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Ray Bogan Political Correspondent
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Politics

Arizona will charter airplanes to transport migrants out of state

Ray Bogan Political Correspondent
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Arizona will begin using airplanes to move migrants from border communities to other cities around the country. According to a report in USA Today, the state signed a contract Jan. 14, and will use both buses and aircraft.

The practice of transporting migrants to other states began with former Gov. Doug Ducey, R, who sent buses to Washington D.C., at a cost of $82,000 per trip. The newly sworn in Gov. Katie Hobbs, D, is going to continue the practice but said her administration will do it in a more cost effective way. The cost for the planes has yet to be released.

Hobbs said under her leadership, migrants will get where they need to go to connect with sponsors.

“I think we need to look at that practice and make sure that it’s effective. It’s something that provides support to those local communities,” Gov. Hobbs said. “If we’re spending the money to bus people, why not just get them to their final destination?”

Gov. Hobbs will also have to finish taking down Ducey’s shipping container border wall. The former governor agreed to stop installing new containers and remove ones that were already there to avoid a restraining order or injunction in federal court. In exchange, the federal government agreed to install new fencing.

“We need to utilize state resources where they can be most effective and it’s really unfortunate that almost $200 million was spent on this shipping container publicity stunt,” Hobbs said. “We’re looking for ways to creatively repurpose the shipping containers that have been purchased by the taxpayers of Arizona and how we can work with local communities to address their needs.”

Construction on a new section of wall along the Colorado River began in early January, and it’s scheduled to be completed this summer. 

A Yuma County official told Fox News in an interview that the surge is overwhelming local food banks and hospitals.

“Policies need to be changed when you see an unprecedented amount of people coming across the border that even supersedes what we saw under any of the other presidents for the past 30 years,” Yuma County Supervisor Jonathan Lines told Fox.

Local farmers in the area said waves of migrants have ran through their fields, which can damage crops and impact their harvest. They said crops are monitored and audited for different pathogens, and groups of people running through can lead to contamination.

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Arizona will begin using airplanes to move immigrants from border communities to other cities around the country. 

 

The state’s former Republican governor Doug Ducey chartered buses to Washington D.C. at a cost of $82,000 per trip. The new Democratic governor Katie Hobbs is going to continue the practice of transporting immigrants out of state. But according to a contract signed on January 14th, they will expand transportation to chartered aircraft. The cost has yet to be released. Although Hobbs’ office said they are looking at using options that are more cost effective than buses. 

 

Hobbs says her administration will make sure they get the immigrants where they need to go to connect with sponsors. 

 

Gov. Katie Hobbs: “I think we need to look at that practice and make sure that it’s effective. It’s it’s something that provides support to those local communities. If we’re spending the money to bus people, why not just get them to their final destination?”

 

Governor Hobbs will also have to finish taking down Ducey’s shipping container border wall. The former Governor agreed to stop installing new containers and remove ones that were already there to avoid a restraining order or injunction in federal court. In exchange, the federal government agreed to install new fencing. 

Gov. Hobbs: “We need to utilize state resources where they can be most effective and it’s really unfortunate that almost $200 million was spent on this shipping container publicity stunt. We’re looking for ways to creatively repurpose the shipping containers that have been purchased by the taxpayers of Arizona.”

Construction on the new section of wall began in early January, it’s scheduled to be completed this summer. Straight Arrow News will keep covering immigration, with unbiased, straight facts.


Business

The trillion-dollar coin: A gimmick or a real solution to the debt crisis?


Could the nation’s debt crisis be solved by a single coin? Every day the U.S. gets closer to defaulting on its debt, the calls grow louder for a trillion-dollar solution.

In true fashion, The Simpsons got close to foreshadowing this exact scenario in a 1998 episode titled, “The Trouble With Trillions,” in which former President Harry Truman had printed a one trillion-dollar bill to reconstruct post-war Europe in 1945. The government suspected Mr. Burns had stolen it and asked Homer Simpson to investigate.

But let’s get back to real life. The “mint the coin” camp believes that a single platinum coin with a face value of $1 trillion could solve the country’s debt-ceiling issues in lieu of congressional action. While Congress technically holds the power of the purse, there is a legal loophole that allows the Treasury to mint platinum in any denomination without congressional approval.

The rule was intended for collectors’ coins, but theoretically, there’s nothing legally stopping the Treasury from stamping $1 trillion on it and depositing it into the Federal Reserve to pay debts. The platinum coin debate has been circling Washington for more than a decade.

“The debt ceiling is an absurd legal contrivance and we’re using another absurd legal contrivance to get around it,” Bloomberg Editor Joe Weisenthal said on the air back in 2013.

Weisenthal is still a very vocal proponent of the coin. But Treasury Secretary and former Federal Reserve Chair Janet Yellen is no fan of the scheme, telling the Wall Street Journal on Sunday that she doesn’t think the Fed would go for it. It’s not the first time she’s spoken out.

“I’m opposed to it and I don’t think we should consider it seriously. It’s a gimmick,” she told CNBC in 2021.

But it’s a so-called gimmick that gains traction every time Congress gets close to default.

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SIMONE DEL ROSARIO: COULD THE NATION’S DEBT CRISIS BE SOLVED BY A SINGLE COIN?

EVERY DAY THE U-S GETS CLOSER TO DEFAULTING ON ITS DEBT – THE CALLS GROW LOUDER FOR A TRILLION DOLLAR SOLUTION.

