Tag: news

Exonerated Brooklyn Man Got Just Eight Months of Freedom After 23 Years in Prison

In 1989 William Lopez was convicted of killing
Elvirn Surria, a Brooklyn crack dealer, with a shotgun while
robbing him. Since there was no physical evidence linking Lopez to
the murder, the Kings County District Attorney’s Office relied on
the testimony of two eyewitnesses. One was a courier for Surria
whose description of the gunman did not match Lopez and who could
not point him out in court. The other was a crack addict facing a
drug charge who agreed to testify against Lopez in exchange for
lenient treatment and later recanted.

Last January, responding to a habeas corpus petition filed by
Lopez, a federal judge
overturned his conviction, calling the prosecutor “overzealous
and deceitful,” the defense attorneys “indolent and ill prepared,”
the trial judge’s decisions “incomprehensible,” and the jury’s
verdict “bewildering.” Lopez was
released from prison a week later. On Saturday morning, The
New York Post reports,
he died of an asthma attack at the age of 55, having enjoyed
eight months of freedom after serving 23 years in prison for a
crime he did not commit. Lopez had filed a lawsuit against New York
City, seeking $124 million in damages. The trial was supposed to
begin this week. 

There seem to have been more than a few trumped-up convictions
under Charles Hynes, the long-serving Brooklyn district attorney
who was succeeded this year by Kenneth P. Thompson. Thompson
established a Conviction Review Unit that is
examining about 100 cases, including 57 based on work by a
legendary detective, Louis Scarcella, “whose methods have come
under attack” (as The New York Times delicately

puts it). Summarizing half a dozen exonerations resulting
from reviews under Thompson, the Times reports that
two were “based on DNA evidence,” three were based on the
unreliability of testimony by “a crack-addicted
witness who was frequently used by Mr. Scarcella,” and “the
sixth was based on a receipt and police reports showing
that the defendant was, as he had always claimed, in Florida during
the murder.”

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Residents in San Francisco, D.C. Increasingly Choosing Ride-Sharing over City-Regulated Taxi Cartels

Will D.C. cab drivers ever realize everybody hates them?Today WAMU in Washington, D.C.,

explored its taxi scene in the wake of the establishment of
ridesharing services like UberX and Lyft. Though the district’s
taxi commission claims they’re not seeing any sort of shift, actual
taxi companies told WAMU they’re seeing customer drops of 20 to 30
percent. Some cab companies are reporting even higher plunges.

This information follows reports out of San Francisco that their
taxi industry has seen a 65 percent decline in calls per month
compared to 2012.

Per the San Francisco Examiner, their fair city is
considering that maybe,
possibly their taxi services are overregulated and maybe need
to change so it’s not so costly to legally be a cab driver
there:

In an effort to boost incentives for drivers to join and stay in
the taxi industry, the SFMTA waived dispatch renewal, color scheme
renewal and driver application fees for fiscal year 2014-15,
reduced some medallion-use and renewal fees and eliminated
metal-plate fees.

Other possible regulatory actions the transit agency has
contemplated to make cab driving more financially attractive to
drivers include reducing fees for medallions, which allow holders
to operate taxis. Other ideas include reducing the fee to transfer
medallions by 20 percent, eliminating the $500 ramp taxi medallion
use fee, lowering the medallion renewal for transferrable medallion
holders and allowing taxi wrap advertising.

In D.C., drivers still seem to be clinging to the mindset that
the customers belong to them and that the problem is that
ridesharing services are breaking the rules. They seem to think
that the solution is more regulation, oblivious to the fact that
the very regulations that drive up their prices are what is causing
passengers to seek alternatives:

“I’m not sure the council knows how to regulate them,” said
[District Cab President Jeff] Schaeffer, who said the District
should limit the number of “ridesharing” vehicles allowed on the
streets.

Legislation being drafted by D.C. Council member Mary Cheh
(D-Ward 3) is expected to require either “ridesharing” drivers or
their companies to obtain primary commercial liability insurance
for at least part of the time they are on the road, and to conduct
more stringent background checks, among other measures.

