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Michael Enzi, Former Senator From Wyoming, Dies at 77

According to Mr. Enzi, Mr. Simpson encouraged him to run for mayor of Gillette, the city to which he had moved only a few years earlier.

“On the way home from that Cody meeting while my wife was driving, I told her what Senator Simpson had said, and that I was thinking maybe I should run for mayor,” Mr. Enzi said in his retirement speech. “It must have come as quite a shock, because she ended up swerving into the barrow pit and then coming back up onto the road.”

At the time, Mr. Enzi said, Gillette was a place where recent discoveries of oil, gas and coal were drawing more and more people — and putting a strain on municipal services. The city, he said, was in need of three things that would become a recurring theme in Mr. Enzi’s political career: budgets, agendas and planning.

“Not the most exciting topics,” he said in his retirement speech.

Mr. Enzi was elected mayor in 1974 and served two four-year terms, during which time he also traveled to and from Washington as a member of the Coal Advisory Committee for the U.S. Department of Interior and served as the president of the Wyoming Association of Municipalities.

He soon set his sights on state politics, joining the Wyoming House of Representatives in 1987, and the Wyoming State Senate in 1991. He was first elected to the United States Senate in 1996. He led the Senate Committee on Health, Education, Labor and Pensions from 2005 to 2007, and was the chairman of the Senate Budget Committee from 2015 to 2021.

In 2009, Mr. Enzi was a member of what came to be known as the Gang of Six, a group of Senate Finance Committee members — three Democrats and three Republicans — who held lengthy negotiations on a health care overhaul. The talks dragged on, and Republicans ultimately backed away from those compromise efforts amid protests from their constituents. The Affordable Care Act would pass in 2010, without support from Republicans in Congress. Mr. Enzi had sought to repeal the legislation.

In 2017, Mr. Enzi was one of 22 senators who signed a letter asking President Donald J. Trump to withdraw from the Paris climate agreement.

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Last lacking individual recognized, dying toll 98

People visit the memorial which contains pictures of some of the victims from the partially collapsed 12-story Champlain Towers South Condo building on July 15, 2021 in Surfside, Florida. 92 victims have been identified while the search and recovery work is nearing completion.

Joe Raedle | Getty Images

The last person missing in the collapse of a residential complex in Surfside, Florida has been recovered and identified, bringing the death toll to 98, according to Miami-Dade County Mayor Daniella Levine Cava.

The remains of Estelle Hedeya, 54, were finally identified by authorities, the victim’s younger brother told the Associated Press. A total of 242 people are now recorded, said Levine Cava.

“Although we have identified all of the missing reported victims, the Miami-Dade police are continuing their ongoing search and recovery efforts on the evidence pile to ensure that all identifiable human remains are recovered,” Levine Cava said during a press conference Monday.

Miami-Dade Police Department director Alfredo Ramirez found that human remains had been recovered from the “secondary site” of the collapse, where the remaining portion of the condo building stood before it was demolished three weeks ago.

“We are recovering human remains and will continue to process them […]”said Ramirez.” We are still working on the stacks of evidence and will continue until we think we have done all we can.

The fire department ended their search for bodies on Friday when the heap of debris was almost completely swept away from the collapse site. Miami-Dade Police Department officials were forced to stop efforts to recover the remains and personal effects.

“Nothing we can say or do will bring back those 98 angels who left grieving families, loved ones and loved ones in this community and around the world,” said Levine Cava. “But we did everything we could to bring the families out of school. I am particularly proud that, thanks to this tireless effort, we were finally able to close down all the people who reported missing relatives.”

The news comes more than a month after the sudden collapse of the 12-story Champlain Towers South. First responders pursued an emotional and tireless search that shifted from rescue to recovery after officials said the possibility of finding someone alive was “near zero”.

Search teams had spent weeks tackling the dangers of the rubble, including severe weather conditions that temporarily halted their work. Ultimately, they cleared more than 14,000 tons of concrete and rubble from the construction site.

As their search neared the end, authorities focused on helping victims and families affected by the collapse. This includes the provision of resources by a family counseling center, which offers psychological counseling as well as financial and housing assistance, among other things.

Last week, a judge ruled that victims and families affected by the collapse should initially receive at least $ 150 million in compensation.

The compensation includes insurance for the Champlain Towers South building and the expected proceeds from the sale of the land on which the condominium building once stood.

While the exact cause of the collapse is still unknown, a 2018 report shows the 40-year-old building suffered significant structural damage, with cracks in the underground parking garage and waterproofing problems under the pool.