1998 THE SIMPSONS CLIP: Truman authorized the one time printing of the largest denomination of a currency ever a trillion dollar bill. Ooh a trillion dollar bill that’s a spicy meatball.

SIMONE DEL ROSARIO: WHILE THE SIMPSONS ALMOST FORESHADOWED IT IN 1998, THE REAL PROPOSAL IS A PLATINUM TRILLION DOLLAR COIN.

THAT’S BECAUSE THERE IS A LEGAL LOOPHOLE THAT ALLOWS THE TREASURY TO MINT PLATINUM IN ANY DENOMINATION WITHOUT CONGRESSIONAL APPROVAL. 

THE RULE WAS INTENDED FOR COLLECTOR’S COINS, BUT THEORETICALLY, THERE’S NOTHING LEGALLY STOPPING THE TREASURY FROM STAMPING $1 TRILLION ON IT TO PAY DEBTS.

THE “MINT THE COIN” DEBATE’S BEEN CIRCLING WASHINGTON FOR MORE THAN A DECADE.

JOE WEISENTHAL: The debt ceiling is an absurd legal contrivance and we’re using another absurd legal contrivance to get around it.

SIMONE DEL ROSARIO: BUT TREASURY SECRETARY AND FORMER FEDERAL RESERVE CHAIR JANET YELLEN IS NO FAN OF THE SCHEME, TELLING THE WALL STREET JOURNAL AS RECENTLY AS SUNDAY SHE DOESN’T THINK THE FED WOULD GO FOR IT.

IT’S NOT THE FIRST TIME SHE’S SPOKEN OUT.

JANET YELLEN: I’m opposed to it and I don’t think we should consider it seriously. It’s really a gimmick.

SIMONE DEL ROSARIO: BUT A SO-CALLED GIMMICK THAT GAINS TRACTION EVERY TIME CONGRESS GETS CLOSE TO DEFAULT.

I’M SIMONE DEL ROSARIO. IN NEW YORK IT’S JUST BUSINESS.


U.S.

Here’s why ‘record’ police violence reports are imperfect


Reports indicate that, in 2022, police killings reached a record high in the U.S. The context matters, though. The record used only dates back to 2013, as it is from a nonprofit called Mapping Police Violence. Media reports rely on this source because the U.S. does not have a federal database tracking cases of police violence nationwide. 

“The FBI has been trying for years,” Justin Nix, an associate professor of criminology and criminal justice at the University of Nebraska Omaha, said. “And in fact, in 2019, they revamped their efforts and launched a new data collection effort. And to date, they still haven’t seen enough participation, to release the data. When they launched their new efforts, there was this arbitrary threshold of 60% of agencies participating before any data can be publicly released. And, you know, three plus years later, we’ve still not met that threshold.”

In addition to Mapping Police Violence, journalists also use The Washington Post’s website and Fatal Encounters.

However, these databases don’t paint the full picture.

“They don’t track when officers shoot, but don’t kill citizens, which I argue is the same as you know, but for the outcome of death, right,” Nix said. “It still represents a use of force that could kill a person.”

Additionally, the databases likely do not find every case. 

Mapping Police Violence says, “estimates suggest that our database captures 92% of the police killings that have occurred since 2013.”

The cases it misses are likely unreported by the media, as Mapping Police Violence depends on local news stories and agency information. The nonprofit has also collaborated with other databases.

“They’ve done a lot of, you know, grunt work to basically reach out to agencies and request those data,” Nix said. “So it’s a tall task, right, and a country with upwards of 18,000 police departments.”

Yet, Nix says, there is still a need  for a more complete source of data to inform policy changes.

“I truly believe we can do better when we have that data, because if we don’t now we’re just guessing we’re just playing darts in the dark and hoping that we get lucky,” Nix said.

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LONGWORTH: WE’RE SEEING REPORTS THAT, IN 2022, POLICE KILLINGS REACHED A RECORD HIGH IN THE U.S.

THE CONTEXT MATTERS, THOUGH. THE RECORD USED ONLY DATES BACK TO 2013, AS IT’S FROM A NONPROFIT CALLED MAPPING POLICE VIOLENCE.

NIX: “WE HAVE A GOOD SENSE THAT, COMPARED TO THE 70S AND 80S, POLICE ARE SHOOTING PEOPLE WAY LESS THAN THEY USED TO.”

LONGWORTH: TO PROVE THIS, EXPERTS LIKE CRIMINOLOGY PROFESSOR JUSTIN NIX, HAVE TO POOL VARIOUS SOURCES TOGETHER.

ALL BECAUSE THE U.S. DIDN’T–AND STILL DOESN’T–HAVE A FEDERAL DATABASE TRACKING CASES OF POLICE VIOLENCE NATIONWIDE.

NIX: “THE FBI HAS BEEN TRYING FOR YEARS. AND IN FACT, IN 2019, THEY REVAMPED THEIR EFFORTS AND LAUNCHED A NEW DATA COLLECTION EFFORT. AND TO DATE, THEY STILL HAVEN’T SEEN ENOUGH PARTICIPATION, TO RELEASE THE DATA. WHEN THEY LAUNCHED THEIR NEW EFFORTS, THERE WAS THIS ARBITRARY THRESHOLD OF 60% OF AGENCIES PARTICIPATING BEFORE ANY DATA CAN BE PUBLICLY RELEASED. AND, YOU KNOW, THREE PLUS YEARS LATER, WE’VE STILL NOT MET THAT THRESHOLD.”

