Categories
Politics

The Congressional Black Caucus: Highly effective, Numerous and Newly Difficult

The Congressional Black Caucus is the largest it has ever been, jumping to 57 members this year after a period of steady growth. The 50-year-old group, which includes most Black members of Congress and is entirely Democratic, is also more diverse, reflecting growing pockets of the Black electorate: millennials, progressives, suburban voters, those less tightly moored to the Democratic Party.

But while a thread of social justice connects one generation to the next, the influx of new members from varying backgrounds is testing the group’s long-held traditions in ways that could alter the future of Black political power in Washington.

The newcomers, shaped by the Black Lives Matter movement rather than the civil rights era, urge Democrats to go on the offensive regarding race and policing, pushing an affirmative message about how to overhaul public safety. They seek a bolder strategy on voting rights and greater investment in the recruitment and support of Black candidates.

Perhaps more significant than any ideological or age divide, however, is the caucus’s fault line of political origin stories — between those who made the Democratic establishment work for them and those who had to overcome the establishment to win.

Representative James E. Clyburn of South Carolina, a Democrat and the most powerful Black lawmaker in the House, said in an interview that the group still functioned as a family. But that family has grown to include people like Representative Cori Bush of Missouri, an outspoken progressive who defeated a caucus member in a hotly contested primary last year, and Representative Lauren Underwood of Illinois, whose district is overwhelmingly white.

“There was not a single member of the caucus, when I got there, that could have gotten elected in a congressional district that was only 4 percent African American,” Mr. Clyburn said, referring to Ms. Underwood.

“We didn’t have people in the caucus before who could stand up and say, ‘I know what it’s like to live in an automobile or be homeless,’” he said of Ms. Bush, whose recent dayslong sit-in on the Capitol steps pushed President Biden’s administration to extend an eviction moratorium.

In interviews, more than 20 people close to the C.B.C. — including several members, their senior aides and other Democrats who have worked with the group — described the shifting dynamics of the leading organization of Black power players in Washington.

The caucus is a firm part of the Democratic establishment, close to House leadership and the relationship-driven world of political consulting and campaigns. However, unlike other groups tied to party leaders, the caucus is perhaps the country’s most public coalition of civil rights stalwarts, ostensibly responsible for ensuring that an insider game shaped by whiteness can work for Black people.

Today, the C.B.C. has swelling ranks and a president who has said he owes his election to Black Democrats. There is a strong chance that when Speaker Nancy Pelosi eventually steps down, her successor will be a member of the group. At the same time, the new lawmakers and their supporters are challenging the group with a simple question: Whom should the Congressional Black Caucus be for?

The group’s leadership and political action committee have typically focused on supporting Black incumbents and their congressional allies in re-election efforts. But other members, especially progressive ones, call for a more combative activist streak, like Ms. Bush’s, that challenges the Democratic Party in the name of Black people. Moderate members in swing districts, who reject progressive litmus tests like defunding police departments or supporting a Green New Deal, say the caucus is behind on the nuts and bolts of modern campaigning and remains too pessimistic about Black candidates’ chances in predominantly white districts.

Many new C.B.C. members, even those whose aides discussed their frustration in private, declined to comment on the record for this article. The leadership of the caucus, including the current chair, Representative Joyce Beatty of Ohio, also did not respond to requests for comment.

Miti Sathe, a founder of Square One Politics, a political firm used by Ms. Underwood and other successful Black candidates including Representative Lucy McBath, a Georgia Democrat, said she had often wondered why the caucus was not a greater ally on the campaign trail.

She recounted how Ms. Underwood, a former C.B.C. intern who was the only Black candidate in her race, did not receive the caucus’s initial endorsement.

In Ms. Underwood’s race, “we tried many times to have conversations with them, to get their support and to get their fund-raising lists, and they declined,” Ms. Sathe said.

Representative Ritchie Torres of New York, a 33-year-old freshman member, said the similarities among C.B.C. members still outweighed the differences.

“It seems one-dimensional to characterize it as some generational divide,” he said. “The freshman class — the freshman members of the C.B.C. — are hardly a monolith.”

Political strategy is often the dividing line among members — not policy. The Clyburn-led veterans have hugged close to Ms. Pelosi to rise through the ranks, and believe younger members should follow their example. They have taken a zero-tolerance stance toward primary challengers to Democratic incumbents. They have recently pushed for a pared-down approach to voting rights legislation, attacking proposals for public financing of campaigns and independent redistricting committees, which have support from many Democrats in Congress but could change the makeup of some Black members’ congressional districts.

And when younger members of Congress press Ms. Pelosi to elevate new blood and overlook seniority, this more traditional group points to Representatives Maxine Waters of California and Bennie Thompson of Mississippi — committee chairs who waited years for their gavels. The political arm of the Black caucus reflects that insider approach, sometimes backing white incumbents who are friends with senior caucus leaders instead of viable Black challengers.

Representative Gregory Meeks of New York, the chairman of the caucus’s political action committee, said its goal was simple: to help maintain the Democratic majority so the party’s agenda can be advanced.

“You don’t throw somebody out simply because somebody else is running against them,” he said. “That’s not the way politics works.”

In a special election this month in Ohio to replace former Representative Marcia Fudge, the newly appointed housing secretary and a close ally of Mr. Clyburn’s, the caucus’s political arm took the unusual step of endorsing one Black candidate over another for an open seat. The group backed Shontel Brown — a Democrat who is close to Ms. Fudge — over several Black rivals, including Nina Turner, a former state senator and a prominent leftist ally of Senator Bernie Sanders of Vermont.