Recent reports also show that the repeal of a law in Florida in 2010 that required condos to schedule repairs may also have contributed to the collapse.

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Politics

A 2nd New Nuclear Missile Base for China, and Many Questions About Technique

In the barren desert 1,200 miles west of Beijing, the Chinese government is digging a new field of what appears to be 110 silos for launching nuclear missiles. It is the second such field discovered in the past few weeks by analysts studying commercial satellite imagery.

It could mean a huge expansion of China’s nuclear arsenal – the need for an economic and technological superpower to show that, after decades of reluctance, it is ready to deploy an arsenal the size of Washington or Moscow.

Or it can simply be a creative, albeit costly, negotiating trick.

The new silos are apparently built to be discovered. The latest silo field, which began in March, is located in the eastern part of Xinjiang Province, not far from one of the notorious Chinese “re-education camps” in the city of Hami. It was identified late last week by nuclear experts from the Federation of American Scientists from images of a fleet of Planet Labs satellites and shared with the New York Times.

For decades, since its first successful nuclear test in the 1960s, China has maintained a “minimal deterrent” that most outside experts estimate at around 300 nuclear weapons. (The Chinese won’t say so, and the US government’s assessments will be classified.) If that’s true, that’s less than a fifth of the number deployed by the United States and Russia, and in the nuclear world, China has always considered itself an occupier of moral height and avoids expensive and dangerous arms races.

But that seems to be changing under President Xi Jinping. While China is cracking down on dissent at home, claiming new control over Hong Kong, threatening Taiwan and using cyber weapons much more aggressively, it is breaking new ground with nuclear weapons.

“The silo construction at Yumen and Hami represents the most significant expansion of the Chinese nuclear arsenal of all time,” write Matt Korda and Hans M. Kristensen in a study on the new silo field. They found that China has operated about 20 silos for large liquid-fuel missiles called DF-5s for decades. But the newly discovered field, combined with one hundreds of miles away in Yumen, northeast China, discovered by the James Martin Center for Nonproliferation Studies in Monterey, California, will bring about 230 new silos to the country. The Washington Post previously reported the existence of this first field with around 120 silos.

The puzzle is why China’s strategy has changed.

There are several theories. The simplest is that China now sees itself as a comprehensive economic, technological and military superpower – and wants an arsenal to match that status. Another possibility is that China is concerned about the increasingly effective American missile defense and India’s nuclear build-up, which is advancing rapidly. Then there is Russia’s announcement of new hypersonic and autonomous weapons and the possibility that Beijing may want a more effective deterrent.

A third is that China is concerned that its few ground-based missiles are vulnerable to attack – and by building more than 200 silos spread across two locations, they can play a shell game, move 20 or more missiles, and unit make states guess where they are. This technique is as old as the nuclear arms race.

“Just because you build the silos doesn’t mean you have to fill them all with missiles,” says Vipin Narang, a professor at the Massachusetts Institute of Technology who specializes in nuclear strategy. “You can move them.”

Updated

July 26, 2021, 5:21 p.m. ET

And of course you can swap them. China may believe that sooner or later it will be drawn into arms control negotiations with the United States and Russia – something President Donald J. Trump tried to force in his final year in office when he said he would not renew the New START treaty on Russia unless China, which never participated in nuclear arms control, was included. The Chinese government rejected the idea, saying if Americans were so concerned they should cut their arsenal by four-fifths to Chinese levels.

The result was a standstill. At the very end of the Trump administration, Secretary of State Mike Pompeo and his arms control officer Marshall Billingslea wrote: “We have asked Beijing for transparency and, together with the United States and Russia, to work out a new arms control agreement covering all categories of nuclear weapons.”

“It is time for China to stop posing and acting responsibly,” they wrote.

But the Biden government had come to the conclusion that it would be unwise to phase out New START with Russia just because China refused to join. After his term in office, President Biden acted quickly to renew the treaty with Russia, but his administration has said that at some point it would like China to make some kind of deal.

These conversations have yet to begin. Assistant Secretary of State Wendy Sherman is this week for the first visit by a senior American diplomat to China since Mr Biden took office, although it is not clear that nuclear weapons are on the agenda. In addition to leading nuclear talks with Russia.

At the White House, the National Security Council declined to comment on evidence of China’s growing arsenal.