LONGWORTH: AND SO, US JOURNALISTS AS WELL AS OFFICIALS AND ACTIVISTS RELY ON A FEW DATABASES FOR THE INFORMATION.

THEY’RE RUN BY THE WASHINGTON POST AND NONPROFITS LIKE MAPPING POLICE VIOLENCE, WHICH COUNT DEATHS AT THE HANDS OF POLICE–WHETHER THEY’RE JUSTIFIED OR NOT.

BUT THESE DATABASES DON’T PAINT THE FULL PICTURE.

NIX: “THEY DON’T TRACK WHEN OFFICERS SHOOT, BUT DON’T KILL CITIZENS, WHICH I ARGUE IS THE SAME AS YOU KNOW, BUT FOR THE OUTCOME OF DEATH, RIGHT. IT STILL REPRESENTS A USE OF FORCE THAT COULD KILL A PERSON.”

LONGWORTH: ALSO, THE DATABASES LIKELY DON’T FIND EVERY CASE.

MAPPING POLICE VIOLENCE SAYS, ACCORDING TO ESTIMATES, ITS DATABASE CAPTURES “92% OF THE POLICE KILLINGS THAT HAVE OCCURRED SINCE 2013.”

THE CASES IT MISSES ARE LIKELY UNREPORTED BY THE MEDIA, AS MAPPING POLICE VIOLENCE DEPENDS ON LOCAL NEWS STORIES AND AGENCY INFORMATION. IT’S ALSO COLLABORATED WITH OTHER DATABASES.

NIX: “THEY’VE DONE A LOT OF, YOU KNOW, GRUNT WORK TO BASICALLY REACH OUT TO AGENCIES AND REQUEST THOSE DATA. SO IT’S A TALL TASK, RIGHT, AND A COUNTRY WITH UPWARDS OF 18,000 POLICE DEPARTMENTS.”

LONGWORTH: HOWEVER, NIX SAYS, WE NEED A MORE COMPLETE SOURCE OF DATA TO INFORM POLICY CHANGES.

NIX: “AND I TRULY BELIEVE WE CAN DO BETTER WHEN WE HAVE THAT DATA, BECAUSE IF WE DON’T NOW WE’RE JUST GUESSING WE’RE JUST PLAYING DARTS IN THE DARK AND HOPING THAT WE GET LUCKY.”


Business

Goodbye hybrid work: 5 signs 2023 is the year of return to office


Before the COVID-19 pandemic, only 8% of employees worked exclusively remote, but that jumped to 39% by early 2022, according to a survey from Gallup. But the days of rolling out of bed and making yourself presentable from the waist up could be coming to an end this year. Yes, it might be time to put on real pants. Straight Arrow News has the signs that 2023 is the year of “return to office” in this week’s Five For Friday.

#5: COVID-19-related factors

COVID-19-related social distancing and lockdown measures were the catalyst for the widespread adoption of working from home. Companies were itching to get employees back in the office by the start of 2022, but surges in cases due to the delta and omicron variants upended those plans. Cases have leveled off for the most part, according to CDC data, making it more likely that no virus will stand in the way of a return to office.

#4: Some workers want to return

More than half of remote-capable workers prefer a hybrid work environment, nearly double those who prefer being fully remote, according to Gallup. But when it comes to returning to the office everyday, only 6% are willing to give up all that flexibility. With business leaders overwhelmingly believing in the benefit of in-person work, the opinion of the 6% may get more weight than the rest.

#3: Commercial real estate

Business is all about the bottom line and office space can be really expensive. The technology hub of San Francisco is a perfect example. Office space in the Bay Area averages $75.86 per square foot. That’s nearly twice the national average of $38.19 per square foot. Wasting all that money on a premium location isn’t sitting well with shareholders and those in the C-suite. Kastle has been tracking a steady increase in employees returning to the office over the last year, a sign of what is to come.

#2: Follow the big guys

Business leaders believe workers are more productive in the office. In fact, 96% say there are more benefits to in-person work, according to a survey from Resume Builder. But there’s a big disconnect between leadership and employees, the latter claiming to be 29% more productive with a flexible work environment. Major firms like Apple, Disney and Starbucks have already mandated return to office in some capacity, so smaller companies will likely follow suit.

#1: The job market

Workers experienced a brief moment of power following the pandemic shock. The U.S. hit a record 11.5 million job openings in March of 2022, which made employees a sought-after commodity. Employers fought to attract good talent by offering higher wages and perks like flexible working conditions. But pay increases are slowing and concerns of a global recession could tip the scales back in the favor of the boss. They’re already flexing that muscle, with 21% saying they are willing to fire employees who refuse to return to office, according to Resume Builder.

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SIMONE DEL ROSARIO:

YOU ROLL OUT OF BED, POUR A CUP OF COFFEE AND MAKE SURE YOU’RE PRESENTABLE FROM THE WAIST UP. THIS IS THE LIFE OF WORK FROM HOME. BUT IS 2023 THE YEAR OF “RETURN TO OFFICE?” HERE ARE THE SIGNS IN THIS WEEK’S FIVE FOR FRIDAY.