Mr. Meeks said the caucus had deferred to its ranking members from Ohio, including Ms. Beatty and Ms. Fudge. Mr. Clyburn also personally backed Ms. Brown. In the interview, he cited a comment from a campaign surrogate for Ms. Turner who called him “incredibly stupid” for endorsing Mr. Biden in the presidential primary race. “There’s nobody in the Congressional Black Caucus who would refer to the highest-ranking African American among them as incredibly stupid,” Mr. Clyburn said.

Ms. Turner, a progressive activist, defended the remark and said the caucus’s endorsement of Ms. Brown “did a disservice to the 11 other Black candidates in that race.” She argued that Washington politics were governed by “a set of rules that leaves so many Black people behind.”

“The reasons they endorsed had nothing to do with the uplift of Black people,” Ms. Turner said, citing her support of policies like reparations for descendants of enslaved people and student debt cancellation. “It had everything to do about preserving a decorum and a consensus type of power model that doesn’t ruffle anybody’s feathers.”

Privately, while some Black members of Congress were sympathetic to Ms. Turner’s criticism, they also regarded the comment about Mr. Clyburn as an unnecessary agitation, according to those familiar with their views.

Last year, several new C.B.C. members across the political spectrum grew frustrated after concluding that Democrats’ messaging on race and policing ignored the findings of a poll commissioned by the caucus and the Democratic Congressional Campaign Committee. The poll, obtained by The New York Times, urged Democrats in swing districts to highlight the policing changes they supported rather than defending the status quo.

But the instruction from leaders of the caucus and the Democratic campaign committee was blunt: Denounce defunding the police and pivot to health care.

“It was baffling that the research was not properly utilized,” said one senior aide to a newer member of the Black caucus, who spoke on the condition of anonymity to voice the frustrations. “It could have helped some House Democrats keep their jobs.”

Mr. Clyburn makes no secret of his disdain for progressive activists who support defunding the police. In the interview, he likened the idea to “Burn, baby, burn,” the slogan associated with the 1965 Watts riots in California.

“‘Burn, baby, burn’ destroyed the movement John Lewis and I helped found back in 1960,” he said. “Now we have defunding the police.”

Mr. Meeks, the political point man for the caucus, said he expected its endorsements to go where they have always gone: to Black incumbents and their allies. Still, he praised Ms. Bush’s recent activism as helping to “put the pressure on to make the change happen,” a sign of how new blood and ideological diversity could increase the caucus’s power.

But Ms. Bush won despite the wishes of the caucus’s political arm. And those who seek a similar path to Congress are likely to face similar resistance.

When asked, Mr. Meeks saw no conflict.

“When you’re on a team,” he said, “you look out for your teammates.”

Categories
Entertainment

Curtis Fuller, a Highly effective Voice on Jazz Trombone, Dies at 88

Curtis Fuller, a trombonist and composer whose expansive sound and powerful swing made him a driving force in post-war jazz, died on May 8 in a Detroit nursing home. He was 88 years old.

His daughter Mary Fuller confirmed the death but did not give the cause.

Mr. Fuller came to New York in the spring of 1957 and almost immediately became the leading trombonist of the hard-bop movement, which emphasized jazz’s roots in blues and gospel while delivering crisp and humble melodies.

By the end of the year he had recorded no fewer than eight albums as a leader or co-leader for the independent labels Blue Note, Prestige and Savoy.

In the same year he also appeared on saxophonist John Coltrane’s “Blue Train”, one of the most famous albums in jazz, on which Mr. Fuller developed a series of timeless solos. On the title track, which is now a jazz standard, its trombone plays a central role in carrying the bold, declarative Melody.

Mr. Fuller’s five-choir solo in “Blue Train” begins by playing the final notes of trumpeter Lee Morgan’s improvisation, as if curiously picking up an object a friend had just put down. Then he moves through a spontaneous repertoire of syncopated phrases and skillfully crafted flourishes.

In his book, Jazz From Detroit (2019), critic Mark Stryker wrote, “The excitement, authority, and construction of Fuller’s solo explain why he became a major influencer.”

Mr. Fuller was also responsible for naming “Moment’s Notice”, another now classic Coltrane composition on this album. “I made a comment,” Fuller said in a 2007 interview for the National Endowment for the Arts, recalling the scene at the Van Gelder Studio in New Jersey. ‘John, you put this music on us in no time. We have three hours to rehearse this music and we are going to record? ‘And that became the title of the song. “

Mr. Fuller carried his talent for a precisely set melody and for elegantly tracing the harmonic seams of a melody into his work as a composer. His many original pieces include “À La Mode”, “Arabia” and “Buhaina’s Delight”, all of which are now considered standards.

These three pieces found their way into the repertoire of drummer Art Blakey’s Jazz Messengers, Hard Bop’s flagship ensemble, of which Mr. Fuller was a core member from the early to mid-1960s. The band was arguably at its peak in those years when their membership included trumpeter Freddie Hubbard, saxophonist Wayne Shorter, pianist Cedar Walton, and bassist Jymie Merritt (later replaced by Reggie Workman).

