Apple falls 4% and drops below $2 trillion market valuation after report of weakening demand for its MacBooks and AirPods

Business Insider 

Apple CEO Tim Cook.

Apple kicked off 2023 with more losses, falling as much as 4% to hit its lowest level since June 2021.Tuesday’s decline sent the iPhone maker below its $2 trillion market valuation.The sell-off came after a report from Nikkei about weak demand for some Apple products.

Apple’s weakness in 2022 has officially spilled over into 2023, with the stock kicking the year off with a 4% decline.

Tuesday’s sell-off wiped out $85 billion in market value for Apple and sent the iPhone maker below the $2 trillion valuation threshold for the first time since May. Apple was the last company to hold onto such a high valuation, with Microsoft falling below that level early last year.

Apple first topped $2 trillion in August 2020 as the pandemic supercharged its product sales due to work-from-home trends. Sales of its laptops saw a significant boost, while its iPhone also helped generate record revenues. The valuation ultimately hit a high of about $3 trillion when stocks peaked on January 3, 2022.

But now Apple, according to a Monday report from Nikkei, is seeing weaker demand, specifically for its MacBooks, AirPods, and Apple Watch.

“Apple has alerted us to lower orders for almost all product lines actually since the quarter ending December, partly because the demand is not that strong,” a manager at an Apple supplier told Nikkei Asia.

Apple has already seen weakness due to wide-ranging COVID infections in China, leading to reduced output from factories that make its all-important iPhone.

The reduced manufacturing output led to significant lead times for customers to get their hands on the popular iPhone Pro models in time for the holidays last month. Even today, the delivery wait time for an iPhone 14 Pro is about two weeks, according to Apple’s website.

Apple’s 4% drop on Tuesday outpaced the S&P 500’s decline of about 0.6%. The only mega-cap tech stock that fell more than Apple on Tuesday was Tesla, which is down more than 11% on light fourth-quarter deliveries. 

Read the original article on Business Insider

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Underfunded Black colleges and universities need congressional support

Just In | The Hill 

Over the past decade, Historically Black Colleges and Universities (HBCUs) have received increased attention as a critical piece of the nation’s postsecondary landscape. As drivers of economic activity of nearly $15 billion annually, calls to support HBCUs at the state level have grown. However, this renewed attention has also renewed focus on the systemic underfunding of HBCUs over the last century.

Too often, partisan lines hinder legislation at the cost of our students. At the Hunt Institute, a nonprofit focused on education reform through research and policy support, where I am president and CEO, we have seen success at the K-12 level with legislators approaching education legislation from a data-informed nonpartisan lens. The higher education space can learn from these successes.  

With the impending college enrollment cliff of 2027 approaching and the need to increase postsecondary attainment to meet workforce needs, HBCUs — and their Minority-Serving Institution (MSI) counterparts — are critical for the sustained future of state economies and higher education. As a result, supporting HBCUs and MSIs must be a bipartisan agenda moving forward, and several states offer a glimpse of what’s possible when legislators work together.  

HBCUs’ Impact on America

HBCUs are institutions established in the early 19th century to ensure states provided equal opportunity to higher education for Black Americans. Today, there are 107 HBCUs providing educational opportunities for all races and ethnicities, though most students enrolled are Black.

HBCUs generate $14.8 billion in total economic impact and produce more than 130,000 jobs for their local and regional economies. HBCUs are also drivers of employment, as 75 percent of all Black Americans holding a doctorate degree, 75 percent of all Black officers in the armed forces and 80 percent of all Black federal judges received HBCU undergraduate training. 

HBCUs and MSIs also serve a disproportionate number of students from low-income or under-resourced backgrounds, developing them into successful employees who otherwise may not have pursued higher education. In addition, HBCUs and MSIs can help prepare students for careers in which professionals of color are underrepresented, such as the medical profession or entrepreneurship. Finally, HBCU tuition rates are nearly 30 percent lower in comparison to peer institutions, which can lead to lower levels of student debt, ultimately helping to narrow the racial wealth gap. 

