Elections

Subterms

    More stories

    • 113 Shares119 Views

      in Elections

      BlackRock Acquires HPS, a Major Lender of Private Credit

      by

      The world’s largest investor is buying HPS, a major provider of private credit, for $12 billion.BlackRock, the world’s largest asset manager, is known for its heft in the public markets, particularly through its iShares exchange-traded funds.But this year, BlackRock has been aggressively claiming a major foothold in the private markets. On Tuesday, it made its latest push, announcing a deal to buy HPS Investment Partners — a firm that specializes in making private loans to companies — for roughly $12 billion.Buying HPS, which manages $148 billion in investor money, would fundamentally reshape almost any other financial firm in the world. For BlackRock, which manages about $11.5 trillion for its clients, that figure is just a small percentage of its overall asset base.Still, the deal to buy HPS, after two other significant private-market transactions this year, is helping answer a question that BlackRock’s own investors have been asking: With so much money already, where can BlackRock grow?Early this year, BlackRock spent roughly $12.5 billion to acquire Global Infrastructure Partners, a major investor in airports and data centers across the globe. In June, it announced a $3 billion deal to buy Preqin, a major data provider for the private markets.The HPS deal will make BlackRock one of the five largest providers of private credit in the world.Private credit is a corner of finance that has exploded in recent years. A number of nonbank investment firms, including HPS, Blue Owl and Ares, have become major lenders to large, typically highly indebted companies. In doing so, they’ve taken market share away from major banks.In the past decade, this private-credit market has grown to about $2 trillion, more than 10 times its size in 2009. In its news release announcing Tuesday’s deal, BlackRock predicted that the market would more than double to $4.5 trillion by 2030.BlackRock’s chief executive and chairman, Laurence D. Fink, said investors were increasingly looking for a mix of both private debt and publicly traded bonds. “The blending of public and private credit is a standard for long-term durable fixed income portfolios,” he said on a conference call on Tuesday.Investors appeared to like the deal, sending BlackRock’s stock up nearly 2 percent Tuesday. This year, its stock has jumped 30 percent, outperforming the S&P 500, which is up about 27 percent.While most analysts, including Glenn Schorr at Evercore ISI, cheered the deal, Mr. Schorr offered a note of caution on BlackRock’s recent spate of deal-making: “It does come with execution risk as money, power and integration issues” arise. More

    • 125 Shares189 Views

      in Elections

      Retired Louisiana Priest Pleads Guilty to Rape and Kidnapping Charges

      by

      Lawrence Hecker, who was indicted last year on charges related to a sexual assault in the 1970s, pleaded guilty on Tuesday just before jury selection for his trial was set to begin.A retired Roman Catholic priest who was indicted last year in Louisiana on charges related to the sexual assault of a teenage boy in the 1970s pleaded guilty to the crimes on Tuesday, his lawyer said, just before jury selection for the trial was set to begin.The retired priest, Lawrence Hecker, 93, pleaded guilty to state charges of first-degree rape, aggravated kidnapping, aggravated crime against nature, and theft over $500, said his lawyer, Bobby Hjortsberg. The charges came after allegations surfaced last year that the Archdiocese of New Orleans had known about accusations against Mr. Hecker for decades.“Him ultimately taking responsibility for it was the right thing to do, and the necessary thing to do at this point,” Mr. Hjortsberg said. “I hope everybody involved can move forward in whatever way is best for them.”The guilty plea did not include a plea deal, Mr. Hjortsberg said. Mr. Hecker is set to be sentenced on Dec. 18, and he faces life in prison.Mr. Hecker’s trial had been delayed multiple times over concerns about his mental competency, and because the judge recused himself over a conflict with prosecutors. The new judge, Nandi Campbell of the Orleans Parish Criminal District Court, ordered Mr. Hecker to undergo physical and psychological evaluations before trial. Mr. Hjortsberg confirmed that the retired priest had been diagnosed with Alzheimer’s and dementia.The charges against Mr. Hecker came months after The Guardian reported that he confessed to his superiors in 1999 that he had sexually molested or committed other forms of sexual misconduct against multiple teenagers in the 1960s and ’70s. Mr. Hecker later confirmed to The Guardian and the New Orleans news outlet WWL-TV that he had committed “overtly sexual acts” with at least three underage boys.Mr. Hecker continued to serve with the New Orleans archdiocese until his retirement in 2002. But the archdiocese did not publicly identify him as an accused sexual predator until 2018, when it released a list of “credibly accused” priests.Thousands of Catholic priests have been accused of misconduct since the sexual abuse crisis in the American Catholic Church exploded into public view in the early 2000s. But relatively few have faced criminal prosecution. In September, a Catholic priest in Texas was indicted on felony sexual assault charges after several victims accused him of sexual and financial abuse.The New Orleans archdiocese filed for bankruptcy in 2020 amid a flood of abuse claims, and it is among about a dozen dioceses and archdioceses that are currently in bankruptcy proceedings.In a statement on Tuesday after Mr. Hecker’s guilty plea, a spokesman for the archdiocese said that it was the church’s “hope and prayer that today’s court proceedings bring healing and peace to the survivor and all survivors of sexual abuse.” More