It is likely that American spy satellites picked up the new build months ago. But it all came public after Mr. Korda, a research analyst with the Federation of American Scientists, a private group in Washington, used civilian satellite imagery to survey the arid hinterland of Xinjiang Province, a rugged area of ​​mountains and deserts in northwest China . He looked for visual clues about the silo construction that matched what the researchers had already discovered.

In February, the Federation of American Scientists reported the expansion of missile silos at a military training area near Jilantai, a city in Inner Mongolia. The group found 14 new silos under construction. Then came the discovery in Yumen.

While searching the wilderness of Xinjiang Province, Mr. Korda specifically looked for inflatable domes – similar to those that house some tennis courts. Chinese engineers erect them over the construction sites of underground missile silos to hide the work underneath. Suddenly, about 250 miles northwest of the recently discovered base, he found a series of inflatable domes, almost identical to those in Yumen, on another sprawling military compound.

The new construction site is in a remote area that the Chinese authorities have cut off from most of the visitors. It is about 60 miles southwest of the city of Hami, known as the site of a re-education camp where the Chinese government detains Uyghurs and members of other minorities. And it’s about 260 miles east of a tidy complex of buildings with large roofs that can open to the sky. Recently, analysts identified the site as one of five military bases where the Chinese armed forces have built lasers that can fire concentrated beams of light at reconnaissance satellites, which are mainly sent into the air by the United States. The lasers blind or deactivate fragile optical sensors.

Working with his colleague, Mr. Kristensen, a weapons expert who leads the group’s nuclear information project, Mr. Korda used satellite photos to explore the site.

The new silos are a little less than two miles apart, according to their report. In total, the sprawling construction site covers around 300 square miles – similar in size to the Yumen base, also in the desert.

Mr. Narang said the two new silo fields gave the Chinese government “many options”.

“It’s not crazy,” he said. “You are making the United States target many silos that may be empty. They can slowly fill these silos when they need to build their strength. And they get influence in arms control. “

“I’m surprised they didn’t do that a decade ago,” he said.

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Trump buddy Tom Barrack pleads not responsible to UAE lobbying costs

Thomas Barrack, a close adviser to former President Donald Trump and chair of his inaugural committee, arrives for a court appearance at the U.S. District Court of Eastern District of New York on July 26, 2021 in Downtown Brooklyn in New York City.

Michael M. Santiago | Getty Images

Private equity investor Thomas Barrack and a business associate pleaded not guilty Monday through their lawyers in Brooklyn, New York, to federal charges of illegally lobbying his friend ex-President Donald Trump on behalf of the United Arab Emirates.

Barrack’s $250 million release bond was maintained by a judge during the arraignment, where his next court appearance was scheduled for Sept. 2.

Judge Sanket Bulsara also ordered Barrack, 74, to refrain from traveling on private aircraft and from conducting any foreign financial transactions, and to limit his domestic financial transactions to $50,000 or less. And Bulsara told Barrack not to have any contact with officials from the UAE.

Barrack, who will live in his residence in Aspen, Colorado, is allowed under the bond to travel only to southern California to visit his children, and to New York for court appearances. His compliance with the travel restrictions is being monitored by an electronic ankle bracelet and GPS.

As he entered the courthouse before his arraignment, Barrack was met by a man hoisting a sign saying “Traitor” in big black letters.

That’s the same message — wielded by what appeared to be the same person — that often greeted Trump’s 2016 campaign chief Paul Manafort and his ally Roger Stone during their federal criminal cases, which ended in convictions.

Those convictions later were voided when Trump pardoned both men shortly before leaving office.

Asked by a reporter how he would plead at this arraignment, Barrack replied, “Guys, I know you’re just doing your job — I’ll talk to you on the way out.”

Barrack had been jailed without bond until Friday, when a federal judge ordered him released on the $250 million bond, one of the largest criminal bails in history.

The bond is secured by $5 million cash, more than $21 million in securities, and by four properties. On Monday , Barrack’s son, ex-wife and a former business partner appeared Monday via video monitor to co-sign the release package and pledge properties to secure the bond.

Prosecutors in a detention memo last week had raised concerns that Barrack might flee to avoid the charges, given his holding of Lebanese citizenship and his access to a private jet. Barrack’s lawyer told Bulsara on Monday that Barrack does not own a plane.

Former Trump campaign manager Paul Manafort (2nd R) arrives with his wife Kathleen Manafort (R) at the Albert V. Bryan U.S. Courthouse for an arraignment hearing as a protester holds up a sign March 8, 2018 in Alexandria, Virginia. 