“I owe Art Blakey a lot in many ways,” said Fuller. “We were all driven by the fact that he encouraged us all to write. There was no leader. “

In 2007, Mr. Fuller was named NEA Jazz Master, the country’s highest official award for a living jazz musician.

In addition to his daughter Mary, seven other children survive, Ronald, Darryl, Gerald, Dellaney, Wellington, Paul and Anthony; nine grandchildren; and 13 great-grandchildren. His first marriage to Judith Patterson ended in divorce. His second wife, Catherine Rose Driscoll, died in 2010 after 30 years of marriage.

Curtis DuBois Fuller was born on December 15, 1932 in Detroit. (His year of birth was incorrectly stated throughout his life – a discrepancy that was not resolved until after his death – in part because at 17 he had exaggerated his age by two years and could enter the world of work.)

His father John, who was from Jamaica, worked at a Ford Motor Company plant but died of tuberculosis before Curtis was born. His mother, Antoinette (Heath) Fuller, a housewife, had come north from Atlanta. She died when Curtis was 9 years old and he spent the next several years in a Jesuit orphanage.

During his mother’s lifetime, she paid for Curtis’ sister Mary to take piano lessons. He listened through the wall and learned the basics of second hand music. He showed interest in the violin at the orphanage, but became discouraged after a teacher told him it was an unsuitable instrument for blacks.

Shortly thereafter, he saw JJ Johnson, the leading trombonist of Bebop, in concert with saxophonist Illinois Jacquet, and he was fascinated by the “majestic sound” of the trombone, he said in an interview with Mr. Stryker.

“Illinois Jacquet was an act: honking and screaming, biting reeds, squeaking and such. The crowd was going to go wild, ”said Mr. Fuller. “But JJ just stood there and played and he looked like the guy who really knew what he was doing.”

He was also impressed by the local trombonist, Frank Rosolino, whom he soon heard performing and who became his teacher. He met a group of young jazz musicians in Detroit, many of whom were destined for jazz notoriety, including pianist Barry Harris and guitarist Kenny Burrell.

“It was like a network in Detroit. We generally stuck together, “he said in 2007.” There was a lot of love and real closeness. “

in the In 1953, Mr. Fuller was drafted into the army, where he joined one of the last all-black military bands, the other members of which were future stars Cannonball Adderley and Junior Mance.

After leaving the armed forces, he returned to the Detroit scene before traveling to New York in 1957 with saxophonist Yusef Lateef’s band. When Miles Davis offered him a job, he decided to stay.

Playing with Davis led to his meeting two particularly important people: Coltrane, the band’s tenor saxophonist, and Alfred Lion, a founder of Blue Note Records, who heard Mr. Fuller on stage with Davis’ band and invited him for the Record label.

As he made a name for himself as a band leader, Mr. Fuller also found work alongside celebrity musicians such as Billie Holiday, Dizzy Gillespie and James Moody.

Holiday, who became a mentor, encouraged him to consider the range and tempo of his own voice when improvising. “When I came to New York, I always tried to impress people and play long solos as quickly as possible – lightning fast,” Fuller said in 2007. “And suddenly Billie Holiday said, ‘When you’re playing, you’re talking to me People. So learn how to edit your thing you know ‘ That I have learned. “

In 1959 Savoy released The Curtis Fuller Jazztet, a lively album that featured saxophonist and composer Benny Golson. Soon afterwards, Mr. Golson and the trumpeter Art Farmer formed their own band under the name Jazztet with Mr. Fuller as a side musician. It would be one of the epitome of the 1960s jazz ensemble, but Mr. Fuller soon moved on to other endeavors. (He and Mr. Golson remained close friends until his death.)

The untimely death of Coltrane, who was also a dear friend, and Mr. Fuller’s sister in 1967 plunged him into a depression, and he left the music business and took a job at the Chrysler Corporation in downtown Manhattan. But about a year later, Gillespie persuaded Mr. Fuller to join his band on a world tour, and he re-entered the jazz scene for good.

In the mid-1970s he spent two years in Count Basie’s orchestra and again directed his own ensembles.

In the 1990s, he survived a battle with lung cancer (although he had never smoked) and had part of a lung removed. He spent two years reinventing his trombone technique to accommodate his impaired breathing ability. He succeeded and released a number of well-received albums in the late 1990s and 2000s.

But as his health continued to deteriorate, he devoted himself more to teaching, transferring to faculty at Hartford University’s Hartt School of Music and the Kennedy Center’s Betty Carter Jazz Ahead program.

When asked in 2007 to describe the distinctive sound that had so indelibly shaped jazz, Mr. Fuller mentioned the importance of accepting one’s own identity. “I’m trying to be warm. Warm and effective, you know. And sometimes I feel cold and defective, ”he said. “This is how water runs. I am not God, I am not perfection. I’m just me “

Categories
Entertainment

Dua Lipa’s Highly effective BRITs Speech Calls For NHS Pay Rise

Dua Lipa just won Best Solo Artist at this year’s BRIT Awards, and her acceptance speech was pretty memorable. After a solid performance medley of all of her best routes that was basically a tribute to the train (with Lipa wearing Vivienne Westwood from head to toe, of course), Lipa went a step further: she called Boris Johnson herself to pay on NHS- Employees fair. We told you it was big.