    • 163 Shares169 Views

      in Elections

      2,000 Mules director apologizes to man falsely accused of voter fraud in film

      by

      Conservative film-maker Dinesh D’Souza has issued a rare apology for his controversial documentary 2,000 Mules, a cornerstone of post-2020 election fraud conspiracy theories, but a prominent organization in the election denialism ecosystem is standing behind the film’s false claims.The film alleged a massive voter fraud scheme involving individuals supposedly stuffing ballot drop boxes with illegal votes. Central to these claims was cellphone geolocation data provided by True the Vote, a Texas-based non-profit that has become a prominent actor in the election denial ecosystem.True the Vote on Monday maintained that the film’s central premise “remains accurate”. The group insists its geolocation data proves suspicious voting patterns, despite repeated debunking by election experts, including the former attorney general William Barr.In a statement from last week, D’Souza acknowledges the video was mischaracterized.“I now understand that the surveillance videos used in the film were characterized on the basis of inaccurate information provided to me and my team,” D’Souza’s said in the statement. “If I had known then that the videos were not linked to geolocation data, I would have clarified this and produced and edited the film differently.”D’Souza’s public admission focuses on Mark Andrews, a Georgia voter featured in the film at a ballot drop box. Despite blurring Andrews’ face, the documentary suggested he was part of a coordinated voter fraud operation.D’Souza said he was apologizing to Andrews “because it is the right thing to do”, and “not under the terms of a settlement agreement or other duress”. Andrews sued D’Souza, True the Vote and the film’s distributor, Salem Media Group, for defamation in 2022 over the film. Salem settled the lawsuit earlier this year, agreed to stop distributing the film and apologized to Andrews. The lawsuit against D’Souza and True the Vote in federal court in Georgia is ongoing. Motions for summary judgment, which could make public details of how the film was made, are due to be filed on 12 December.The cybersecurity and infrastructure security agency, a Department of Homeland Security agency which has dominion over elections in the United States, declined a request for comment.The concession from D’Souza marks the latest example of a prominent vector of misinformation about the 2020 election acknowledging their claims were false. Amid a separate defamation lawsuit, the Gateway Pundit, the influential far-right news outlet, acknowledged earlier this year that it had falsely accused Ruby Freeman and Shaye Moss, two Atlanta election workers, of fraud.OAN, another network that spread false claims about the election, also apologized to the two election workers. Freeman and Moss won a $148m judgment in a libel suit against Rudy Giuliani last year and are moving to seize his assets.Founded by Catherine Engelbrecht, True the Vote has transformed from a fringe organization into a key player in challenging election results. The group claims to protect elections through technological surveillance, but has repeatedly failed to substantiate its expansive fraud allegations.It’s not the first time the organization’s credibility has been undermined in recent memory. An app developed by True the Vote contained a security flaw that exposed user email addresses ahead of the US election, and the group is facing an IRS complaint for potentially illegal political coordination with the Georgia Republican party in 2020.The documentary’s impact extended far beyond the fringes of the internet. Months after the film premiered at Mar-a-Lago in 2022, armed individuals were documented stalking voters at drop boxes in Arizona, an illustration of how such conspiracy theories can translate into real-world intimidation.Salem Media Group – which originally distributed the film – has already ceased its circulation and issued its own apology to Andrews. Lawyers for Andrews declined to comment.Another incident that inspired the film was a video recording made of a woman, Guillermina Fuentes, collecting her ballot from her neighbor in San Luis, Arizona, a largely Hispanic town on the US-Mexico border. Fuentes was prosecuted and sentenced to 30 days in jail and her neighbor was sentenced to a year of probation. Luis Marquez, a community activist, said he was glad to hear of an apology, but the damage may have already been done. “It really made people not vote,” he said. “It made people afraid.” More