Alex Wong | Getty Images

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Barrack, who never registered with the American government as an agent for the oil-rich UAE, is also charged with obstruction of justice and making multiple false statements during a June 2019 interview with federal law enforcement agents.

Prosecutors have said that as Barrack was promoting UAE’s interests with the Trump administration, he was informally advising U.S. officials on Middle East policy and was seeking appointment to a senior role in the U.S. government, including as special envoy to the Middle East.

The indictment also charges another man, UAE national Rashid Sultan Rashid Al Malik Alshahhi, 43, who remains at large.

Roger Stone, a longtime adviser to President Donald Trump, arrives at the Prettyman United States Courthouse before facing charges from Special Counsel Robert Mueller that he lied to Congress and engaged in witness tampering January 29, 2019 in Washington, DC. A self-described ‘political dirty-trickster,’ Stone said he has been falsely accused and will plead ‘not guilty.’

Chip Somodevilla | Getty Images

Last Friday, Falcon Acquisition, a special purpose acquisition company backed by Barrack, withdrew its registration statement with the Securities and Exchange Commission, saying it was abandoning planned transactions.

The transactions had included an initial public offering of 25 million shares to raise $250 million for Falcon Acquisition, which was formed by Barrack’s family office Falcon Peak and TI Capital. The SPAC had planned to list its shares on the New York Stock Exchange.

Barrack stepped down in 2020 as CEO of Colony Capital, a private equity firm he founded. He resigned as the firm’s executive chairman in April.

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Biden’s China Technique Meets Resistance on the Negotiating Desk

In an effort to maintain an increasingly strained relationship, the Biden government has developed a strategy to confront China on disputes while leaving the door open to cooperation against global threats.

On Monday, China appeared to slam the door on the idea that the two countries could work together in one day and clash the next.

Talks with Assistant Secretary of State Wendy R. Sherman – the highest-ranking government official to visit China – began with a spate of public criticism from the Chinese side and ended with little evidence that the two powers were closer to narrowing their differences.

“The relationship between the United States and the PRC is complex, so our policies are very complex,” Sherman said in a telephone interview following the meetings on the People’s Republic of China. “We believe our relationship can tolerate this nuance.”

The meetings, held in northeast China’s Tianjin city, covered the range of disputes between the two countries, she said. Many of them are bitter and defy a simple solution.

These included human rights, the rapid curtailment of political freedoms in Hong Kong, and what Ms. Sherman called “the horrific acts in Xinjiang,” the largely Muslim region of western China where hundreds of thousands of detention and re-education centers passed.

Ms. Sherman also raised China’s demands over Taiwan, its military operations in the South China Sea, and allegations by the United States and other nations last week that China’s Department of State Security was behind the hacking of Microsoft email systems and possibly other cyber attacks.

“This is very serious – that the Department of State Security would help criminals hack Microsoft and possibly others,” she said, adding that many countries had joined the United States, saying that “such behavior is absolutely irresponsible, reckless and totally irresponsible is out of place ”. in our world. “

China gave no reason, at least publicly, saying that the United States had no right to lecture the Chinese government or anyone else. Before Ms. Sherman finished their meetings, the State Department released a series of six harsh statements from the first official she met, Xie Feng, the assistant secretary of state overseeing relations with the United States.

Mr Xie accused the United States of committing Native American genocide and botching the response to the coronavirus pandemic that killed 620,000 Americans.

The Biden government’s policy is nothing more than a “thinly veiled attempt to contain and suppress China,” Xie told Ms. Sherman, according to a summary of his comments the Chinese State Department sent reporters on Monday before the Americans could show up provide your own account.

“It appears that a nationwide and societal campaign is being waged to bring China down,” Xie told Ms. Sherman, according to the summaries of his comments, which were also posted on the ministry’s overseas website.

Updated

July 26, 2021, 9:15 a.m. ET

Ms. Sherman’s meetings provided the latest measure of how the Biden administration’s strategy is working. At least so far, it has done little to mitigate China’s behavior. Mr. Xie’s remarks underscored the anger that has been building in China towards the United States and undermines the chances that the approach will gain ground.

After a second meeting with China’s Foreign Minister Wang Yi, Ms. Sherman pointed out that the two sides had discussed global and regional issues on which the two governments could potentially work together, including North Korea and the proliferation of nuclear weapons. However, she warned of concrete progress, adding that she did not come to the talks with immediate results.

“We were pretty straight forward with each other in the areas of big differences,” she said.

