with their electric bus fleet, leading to the idling of three out of five buses bought in 2018 for “millions”. These challenges stem from an assortment of software glitches, mechanical failures, and the unavailability of necessary spare parts.

In a similar vein, The Denver Gazette highlighted issues in Colorado Springs, where Mountain Metropolitan Transit’s electric bus initiative faces setbacks. Of the four e-buses procured in 2021, each costing $1.2 million primarily funded by governmental grants, two are currently non-operational.

One of the key reasons the electric bus industry isn’t evolving? The free market has already sent it a message by bankrupting its key supplier and largest e-bus manufacturer in the U.S., a company called Proterra. 

It filed for Chapter 11 bankruptcy in August, exacerbating issues for cities with their buses. Despite being promoted by President Biden and having former Energy Secretary Jennifer Granholm on its board, the company faced other challenges (for example: a business model that doesn’t work even with massive government subsidies). 

Asheville’s interim transportation director, Jessica Morriss, reported difficulties in obtaining parts post-bankruptcy.

Proterra’s problems predate the bankruptcy. In 2020, SEPTA in Philadelphia pulled its $24 million Proterra fleet, and in 2021, Foothill Transit in California reported over half of its electric buses idle. Other affected areas include Stockton, Reno, Louisville, where TARC’s entire fleet remained unused for two years, and Austin, where Capital Metro’s $46 million deal with Proterra faces delays.

Broward County, Florida’s experience was particularly telling, with their Proterra buses breaking down far more frequently than diesel counterparts, highlighting the challenges in transitioning to electric public transportation, the report says.

Now, Fox reports the company is trying to make a comeback. Jose Paul, Chief Revenue Officer of its new holding company, Phoenix Motorcars, discussed the company’s acquisition of Proterra’s “world-class technology” with FOX Business. He compared the evolution of electric vehicles to the early days of the Model T, noting that Proterra’s buses have been improving over time.

Paul acknowledged challenges faced by Proterra’s customers, like Asheville, particularly due to part shortages following the bankruptcy. He revealed Phoenix Motorcars’ immediate plan to restock spare parts and address supplier issues.

Paul expressed optimism that issues caused by Proterra’s bankruptcy would be resolved within six to nine months, emphasizing Phoenix’s commitment to customer satisfaction.

It’ll be back at the trough for more of your taxpayer cash in no time…

Tyler Durden
Tue, 01/30/2024 – 21:05

via ZeroHedge News https://ift.tt/0GrPaFC Tyler Durden

Biden Admin Alters Course On Gas Stove Rule After Months Of Negotiations

Biden Admin Alters Course On Gas Stove Rule After Months Of Negotiations

Authored by Allen Zhong via The Epoch Times (emphasis ours),

The Department of Energy (DOE) released a watered-down finalized gas stove rule Monday after months of talks with industry groups and climate activist groups.

Flames burn on a gas stove in Chicago, Ill., on Jan. 12, 2023. (Scott Olson/Getty Images)

The final rule made several major revisions to the initial rule which was released in February 2023 and was widely reported as a gas stove ban.

The adopted rule allows extra-high input rate (HIR) burners and oversized cast-iron grates. It also increases the energy conservation standard for gas cooktops or gas ranges from 1,204 thousand British Thermal Units (BTUs) per year to 1,770 thousand BTUs per year.

The updated efficiency levels for gas cooking tops allow gas cooking tops to retain the presence of multiple HIR burners, continuous cast-iron grate,” read the adopted rules. “The adopted efficiency level thereby preserving consumer product choice for gas cooking tops.”

The rules will not affect any current cooking products but only future products on the market.

About 97 percent of gas cooking tops, 95 percent of electric standard ovens, 95 percent of electric self-clean ovens, 96 percent of gas standard ovens, and 96 percent of gas self-clean ovens would meet or exceed the required efficiency levels.

However, 23 percent of electric smooth element cooking tops would fall short.

It would take the industry $66.7 million of investment to make their product comply with the new standard, the DOE estimated.