    • 125 Shares119 Views

      in Elections

      Read President Yoon’s Speech Declaring Martial Law in South Korea

      by

      Honorable citizens, as President, I appeal to you with a feeling of spitting blood.Since the inauguration of our government, the National Assembly has initiated 22 impeachment motions against government officials, and since the inauguration of the 22nd National Assembly in June, it is pushing for the impeachment of 10 more. This is a situation that is not only unprecedented in any country in the world, but has never been seen since the founding of our country.It is paralyzing the judiciary by intimidating judges and impeaching a number of prosecutors, and it is paralyzing the executive branch by trying to impeach the Minister of the Interior, the Chairman of the Communications Commission, the Chair of the Board of Audit, and the Defense Minister.The handling of the national budget also undermined the essential functions of the state and turned Korea into a drug paradise and a public order panic by completely cutting all major budgets for cracking down on drug crimes and maintaining public security. The Democratic Party cut 4.1 trillion won from next year’s budget, including 1 trillion won for disaster preparedness reserves, 38.4 billion won for child care support allowances, and a project to develop a gas field in the city for youth jobs.They even put the brakes on funding to improve the treatment of military officers, including raising salaries and allowances for entry-level officers and increasing on-call duty fees.This budget outrage is nothing short of manipulating the national finances of the Republic of Korea. The legislative dictatorship of the Democratic Party, which uses even the budget as a means of political struggle, did not hesitate to impeach the budget. The government is paralyzed, and the people’s sighs are growing.This trampling of the constitutional order of the free Republic of Korea and the disruption of legitimate state institutions established by the constitution and laws is an obvious anti-state act that plots insurrection. The lives of the people are of no concern, and the government is in a state of paralysis due to impeachment, special investigation, and the defense of the opposition leader.Our National Assembly has become a den of criminals and is attempting to paralyze the nation’s judicial administration system through legislative dictatorship and overthrow the liberal democracy system. The National Assembly, which should be the foundation of liberal democracy, has become a monster that collapses the liberal democracy system. Now, Korea is in a precarious situation where it would not be surprising if it collapsed immediately.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    • 75 Shares119 Views

      in Elections

      Patagonia C.E.O.: Corporate Responsibility Still Matters

      by

      Companies continue to invest in sustainability, though many are no longer broadcasting it.This personal reflection is part of a series called Turning Points, in which writers explore what critical moments from this year might mean for the year ahead. You can read more by visiting the Turning Points series page.Turning Point: Some of the world’s largest financial firms pulled out of a group committed to fighting climate change.It’s been a tough year for companies wanting to do the right thing. In addition to managing a turbulent global economy, brands have faced backlash from a handful of activists on everything from climate and diversity commitments to supporting Pride events and even encouraging people to vote. More than 100 laws against environmental, social and governance principles have been introduced in Congress and state legislatures since 2023, and right-wing politicians and activists continue to force companies that value corporate responsibility into a culture war by smearing them as “woke.”When a few companies got skittish and pulled back on their diversity or climate efforts, headlines crowed about the demise of corporate responsibility as a whole.This is what happens when sound bites and taglines replace the real work needed to make progress. It seems impossible to find a product now that doesn’t claim to be “green” or “sustainable” or made responsibly. Although some businesses are putting in the time and work to back up those claims, others are confronting the reality that their investors and customers are paying close attention, and the bill to produce results is past due.As I look back on 2024, I think the backlash against corporate responsibility — and sustainability in particular — has been overstated. But while some companies are talking less about their commitments, I’m heartened that many are still quietly setting ambitious targets to reduce emissions, care for their employees and create inclusive communities. They’re doing the work to get there, and they’re pressing ahead in the face of disgruntled pundits and social media trolls.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    • 150 Shares169 Views

      in Elections

      Biden Turns to an Unlikely Ally to Help Protect His Legacy: Republicans

      by

      President Biden wants to make it more difficult for President-elect Donald J. Trump to repeal his signature legislation, which sent money flowing to Republican districts nationwide.President-elect Donald J. Trump has promised to unravel President Biden’s major legislation when he takes office next month, but Mr. Biden is hoping to salvage his most prized policies with help from an unlikely source: Republicans.With just weeks left in office, Mr. Biden and his aides have emphasized that his signature economic legislation, the Inflation Reduction Act, overwhelmingly benefits Republican districts, in the hopes that Mr. Trump would face blowback from his own party if he repealed it.The administration is also racing to award hundreds of millions of dollars in grants and finalize environmental regulations to lock in Mr. Biden’s economic agenda, including ramping up domestic manufacturing of clean energy products and semiconductors.“They are not going to want to undermine those jobs and those businesses that we know for the first time are really strong in so many districts around the country that have been left behind under trickle-down policies,” Lael Brainard, Mr. Biden’s national economic adviser, said in an interview.Roughly 80 percent of new clean energy manufacturing investments announced since the Inflation Reduction Act passed in 2022 have flowed to Republican congressional districts, according to data from Atlas Public Policy, a research firm.Mr. Trump and his allies have attacked the legislation, which provides at least $390 billion over 10 years in tax breaks, grants and subsidies for wind and solar power, electric vehicle battery production and other clean energy projects. More