“In areas where we have common interests and there are major global interests, we have had very substantial discussions and exchanged some ideas,” said Sherman. “We’ll have to see where this leads.”

Drew Thompson, a former director of China for the US Department of Defense, said the underlying intent behind Ms. Sherman’s visit appears to be to ensure that the worsening of differences does not lead to dangerous stalemates.

“Beijing is taking a maximalist approach to US-China relations, issuing lists of demands, insisting that Washington adopt reverse policies and actions,” said Thompson, now a researcher at the Lee Kuan Yew School of Public Policy the National University is from Singapore.

“The main goal for Washington is to deepen understanding of China’s positions, reduce the potential for misjudgment and avoid misjudgment that could lead to open conflict,” he said.

The tone on Monday reflected the opening of high-level talks between senior Chinese and Biden government officials in March when Beijing’s senior foreign policy leader Yang Jiechi gave a 16-minute talk accusing Americans of arrogance and hypocrisy. The controversial start with the Biden administration caught officials in China by surprise, who thought relations hit rock bottom in the last year of the Trump presidency and therefore could only get better with the new president.

Mr. Xie told the Chinese news media after meeting that he had forwarded two requests to Ms. Sherman, including lifting the visa restrictions on Communist Party members, lifting sanctions against Chinese officials and shutting down major Chinese news agencies in the United States as foreign agents. All of these were introduced during Donald J. Trump’s presidency, but President Biden did nothing to repeal any of them.

While Mr Biden has largely avoided it the heated ideological sparring with the Chinese Communist Party that the Trump administration led in its final year, relations remain strained.

Washington has sought allies to pressure Beijing on many of these issues. Ms. Sherman’s trip also took her to Japan, South Korea and Mongolia to rebuild regional ties that were strained under Mr. Trump.

And the Chinese government has resented calls by the United States, the World Health Organization and others for a new investigation into whether the coronavirus might have hatched from a laboratory in China and set off the pandemic.

Last week, Chinese officials said they were “extremely shocked” at a WHO proposal to reconsider laboratory leak theory. A report in March of a first WHO investigation said it was “extremely unlikely” that the coronavirus jumped into the wider population after escaping from a laboratory.

Ms. Sherman said she has urged China to cooperate in the international investigation into the spread of Covid. “I’ll let them speak for themselves,” she said, “but from my point of view I certainly didn’t get the answer I wanted or hoped for.”

China’s belligerent tone seems to flow from above. The country’s head of state, Xi Jinping, has signaled a growing impatience with criticism and demands from Washington, particularly with regard to Beijing’s internal problems such as Hong Kong and Xinjiang.

Beijing has fought against sanctions against Hong Kong and Xinjiang with its own against Western politicians, human rights groups and academics.

“We will never accept excruciatingly arrogant lectures from these ‘master teachers’!” Mr. Xi said in a speech on July 1 to commemorate 100 years since the Chinese Communist Party was founded.

Keith Bradsher contributed to the coverage.

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Sweltering temperatures anticipated throughout U.S. as a result of warmth dome

A sign warns of extreme heat in Death Valley, California, the United States, July 11, 2021.

Bridget Bennett | Reuters

Stifling heat is forecast to spread across much of the continental US next week, with temperatures rising 10 to 15 degrees above average in areas like the Great Plains and the Midwest, according to the National Weather Service.

The expected heat and high humidity comes shortly after a record heatwave that hit triple-digit temperatures in Oregon, Washington state and British Columbia in late June and caused hundreds of heat-related deaths.

Next week’s temperatures will be the result of a heat dome, a strong, high-pressure air system that descends from the atmosphere, compressed and heated near land, adding to the already sultry summer temperatures.

Heat domes tend to inhibit cloud formation – resulting in a hot, sunny sky with no cloud cover – and are likely to get stronger with climate change.

The June heat wave, also the result of a heat dome, was viewed as a millennium event made all but impossible without human-made climate change, researchers found.

The temperatures and drought conditions have also sparked more intense forest fires, which ignited earlier than usual this year. In the past few days, more than 80 forest fires have burned in over a dozen states, mostly in the west, which is in an unprecedented drought.

The smoke from the western fires was so heavy that it created fog-filled skies and unhealthy air quality this week as far as New York, New Jersey, and Pennsylvania.

According to the World Meteorological Organization, the earth has already warmed up by more than 1 degree Celsius compared to the pre-industrial level. Last year was the hottest on record, and 2021 will almost certainly be one of the 10 hottest years ever recorded.