After winning her award, Lipa said, “The last time I was up here and received this award in 2018, I said I wanted to see more women on these stages and I’m so proud we did that three years later see happen and it’s really a great honor to be part of this wave of women in music. ”

She went on to mention the NHS after dedicating her second award to Dame Elizabeth Anionwu, a British nurse and lecturer. She told the audience: “It is very good to clap for her, but we have to pay her and so I think what we should.” We should all give a massive applause and give Boris the message that we all support a fair wage increase for our front. “

Check out Dua’s powerful speech below.

Categories
Business

Highly effective German Editor, Accused of Misconduct, Takes Depart

The editor-in-chief of Bild, Europe’s largest newspaper and an influential force in German politics and society, has been on leave while a law firm is investigating allegations against him, the publication’s owner said.

Julian Reichelt, the editor, denies allegations of misconduct, said Axel Springer, Bild’s publisher, in a statement. Springer said there was no “clear evidence” of wrongdoing and instead hired the Freshfields law firm to investigate the allegations. It was not stated what they were.

The allegations were first reported by the magazine Spiegel, in which it says that the law firm questioned half a dozen female employees who worked for Bild and complained about coercion by Mr. Reichelt about complaints about coercion by Mr. Reichelt. Spiegel did not name the female employees. The magazine states that Mr. Reichelt was accused of abusing his position of authority and creating a hostile work environment, but did not provide any explicit information.

“In order to ensure that the investigation process can be seen through to the end undisturbed and that the editorial team can work without any further burdens,” said Springer, Mr. Reichelt, “the Axel Springer Management Board has asked to release him from his functions until the allegations are made.” have been clarified. “

Alexandra Würzbach, editor of the Sunday edition of Bild, will take over the tasks of Mr. Reichelt, said Springer.

The #MeToo movement has hit Europe with much less violence than the United States, and cases of powerful men overthrown on allegations of wrongdoing against women have been relatively rare.

Germany and most European countries protect the identity of suspects in legal proceedings, which makes it difficult for the media to report cases of harassment.

Dishes were often unsympathetic. In 2019, a French court ordered the leader of the country corresponding to the #MeToo movement to pay damages to a former television manager whom she accused of making brutal and humiliating advances.

With a circulation of 1.2 million copies, Bild is Europe’s largest newspaper, but like most publications it has seen a sharp decline in its print readership. In 2011, daily printing revenue averaged 2.8 million, according to the newspaper’s website, down from 4 million in 1965.

With its colorful graphics and the focus on scandal, celebrities and sport, Bild – which means “Bild” – is Germany’s populist daily newspaper. The readership distorts masculine. Until 2012, Bild published a photo of a topless woman on the front page every day and continues to publish photos of half-naked “Bild Girls” online.

Unlike Britain’s right-wing tabloids, Image is relatively impartial yet empathetic, with an aggressive tabloid style despite being printed on a broadsheet format. Because of the reach of Bild, it is often the publication that leaders use to communicate with voters and offer exclusive interviews or juicy leaks.

Mr. Reichelt, 40, a former war correspondent who became editor-in-chief of Bild in 2017, also frequently wrote opinion pieces. He recently railed against the federal government’s mismanagement of the pandemic crisis. Earlier this month, he complained that the authorities fined joggers for not wearing masks, while the federal and state governments botched the introduction of vaccines.

Axel Springer, the parent company of Bild, is one of the best-known media companies in Europe. Springer also owns Welt, a German daily newspaper; the Business Insider online news site; and Politico Europe. The private equity company KKR owns 36 percent of Springer’s shares and has three seats on the company’s nine-member supervisory board. Friede Springer, widow of the founder Axel Springer, remains the main shareholder and board member.

Springer said in a statement on Saturday that the investigation involving Mr. Reichelt would include “an assessment of the credibility and integrity of all parties involved”.

The publisher added: “Prejudices based on rumors are not acceptable for the corporate culture of Axel Springer.”

Categories
Business

A Shadowy however Highly effective Wall St. Agency Has Its Second in Washington

The GameStop saga was a David versus Goliath story, in which little traders competed against large hedge funds, and a cautionary story about what happens when fast-moving Silicon Valley collides with the highly regulated world of Wall Street.

Cast members include one of the most influential – and perhaps the least visible – personalities in the financial world, Chicago billionaire Kenneth C. Griffin.

And when the House Financial Services Committee meets on Thursday to interview key players in the GameStop madness, Mr Griffin will be asked about the two distinct roles his companies played in a two-week trading frenzy that created billions of dollars in wealth and destroyed.

The first company, Citadel, is a hedge fund firm that placed a small bet that GameStop stock would fall. It suffered as stocks rose as millions of small investors started buying up the stock, but not nearly as badly as another hedge fund, Melvin Capital, the Citadel, and some of its employees made a $ 2 billion investment in support of his finances.

The second company, Citadel Securities, is a broker who claims it handles more than a quarter of all stock trading in the United States. When retail investors furiously bought and sold GameStop stock – many of them through trading apps like Robinhood – Citadel did brisk business. It pays Robinhood and other retail brokers to process these orders, and makes money by pocketing tiny price differences between buy and sell orders that add up quickly.

“Citadel is one of the many truly gigantic financial companies that are incredibly important and woven throughout the financial system, but never visible to the public,” said Dennis M. Kelleher, president and CEO of Better Markets, a nonprofit group that supports this additional Financial regulation. “They operate in the shadows and they want to stay in the shadows and they don’t want anyone to pay attention to how they run their business.”