The final rules will be effective in 2028.

The adoption of the new rules would save consumers approximately $1.6 billion on their utility bills and reduce carbon dioxide emissions by around 4 million metric tons in the coming 30 years, DOE projected.

The revised rule is based on a joint recommendation back in September 2023 by the Association of Home Appliance Manufacturers (AHAM), the American Council for an Energy-Efficiency Economy, the Alliance for Water Efficiency, the Appliance Standards Awareness Project, the Consumer Federation of America, the Consumer Reports, Earthjustice, the National Consumer Law Center, the Natural Resources Defense Council, and the Northwest Energy Efficiency Alliance.

The AHAM, a trade association representing the manufacturers of household appliances sold in the United States, applauded the new rules, saying it will save energy, preserve cooking methods and features for home cooks, and give manufacturers flexibility.

“This standard is a win for consumers and energy savings,” AHAM President and CEO Kelly Mariotti said in a statement. “We thank DOE for adopting the recommended levels and we ask the Department to follow this success with a speedy release of the test procedure associated with the new standard.”

Gas Stove Ban Controversy

The initial rule published by the DOE said that 50 percent of gas stoves on the market would be impacted.

It’s widely reported as a gas stove ban by the media because it could wipe off half of the gas stoves.

AHAM said that the DOE was banning gas cooking products from the market and the DOE-backed analysis was flawed.

They have released the most stringent proposal for gas ranges, which only a sliver of the market can meet,” an industry spokesperson for AHAM told The Epoch Times then. “Clearly, the Department of Energy’s intentions are to eliminate gas products from the market. And they should just say that instead of releasing a deceptive and flawed analysis to justify their proposal”

The DOE admitted in the adopted rule that there were errors and inaccuracies in the analysis released with the initial rule.

To address the controversy over the potential gas stove ban, the DOE clarified in May 2023 that the federal government has no plan to ban gas stoves and it will revise the proposed rule to guarantee flexibility.

“Claims that the federal government is banning gas stoves are absurd. Neither DOE nor the federal government plans to ban gas stoves. In February 2023, DOE published a proposal that would improve the efficiency of gas and electric stoves. If implemented, the standards would not go into effect until 2027 and help U.S. consumers save up to $1.7 billion. As required by congressional mandate, DOE is determined to ensure consumers have multiple options that are both cost-effective and energy-efficient,” the DOE explained on its website.

Tyler Durden
Tue, 01/30/2024 – 20:45

via ZeroHedge News https://ift.tt/hNluMXZ Tyler Durden

American F-16 Fighter Jet Crashes Off South Korea

American F-16 Fighter Jet Crashes Off South Korea

A US F-16 fighter jet has crashed in waters off South Korea’s west coast on Wednesday morning local time, according to initial reporting by Yonhap news agency. The pilot is reported to have ejected from the aircraft and was promptly rescued, after descending to the ocean.

“The fighter jet crashed into the water and the rescued pilot is safe,” Yonhap reports of the incident which occurred near Gunsan, in North Jeolla province. 

Air Force F-16 Fighting Falcon over South Korea, illustrative: USAF

Though details have been scant, US Forces Korea have confirmed the crash. There doesn’t appear to have been any casualties as a result of the accident.

The Korean peninsula has witnessed a significant rise in tensions especially going back to last summer, when the US parked a nuclear submarine in a South Korean port for the first time since the 1980s.

From there, Pyongyang has ramped up its ballistic missile tests and military drills, which have been met with a rise in joint US-South Korean drills. However, it is as yet unclear whether this fresh jet crash came within the context of joint exercises.