Research shows that more than a third of global heat-related deaths in warm seasons are attributed to climate change. And heat kills more people than any other weather disaster in the US

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In Louisiana, Public Well being Employees Fight Vaccine Misinformation

Mayor Adrian Perkins, a Shreveport native and graduate of West Point and Harvard Law School who served in the Iraq and Afghanistan wars, was sued last year when he tried one. On Friday, he announced a new advisory urging residents to wear masks indoors, a day after the parish commission voted to postpone action on a mandate.

The falsehoods filling social media feeds dwarf whatever vaccine salesmanship power he has, he said. One complicating phenomenon, he said, was the sharing of misinformation between the Black community, which has a long-held skepticism of vaccines, and a white population that sees the vaccine and virus restrictions as government overreach.

Dr. Whyte framed her struggles getting people vaccinated as part of a broader negligence of public health. She said her department was continually underfunded despite significant rates of syphilis and maternal and infant mortality. It is wrestling with infant vaccinations and the spread of sexually transmitted diseases, and is fighting an increase in drug overdoses.

Her department has 99 employees, but few for preventing and tracking infectious disease. She oversees one epidemiologist and a community health worker supervisor who has no one to supervise. She is starting to see some help from federal funding appropriated during the pandemic: She plans to hire three community health workers soon, a social worker to replace one who retired years ago, and at least one more epidemiologist, most likely with funds provided by the C.D.C. She manages contact tracing with a small team.

As Dr. Whyte explained the city’s challenges in an interview, Calandre Singh, an epidemiologist in Shreveport for the state health department, interrupted with a warning. The funeral for a police deputy in neighboring Webster Parish was set for the next day and was likely to draw hundreds of people indoors, likely without masks — a possible superspreading event. Dr. Whyte and her team consulted with the organizers, who promised to enforce social distancing and a mask requirement. No outbreak has been tied to the event thus far, she said.

Within a month, Dr. Whyte anticipates even knottier debates about the need for masks and vaccines in schools. Federal regulators have not yet authorized the vaccine for the youngest children, but those 12 to 15 have been eligible for the Pfizer-BioNTech vaccine since May.

At times over the last year, Dr. Whyte has felt so emotionally wrung out that she has been tempted to quit. Her otherwise healthy husband, a physician, spent two months on a ventilator last year, an experience she describes vividly in her pitches to community members about vaccination. The exchange with Ms. Peavy at the City Council meeting had left her angry and depleted.

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SPAC pulled, bail listening to in UAE case modified

Thomas Barrack, Executive Chairman and CEO, Colony Capital, participates in a panel discussion during the annual Milken Institute Global Conference at The Beverly Hilton Hotel on April 28, 2019 in Beverly Hills, California.

Michael Kovac | Getty Images

A federal judge in Los Angeles on Friday ordered the release on a $250 million secured bond of Thomas Barrack, the private equity investor charged with illegally lobbying his close friend ex-President Donald Trump for the United Arab Emirates.

The order requires the release bond — which is among the highest ever set in the world — to be secured by $5 million cash, another $21.23 million in securities and Barrack’s home in California.

Barrack and his co-defendant Matthew Grimes, a 27-year-old business associate, had been in jail since Tuesday, when they were arrested in Los Angeles on an indictment issued in Brooklyn, New York, federal court.

Grimes earlier Friday was ordered released on a $5 million bond. Neither he nor Barrack were in court before Judge Patricia Donohue, having waived their right to appear.

Donohue ordered Barrack to surrender his passport, to be fitted with an electronic bracelet, and be subject to GPS monitoring and a curfew.

Barrack also was ordered to stay in the company of his lawyers until at least his and Grimes’ arraignment Monday in Brooklyn.

He also cannot transfer any funds overseas, is barred from transferring more than $50,000 except for attorneys fees, and is prohibited from trading securities without written permission from prosecutors. His travel is restricted to the federal Central District of California, and to the Southern and Eastern districts of New York, which encompass New York City, Long Island, and several counties to the north of the Big Apple.

Barrack was identified as a billionaire on the Forbes richest list in 2013, but since then has not appeared on that roster.

Earlier Friday, Falcon Acquisition, a special purpose acquisition company backed by Barrack, told the Securities and Exchange Commission it is withdrawing its registration statement with the agency “because the company has elected to abandon” planned transactions.

The transactions had included an initial public offering of 25 million shares to raise $250 million for Falcon Acquisition, which was formed by Barrack’s family office Falcon Peak, and TI Capital.