Whatever may come of Cheh’s legislation, UberX likely will hold
onto its biggest advantage over D.C. cabs:
cheaper prices. Even if metered cabs could lower their prices,
many drivers may opt to keep their rates at current levels because
of their higher overhead costs.

Higher overhead costs, you say? I wonder what could be causing
those? We’ll see whether San Francisco handles the influx better
than D.C. San Francisco looks like they want to make it easier for
everybody. D.C. looks like they want to try to make it harder for
everybody. When thousands of consumers are willing to violate your
city’s regulations to stop doing business with you, the problem is
clearly not them.

Below, ReasonTV on efforts to break D.C.’s taxi cartel:

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Ukraine Introduces Capital Controls

A few days ago we showed how when Obama said there would be “costs” for Moscow in the Ukraine-Russian conflict, he got the recipient country of said costs woefully wrong, as confirmed by the economic data released by Ukraine which showed its Industrial Production crater at a pace on par with the Lehman collapse, confirming the Ukraine economy was on the verge of a spectacular implosion just in time for the harsh, Gazprom-free winter to finish off what little economic activity is left.

The resulting selloff in the Hryvnia and Ukraine bonds, was therefore, hardly surprising.

Which probably means the news reported by Bloomberg moments ago, which cites Ukraine’s Unian news service, that the Ukraine central bank just instituted restrictions on Hryvnia use, i.e., capital controls, should also not come as a surprise, yet for all those expecting Russia to crater first under the weight of western sanctions, to see said cratering take place in western-backed (and IMF guaranteed) Ukraine is probably just a little unpleasant.

The details:

Central Bank forbids companies completing FX payments on import contracts if they don’t actually bring goods into Ukraine, Unian reports, citing Central Bank decree that comes into effect tomorrow.

  • FX payments on imports also prohibited if customs registration of goods takes more than 180 days
  • Foreign investors forbidden to receive investment return from selling Ukraine securities beyond stock exchange, except govt bonds
  • Foreign investors forbidden to receive dividend return on Ukrainian shares not traded in stock exchanges
  • Central bank also forbids FX transactions using individual FX licenses, except placing money by cos. on accounts in foreign banks

In other words, the money concentration into a select few government-approved (and controlled) asset classes has begun. For those who are unsure what happens next, please google “Cyprus and March 2013.“

Source: Unian




via Zero Hedge http://ift.tt/1mDFBPV Tyler Durden

Death-Crossed Russell Suffers Biggest 2-Day Plunge In 5 Months

Death crosses; Hindenburg Omens; PBOC, BOJ, and ECB hinted at removing the punchbowl; crappy US housing data; and a Chinese IPO takeout hangover weighed on stocks with Russell 2000 the biggest loser (suffering its biggest high-to-low drop from Friday in over 5 months). The Dow is the only index holding post-FOMC gains (Russell down over 2%). Homebuilders are now down 4% from last week's FOMC statement, post-FOMC high-flyer financials have tumbled red (catching down to credit), and only safe-haven healthcare is holding any gains post-FOMC (Biotech -3%). Treasury yields fell led by the short-end (3Y -3.5bps, 10Y -2bps) back under FOMC levels. The USD recovered European session losses to end almost unchanged as considerable AUD and CAD weakness outweighed GBP strength. Despite being clubbed like a baby seal in Asia, Silver rebounded through the day to end -0.3%, gold unch, oil down, and copper -1.6% as China stimulus hopes faded. S&P 500 lost 2,000; Russell is down 2.6% year-to-date (-6.8% from July highs); VIX jumped most in 2 months to ~14. BABA pinned at $90, HLF smashed -10%.

 

Stocks remain notably rich to the Fed Balance Sheet – as its growth slows to a trickle

 

Russell's biggest 2-day swing lower in 5 months… as the death cross hits…

 

An ugly day for stocks…

 

But since FOMC, even uglier…

 

Who could have seen financial stocks getting ahead of themselves?