Considering the influence HBCUs have on our nation’s society, imagine the possibilities when they are fully funded. In one of our recent issue briefs, we found between 2010 and 2012, 61 percent of land-grant HBCUs did not receive sufficient funding to meet the one-to-one match compared to their peer land-grant Predominantly White Institutions (PWIs). The lack of matching by states, unfortunately, led to many HBCUs being under-resourced, affecting student and academic life.

As the U.S. experiences a shift in student demographics, policymakers must work together to advance the mutual interest of postsecondary education in order to serve a larger number of Black, Indigenous, people of color, adult learners and low-income and rural students.

Below we offer three strategies for policymakers to consider as they develop strategies to support HBCUs. 

Expand Understanding and Support of Minority Serving Institutions

HBCUs are just one of the many Minority Serving Institutions that make up the higher education system, and situating HBCUs within the greater conversation of all MSIs can further advance discussions and create a larger coalition.

MSIs are colleges and universities that serve a certain student population and are distinctive in their missions and daily operations. The Hunt Institute’s map of MSIs across the nation shows just how important MSIs are to the fabric of American higher education.

While HBCUs gained their designation at their inception, most MSIs receive their distinction, and additional access to federal funding, by meeting a threshold in student population enrollment. MSI designations include institutions that serve predominantly Black, Native American, Asian, Pacific Islander or Hispanic students. As of 2020, the U.S. was home to more than 700 MSIs, serving over 6.5 million students, with additional institutions gaining designation each year. 

As policymakers seek to build coalitions for support, understanding the entire landscape of a state’s postsecondary institutions allows for the opportunity to build larger, more bipartisan coalitions.  

Garnering Bipartisan Support from the Beginning

Supporting HBCUs and MSIs must be an ongoing discussion that includes all parties from inception. Elected officials with HBCUs in their districts should consider how to fully fund or reward the institutions for good work, growing their economic impact. By engaging all policymakers with HBCUs and MSIs in their district, state legislatures are likely to gain bipartisan support. 

As seen in The Hunt Institute’s review of Tennessee’s bipartisan legislation to support HBCUs, their work to reach a $250 million settlement was successful because of bipartisan buy-in. A six-person bipartisan bicameral committee was formed to investigate why Tennessee State University never received its full matching funding as dictated by land-grant laws. The bipartisan commission committee created champions on both sides of the aisle, leading to more successful negotiations.

The Hunt Institute’s review of Maryland and its legal battle to address underfunding its HBCUs showed the legal system can be slow-moving. Maryland found near unanimous support through its legislative system for a $577 million settlement that will be used to sustain and enhance Maryland’s HBCUs. Even Georgia’s most recent HBCU study committee, chaired by Hunt-Kean Leadership Fellow, Georgia state Sen. Sonya Halpern, shows states are dedicated to having robust conversations around higher education funding.

There are numerous strategies to support our country’s HBCUs to remedy historic underfunding, with the aim to bolster and uplift the institutions’ futures. Articulating the return on investment, economic mobility and community impact of these institutions makes the conversation ever more important for elected officials who represent these districts. States are laying the blueprints for this work, but the only way to see nationwide success is through bipartisan unity and leadership.

Javaid Siddiqi is the president and CEO of the Hunt Institute.  

​Education, Opinion Read More 

FTX founder Sam Bankman-Fried pleads not guilty to fraud, other crimes

Just In | The Hill 

Disgraced FTX founder Sam Bankman-Fried pleaded not guilty on Tuesday to charges of wire fraud, securities fraud and other counts related to the collapse of his cryptocurrency trading platform. 

Prosecutors have alleged that Bankman-Fried, 30, illegally used his customers’ money to make real estate purchases, political donations and investments at his hedge fund, Alameda Research. 

He was arrested in the Bahamas last month after FTX filed for bankruptcy in November as a result of being unable to provide billions of dollars in withdrawal requests from its customers. 