WE ALL KNOW COVID WAS THE CATALYST FOR WIDESPREAD WORK FROM HOME, BUT COMPANIES WERE ITCHING TO GET BACK TO THE OFFICE BY 2022. DELTA AND OMICRON VARIANTS UPENDED THOSE PLANS. BUT NOW CASES HAVE LEVELED OFF FOR THE MOST PART, KNOCK ON WOOD, AND IT’S “TAKE 2” FOR 2023.

BELIEVE IT OR NOT, 60 PERCENT OF REMOTE-CAPABLE WORKERS PREFER A HYBRID WORK ENVIRONMENT, ACCORDING TO A GALLUP POLL. THAT’S NEARLY DOUBLE THOSE WHO PREFER BEING FULLY REMOTE. BUT FIVE DAYS A WEEK? ONLY 6 PERCENT SAY THEY WANT TO BE ON-SITE FULL TIME. HINT: IT’S THE SAME PERSON WHO VOLUNTEERS TO COME INTO THE OFFICE ON A SUNDAY.

BUSINESS IS ABOUT THE BOTTOM LINE AND OFFICE SPACE COSTS A TON. ESPECIALLY IN THE TECH HUB OF SAN FRANCISCO WHERE IT’S MORE THAN $75 BUCKS A SQUARE FOOT, NEARLY DOUBLE THE NATIONAL AVERAGE. COMPANIES CAN’T BE WASTING ALL THAT MONEY ON PREMIUM SPACE. KASTLE’S BEEN TRACKING A STEADY INCREASE OF FOLKS REPORTING TO THE OFFICE, A SIGN OF WHAT’S TO COME.

YOU KNOW WHAT THEY SAY, IF AN EMPLOYEE NEVER GOES TO THE OFFICE, DID THEY EVER REALLY WORK THERE? THAT’S KIND OF HOW 96 PERCENT OF BUSINESS LEADERS SURVEYED BY RESUME BUILDER FEEL, BELIEVING THERE ARE MORE BENEFITS TO IN-PERSON WORK. EVEN THOUGH EMPLOYEES WITH FLEXIBLE SCHEDULES CLAIM TO BE 29 PERCENT MORE PRODUCTIVE. MAJOR FIRMS LIKE APPLE, DISNEY AND STARBUCKS HAVE ALREADY MANDATED RETURN TO OFFICE IN SOME CAPACITY, SO YOU KNOW OTHERS WILL FOLLOW RIGHT BEHIND.

WORKERS HAD ALL THE POWER AFTER THE PANDEMIC SHOCK. BY MARCH OF 2022, THE U.S. HIT A RECORD 11.5 MILLION JOB OPENINGS. EMPLOYERS FIGHTING FOR GOOD HELP DISHED OUT HIGHER WAGES AND FLEXIBLE CONDITIONS. BUT PAY INCREASES ARE SLOWING AND CONCERNS OF A GLOBAL RECESSION COULD TIP THE SCALES OF POWER BACK TO THE EMPLOYER. 21% ALREADY SAY THEY’LL FIRE EMPLOYEES WHO REFUSE RETURN TO OFFICE.

WE’VE GOT A STANDOFF HERE BECAUSE 60% OF REMOTE WORKERS SAID THEY’D RATHER QUIT THAN COME BACK. SEEMS LIKE BOTH SIDES ARE CALLING THEIR BLUFF. I’M SIMONE DEL ROSARIO. THAT’S FIVE FOR FRIDAY. IT’S JUST BUSINESS.


Ray Bogan Political Correspondent
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Politics

US government hits debt ceiling, prompting action to avoid default

Ray Bogan Political Correspondent
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The United States has hit the debt ceiling, or the maximum amount of money it’s allowed to borrow to pay its bills. The debt ceiling is currently set at nearly $31.4 trillion.

In a letter to congressional leaders, Treasury Secretary Janet Yellen said she is now taking extraordinary measures to keep the United States from defaulting. That includes pausing investments in the Civil Service Retirement and Disability Fund and the Postal Service Retiree Benefits Fund. She will also redeem a portion of the investments already held by those accounts. By law, both funds will be made whole once the debt limit is increased, and Yellen said no federal retirees or employees will be affected by her actions. 

“The period of time that extraordinary measures may last is subject to considerable uncertainty, including the challenges of forecasting the payments and receipts of the U.S. Government months into the future,” Yellen wrote. “I respectfully urge Congress to act promptly to protect the full faith and credit of the United States.”

House Republicans and the White House have not made any tangible progress on increasing the limit. The White House said it will not negotiate. 

“It is essential for Congress to recognize that dealing with the debt ceiling is their constitutional responsibility. This is an easy one. This is something that should be happening without conditions,” Press Secretary Karine Jean-Pierre said. 

But Republicans argue that debt increases should be met with spending decreases. 

“Find the compromise, and find the common sense compromise that puts us back on to a balanced budget that I believe every household, every state does this, every county,” House Speaker Kevin McCarthy, R-Calif., said. 

Here’s a look at America’s finances for fiscal year 2023 that started in October: 

Revenue: $1.03 trillion

Expenditures: $1.45 trillion

Deficit: $421 billion 

This year’s deficit is $44 billion, or 12%, more than it was at the same time last year.

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The United States has hit the debt ceiling, or the maximum amount of money it’s allowed to borrow to pay its bills. That amount, nearly $31.4 trillion dollars. 

In a letter to Congressional leaders, Treasury Secretary Janet Yellen said she is now taking extraordinary measures to keep the United States from defaulting. 