 

As only healthcare is holdings its post-FOMC gains…

 

The USD ended the day modestly lower – recovering most of the overnight session losses – with CAD/AUD weakness outweighed by GBP and EUR strength

 

Treasury yields fell on the day, back below FOMC levels… sliding into the close…

 

Silver was dumped and pumped, Copper dropped and gold ended unch…

 

A close-up on the silver liquidations and bounce back…

 

Charts: Bloomberg

Bonus Chart: BABA pinned at $90…

 

Bonus Bonus Chart: HLF -10% on heavy volume, no news… where's Icahn?




via Zero Hedge http://ift.tt/1C6daOa Tyler Durden

Martin Armstrong Fears "Pension Funds Will Be Taken To Fund Infrastructure"

Submitted by Martin Armstrong via Armstrong Economics blog,

The G20 Central Bankers and Finance Ministers met in CAIRNS, Australia, Sept 21st, 2014. This Summit reflects the attitudes about manipulating the economy where they just do not get it.

Largarde

 

Christine Largarde, head of the IMF, announced  “I congratulate the G20 for significant progress in strategies for medium-term growth.”

[ZH: Hint – they're not working…]

 

However, Lagarde is a lawyer – not a trader, economist, money manager or anything that has any experience whatsoever to do with the economy. It amounts to me trying to be a obstetrician, gynecologist, or a divorce lawyer no less a brain surgeon. Yet she would be the first to say anyone without a law degree cannot understand the law. I dare say the same to her – you are not qualified. Such positions should be reserved for ONLY people with experience – not even university professors.

*  *  *

I warned what Obama was up to with the pension funds in trying to create a Infrastructure Fund.

Calpers, California pension fund, is selling off $4 billion of hedge funds to divert that money to be wasted in Obama’s dream project – infrastructure fund.

This idea was floated and endorsed at CAIRNS. “We have agreed to come away from government-financed growth measures to more private investment,” said Australia’s Finance Minister Joe Hockey. These are being called Public Private Partnerships (PPP), and will be extremely critical in the future for here lies the final destruction of the pension funds precisely as Japan bankrupted the Japanese Postal Saving Fund using that private money for political purposes to try to stimulate the economy, which failed. With PPP, public funds will be sold to the public as being a highly professional long-term investment that will further shrink economic growth and liquidity. They cannot possibly work.

Those in government think that is they simply spend money that will “stimulate” the economy.

These people will simply NEVER just reduce regulation and taxes to encourage people to start their own business. Small business employs 70% of the civil work forced yet banks will lend only to big companies and the real economic engine has been slowing turning down for years since 2009. It is down in Europe sharply. Even in Europe, 2 out of 3 jobs are small business (defined as 50 employees or less). Nonetheless, the numbers appear to be far better than they are. As unemployment rises, many are simply fending for themselves in various manners but this is really the micro business market defined as less than 10 employees.

Obama’s idea of a Global Infrastructure Initiative to increase quality investment, particularly in infrastructure is merely to displace government spending with using pension money. In this way, government will not have to do the work and hopefully any tax increases will go to just filling their pockets.  

How do pension funds make money on repairing infrastructure unless tolls will pop up everywhere.

They are using pension from to avoid the image that someone like Goldman Sachs or Berkshire Hathaway will be collecting tolls.




via Zero Hedge http://ift.tt/1v0CGRC Tyler Durden

Martin Armstrong Fears “Pension Funds Will Be Taken To Fund Infrastructure”

Submitted by Martin Armstrong via Armstrong Economics blog,

The G20 Central Bankers and Finance Ministers met in CAIRNS, Australia, Sept 21st, 2014. This Summit reflects the attitudes about manipulating the economy where they just do not get it.

Largarde

 

Christine Largarde, head of the IMF, announced  “I congratulate the G20 for significant progress in strategies for medium-term growth.”

[ZH: Hint – they're not working…]

 

However, Lagarde is a lawyer – not a trader, economist, money manager or anything that has any experience whatsoever to do with the economy. It amounts to me trying to be a obstetrician, gynecologist, or a divorce lawyer no less a brain surgeon. Yet she would be the first to say anyone without a law degree cannot understand the law. I dare say the same to her – you are not qualified. Such positions should be reserved for ONLY people with experience – not even university professors.