Bankman-Fried agreed to be extradited from the Bahamas, where he lived and ran the company, to face charges in Manhattan a week after he was arrested. 

Mark Cohen, Bankman-Fried’s attorney, said in court on Tuesday that his client was pleading not guilty to all eight charges against him. 

Bankman-Fried was released on $250 million bail two weeks ago on the condition that he wears an electronic monitoring device and awaits trial at his parents’ house in Palo Alto, Calif. 

Two of Bankman-Fried’s close associates have already pleaded guilty to charges of fraud related to FTX’s collapse and agreed to cooperate with prosecutors. Caroline Ellison ran Alameda, while Gary Wang co-founded FTX. 

U.S. Attorney Damian Williams announced ahead of Bankman-Fried’s arraignment that he is creating a task force to investigate and prosecute issues stemming from FTX’s collapse. He said the task force will also work to recover lost assets for customers. 

The Associated Press contributed to this report.

​Finance, Court Battles, Bankruptcy, cryptocurrency platform, FTX, FTX collapse, Sam Bankman-Fried, securities fraud, wire fraud Read More 

Airline passenger claims United was ‘lying’ about lost luggage after AirTag showed it at ‘mystery’ building

Just In | The Hill 

(NEXSTAR) – United Airlines is investigating the circumstances surrounding a piece of lost luggage after a passenger claims it was sent to a random apartment complex — and then to a McDonald’s, and then to a shopping center — instead of her home.

Valerie Szybala had flown home to Washington D.C. on a United Airlines flight after the holidays, but her luggage was delayed. United gave her the option of having the suitcase delivered to her house the following day, and she accepted.

But her bag didn’t arrive the following day. It didn’t arrive the day after that, either.

Szybala, fortunately, had left an Apple AirTag inside her luggage, which allowed her to track the location of her missing bag — and she was startled to find it at a residential apartment complex elsewhere in the city.


PHOTO: TSA officials find dog in passenger’s bag at Wisconsin airport

Szybala documented her ordeal on Twitter, claiming at one point that her bag was moved “to a McDonald’s” before being brought back to the apartment complex. The next day, the AirTag in her suitcase was pinging at a suburban shopping center in the suburbs, she said, before being brought back to the “mystery apartment complex.”

She then visited the apartment complex herself, where she claims to have found two other “emptied” pieces of luggage belonging to United Airlines passengers behind the building, near the dumpsters, according to her Twitter posts.

Szybala reached out to United’s customer service team, asking why her bag’s AirTag was pinging at the apartment complex instead of at the courier’s distribution center.

“Calm down your bag is at the delivery service,” the representative responded, according to a screenshot of the conversation.

When Szybala pressed for an explanation as to why her bag was at the apartment complex, and why there were two other bags near the building’s trash, she was again told the bag was “safe” at the distribution center.

“I’d just like everyone to know that @united has lost track of my bag and is lying about it,” she wrote on Twitter.

Finally, on Jan. 2, Szybala again visited the building, this time with “a little posse” that included members of the news media. She then received a text from someone identifying himself as a driver for Couriers United LLC, a third-party delivery service used by United Airlines. The courier said her bag was mistaken for another passenger’s, which is what caused the delay, and he would now bring it to her home.

She called back and told him to bring it to the apartment complex instead.

“… He drove back to meet me near the building,” she tweeted. “He looked a little surprised to have two news crews filming. He asked if he was in trouble or something, but at that moment I was too happy to have my bag back to ask more questions.”

As of Tuesday, Szybala still hadn’t been given an explanation for her bag’s whereabouts from United or its courier service. But she revealed that all her belongings were accounted for, and theorized that her suitcase was simply left in a courier’s car for several days while he went about his errands.

“I don’t know that [the courier] was telling the truth, I suspect he was not,” she tweeted. “Nothing I’ve been told by this guy or @United explains why my bag spent 3 days in an apartment complex garage, with occasional shopping excursions. I’d still like some answers.”

United Airlines has confirmed an investigation into the incident, calling it a “service failure” in a statement obtained by Nexstar.