Falcon Acquisition, which had planned to list its shares on the New York Stock Exchange, had said it was targeting tech-driven businesses as candidates for mergers.

A lawyer for Falcon Peak did not immediately respond to a CNBC request for comment. 

Barrack and Grimes originally were due to have their bail hearing in Los Angeles on Monday.

But that was moved up to Friday after prosecutors reached a deal on bail conditions with defense lawyers.

Prosecutors earlier in the week had asked at Barrack’s first court appearance in LA on Tuesday that he be detained until at least he appears in court in Brooklyn for another hearing because of the risk that he could flee to avoid facing the charges. Barrack holds Lebanese citizenship and has a private jet.

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Barrack, who was chairman of Trump’s 2017 inauguration fund, is accused with Grimes and UAE national Rashid Sultan Rashid Al Malik Alshahhi of secretly advancing Emirates’ interests at the direction of senior officials of the oil-rich Gulf country. Prosecutors said the three influenced the foreign policy positions of Trump’s 2016 campaign, and continued that effort during Trump’s presidency through April 2018.

Barrack also is charged with obstruction of justice and making multiple false statements during a June 2019 interview with federal law enforcement agents.

The indictment noted that Barrack at the same time informally advised American officials on Middle East policy, and sought appointment to a senior role in the U.S. government, including as special envoy to the Middle East.

Alshahhi, 43, remains at large.

Barrack stepped down last year as CEO of Colony Capital, a private equity firm he founded, and as its executive chairman in April.

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FTX, Cryptocurrency Chief, Strikes to Curb Excessive Threat Trades

A popular cryptocurrency exchange announced on Sunday that it was curbing some type of high-risk trading, partly due to the sharp fluctuations in the value of Bitcoin and the. is held responsible Casino-like atmosphere on such platforms worldwide.

Switching the exchange, FTX, would reduce the amount of bets investors can place by lowering the leverage offered from 101 to 20 times. Leverage multiplies the trader’s chance not only of profit, but also of loss.

“We will take the first step here,” said Sam Bankman-Fried, 29, the billionaire and founder of the platform, which operates from Hong Kong, on Twitter on Sunday. “Today we are removing the high leverage from FTX. The maximum permissible value will be 20x. “

The announcement came after the New York Times, in an article posted online on Friday, described the risky trades offered on FTX and other global exchanges such as Binance and BitMEX that accelerated a global crash in May. This month, those bets worth more than $ 20 billion were liquidated on cryptocurrency exchanges around the world.

Bankman-Fried said lowering leverage “is a step in the direction the industry has been headed and has been for a while,” adding, “Although we believe many of the arguments in favor of With high leverage, we don’t miss the mark either, believing it’s an important part of the crypto ecosystem, and in some cases it’s not a healthy part of it. “

Global platforms like FTX allow traders to borrow big when betting on price fluctuations – traders don’t buy and sell cryptocurrencies, but instead predict where the prices of the underlying assets will go. These bets, known as derivatives, mean that the exchange will grant them credit when they raise $ 1,000 so they can wager on the future price of the cryptocurrency worth up to $ 101,000 on FTX. Now, with the new cap, the maximum on this transaction would be $ 20,000.

This type of transaction should not be available to professional investors in the United States, but – at least historically – some of these investors have used workarounds to trade on the sites.

Leverage makes investors much more susceptible to their accounts being liquidated due to an automated margin call if the price of the cryptocurrency goes against their prediction and they do not have enough collateral on their accounts to support their bets.

It happened in May. When cryptocurrency prices began to fall due to market-moving events such as China’s announcement of regulatory action or Tesla’s decision to suspend Bitcoin payments, it prompted exchanges to automatically liquidate the accounts of the most leveraged investors before their collateral were no longer sufficient to cover their positions.

“These liquidations are obviously a big factor in the price crash,” said Clara Medalie, head of research at Kaiko, a provider of cryptocurrency market data in Paris, and recalled the sudden fall in value of the cryptocurrency in mid-May. “It is a doom-loop.”

Bankman-Fried said on Sunday that only a small percentage of traders are taking advantage of the maximum leverage available. He also argued that FTX had fewer liquidations than other exchanges and that he had long sought to “promote responsible trading”.

Still, he predicted in an interview last week that some investors would not welcome a move to reduce debt. “We’d get a consumer outcry if we got rid of it and we’d get very bad press,” he said. “But it could be the right thing.”