On Thursday, lawmakers will put Mr Griffin in the spotlight. He is – together with the directors of Robinhood and Reddit, the social media site – to testify before the House committee about the GameStop rally. Also on the list of witnesses are Keith Gill, a Reddit user and YouTube poster who made millions on his popular GameStop deal, and Gabe Plotkin, the founder and CEO of Melvin, who was bruised so badly that he became Citadels Help accepted.

In particular, Mr. Griffin has to deal with speculation that he used his companies’ stakes to manipulate the situation for his own benefit. Retail investors, irritated that Robinhood was restricting GameStop trading, suggested Citadel lag behind the boundaries, and put pressure on Robinhood to protect its own bet against the video game dealer – claims that both Citadel and Robinhood have denied to have.

“There’s a huge pachyderm walking around and that’s the crazy theory that we got Robinhood or some other company to impose trade restrictions on GameStop,” Griffin said in an interview on Wednesday. “Never in my life have I seen such a completely absurd theory.”

Representative Maxine Waters, the California Democrat who heads the committee, said the hearing – the first of three she has planned – was an information trip.

“They will tell their story,” she said of Citadel and the other witnesses. “We hope the hearing gives us some facts and a very clear understanding of who did what.”

For Mr. Griffin, who started trading at Harvard in his sophomore year, the answer to such questions depends precisely on which arm of his financial empire officials ask about.

Citadel – the hedge fund – had limited holdings of GameStop and other meme stocks, which have soared over the past month. On January 22, the Friday before GameStop went through the roof, Citadel’s bet against GameStop was limited to just 92 shares, said a person familiar with the company’s position at the time. However, after GameStop shot up, Mr. Griffin – one of the most accomplished operators in the financial world – discovered an opening in beleaguered Melvin.

One of Mr. Griffin’s lieutenants called Mr. Plotkin to show interest in an investment, Mr. Griffin said. At the end of the day, Citadel and Melvin had a handshake. Citadel and some of its executives would buy less than 10 percent of Melvin for $ 2 billion in cash, said a person who was familiar with the details of the transaction and had no authority to disclose confidential details about it. That money, along with $ 750 million from hedge fund Point72, allowed Melvin to weather heavy losses when GameStop – a stock he’d bet on – rose more than 600 percent.

Melvin’s losses were staggering: 53 percent in January. Citadel, which at the time had little risk for Melvin’s loss and a loss on its own GameStop investment, was down 3 percent. (The S&P 500 was down 1.1 percent over the month.)

However, the opportunity that GameStop’s rise offers for Mr. Griffin’s hedge funds has to do with the other role his companies play, particularly Citadel Securities. And here damaged investors smelled a conspiracy.

On the morning of January 28, Robinhood, the Silicon Valley startup that had become a target for small investors, throttled sales of GameStop and a few other stocks. The reasons were not fully explained and had the immediate effect of reversing the rally.

Users were angry – first with Robinhood and then with Citadel.

Some amateur traders, knowing that Citadel had already invested in Melvin and that Citadel Securities ran a huge trading operation of which Robinhood was a customer, jumped online to conspiracy theories. (The agreement, known as “Paying for Order Flow,” allows Robinhood and other app users to trade for free.)

“Little did I know Citadel had its hands in so many pockets !!” One commenter wrote on Reddit’s Wall Street Bets forum on Jan. 31, “Remember, they own some of Melvin’s capital! They tried to manipulate the market against us. “

Mr. Griffin said he and his team paid little attention to the online chatter because they were busy with the huge flood of trades. For example, on January 28, Citadel Securities traded 7.4 billion shares in total – roughly the same amount as the total volume of the exchange on any given day in 2019.

But when Mr. Griffin recognized the reputational risk of the rumor mill, he issued statements from both companies denying any role in Robinhood’s decision to restrict trade.

Citadel Securities had no commercial reason to slow or stop trading because of its business model, Griffin and other company officials said. The company bridges the tiny gap between a buy and sell price for a single stock order as a fee and slower trading that limits Citadel Securities’ ability to make money.

But the anti-Citadel vitriol hasn’t waned even after Robinhood’s chief executive Vlad Tenev presented the reason for the slowdown: The heavy trading of a wildly volatile stock by Robinhood’s users meant a large safety net payment was required to the industry-run clearinghouse who makes the deal.

Thursday’s hearing could provide more details on what was going on in the companies so closely linked to the GameStop rally, but it’s also likely that both parties are showing populist anger against both Robinhood and the Targets short sellers targeting GameStop.

Alexandria Ocasio-Cortez, a New York Democrat and member of the Financial Services Committee, said Robinhood’s decision to shut down some business for GameStop in January was “unacceptable.” And Representative Rashida Tlaib, a Michigan Democrat on the committee, called the decision “utterly absurd” and accused the app of “blocking the ability to trade to protect hedge funds.”

David McCabe contributed to the coverage.

Categories
Entertainment

Sundance Diary, Half 2: The Promise of Music in a Highly effective Movie

AO Scott, our critic in general, keeps a journal while attending the virtual Sundance Film Festival, which runs through Wednesday. Read part 1 here.

Friday, 1am: It’s been almost exactly a year since I took a plane, almost as long since I’ve been to a movie theater, and many months since I got up after midnight. The Sundance premier screenings are held in three-hour windows, which makes the start time flexible. I was able to wash some dishes before deciding to go sightseeing in the evening. And of course the pause button is available for snack or bathroom breaks.