“We’ve been in touch with this customer to discuss this situation and confirm she has received her luggage,” a representative for the airline wrote. “The service our baggage delivery vendor provided does not meet our standards and we are investigating what happened to lead to this service failure.”

A representative for Couriers United LLC did not immediately return a request for additional information.


Why we still use ‘airplane mode’ on flights, even though other countries no longer care

Szybala, meanwhile, said she learned several valuable lessons from the ordeal. For starters, she will “never” again allow the airline to deliver any lost bags, but will choose to pick them up in person. She’s also a proponent of luggage tracking devices, calling her Apple AirTag “a lifesaver” in this particular circumstance.

“It was $30, totally worth it,” she wrote in the comments of the thread, before asking Apple to reward her for potentially drumming up business among airline passengers.

“Can I at least get a referral code[?]” she asked the tech company.

​Nexstar Media Wire News Read More 

These are the best cities for keeping New Year’s resolutions

Just In | The Hill 

Story at a glance

A new WalletHub report ranked over 180 U.S. cities on the likelihood that it’s residents would be able to keep any New Year’s resolutions.

Seattle, San Francisco and Scottsdale, Ariz., earned the top three spots on the WalletHub list.

WalletHub researchers considered the most common resolutions determined each city’s ranking by comparing it to other places along 57 different metrics like gyms per capita, job growth potential and share of smokers.

People in Seattle, San Francisco and Scottsdale, Ariz., are the most likely to keep their New Year’s resolutions, according to a new WalletHub report.  

WalletHub researchers ranked 182 U.S. cities in the report by likelihood of its residents sticking to New Year’s goals with cities like Salt Lake City, Utah, and Overland Park, Kan., earning a spot among the top 10 best cities.  

California is home to a high number of cities conducive to keeping resolutions with four of the top 10 cities located in The Golden State.

America is changing faster than ever! Add Changing America to your Facebook or Twitter feed to stay on top of the news.

Report crafters looked at 57 different metrics from exercise opportunities to employment outlook to the average quality of the city’s universities when compiling the ranking.  

A December WalletHub survey found that one out of three people planned to make a financially related resolution for 2023, with nearly a third hoping to save more money.  

The survey also found that more than 40 percent of people think it will be harder to keep a New Year’s resolution in 2023 than it was last year. 

Here are the top 10 cities for keeping a New Year’s resolution:  

Seattle, Wash. 

San Francisco, Calif. 

Scottsdale, Ariz. 

Salt Lake City, Utah 

Overland Park, Kan. 

Irvine, Calif. 

Fremon, Calif. 

San Diego, Calif. 

Austin, Texas. 

Orlando, Fla. 

​Infrastructure, Changing America, Sustainability, New Year's resolutions, Seattle, WalletHub Read More 

Bills player Damar Hamlin still in critical condition after collapsing from a cardiac arrest on the field, team says



CNN
 — 

Buffalo Bills safety Damar Hamlin still is in critical condition after the 24-year-old suffered a cardiac arrest and collapsed on the field during Monday night’s game in Cincinnati, his team said Tuesday, a stunning moment that left players weeping, praying and embracing as their teammate was taken away by ambulance.

“Damar Hamlin spent last night in the intensive care unit and remains there today in critical condition at the University of Cincinnati Medical Center,” the Bills said Tuesday afternoon.

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Hamlin fell on his back in the first quarter just moments after getting up from an open field tackle of Cincinnati Bengals wide receiver Tee Higgins. “His heartbeat was restored on the field” and he was transferred to the medical center “for further testing and treatment,” the Bills tweeted early Tuesday.

It remains unclear what caused the cardiac arrest.

Hamlin’s collapse left players distraught – in tears, kneeling with arms around one another before returning to their locker rooms – and called to mind some of the league’s most disturbing in-game injuries. The game was suspended with nearly 6 minutes left in the first quarter and later was officially postponed – an unusual move for a league that often resumes play even after severe injuries.