*  *  *

I warned what Obama was up to with the pension funds in trying to create a Infrastructure Fund.

Calpers, California pension fund, is selling off $4 billion of hedge funds to divert that money to be wasted in Obama’s dream project – infrastructure fund.

This idea was floated and endorsed at CAIRNS. “We have agreed to come away from government-financed growth measures to more private investment,” said Australia’s Finance Minister Joe Hockey. These are being called Public Private Partnerships (PPP), and will be extremely critical in the future for here lies the final destruction of the pension funds precisely as Japan bankrupted the Japanese Postal Saving Fund using that private money for political purposes to try to stimulate the economy, which failed. With PPP, public funds will be sold to the public as being a highly professional long-term investment that will further shrink economic growth and liquidity. They cannot possibly work.

Those in government think that is they simply spend money that will “stimulate” the economy.

These people will simply NEVER just reduce regulation and taxes to encourage people to start their own business. Small business employs 70% of the civil work forced yet banks will lend only to big companies and the real economic engine has been slowing turning down for years since 2009. It is down in Europe sharply. Even in Europe, 2 out of 3 jobs are small business (defined as 50 employees or less). Nonetheless, the numbers appear to be far better than they are. As unemployment rises, many are simply fending for themselves in various manners but this is really the micro business market defined as less than 10 employees.

Obama’s idea of a Global Infrastructure Initiative to increase quality investment, particularly in infrastructure is merely to displace government spending with using pension money. In this way, government will not have to do the work and hopefully any tax increases will go to just filling their pockets.  

How do pension funds make money on repairing infrastructure unless tolls will pop up everywhere.

They are using pension from to avoid the image that someone like Goldman Sachs or Berkshire Hathaway will be collecting tolls.




via Zero Hedge http://ift.tt/1v0CGRC Tyler Durden

Ira Stoll on What the GOP Can Learn from the Party of Roosevelt and Kennedy

Republicans thinking about an agenda for the
future may want to borrow some ideas from an unlikely source—the
Democrats of the past.

Bill Clinton’s welfare reform and North American Free Trade
Agreement. John F. Kennedy’s tax cuts. President Carter’s
deregulation. Franklin Delano Roosevelt’s World War II resolve. Put
them together and update them for the current moment, writes Ira
Stoll, and they are the beginnings of an effective policy program
for Republicans in Congress or seeking the White House in 2016.
What’s more, talking about them as Democratic ideas could help
Republicans capture crossover voters while also reminding them how
far today’s Democrats have shifted left.

View this article.

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Climate Change Takes 'Front and Center' in US Diplomacy, Lois Lerner Regrets Nothing, SEC Pays Record Award to Tipster: P.M. Links

Lois Lerner

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Climate Change Takes ‘Front and Center’ in US Diplomacy, Lois Lerner Regrets Nothing, SEC Pays Record Award to Tipster: P.M. Links

Lois Lerner

Follow us on Facebook and Twitter,
and don‘t forget to sign
up for Reason‘s daily
updates for more content.

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Kid Suspended for Selling Pepsi from His Locker Takes His Business to the Streets

Remember Keenan Shaw, the Canadian high school
student
suspended for selling full sugar Pepsi from his locker, in
defiance of Winston Churchill High School’s diet soda–only policy?
Shaw has now
taken his enterprise to the streets. 

Showing the agility of a born entrepreneur, Shaw notes that the
publicity from his suspension was good for business: 

“It got me a lot more advertising,” Shaw said about the
effect the publicity had on his sales. “I feel like everyone
knows about it now.”

He’s also taking advantage of the technicalities of the law to
minimize his operating expenses:

“I can store it at school. I can bring it to school. I can
drink it at school. I just can’t sell it (at school.)”

And as for potential compeitors, Shaw says to bring it on:

Shaw said a few kids at school have even joked they might
jump into the pop business, too, but so far he doesn’t have
any competitors.

“I’ve told people go ahead, I don’t care,” he said, noting he
could expand into other treats.

“There’s definitely other things I could make money on besides
pop.”

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