Normally I would skip an event like “Opening Night Welcome”, but I checked into this short program of zoom-in greetings and video montages to mark the line between everyday life and festival. I also wanted to take a look at Tabitha Jackson, the festival director, when she added a new entry to her list of premieres. She is the first woman to lead Sundance and the first person of color and person to be born outside the United States in this role. And now she’s also the first to run an online festival.

Over the past few years, I might have found her brief remarks a little cheesy, evoking the strength of community and the power of storytelling. Instead, I was moved and touched by the greetings from festival goers waving from their living rooms in Austin, Denver, New York, and elsewhere. Human connection cannot be taken for granted these days.

Then I saw two films, one of which blew me away. I will concentrate on emphasizing the positive in the usual festival spirit. Directed by Ahmir Thompson, better known to music fans as Questlove, this is a documentary entitled “Summer of Soul” about the 1969 Harlem Cultural Festival.

This event is sometimes referred to as “Black Woodstock”, but the parallel is a bit misleading and describing “Summer of Soul” as a concert film doesn’t do it justice. I mean, it captures some absolutely fascinating musical performances – from Stevie Wonder, the Staples Singers, Max Roach, Nina Simone, Ray Barretto, and Sly and the Family Stone, among others – but it anchors them in a vibrant and intricate tableau of politics, Culture and city life.

Thompson uses archival footage and recent interviews wisely to contextualize long-lost footage of the festival itself, which ran over several summer weekends, including the day the moon landed. He contends that what happened in Harlem was at least as significant and should be remembered as a turning point in black history (as well as the history of New York, America and musicals).

More than 50 years later, when enthusiastic summer crowds and live performances are out of reach, it is a reminder of what is possible and the power and promise of popular art in troubled times.

Categories
World News

Pope Francis Strips Highly effective Vatican Workplace of Its Monetary Belongings

ROME – Pope Francis has stripped of its significant financial assets from the Vatican’s most powerful office, the Vatican said Monday after dubious investments wasted millions of euros on church donations, sparking an embarrassing scandal and sparking an ongoing corruption investigation.

A new law passed by the Pope orders the Secretariat of State, the diplomatic and administrative arm of the Holy See, to transfer all of its financial and real estate holdings to another office, the management of the legacy of the Apostolic See, which manages the finances of the Vatican by February 4th.

The changes, contained in a law released Monday, follow an investigation by the Vatican into the mismanagement of funds in the State Secretariat.

One of the State Secretariat’s most significant investments was the purchase of a London property, part of which was bought with funds donated by the faithful.

In October 2019, as part of an investigation into the purchase, Vatican prosecutors ordered a raid on the offices of the Vatican Banking Authority. The investigation resulted in the resignation of the Vatican security chief, the dismissal of several Vatican employees and officials and the arrest of an Italian banker involved in the transaction.

However, no one was charged in the case and the banker was released.

The changes announced on Monday are also in line with Francis’ agenda to reform the administration of the Vatican, a task that has proved a significant challenge in the nearly eight years since Francis became Pope, also due to the setback by the Vatican bureaucrats .

A preamble to the law states that the decision to withdraw the funding of the Secretariat was taken in order to “better organize the administration, control and supervision of the economic and financial activities of the Holy See”, “more transparent and efficient administration” and ensure a “clear” administration separation of responsibilities and functions. “It has been found that other departments are already dealing with financial and economic matters.

The law also calls for the creation of a new donation fund for the Pope, previously administered by the State Secretariat, to ensure “more control and better visibility,” the Vatican said. The Vatican Ministry of Economics will oversee spending.

The Vatican said the change would allow the secretariat of state to assist the pope and his successors “in matters of greater concern to the good of the church”.

“It is a step that configures a rather significant downsizing of the State Secretariat,” said Sandro Magister, who writes a widely read blog about the Vatican. “The Pope has outlined the process fairly precisely and validly,” he said, referring to the Vatican code.

The law formalizes in a letter to the Secretary of State, Cardinal Pietro Parolin, what the Pope initiated last August and calls for the transfer of the property of the Secretariat to the management of the legacy of the Apostolic See. In the letter, Francis referred to the “reputational risks” the Secretary of State had suffered from investing in London’s real estate business as well as a Malta-based investment vehicle.

In September last year, Francis abruptly fired Cardinal Giovanni Angelo Becciu, the secretariat of the former state chief of staff, on allegations of corruption in the London real estate business, which alleged Vatican prosecutors were saying church hemorrhagic money while enriching middlemen. The judicial authorities of the Vatican and Italy are continuing to investigate this deal as well as other financial transactions. Cardinal Becciu has denied any wrongdoing.

In November, Francis reiterated his request that the Secretariat of State divide up its assets and appointed a commission to carry it out. With the new law that the Pope signed over the weekend, Francis gave specific instructions on how this transfer would take place.

Although the scandal seemed to prompt the Pope’s decision, Francis made reforming the Vatican’s administration and finances a core part of his papacy.

Francesco Clementi, a law professor at the University of Perugia who has written a book on the organization and laws of the Vatican, said: “In restructuring the Vatican’s finances, Francis chose criteria that were understood by the world’s economic and financial community become a strategy of clarity and transparency. “

Since Francis became Pope, he has said: “His Church has adopted a number of agreements and documents to bring the Vatican’s economic and fiscal discipline into line with the rest of the world.”