The late-season game – initially anticipated as a match that would help settle playoff seeds for two AFC stalwarts – will not be resumed this week, and no decision has been made about whether it will ever be resumed, the NFL said Tuesday afternoon.

Within 10 seconds of Hamlin’s collapse, Bills team trainers were treating him. An ambulance was on the field in less than five minutes, footage shows, and he was given CPR before being taken to the hospital, according to an ESPN broadcast.

Since then, support for Hamlin – a Pennsylvania native who had played every game this season – has poured in from fans and others in pro sports, from the NFL’s Russell Wilson and JJ Watt to NBA star LeBron James. A Christmas toy fundraiser Hamlin started in 2020 swiftly raised more than $4 million.

Hamlin is examined after collapsing on the field in the first quarter of Monday night's game between the Buffalo Bills and Cincinnati Bengals.

Hamlin was intubated, and his mother, who was at the game, had ridden in the ambulance with him, said Jordon Rooney, a friend and marketing representative of the player.

“He’s a fighter all the time. … If there’s anyone that, you know, I have confidence in making it out of anything, it’s him,” Rooney, who flew from Dallas to Cincinnati after Hamlin’s collapse to be with him, told CNN on Tuesday. “He is someone who always figures out a way to come out on top.”

Hamlin’s family expressed “our sincere gratitude for the love and support shown to Damar during this challenging time” in a statement released by Rooney late Tuesday morning.

The statement thanked the Bills, the Bengals, fans and medical personnel.

Hamlin’s collapse comes as the NFL remains under intense scrutiny over how it protects participants in an inherently violent game. Changes over the past decade include pregame medical assessments of players, plus on-field and postgame assessments of those involved in hard hits, the league has said. NFL protocols regarding concussions – injuries tied to brain disease later in life – have earned criticism this season after a quarterback suffered a hard hit in a game just four days after hitting his head on the turf in a game.

The stunning play involving Hamlin happened around 8:55 p.m. ET, early in what initially was regarded as an important matchup between two AFC stalwarts – the Bills at 12-3 and the Bengals at 11-4 – trying to stay in contention for top conference seeding in the approaching NFL playoffs.

With the Bengals up 7-3, Higgins caught a short pass in Bengals territory and ran a few yards near midfield, where Hamlin met him.

Higgins lowered his right shoulder and drove into the chest of Hamlin, whose arms were out wide anticipating a tackle. Hamlin, now falling back, wrapped his arms around Higgins’ shoulders and neck and twisted Higgins to the ground with him.

Hamlin stood up and appeared to adjust his face mask, then shortly afterward fell backward. A referee whistled for the clock to stop with 5:58 left in the quarter, and Bills staff rushed to the motionless player.

Soon, three teammates took their helmets off and knelt as Hamlin remained motionless. Minutes later, after two ESPN commercial breaks, most players for both teams were on the field looking on with concern, including Bills wide receiver Stefon Diggs, shown with a tear-streaked face.

Hamlin collides with Cincinnati Bengals wide receiver Tee Higgins just moments before his collapse.

Bills players and staff eventually gathered in a circle, kneeling on the field in prayer as an ambulance drove off the field with Hamlin.

“After Hamlin was taken away by ambulance … some players just sat staring out at the field; other players were hugging each other. Other guys were openly weeping,” ESPN’s Lisa Salters said in the live broadcast.

By 9:16 p.m., after the teams’ head coaches talked to each other on the field surrounded by game officials, Bills coach Sean McDermott motioned for his team to get back to their locker room, and the crowd was told the game would be temporarily suspended. The crowd cheered as players retreated to the tunnel.

Some of Hamlin’s teammates decided to stay in Cincinnati while the rest of the team travels back Tuesday morning to Buffalo, NFL Executive Vice President of Operations Troy Vincent, who played in the league for over a decade, said in a press call. Diggs, the Bills receiver, arrived at the hospital where Hamlin was being treated late Monday night, ESPN’s broadcast showed.