A mere month ago there was a similar crash of an American F-16 fighter jet, which was also in Gunsan, and it happened during a training exercise, the details of which can be reviewed in a military publication

Tyler Durden
Tue, 01/30/2024 – 20:42

via ZeroHedge News https://ift.tt/1ltmxfb Tyler Durden

This Is The Way Mega-Cap Tech Earnings Begin: Not With A Bang But A Whimper

This Is The Way Mega-Cap Tech Earnings Begin: Not With A Bang But A Whimper

After a two month meltup which priced-in not one but several quarter of sheer earnings (and guidance) perfection, there was zero room for disappointment today when $5 trillion in market cap reported between GOOGL and MSFT, not to mention AMD and a bunch of other tech and consumer names. Alas, it was not meant to be, and the mega-cap tech earnings began not with a bang but a whimper.

Below is the EOD wrap from Goldman’s Mike Washington which is titled, appropriately enough, “All about tech (prints go 0 for 3)

Another choppy session today as investors digested a hotter than anticipated JOLTS report (back above 9mm and an upward revision to previous month), megacaps slid ahead of the $5.7 trillion in market cap that reported tonight, and we got a slew of idiosyncratic movers as we enter the heart of earnings.

After hours, Tech went 0 for 3:

  • MSFT flat on a solid print (azure +28% cc growth = in line w/ expectations),
  • GOOGL -4% on mixed print (slight top line beat, but Op inc missed street),
  • AMD -4% on a slight beat but guide FQ1 below (after trading down 3% today on a d/g away).

We have seen de-risking in megacap tech space since the beginning of last week which should damper the downside risk to this group a bit… but these prints certainly did not clear the high bar.
 
Other Standouts: Autos positioning was light headed into GM earnings this morning. Stock closed +8% after reporting sales & EPS upside and very strong guidance (F +2% in tandem). Banks and rate sensitives acted well on a competitor upgrade with the expectation for less onerous regulatory changes, and pockets of Semis/AI outperformed after a big raise from SMCI.
 
Our desk was a 5 on 1 – 10 scale in terms of overall activity levels. Overall executed flow on our desk ended with a -44bp sell skew vs 30d avg of -81bps. L/Os finished -8% net sellers, driven by supply concentrated megacap tech and discretionary vs demand in Financials and REITs. HFs finished +31bps buy skew, with sector skews benign and offsetting in nature. HFs sold mega cap tech, Hcare vs bought Staples, REITs, and discretionary.

Derivatives: Active day in the tech space, as clients traded several names ahead of earnings. We saw buyers of short dated upside in AMZN, GOOG & SNOW, including a buyer of 13.5k next Friday AMZN call spreads. At the index level, flows trended the opposite way as clients focused on fix-strike protection in both SPX and NDX. The straddle for the rest of the week went out at 1.20%. (h/t Pat Grahling)

And here is something interesting: not even Goldman believes the bullshit spewed by Biden Department of Labor Propaganda.

We’ve been watching the workforce reduction dynamic closely into 2024. UPS and PYPL today joins the list of companies with layoffs announced over the last 3 months:
 
1. Twitch: 35% of workforce
2. iRobot: 31% of workforce
3. Hasbro: 20% of workforce
4. Spotify: 17% of workforce
5. Levi’s: 15% of workforce
6. Zerox: 15% of workforce
7. Qualtrics: 14% of workforce
8. Wayfair: 13% of workforce
9. Duolingo: 10% of workforce
10. Washington Post: 10% of workforce
11. eBay: 9% of workforce
12. Business Insider: 8% of workforce
13. Paypal: 7% of workforce
14. Charles Schwab: 6% of workforce
15. Blackrock: 3% of workforce
16. UPS: 2% of workforce
17. Salesforce: 1% of workforce
18. Citigroup: 20,000 employees
19. Pixar: 1,300 employees

We, for one, can’t wait for this Thursday’s initial claims report to show another record low number just as US corporations lay off tens of thousands all around.

Tyler Durden
Tue, 01/30/2024 – 20:24

via ZeroHedge News https://ift.tt/pMhlbgV Tyler Durden

Delaware Court Judge Voids Elon Musk’s $55BN Compensation Package

Delaware Court Judge Voids Elon Musk’s $55BN Compensation Package

A Delaware judge voided Elon Musk’s $55 billion pay package after a Tesla shareholder brought a case to court claiming it was excessive. The consequences of the ruling could have major implications for Tesla’s governance structure, but their implementation will hinge on a forthcoming appeal, according to Bloomberg

The compensation case, which was launched by shareholder Richard Tornetta, argued that Tesla’s board lacked independence in crafting Musk’s pay, a view the judge supported.