Those measures include pausing investments in the Civil Service retirement and disability fund, and the Postal Service Retiree Benefits fund. She will redeem a portion of the investments already held by those accounts. By law, both funds will be made whole once the debt limit is increased, and Yellen says no federal retirees or employees will be affected by her actions. The Secretary will also begin a debt issuance suspension period starting today and going through June 5th. 

Yellen told congressional leaders that the length of time these measures will last is subject to quote considerable uncertainty. 

Yellen wrote quote: “I respectfully urge Congress to act promptly to protect the full faith and credit of the United States.”

House Republicans and the White House have not made any tangible progress on increasing the limit. The White House says it will not negotiate. 

Karine Jean-Pierre: “It is essential for Congress to recognize that dealing with the debt ceiling is their constitutional responsibility. This is an easy one. This is something that should be happening without conditions.” 

But Republicans say debt increases should be met with spending decreases. 

Speaker McCarthy: “Find the compromise, and find the common sense compromise that puts us back on to a balanced budget that I believe every household, every state does this, every county.” 

For fiscal year 2023, the federal government has spent $421 billion dollars more than it has collected. That deficit spending is 44 billion dollars or 12 percent more than the same time last year. Straight Arrow News will continue covering the debt ceiling with unbiased, straight facts. That includes our interview with a Senior economic analyst for Bankrate.com about what happens if Congress doesn’t make a deal in time, and what other actions the treasury can take to prevent a default. Stay tuned.


Business

FTX finds $5.5B in liquid assets, SBF again claims company is solvent


The trial for one of the biggest fraud cases in more than a decade is still nearly nine months away. Still, it seems nearly every day new information is uncovered about FTX, the collapsed cryptocurrency exchange.

FTX has $5.5 billion in liquid assets

This week, FTX reported to creditors that it has recovered $5.5 billion in liquid assets to date, $3.5 billion of which came from cryptocurrency tokens like Solana and FTX’s own token, FTT. The company, which filed for bankruptcy in November, also told creditors that $415 million in cryptocurrency was stolen from the FTX and FTX U.S. exchanges through hacks.

Based on the funds available, FTX said, “there is a substantial shortfall of digital assets at both exchanges.”

But founder Sam Bankman-Fried, who has been cut off from company ledgers since stepping down as CEO in November, called part of the company’s report “extremely misleading.” He claimed on his Substack page that FTX U.S. is “solvent, likely with hundreds of millions of dollars in excess of customer balances.”

It’s an unusually detailed and unbridled defense for a man facing eight criminal counts related to fraud, money laundering and violating campaign finance laws.

1 in 3 members of Congress received campaign donations from FTX executives

While Bankman-Fried’s campaign contributions have been widely reported to date, CoinDesk revealed a much greater extent of political play from many senior FTX executives.

According to the new report, more than one in three members of Congress have received campaign donations from top executives, totaling 196 members from the House and Senate. These range from House Speaker Kevin McCarthy, R-Calif., to Senate Majority Leader Chuck Schumer, D-N.Y., all the way down to new members of Congress just sworn in for the first time.

CoinDesk said they reached out to all 196, and said many who responded said they handed the funds over to charities, while others said they have set aside the donations to compensate FTX victims if a fund is set up down the road.

Cryptocurrency comeback?

The sudden FTX collapse cratered the cryptocurrency sphere in November, with tokens and exchanges diving in value and stability in the days and weeks that followed.

But this week, Bitcoin lifted above $21,000 for multiple days, recovering all of its losses from the fallout of the FTX collapse. Other coins have followed suit, including FTX’s own token, FTT, which was up 150% in January as of Jan. 17.

That said, the suffering continues elsewhere as cryptocurrency firm Genesis Global Capital is preparing to file for bankruptcy as soon as this week, according to Bloomberg. Genesis had suspended withdrawals soon after FTX filed for bankruptcy.

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SIMONE DEL ROSARIO: IT’S NINE LONG MONTHS BEFORE FTX FOUNDER SAM BANKMAN-FRIED WILL FACE TRIAL IN ONE OF THE BIGGEST FRAUD CASES IN MORE THAN A DECADE.

BUT EVERYDAY IT SEEMS SOMETHING NEW COMES OUT OF THE COLLAPSED CRYPTO EXCHANGE.

HERE’S THE LATEST.

FTX REPORTS IT’S RECOVERED $5.5 BILLION IN LIQUID ASSETS TO DATE, 3.5 OF WHICH CAME FROM CRYPTO TOKENS LIKE SOLANA AND FTX’S OWN FTT.

THEY ALSO TOLD CREDITORS THAT $415 MILLION IN CRYPTOCURRENCY WAS STOLEN FROM EXCHANGES IN HACKS.

BASED ON THE FUNDS IN FTX EXCHANGES, FTX SAYS THERE’S STILL A SUBSTANTIAL SHORTFALL OF DIGITAL ASSETS.

BUT FOUNDER BANKMAN-FRIED – WHO’S BEEN CUT OFF FROM THE COMPANY LEDGERS SINCE NOVEMBER, CALLS PARTS OF THE REPORT EXTREMELY MISLEADING.

HE SAYS FTX US IS SOLVENT, LIKELY WITH HUNDREDS OF MILLIONS OF DOLLARS IN EXCESS OF CUSTOMER BALANCES.