Cardiac arrest results from electrical disturbances that cause the heart to suddenly stop beating properly, and death can be quick if help isn’t rendered immediately. It is not the same as a heart attack or heart failure.

The league announced after 10 p.m. ET that the game was postponed.

After his collapse Monday, neither of the teams’ coaches or players asked to continue playing, Vincent said. The NFL and the NFL Players Association agreed to postpone the game, the NFL said.

“I’ve never seen anything like it since I’ve been playing,” he said. “So, immediately, my player hat went on. How do you resume play after you’ve seen such a traumatic event occur in front of you in real time?”

The NFL rightly decided to postpone because the players “were not in the state of mind to be able to finish that game,” Indianapolis Colts safety Rodney McLeod Jr. told “CNN This Morning” on Tuesday.

Players are used to experiencing injuries in the NFL, but Monday was different, he said.

“In my 11 years in the NFL I’ve never experienced anything like that. And that brings the reality of the sport to life,” McLeod said. “We’re talking about a man who collapsed, who laid breathless, who unfortunately is fighting for his life.”

Damar Hamlin is seen in September after a game in New York.

The NFL has seen devastating in-game injuries before, including temporary or permanent paralysis of players including Darryl Stingley (1978), Mike Utley (1991), Dennis Byrd (1992) and Ryan Shazier (2017).

CPR previously had been performed on players during NFL games at least twice, including one incident in which the player died.

In 1971, Detroit Lions receiver Chuck Hughes, 28, collapsed near the end of a home game against the Chicago Bears, and CPR was performed on the field, according to the Detroit Free Press. The game’s last 62 seconds were played. Hughes was taken to a hospital, and players learned of his death after the game, the reports said.

In December 1997, Lions linebacker Reggie Brown stopped breathing after suffering a serious spinal cord injury while making a tackle in a home game against the New York Jets, The Detroit News reported. After CPR was begun, he was taken to a hospital, and though players were shaken, the game resumed. Brown eventually would regain mobility after surgery and rehabilitation, but the injury ended his football career.

Monday’s Bills-Bengals game was to be their second-to-last of the regular season. The postponement throws into question how the teams’ regular seasons will end and how that will affect playoff seeding.

NFL Commissioner Roger Goodell, “after speaking with both teams and the NFLPA leadership,” told the clubs that the Bills-Bengals game “will not be resumed this week,” the league said Tuesday.

“The NFL has made no decision regarding the possible resumption of the game at a later date,” the league said.

This coming weekend’s schedule – which was to be the final slate of regular-season games for all teams – has not changed, the NFL said Tuesday.

That means on Sunday, the Bills are scheduled to host the New England Patriots, and the Bengals are set to host the Baltimore Ravens. But unlike other teams, which will be playing their 17th contest, the Bills and Bengals would be playing their 16th full game.

The Bills and Bengals are vying with the Kansas City Chiefs (13-3) for the AFC’s top playoff seed, which would mean a first-round bye and home-field advantage throughout the conference playoffs.

Hamlin joined the Bills in 2021 as a sixth-round draft pick after playing for the University of Pittsburgh in the 2016-20 seasons. He was redshirted – sitting out on games while still on the team – in 2016 due to injury, his Pittsburgh Panthers player bio states. He also missed time due to injuries in 2017 and 2019, the NFL site added.

Overwhelming support for him flooded in Monday night from fans and players across the sports world. The NFL Players Association tweeted Monday night that the organization and “everyone in our community is praying for Damar Hamlin.”

“We have been in touch with Bills and Bengals players, and with the NFL. The only thing that matters at this moment is Damar’s health and well being,” the players association said.

Los Angeles Lakers basketball star James applauded the decision to postpone the game after the medical emergency.

“It’s definitely the right call,” he said after the Lakers game against the Charlotte Hornets Monday night, adding, “The safety of players in all sports is always the most important. It was a terrible thing to see.”

“My thoughts and super prayers go up to the skies above for that kid’s family, for him, for that brotherhood of the NFL, and everybody who’s a part of the NFL family,” James said.