The new law effectively adopts the recommendations of Cardinal George Pell, Francis’ first Secretary of Commerce, who repeatedly clashed with State Secretariat officials to gain better control over all of the Vatican’s finances. In a 2014 essay, Cardinal Pell complained that some Vatican departments had “almost a free hand” in their finances.

The cardinal’s reform efforts were halted when he was forced to return to Australia in 2017 to face charges of sexual abuse of a minor. His conviction was broken earlier this year and he returned to Rome in September.

“We are going back to the original project that Pell implemented and that was severely and even violently foiled by the Secretariat and other Vatican departments,” said Magister.

“Pell has been pushed back and it must be said that the Pope followed these attempts to block him and withdrew powers that he had first given to the cardinal. Now Pell has been confirmed, ”he said.

Categories
Business

Battered Turkish Financial system Places a Highly effective Erdogan to the Check

ISTANBUL – Affected by the restrictions on his tobacco shop, Ozgur Akbas helped organize a demonstration in Istanbul last month to protest the rules he called unfair and imposed on traders during the pandemic.

“There are a lot of friends who have made,” he said in an interview. “And some are on the verge of suicide.”

The Turks struggled with a falling currency and double-digit inflation for two years when the pandemic broke out in March, greatly worsening the country’s deep recession. Nine months later, when a second wave of the virus swept through Turkey, there are signs that a significant segment of the population is overwhelmed by debt and is increasingly starving.

MetroPoll Research, a respected polling organization, found in a recent survey that 25 percent of respondents said they couldn’t meet their basic needs. Mr Akbas said he sees it with his customers every day.

“People are at the point of explosion,” he said.

For President Recep Tayyip Erdogan, who had drawn attention to himself this year with an aggressive foreign policy and military interventions at home and abroad, things suddenly came to a head in November.

The government admitted it had underestimated the scale of the Turkish coronavirus outbreak by not recording asymptomatic cases, and new data showed record rates of infection in the country.

The Turkish lira was hit by a record devaluation – a fall of more than 30 percent against the dollar this year – and foreign exchange reserves were depleted. Coupled with double-digit inflation, the country is now facing a balance of payments crisis, Moody’s Investor Service said recently.

The crisis comes as Mr Erdogan will lose a powerful ally when President Trump leaves office next month. Turkey is already facing sanctions from the United States for the purchase of a Russian anti-missile defense system and the European Union for gas drilling in waters claimed by Cyprus. Mr. Trump was instrumental in halting Washington sanctions by this month.

Mr. Erdogan was slow in congratulating President-elect Joseph R. Biden Jr. on his victory. Analysts believe that a Biden government will tighten Mr Erdogan’s moving balance sheet on human rights and democratic standards.

To cope with the changing Turkish economy, Mr Erdogan recently moved with a ruthlessness that is usually carefully hidden. He appointed a new head of the central bank, and when Mr Erdogan’s finance minister, who is also his son-in-law and heir, resigned, the president surprised many by accepting the resignation and replacing him.

Then the president promised economic and judicial reforms, and even gave the option to release political prisoners – something some in his own party advocate to improve relations with Europe and the United States.

In mid-December, Mr Erdogan announced a new aid package to surprise small businesses and traders for three months. Last weekend he went to a bakery to do some shopping to help out the dealers.

However, critics have described Mr Erdogan’s various maneuvers as too little, too late.

Former Treasury Secretary Berat Albayrak may have been a convenient scapegoat – little is known about what really happened in the presidential palace – but his dramatic fall from grace and total disappearance from public life suggest a more serious course correction. It seems that the economic crisis and the consequences for Mr Erdogan’s own fate have become primary concerns.

Updated

Dec. Dec. 27, 2020 at 11:08 am ET

Mehmet Ali Kulat, who conducts opinion polls for political parties, including Mr Erdogan’s Justice and Development Party, said the president is closely monitoring the polls.

“What he’s paying special attention to is how things affect society,” said Kulat.

Recent opinion polls show that Mr Erdogan’s AK party has fallen to its lowest level in the 19 years in which it was at the forefront of Turkish politics and, according to MetroPoll, is around 30 percent. This figure suggests that the party’s alliance with the Nationalist Movement Party would not secure Mr Erdogan the 50 percent of the vote required to win a presidential election.

“The next elections are not a big deal,” said Asli Aydintasbas, Senior Fellow at the European Council on Foreign Relations. “There’s a good chance he’ll lose if he doesn’t either expand his coalition or manage to reach people who voted for the opposition.”

“His chances of being re-elected are under 50 percent,” she said. “So finally,” she added, the question is, “is he smart enough?”

The MetroPoll poll found that the majority of Mr Erdogan’s supporters and 63 percent of respondents overall believe that Turkey is going in a worse rather than a better direction.

These numbers are confirmed by what aid organizations see on the ground.

Hacer Foggo, founder of the Deep Poverty Network, a group that helps street vendors and informal workers, said she had never seen a plight like this in her nearly 20 years working to tackle urban poverty in Turkey.

When the first lockdown began in March, she received calls from people begging for help with feeding their families. Street vendors and scrap collectors were particularly hard hit.

“When they say there is no food at home, it means there is no food at the neighbour’s either,” she said.

Their network has helped 2,500 families in Istanbul and matched donors with families to help them purchase food and diapers for children. Her voice cracked when she described a mother who said her baby got a size smaller in diapers.