MEANWHILE, SBF FACES EIGHT CRIMINAL COUNTS RELATING TO FRAUD, MONEY LAUNDERING AND VIOLATING CAMPAIGN FINANCE LAWS.

WE’VE KNOWN THAT SBF AND OTHER FTX EXECUTIVES HAVE MADE SIGNIFICANT POLITICAL CONTRIBUTIONS.

BUT NEW REPORTING FROM COINDESK REVEALS THAT MORE THAN 1 IN 3 MEMBERS OF CONGRESS HAVE RECEIVED CAMPAIGN DONATIONS.

THE 196 MEMBERS RANGE FROM REPUBLICAN HOUSE SPEAKER KEVIN MCCARTHY TO DEMOCRATIC SENATE MAJORITY LEADER CHUCK SCHUMER, ALL THE WAY DOWN TO NEW MEMBERS OF CONGRESS.

COINDESK REACHED OUT TO ALL OF THEM, AND SAID MANY WHO RESPONDED SAY THEY’VE HANDED THE FUNDS OVER TO CHARITIES, WHILE OTHERS HAVE SET ASIDE THE FUNDS TO COMPENSATE FTX VICTIMS.

THE SUDDEN FTX COLLAPSE CRATERED THE CRYPTOCURRENCY SPHERE IN NOVEMBER, WITH TOKENS AND EXCHANGES DIVING IN VALUE AND STABILITY IN THE DAYS AND WEEKS THAT FOLLOWED.

BUT THIS WEEK, BITCOIN HAS LIFTED ABOVE $21K – RECOVERING ALL OF ITS LOSSES SINCE THE FTX COLLAPSE.

OTHER COINS ARE FOLLOWING SUIT.

EVEN FTX’S OWN FTT TOKEN IS UP 150% IN JANUARY.

I’M SIMONE DEL ROSARIO. IN NEW YORK IT’S JUST BUSINESS.


Ray Bogan Political Correspondent
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U.S.

Crypto ringleader that helped launder $700 million arrested in Miami

Ray Bogan Political Correspondent
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A Russian national who runs a crypto exchange in Hong Kong was arrested Tuesday night in Miami. Prosecutors at the Justice Department said the crypto exchange, Bitzlato, processed over $700 million in illicit funds that were made from crimes including ransomware and drug trafficking.

Now the firm’s majority shareholder, Anatoly Legkodymov, is charged with conducting an unlicensed money transmitting business and faces five years in prison.

Operating off shore or moving your servers out of the continental U.S. will not shield you. And whether you break our laws from China or Europe – or abuse our financial system from a tropical island – you can expect to answer for your crimes inside a United States courtroom,” Deputy Attorney General Lisa Monaco said.

The Justice Department said Bitzlato catered to known crooks, and purposefully worked around safeguards put in place by the U.S. government to detect and investigate financial crimes. Bitzlato is even accused of advertising that they require minimal identifying information from clients to complete their transactions.

According to the Justice Department, senior executives at Bitzlato were well aware that their clients were criminals. Legkodymov wrote in an internal company chat to a colleague that many of their users were “known to be crooks.” Another executive also suggested that the company should only combat drug dealers “nominally” to avoid hurting their bottom line.

“The result was that Bitzlato became a safe haven for criminals, including drug dealers and ransomware groups. They knew that when the police traced their funds to Bitzlato, Bitlato would not be able to turn over its users’ true identities,” Breon Peace, U.S. Attorney for the Eastern District of New York, said.

The FBI says it is working to keep crypto markets free of illicit activity. Deputy Attorney General Monaco says the Justice Department is also taking steps to address what she called a crisis of confidence in the crypto currency markets.

“The FBI will continue to pursue actors who attempt to mask their criminal activity behind keyboards and use means such as cryptocurrency to evade law enforcement,” FBI Assistant Deputy Director Brian Turner said. “We, along with our federal and international partners, will work relentlessly to disrupt and dismantle these types of criminal enterprises.”

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A Russian National who runs a crypto exchange in Hong Kong was arrested last night in Miami. Prosecutors at the Justice Department say the firm Bitzlato processed over $700 million dollars in illicit funds that were made from crimes including ransomware and drug trafficking. Now the firm’s majority shareholder Anatoly Legodeemov is charged with conducting an unlicensed money transmitting business and faces five years in prison. 

 

Lisa Monaco: “Operating off shore or moving your servers out of the continental US will not shield you.”

 

The Justice Department said the crypto exchange Bitzlato catered to known crooks, and purposefully worked around safeguards put in place by the US government to detect and investigate financial crimes. Bitzlato is even accused  of advertising that they require minimal identifying information from clients to complete their transactions. 

 

Breon Peace: “The result was that Bitzlato became a safe haven for criminals, including drug dealers and ransomware groups. They knew that when the police traced their funds to Bitzlato, Bitlato would not be able to turn over its users’ true identities.” 

 

The FBI says it is working to keep crypto markets free of illicit activity. Deputy Attorney General Monaco says the Justice Department is also taking steps to address what she called a crisis of confidence in the crypto currency markets. For more crypto coverage stick with Straight Arrow News for unbiased straight facts.


Tech

MLB to experiment with robot umpires at the Class AAA level in 2023


According to ESPN, all 30 Class AAA ballparks will be using electronic strike zones during the 2023 season. As MLB aims to use the data and feedback from these games to inform future choices, the move marks another step toward possibly implementing this technology in the majors.