Buffalo Bills quarterback Josh Allen (17) stands on the field as Hamlin is being treated.

Well wishes and prayers were sent by several star athletes, including Denver Broncos quarterback Wilson, Chicago Bears quarterback Justin Fields, Baltimore Ravens quarterback Lamar Jackson, and free agent Odell Beckham Jr.

Watt, an Arizona Cardinals defensive end, tweeted, “The game is not important. Damar Hamlin’s life is important. Please be ok. Please.”

In the hours after Hamlin’s collapse, the Christmas toy drive fundraiser he started had raised more than $4 million as it was flooded with donations from supporters rooting for his recovery.

The player created the drive to raise money to buy toys for children in a Philadelphia community, writing at the time, “As I embark on my journey to the NFL, I will never forget where I come from and I am committed to using my platform to positively impact the community that raised me.”

In the hour after Hamlin’s cardiac arrest, the fundraiser had raised about $70,000 and less than 4,000 donations. But by midday Tuesday, the GoFundMe skyrocketed to more than $4 million raised from over 150,000 donations, some as high as $5,000 each.

Hamlin continued his annual toy drive tradition this year in Buffalo, signing autographs and jerseys for children who stopped by.

“(It’s) something I’ve always been into, just giving back,” he told CNN affiliate WKBW in December, adding, “For three years I’ve been doing the toy drive so just being able to extend it to Buffalo now is just something I love doing.”


source

Metal detectors removed from outside the House chamber

Just In | The Hill 

Metal detectors were removed from outside the House chamber with the start of the new Republican-controlled House on Tuesday.

The extra layer of security was ordered put in place by then-Speaker Nancy Pelosi (D-Calif.) in the wake of the Jan. 6, 2021, attack on the Capitol.

The addition of the metal detectors drew the ire of House Republicans, several of whom initially refused to comply with the new security screenings and pushed passed Capitol Police into the chamber without passing through the magnetometers.

In response, Pelosi announced that the House would institute fines for lawmakers who bypassed security, with a $5,000 fine for the first offense and $10,000 for the second.

“It is tragic that this step is necessary, but the chamber of the People’s House must and will be safe,” she said at the time.

Rep. Lauren Boebert (R-Colo.) — who was seen having a dispute with police over the metal detectors in the days after their placement — celebrated their removal in a video posted to Twitter on Tuesday.

“When I arrived in Congress two years, Nancy Pelosi put this hunk of garbage outside of the House chambers for members of Congress to go through,” Boebert said, as the metal detectors were removed behind her. “Today, they are being removed and we are turning Pelosi’s House back into the people’s House.”

​House, house, House Republicans, Jan. 6 Capitol riot, Lauren Boebert, metal detectors, Nancy Pelosi Read More 

US House Lawmakers Deny Kevin McCarthy Speakership on First Ballot

USA – Voice of America 

A band of arch-conservative U.S. lawmakers voted Tuesday against a fellow Republican, Kevin McCarthy, to become the next speaker of the U.S. House of Representatives, denying him a first ballot victory as the 118th session of the Congress opened.

It was the first time in 100 years that neither a Republican nor Democrat won the House speakership on the first round of voting to become the leader of the 435-member chamber.

A second ballot was underway, but it was unclear whether enough of McCarthy’s opponents would abandon their opposition to him and in turn vote for him.

Republicans will hold a narrow 222-212 majority in the House, with one current vacancy, requiring McCarthy, a California lawmaker for 16 years, to win at least 218 votes to claim the speakership. Under a provision in the U.S. Constitution, he also would become second in the line of succession to the U.S. presidency.

But 19 Republicans, many of them in recent weeks expressing the view that McCarthy was not conservative enough to lead House Republicans, voted for other Republican lawmakers, including representatives Andy Biggs and Jim Jordan, two vocal opponents of Democratic President Joe Biden.

Before the second round of balloting started, Jordan endorsed McCarthy. In turn, Representative Matt Gaetz nominated Jordan.