Mr Bankman-Fried also admitted that high leverage created the impression that exchanges like him were promoting risky trading, although he claimed it was not a fair conclusion.

Binance, the world’s largest cryptocurrency exchange, offers up to 125x leverage. Changpeng Zhao, the Sino-Canadian founder of Binance and a developer who traces his professional roots back to Wall Street, has said that the extreme leverage numbers were just a “marketing gimmick” and that most traders don’t use them.

Timothy Massad, the former chairman of the Commodity Futures Trading Commission, which regulates derivatives in the U.S., said he welcomed FTX’s decision and hoped other platforms like Binance would follow suit.

The change, he said, could be motivated in part by FTX’s success last week in raising $ 900 million in venture capital, the highest ever value for a cryptocurrency exchange. FTX’s high leverage offerings are more likely to damage its reputation as Mr Bankman-Fried seeks to expand the global reach of its platform, Mr Massad said.

“Sam has bigger visions, and this step removes a focus that might be in the way,” said Massad. “Take it off the table.”

Categories
Politics

U.S. delegation cuts Haiti journey brief after gunshots reported at president’s funeral

A man attends the funeral of slain Haitian President Jovenel Moise, at Moise’s family home in Cap-Haitien, Haiti, Friday, July 23, 2021.

Matias Delacroix | AP

A U.S. delegation that attended the funeral of late Haitian president Jovenel Moise on Friday is safe and returning to the U.S. following reports of gunshots and crowd control gas as protests took place outside the ceremony, White House press secretary Jen Psaki said on Friday.

The delegation, led by U.S. Ambassador to the U.N. Linda Thomas-Greenfield, was forced to end the trip early due to the unrest, a senior administration official told NBC News. However, Thomas-Greenfield was able to meet with Haitian leaders at the funeral, including newly sworn in Prime Minister Ariel Henry and his predecessor Claude Joseph before leaving.

There were no immediate reports of injuries among protesters, authorities or guests at the funeral. 

The U.S. delegation included House Foreign Affairs Committee Chair Gregory Meeks, D-N.Y.; Rep. Jeff Fortenberry, R-Neb.; and NSC Senior Director for the Western Hemisphere Juan Gonzales. It also included Daniel Foote, who was newly appointed as the U.S. special envoy to Haiti by the Biden administration, and U.S. Ambassador to Haiti Michele Sison.

Greenfield, in remarks delivered upon the delegation’s arrival in Haiti, expressed solidarity with the Haitian people and condolences to First Lady Martine Moise.

“Our delegation is here to bring a message to the Haitian people: You deserve democracy, stability, security, and prosperity, and we stand with you in this time of crisis,” Greenfield said

The funeral service was opened by a brass band and church choir, but was disrupted by angry shouts of protesters accusing authorities of being responsible for Moise’s death, according to Reuters.

Haitian officials arriving at the event were met with verbal anger from protesters, with one man calling Haitian police chief Leon Charles a criminal, Reuters reported.

Protests erupted in the northern city of Cap-Haitien leading up to the funeral for Moise, with supporters of the slain president angry over unanswered questions about his assassination, according to Reuters.

“We are deeply concerned about unrest in Haiti,” Psaki said at a Friday briefing. “In this critical moment, Haiti’s leaders must come together to chart a united path that reflects the will of the Haitian people. We remain committed to supporting the people of Haiti in this challenging time.”

This comes over two weeks after Moise was shot dead at his private Port-au-Prince residence, a shocking assassination that plunged the Caribbean nation into political upheaval.

U.S. National Security Advisor Jake Sullivan said in a statement Friday the U.S. will continue to provide requested assistance, including equipment and training, to the Haitian National Police and government of Haiti. The Department of Justice and Homeland Security will also continue to aid Haitian authorities in their investigation into the killing at the request of the Haitian government.

Sullivan added that the departments will continue working closely with international partners to support the Haitian government’s efforts to hold the perpetrators of the assassination accountable.

The Haitian government has also requested that the U.S. deploy American troops to protect critical infrastructure in Haiti.

Biden announced last week that the U.S. will only send American marines to secure the U.S. Embassy in Haiti and has no plans to send military assistance. 

“The idea of sending American forces into Haiti is not on the agenda at this moment,” Biden said at a joint press conference with German Chancellor Angela Merkel last week. 

Earlier this month, the U.S. sent a delegation of U.S. officials to Haiti to assess the political and security situation in the nation, assist with the investigation of Moise’s murder, and encourage free and fair elections. 

— Reuters contributed to this report.