“We believe over the long haul it’s going to be more accurate, it’ll reduce controversy in the game and be good for the game,” said MLB Commissioner Rob Manfred during an interview with Fox Business. “We think it’s more accurate than a human being standing there. The current strike zone design is actually three-dimensional, and a camera is better at calling a three-dimensional strike zone than the human eye.”

The Automatic Balls and Strikes system, often referred to as ABS, will be deployed this year in two different ways. Half of the Class AAA games will be played with all calls determined by an electronic strike zone, and the other half will be played with an ABS challenge system. Similar to what is seen in professional tennis, the challenge system works by having a human umpire make the calls in real time, while each team is allotted a certain number of requests per game to have a call reviewed by the electronic system.

This is not the first time the league has tested electronic strike zones at lower levels of the game. In 2019, MLB tried out robotic umpires through a partnership with the Atlantic League, an independent baseball organization which was made up of eight teams at the time. That same year the Arizona Fall League adopted electronic strike zones as well to “very consistent” results. Two years later ABS was deployed in some Class A ballparks, and last season it was used for the first time in some Class AAA games.

“I’m not totally against it,” said Colorado Rockies outfielder and 2016 National League MVP Kris Bryant via The Athletic. “Umpires want to get the calls right. They’re not out there trying to influence the game one way or the other. If they have a tool at their advantage to every call right, that’s great.”

While there are currently no plans to bring electronic strike zones to the big leagues, there are other significant changes coming to baseball in the season ahead. With the use of a pitch clock, new regulations limiting defensive shifts, larger bases, and restrictions on pickoff attempts, MLB has shown that it is willing to evolve in an effort to make the game more exciting, and it may not be done yet.

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Ray Bogan Political Correspondent
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White House, Secret Service don’t keep visitor logs for Biden home

Ray Bogan Political Correspondent
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Neither the White House nor the Secret Service maintain visitor logs for President Biden’s personal residence in Wilmington, Delaware. They’re making the disclosure because the House Oversight Committee put in an official request with White House Chief of Staff Ron Klain for all logs going back to Jan. 20, 2021, the day President Biden took office.

“Like every president in decades of modern history, his personal residence is personal,” the White House counsel’s office said in a statement obtained by Fox. “But upon taking office, President Biden restored the norm and tradition of keeping White House visitors logs, including publishing them regularly, after the previous administration ended them.”

A Secret Service spokesman said the agency does screen visitors but does not maintain a record of who they checked.

“We don’t independently maintain our own visitor logs because it’s a private residence,” Spokesman Anthony Guglielmi told reporters.

The Secret Service said the same for former President Trump’s Mar-a-Lago home when classified documents were found there.

In his letter to Klain, Oversight Chairman James Comer, R-Ky., wrote it is “troubling” that classified information has been stored at the Biden home.

“President Biden’s mishandling of classified materials raises the issue of whether he has jeopardized our national security. Without a list of individuals who have visited his residence, the American people will never know who had access to these highly sensitive documents,” Comer wrote.

Comer also requested all documents and communications by Biden aides that are related to the case. 

“Because this is the same type of investigation that the Democrats were so outraged and launched and demanded happen to President Trump. What we see with President Biden is there are multiple locations. We would never have known about the possession of the classified documents were it not for investigative reporting by CBS,” Comer said on CNN’s State of the Union.

Democrats contend President Biden’s team has handled the situation well and returned the documents the day they were discovered.

“That is a very different posture than what we saw with Donald Trump, where he was fighting for a period of more than 8 months to not turn over hundreds of missing documents that the Archives was asking about,” Rep. Jamie Raskin, D-Md., said on State of the Union. “I think every American has an interest in seeing that classified documents are properly handled by whoever is president and by any administration. And all we’re looking for is equal treatment.”

A growing list of congressional Democrats have spoken out, saying this is a serious matter and needs to be thoroughly investigated. Attorney General Merrick Garland appointed a special counsel on Thursday.

The AP contributed to this report. 

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Neither the White House nor the Secret Service maintain visitor logs for President Biden’s personal residence in Wilmington, Delaware. 

 

They’re disclosing that because the House Oversight Committee is investigating the President’s handling of classified documents found at his home and personal office. The sCommittee’s Chairman James Comer put in an official request with the White House Chief of Staff for all logs going back to January 20, 2021, the day President Biden took office. 

 

The White House Counsel’s Office said in a statement obtained by Fox quote: “Like every President in decades of modern history, his personal residence is personal.”

 

A Secret Service spokesman said the agency does screen visitors but does not maintain a record of those checks. The Secret Service said the same for former President Trump’s Mar-a-Lago home when classified documents were found there. 

Oversight Chairman Comer wrote to Biden Chief of Staff Ron Klain: 

“President Biden’s mishandling of classified materials raises the issue of whether he has jeopardized our national security. Without a list of individuals who have visited his residence, the American people will never know who had access to these highly sensitive documents.” 

 

Comer also requested all documents and communications by Biden aides that are related to the case. 

Rep. James Comer: “Because this is the same type of investigation that the democrats were so outraged and launched and demanded happen to President Trump. What we see with President Biden is there are multiple locations we would have never known about the possession of the classified documents if it were not for investigative reporting by CBS”

 

Democrats say President Biden’s team has handled the situation well and handed the documents over as soon as they were discovered. 

Rep. Jamie Raskin: “That is a very different posture than we saw with Donald Trump, where he was fighting for a period of more than 8 months to not turn over hundreds of missing documents that the archives was asking for.” 