“A baby should be gaining weight, not getting smaller,” said Ms. Foggo. Other women were unable to breastfeed because they lacked food, and more people were forced to look for food that was already scarce in the trash.

“I’m 52 years old and this is the biggest crisis I’ve ever seen,” she said.

The economic problems started before the pandemic, she said, but she blamed local and national governments for lacking a strategy to tackle growing poverty and failing to improve social services.

Indeed, the economic boom came after Mr Erdogan tightened his reins on the country, including the economy, by gaining far-reaching new powers under a new presidential system launched in 2018. International observers cite these changes as the main reason for their concern about the country’s economic collapse.

“Turkey’s weak and deteriorating governance is a major credit weakness that underpinned our decision to downgrade Turkey by several notches since the presidential system was launched in mid-2018,” Moody’s said in a report earlier this month.

Mr Akbas, the trader who runs the tobacco shop, described two elderly customers who came to his store for a day last week in an affluent part of the capital, Ankara, to illustrate how inflation has shot people up.

A woman asked if she could buy a single egg. The second woman, who had become tidy, asked if he had free bread. Stunned, he filled a bag for her.

“Retirees are in a very bad position,” he said. “What I hear from people is, ‘Enough is enough. We made it up to our necks, we can’t make any money, ”and the 70- and 80-year-olds say they will throw themselves on the street.

Categories
World News

Shares prepared to shut out highly effective 2020 as dangers loom in January

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

NYSE

At the end of trading next Thursday, the bull market will be ready to run through 2021, but likely at a slower pace.

January is the month Wall Street tradition says sets the tone for the year – “this is January, this is the year,” as the saying goes. This January could be challenging as the spreading pandemic slows the economy and the all-important Georgia Senate runoff takes place on January 5th.

Joseph Biden is sworn in as president on January 20th.

“It’s a year-end autopilot market,” said Sam Stovall, CFRA chief investment strategist. Three out of four years there will be a year-end Santa rally in the market, but Stovall is also waiting to start trading in the first five days of January for signs of how the market might trade in 2021.

If the market is higher in the first five days, history shows the S&P 500 is up 82% for the full year, with an average gain of 12.5%.

“There are things that we might be worried about in January. If it were real worries, the market would already react or already step on water,” said Stovall. “What scares me is that the market is building itself. It’s a correction in the search for a catalyst and we don’t yet know what the catalyst is.”

Some strategists expect a pullback earlier in the year, but the consensus is that the market will end higher in 2021. The average expectation for the S&P 500 by the end of 2021 is 4,056, according to a CNBC poll of strategists.

Stovall said the market has gotten expensive and there are signs of foam. The 12 month value for money for S&P 500 companies is 41% premium versus the average multiple of 16.7 dating back to 2000.

“I don’t really believe that the first few days of January should set the direction for the market for the year’s balance sheet,” said Michael Arone, chief investment strategist, State Street Global Advisors. “If indeed [stocks] Doing a rally is more of a sign of strength. But if they hiccup I wouldn’t throw in the towel. “

The outcome of the Georgia races is a wild card for stocks and regardless of the outcome, it could trigger a market reaction. Should there be a surprise and the Democrats win both seats, the Senate would be split evenly between Republicans and Democrats. This would mean the elected Vice President Kamala Harris cast the votes.

Some strategists say the market could sell out if the Democrats win, as investors fear the party would have the votes to pass the Biden-favored tax hikes. On the flip side, a GOP win could spark a relief rally.

But Stovall said the market could rebound towards a Democratic victory if investors considered the prospect of a bigger infrastructure and stimulus package, favored by the Democrats.

Arone said uncertainty over the current $ 900 billion stimulus package approved by Congress last week could be cause for concern if President Donald Trump decides to veto or not sign the bill.

The president criticized the package, saying individuals should be given more than the $ 600 that would go to many adults and children as part of the relief.

The law extends unemployment benefits to millions of Americans, and those benefits will expire on December 31st unless signed up.

“We face deadlines rather than just being a political matter,” said Peter Boockvar, chief investment officer at Bleakley Advisory Group. “There are actual deadlines for services that expire. Because of the deadlines, the market assumes that they will be exceeded.”

But the concern will hang over the market until it is resolved.

Quiet trading is expected in the coming four-day holiday week. There are few economic reports; Jobless claims on Thursday are being closely monitored. The following week, the December jobs report is expected to show a weaker labor market, with some estimates suggesting only about 100,000 jobs or fewer added.

9 month old bull

The S&P 500 starts the final week of the year up around 15% for 2020, but from the March low, the index has risen around 65%. The bull market turned nine months old this past week.

According to CFRA’s Stovall, that nine-month gain is more than double the average nine-month gain of 32.2% for all bull markets since WWII. Over the remainder of the bull markets, their average growth was only 20.3%, showing a slowdown in the profit rate.

“After those typical jackrabbit starts, the bull market advance rates typically slowed and saw lower average annual rates for the remaining bull market runs,” noted Stovall. Based on previous bull markets, he said returns could slow to around half of their current profit for the remainder of the bull run.

Calendar for the week ahead

Tuesday

9:00 am S&P / Case-Shiller real estate prices

Wednesday

8:30 a.m. Advanced Leading Indicators

9:45 am Chicago PMI

10:00 a.m. Pending home sales

Thursday

8:30 a.m. unemployment claims

Friday

New Year

Markets closed