Categories
Politics

The Highway to Clemency From Trump Was Closed to Most Who Sought It

“When we worked on grace during the Obama administration, it was based on objective criteria, not the recommendations of a political ally or celebrity,” said Kevin Ring, who was and is in federal prison for his role in the Jack Abramoff lobby scandal President of the FAMM Criminal Justice Reform Group, formerly known as Families Against Mandatory Minimums.

The group operates a closed Facebook forum for 7,000 family members of inmates, which was filled with anxious but excited messages of prayer and hopes for relatives to be released ahead of the final round of Mr. Trump’s grace grants issued 12 hours earlier The institution.

“And I was incredibly sad because I thought you really have next to no chance because he didn’t use the process your loved one would be in the mix for in the first place,” said Mr. Ring.

Even some beneficiaries of Mr Trump’s grace grants admit the process is not fair.

There are “so many thousands of inmates who never get a chance to put their names on there, it’s just so unfair,” said Barry Wachsler, who paid the legal fees related to the appeals process and Mr Weinstein’s reprieve. “Does it help if you have the money and the right connections? You know i think so It definitely does. “

Mr. Wachsler, a Long Island businessman, said he met Mr. Weinstein by chance five years ago while visiting a friend in federal prison who introduced the two men.

Weinstein, 45, pleaded guilty in 2013 to indicting a Ponzi-style real estate program that resulted in losses of $ 200 million, much of which was from investors in an Orthodox Jewish community in New Jersey, with which he was connected. Prosecutors said he had won the trust of potential victims by recruiting rabbis to vouch for him and by donating his illicit profits to Jewish organizations.

In 2014, he pleaded guilty to charges of defrauding additional investors, including falsely claiming access to coveted Facebook shares in the company’s upcoming IPO and the means to pay legal fees related to his previous one Charge used.

Categories
World News

Inventory futures fall after Wall Avenue closed at file highs to finish final week

Traders work on the trading floor of the New York Stock Exchange.

NYSE

Stock futures fell overnight on Sunday as investors assessed the prospect for further Covid-19 relief.

The futures on the Dow Jones Industrial Average fell 130 points. S&P 500 futures traded 0.5% lower and Nasdaq 100 traded 0.3%.

The stock market had a solid week ahead of the 2021 start as investors looked to a forcible siege of the Capitol and focused on the prospect of additional fiscal stimulus after a Democratic Congress. The S&P 500 climbed to a record 1.8% for four days last week. The Dow and the tech-heavy Nasdaq Composite gained 1.6% and 2.4%, respectively, and also hit all-time highs.

“Progress is based on three main pillars: strong corporate profits, massive momentum and vaccination optimism,” said Adam Crisafulli of Vital Knowledge in a note on Sunday. “Expectations for the incentives are rising – Biden’s plan may be worth several trillion dollars on paper, but what actually gets passed will likely be much smaller.”

President-elect Joe Biden on Friday promised a bold introduction of economic stimulus that will be in “trillions of dollars”. Further details will follow in an official announcement on Thursday, six days before he takes office.

The need for further incentives was underscored by an unexpected job loss in December. The Labor Department reported Friday that the number of non-farm workers fell by 140,000 as new lockdown restrictions hit virus-sensitive industries. This was the first monthly decline since April.

Political turmoil should continue this week and it remains to be seen when or if the markets will be affected. Democrats, backed by some Republicans, are starting impeachment proceedings against President Donald Trump in the House of Representatives to instigate the mob attack. The House Rules Committee is expected to expedite the impeachment process without hearing or voting by the committee.

For now, the market seems to be looking past that as Congress successfully confirmed Biden’s election victory and the Democrats, who are now in the Senate majority, are likely to pursue another major stimulus. If these events start to delay or derail these stimulus plans, traders may pay more attention.

Some on Wall Street are seeing a pullback for the market, especially after a surprisingly strong 2020. The S&P 500 rose 16.3% over the past year.

“After being bullish for a few months, we are definitely becoming more cautious in the stock markets at these levels,” said Matt Maley, chief market strategist at Miller Tabak, in a note on Sunday. “We believe the vast majority of the rally from the March lows is behind us … and that a correction is likely to begin sometime in the first quarter of this year.”

Last week, the benchmark yield on 10-year government bonds surpassed 1% for the first time since the March pandemic-sparked turmoil.

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