Tuesday’s court verdict requires Tesla’s board to put together a new executive compensation plan, at least temporarily overhauling the record-setting package previously awarded to Musk in 2018.

A large portion of Musk’s net worth hangs in the balance, with the options valued at about $51.1 billion, according to the report. Excluding these options, his net worth would diminish to $154.3 billion, positioning him as the world’s third wealthiest individual, a step down from his prolonged stint at the top, per the Bloomberg Billionaires Index.

Delaware Chancery Court Chief Judge Kathaleen St. J. McCormick cited inadequate disclosures and board conflicts of interest in her ruling. Musk, whose wealth largely comes from Tesla, the top auto company globally, has seen stock options from this plan vest as performance goals were met, though he hasn’t exercised them yet.

The judge wrote: “In the final analysis, Musk launched a self-driving process, recalibrating the speed and direction along the way as he saw fit. The process arrived at an unfair price. And through this litigation, the plaintiff requests a recall.”

“The most striking omission from the process is the absence of any evidence of adversarial negotiations between the Board and Musk concerning the size of the grant,” she continued.

Musk’s defense couldn’t justify the necessity of this unprecedented compensation plan. The judge questioned the need for such a plan to retain Musk and achieve Tesla’s objectives. The outcome of Musk’s appeal or Tesla’s response with a new pay package is yet to be seen, and any compensation from the case will revert to Tesla, not the shareholder.

“Never incorporate your company in the state of Delaware,” Musk fired back on Twitter. 

He followed this up with a poll on X asking (rhetorically) if Tesla should switch its state of incorporation to Texas.

Tyler Durden
Tue, 01/30/2024 – 20:05

via ZeroHedge News https://ift.tt/SspQ3ew Tyler Durden

So Many Problems Continue To Plague The EV Industry

So Many Problems Continue To Plague The EV Industry

Authored by Kristen Walker via RealClear Wire,

The fourth quarter of 2023 was not good for Electric Vehicles (EV). Multiple manufacturers decided to curb or halt production. Ford in particular decided to cut their F150 Lightening Truck series in half. Roughly 4,500 auto dealers signed on to a letter petitioning the Biden administration to “tap the breaks” on its aggressive EV push, on account of EVs stacking up on dealer lots.

The new year is already off to a rough start and we’re not even through the first month.

Hertz announced it will be selling off about one third of its EVs, which will amount to roughly 20,000 vehicles. This is a major reversal from their promise just a few years ago to dramatically increase its EV fleet. The money procured from selling them off will be used for the purchase of internal combustion engines (ICE) in order to “meet customer demand.” The car rental company isn’t too keen on the expensive repairs that accompany EV ownership either, which can cost up to twice that of ICE vehicles.

Mid-January saw a severe cold snap surge across many parts of the United States, greatly affecting the Midwest. Many Chicago-area EV owners found themselves unable to charge their vehicles, leaving them stranded. This is because on average an EV’s range can drop 40% and charging takes significantly longer in freezing conditions. Some motorists waited hours in line at charging stations that struggled to even charge vehicles, and long lines meant difficulty finding open charging stations. Other vehicles had to be towed. This can’t be good PR for the EV industry.

And now, a cheating scandal.

The Texas Public Policy Foundation’s fall study examines a rule in which EVs “improperly benefit from an erroneous interpretation by the U.S. Department of Energy of a series of laws” promoting alternative fuel vehicles, but “clearly excluding electric vehicles.” Carmakers can arbitrarily multiply the efficiency of EVs by 6.67, meaning a 2022 Tesla Model Y which tests at the equivalent of about 65 mpg in a laboratory is counted as having a compliance value of 430 mpg.