    • 138 Shares199 Views

      in Elections

      Bloomberg Says RFK Jr. Would Be ‘Beyond Dangerous’ as Health Secretary

      by

      Michael R. Bloomberg, the former New York City mayor, launched a lengthy broadside on Tuesday against Robert F. Kennedy Jr., using his opening remarks at a public health conference to warn that installing Mr. Kennedy as health secretary would be “beyond dangerous,” and tantamount to “medical malpractice on a mass scale.”Mr. Bloomberg, speaking at the two-day Bloomberg American Health Summit in Washington, called on Senate Republicans to persuade President-elect Donald J. Trump to “rethink” his choice of Mr. Kennedy for health secretary. If Mr. Trump cannot be persuaded, he said, the Senate has “a duty to our whole country, but especially to our children,” to vote against confirming him.Mr. Bloomberg also assailed Mr. Kennedy for discouraging measles vaccination during an outbreak in the island nation of Samoa, where 83 people died.“Parents who have been swayed by vaccine skepticism love their children and want to protect them, and we need leaders who will help them do that,” he said, “not conspiracy theorists who will scare them into decisions that will put their children at risk of disease.”Mr. Bloomberg has spent billions of dollars promoting public health, both through his charity, Bloomberg Philanthropies, and through donations to the School of Public Health at Johns Hopkins University, which now bears his name. The school and the charity hosted the health summit, with the theme of “advancing public health in uncertain political times.”Like Mr. Kennedy, Mr. Bloomberg has fought battles against processed foods and has tried to promote healthy eating. But that, it appears, is where their like-mindedness ends.Among other things, Mr. Bloomberg chided Mr. Kennedy for “nutty conspiracy theories,” including making the “outrageous false claim” that the Covid-19 shot was the “deadliest vaccine ever made.” He said Mr. Trump deserved credit for Operation Warp Speed, the fast-track initiative that produced coronavirus vaccines in record time, noting that studies have shown that the vaccines have saved an estimated 20 million lives around the world.With experts warning of a possible bird flu outbreak in humans, Mr. Bloomberg said senators would face some hard questions: “With the nation facing a possible bird flu outbreak, are they really prepared to roll the dice on the lives of their constituents, by placing someone in charge of public health who has made it clear that he will prevent the approval of lifesaving vaccines?” More

    • 125 Shares99 Views

      in Elections

      Gotham Awards Go to ‘A Different Man’ and ‘Sing Sing’

      by

      The kickoff to awards season has a mixed record but can help lift small films like the two surprise winners.“A Different Man,” a dark indie comedy starring Sebastian Stan, was the surprise best-feature winner at the 34th annual Gotham Awards, which took place Monday night at Cipriani Wall Street in New York.Directed by Aaron Schimberg, the film stars Stan as an actor with neurofibromatosis who undergoes an experimental surgery to remove tumors from his face, giving him a more conventional appearance. That makeover puts him in danger of losing a leading role to a local bon vivant (Adam Pearson) who also has neurofibromatosis but owns his appearance without shame.Though “A Different Man” is distributed by the hot studio A24, it was considered the lowest-profile contender in its category. Most pundits expected the Palme d’Or winner “Anora” to cruise to victory here and even Schimberg was caught off-guard by the win. “I think I’m not the only person in the room who’s totally stunned by this,” the director said onstage, admitting he had not prepared a speech in advance, fearing it would be “hubris” to do so.In a very fluid Oscar season, the Gotham win could raise the chances of Stan, who also stars in the Donald Trump biopic “The Apprentice,” and Pearson, a dark-horse supporting-actor candidate. Though the Gothams’ effectiveness as an Oscar bellwether can fluctuate, three of the four most recent films to triumph there — “Past Lives,” “Everything Everywhere All at Once” and “Nomadland” — also went on to be nominated for best picture at the Oscars.The Gothams are most valuable when it comes to helping smaller films like “A Different Man” that rely on an awards-season run to stay in the conversation. Though the ceremony recently lifted its $35 million budget cap for eligible contenders, its nominating juries, which are mostly made up of a handful of film journalists, still tend to favor movies that were made on a shoestring.That includes “Sing Sing,” a prison drama that won the night’s lead and supporting-performance honors for Colman Domingo and Clarence Maclin. (The Gothams are gender-neutral.) “Let’s keep doing work that really matters, that makes a difference,” Domingo, who starred in “The Color Purple” and “Rustin” last year, told the audience. “That’s what we can do right now. That can be a light in the darkness.”We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More