Come July 1 is D-Day. On that date, Puerto Rico is set to default on nearly $2 billion in bonds, about $800 million of which is of the general obligation type. In response, Congress is wrapping up legislation that would allow the island to declare bankruptcy on $18 billion of over $70 billion in outstanding debt. On June 9, the House passed the Puerto Rico Oversight, Management and Economic Stability Act, by 297-127. Senate Majority Leader Mitch McConnell, R-Ky., also vows action. A seven-member board will exercise oversight. Supporters say the bill is a mere restructuring, not a bailout. Don’t believe them. Not only is it a bailout, it is a bailout unavailable to all 50 states. Bondholders will pay. To its credit, the Supreme Court ruled 5-2 last Monday, June 13, that a Puerto Rican law inspiring the House bill violated the U.S. bankruptcy code.
National Legal and Policy … Read More ➡
What is the point of prohibiting members of Congress from accepting personal gifts worth more than $50 if the the House Ethics Committee simply waives the rule?
Freshman Rep. Kathleen Rice (D-NY) has disclosed that she accepted substantial gifts from two donors to her political campaigns. Her office claims that the Ethics Committee waived the rule. The first was from a billionaire hedge fund operator named Lee Ainslie in the form of a private jet flight from New York to Boston. It was purported to be worth $3,300. A commercial flight would have cost about $300. According to the New York Post, which first reported the story, Ainslie and his wife have donated more than $80,000 to Rice’s various political campaigns.
The second was a gift of a ticket worth $2,500 to a gala opening of the Edward M. Kennedy Institute in Boston. The donor was a lawyer named … Read More ➡
Last month, CEO Mark Zuckerberg hosted a summit with “leading conservatives” at Facebook’s Menlo Park, Calif. offices, in which he sought to ease concerns about a liberal bias in the social media company’s “trending” features.
Whether that problem has been fixed or not, it appears that Facebook is currently engaging in “viewpoint discrimination” in another way, namely in its service which allows users to “boost” a story, for which Facebook receives a fee.
On Friday of last week, we posted a story on our website and on our Facebook page titled “Prosecutors Clear Police in Jamar Clark Death; Demagogues Cry Foul.” Authored by Carl Horowitz of our staff, it is the story of the exploitation of the shooting of a black suspect by two white police officers in Minneapolis by Black Lives Matter and other extremists to inflame racial tension.
Almost simultaneously, we posted another story titled “House Thwarts … Read More ➡