Environmental groups questioned the legality of the rule; the Wall Street Journal broke the story last week, claiming that such inflated numbers have “no basis in reality or law.”

With current regulations, automakers that don’t meet Corporate Average Fuel Economy (CAFE) standards are required to purchase credits from those whose fleets exceed them. Imagine the credits EVs can earn using a multiplier that boosts efficiency nearly seven times greater than gas-powered cars. It’s in the billions. Tesla alone apparently brought in $554 million from these credits just in 2023’s third quarter, representing a large portion of their overall net income.

The government is exploiting CAFE standards to drive the adoption of EVs.

If we’ve learned anything in these last several months about EVs, it’s that the government needs to quit manipulating the market through its massive subsidization of an unwanted “transition” and forcing consumers to purchase vehicles they don’t want. And now we learn automakers have been finagled into manufacturing EVs.

Blinded by their own climate ambitions, the net-zero crowd doesn’t see the writing on the wall. Nor do they seem to care that taxpayers are picking up the tab, particularly those purchasing ICE vehicles, which are artificially inflated to help companies recoup what they can’t charge EV buyers. Very few would actually pay the amount an EV really costs. Americans are bankrolling roughly $50,000 per EV over a decade, with the amount it takes to produce and keep them running. 

The rapid push toward electrification is all way too much, far too soon. It’s crippling our economy and consumer wallets.

Centrally planned economies never turn out well; why would this be any different?

It’s past time to put consumers first, not the agenda of a select few. Like the letter penned by thousands of auto dealers across the nation said, “Many people just want to make their own choice about what vehicle is right for them.”

Kristen Walker is a policy analyst for the American Consumer Institute, a nonprofit education and research organization. For more information about the Institute, visit www.theamericanconsumer.org or follow us on Twitter @ConsumerPal.

Tyler Durden
Tue, 01/30/2024 – 19:45

via ZeroHedge News https://ift.tt/hvy48nl Tyler Durden

New York May Screw 4,000 Legal Residents Out Of A Job – So Migrants Can Have Them

New York May Screw 4,000 Legal Residents Out Of A Job – So Migrants Can Have Them

In a move that would once again punish those who entered the country legally, the state of New York is mulling a plan to hire around 4,000 ‘migrants and asylum seekers’ into mostly entry-level jobs that are allegedly ‘hard to recruit for,’ according to a Jan. 12 memo from the Department of Civil Service obtained by Bloomberg.

The jobs in question would largely consist of areas like food service, equipment repairs, facilities management and office assistance, and would apply to those who have obtained a work permit, the memo states.

To make these jobs more accessible, the state is proposing to create “transitional” titles with requirements more in line with the candidates’ qualifications. Once in those jobs, the workers would receive training and support to help them gain the necessary skills to be eligible for permanent roles. -Bloomberg

These individuals are able to perform many of the core duties of the positions that state agencies seek to fill,” the memo continues.

Amid an influx of over 170,000 migrants bussed from southern border states ill-equipped to handle them, New York Gov. Kathy Hochul (D) has proposed a $2.4 billion plan to help provide for them. She’s also called on the Biden administration to speed up work permits, and boost federal aid for the migrants – arguing that letting them work would help the state’s economy and mitigate the humanitarian crisis.

Nevermind the 14% of New York state that’s already living in poverty, or the roughly 436,000 unemployed legal New York residents.

According to NYC Mayor Eric Adams (D), the city will peel off roughly $10.6 billion in taxpayer funds to care for migrants over the three-year period ending in June 2025, with the city spending an average of $352 per night to care for each migrant family, according to city budget officials.

“This initiative, which has not yet been implemented, would offer temporary employment opportunities that are available for anyone who can legally work in the United States,” said Hochul spox Avi Small. “Governor Hochul has prioritized modernizing our state workforce and eliminating red tape, and she has instituted a series of reforms to achieve that goal.”

Tyler Durden
Tue, 01/30/2024 – 19:25

via ZeroHedge News https://ift.tt/A2gs1HV Tyler Durden