 

But many Democrats also say this is a serious matter and needs to be thoroughly investigated. Attorney General Merrick Garland appointed a special counsel on Thursday. 

For more updates on the investigations, stick with Straight Arrow News for Unbiased, Straight Facts. 

 


Ray Bogan Political Correspondent
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Google warns Supreme Court case could upend the internet

Ray Bogan Political Correspondent
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Google told the Supreme Court that if it guts Section 230 of the Communications Decency Act, it would upend the internet, encourage suppression of legitimate speech and proliferate offensive speech. The tech giant is being sued by the family of Nohemi Gonzalez, who was killed in 2015 during an Islamic State group (ISIS) terrorist attack in Paris that left 129 people dead.

Section 230 protects platforms like YouTube, Facebook and Twitter from lawsuits regarding content people post on their sites. For instance, if someone posts hateful or defamatory content on Twitter, the victim cannot sue Twitter. They can only seek damages from the person who posted it.

Section 230 states, “No provider or user of an interactive computer service shall be treated as the publisher or speaker of any information provided by another information content provider.” 

Gonzalez’s family argues that Youtube, which is owned by Google, aided and abetted the Islamic State group by recommending the terrorist organization’s videos to users. Therefore, the family contends, YouTube is more than just what’s called an “interactive computer service” that allows third parties to post content.

Google countered that if websites accepted all third-party content without organizing or limiting that content, it would risk a proliferation of pornography, hate speech and illegality.

“Recommendation algorithms are what make it possible to find the needles in humanity’s largest haystack,” attorneys for Google wrote in a brief.

The justices will have to decide if online platforms can be held liable for recommending content, even if they did not create or post it. Oral arguments are scheduled for Feb. 21 and a decision will be released by this summer.

While the Supreme Court may have the final word on that specific issue, lawmakers on Capitol Hill have debated for years whether to keep or repeal Section 230 entirely.

“Section 230 was absolutely necessary to bring our legal system into the 21st century. It has been the legal foundation for the growth of the internet, particularly in areas like education and jobs and a platform for free speech around the world,” Sen. Ron Wyden, D-Ore., said during a 2017 Senate Commerce Committee hearing.

“Right now we’re looking for ways to reform section 230 and to regulate big tech without turning the congress into a new speech police,” Sen. Marsha Blackburn, R-Tenn., said in 2020.

If online platforms are ultimately made responsible for users’ content, it would be an enormous task to fully police it. Each day tech users generate more than 500 million tweets, 294 billion emails, 4 million gigabytes of Facebook data and 720,000 hours of new YouTube content.

The protections provided by Section 230 are extraordinary. As an example, a young boy was once lured into performing sex acts with a grown man who then marketed videos of the crime on AOL. The boy’s parents sued AOL and AOL won.

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Google just told the Supreme Court that if it guts Section 230 of the Communications Decency Act it would upend the internet, encourage suppression of legitimate speech and proliferate offensive speech. 

 

So why is Google taking such a strong stance? 

 

They’re being sued, and they’re defending the law that protects platforms like youtube, facebook, and twitter from lawsuits regarding content people post on their sites. 

 

Section 230 states: “No provider or user of an interactive computer service shall be treated as the publisher or speaker of any information provided by another information content provider.” 

 

To give you an idea of just how strong Section 230’s protections are: A young boy was once lured into performing sex acts with a grown man, that man then marketed videos of the crime on AOL. The boy’s parents sued AOL and AOL won. 

 

In this case, the family of Nohemi Gonzalez is suing Google saying it aided and abetted ISIS by recommending the terrorist organization’s videos to users. Gonzalez was killed in 2015 during an ISIS terrorist attack in Paris. 129 people died. 

 

The family says google recommended, sorted and displayed the ISIS videos, and it’s not just what’s called an interactive computer service that allows third parties to post content. 

 

Google’s lawyers told the court: “Recommendation algorithms are what make it possible to find the needles in humanity’s largest haystack.”

 

Google argues if websites accepted all third-party content without organizing or limiting that content, it would risk a proliferation of pornography, hate speech, and illegality. 

 

The Justices will have to decide if online platforms can be held liable for recommending content, even if they did not create it or post it.

 

While the supreme court may have the final word on that specific issue, lawmakers on Capitol Hill have debated for years whether to keep or repeal section 230 entirely. 

 

Sen. Ron Wyden: “Section 230 was absolutely necessary to bring our legal system into the 21st century. It has been the legal foundation for the growth of the internet, particularly in areas like education and jobs and a platform for free speech around the world. And I believe it ought to be kept in tact. ” 

 

Sen. Marsha Blackburn: “This year, efforts to reform section 230 and protect speech online are in full swing. There’s no denying that conservatives have suffered under liberal mob rule. But, right now we’re looking for ways to reform section 230 and to regulate big tech without turning the congress into a new speech police.” 

 

If online platforms are ultimately made responsible for users’ content and have to further police it, Google’s brief puts into perspective what an enormous task that would be: Each day users worldwide generate over 500 million tweets, 294 billion emails, 4 million gigabytes of Facebook data, and 720,000 hours of new YouTube content.

 

As for Gonzalez v. Google, the Justices will hear oral arguments February 21st and a decision will be released by this summer. Straight Arrow News.com will keep covering this case with unbiased, straight facts.