The first ballot vote count for the speakership was actually led by Democratic Representative Hakeem Jeffries, with all 212 Democrats voting for him, while 203 Republicans voted for McCarthy, 15 short of the 218 he needed. 

The 57-year-old McCarthy, a staunch conservative himself, has sought for years to lead the House. Over the last several weeks, he has met repeatedly with his Republican foes to secure their support for his speakership bid.

McCarthy offered to change the House’s governing rules in several ways, including to permit snap votes to declare the speakership vacant and select someone else if they did not like his policy stances or how the party caucus was conducting its promised investigations of Biden and his administration.

But as the lengthy roll call vote unfolded, it became apparent that McCarthy did not have enough votes to win a majority.

Whoever the Republicans eventually might elect, McCarthy or someone else, would replace outgoing Democratic House Speaker Nancy Pelosi, who remains a House member and cast her vote for Jeffries.

Democrats, who have been locked in a 50-50 split with Republicans in the Senate the past two years, gained an edge in the nationwide congressional elections nearly two months ago and will hold a 50-49 majority in the new Congress, even as one-time Democratic Senator Kyrsten Sinema announced she is now an independent but would not change her voting philosophy. She usually has voted with the Democratic lawmakers and Biden.

McCarthy won 188 votes in a House Republican caucus in November, and since then has secured more support in his effort to reach the 218-vote majority for the speakership, as shown by the 203 votes he won on the first ballot Tuesday. 

But the hard-right group of House Republicans oppose McCarthy’s bid for the speakership because they say he has not been devoted enough to the conservative cause and represents what they consider to be failed Republican leadership with Biden in the White House pushing for passage of progressive social policies. 

Choosing a House speaker occurs even before representatives are sworn into office for their two-year terms. Lawmakers called out the name of their choice for House speaker from the floor of the chamber, and the same scenario will now play out in the second round of voting, and possibly beyond that.

Read More 

Inside DCG, the crypto conglomerate led by billionaire Barry Silbert that’s come under fire from the Winklevoss twins

Business Insider 

Digital Currency Group founder and CEO Barry Silbert.

Gemini cofounder Cameron Winklevoss blasted Digital Currency Group CEO Barry Silbert for “bad faith” tactics in an open letter.
Both executives’ respective companies have locked horns over a business disagreement, where Winklevoss alleges that DCG owes Gemini nearly $1 billion.

DCG is the crypto conglomerate behind industry giants like Grayscale Investments, Genesis Global Capital, and Coindesk.

In what some have called an “industry soap opera,” two of the most influential cryptocurrency executives are duking it out with nearly $1 billion in customer funds at stake.

Gemini cofounder Cameron Winklevoss blasted Digital Currency Group (DCG) founder and CEO Barry Silbert in a public letter on Monday, accusing the billionaire of “bad faith” business practices. DCG is the conglomerate behind industry giants like asset management firm Grayscale Investments, crypto trade publication Coindesk, and digital asset brokerage Genesis Global Capital. 

Winklevoss says that DCG and Genesis owe the crypto exchange and its customers $900 million. He gave Silbert until January 8 to commit to resolving the issue. 

“Every time we ask you for tangible engagement, you hide behind lawyers, investment bankers and process. After six weeks, your behavior is not only completely unacceptable, it is unconscionable,” Winklevoss wrote. “The idea in your head that you can quietly hide in your ivory tower and that this will all just magically go away, or that this is someone else’s problem, is pure fantasy.”

Winklevoss also claimed Silbert borrowed $1.67 billion from his own Genesis subsidiary for share buybacks, venture investments, and “kamikaze Grayscale NAV trades” that inflated fee-generating assets under management. 

—Cameron Winklevoss (@cameron) January 2, 2023

 

In response, Silbert took to Twitter to refute Winklevoss’s claims: “DCG did not borrow $1.675 billion from Genesis DCG has never missed an interest payment to Genesis and is current on all loans outstanding; next loan maturity is May 2023 DCG delivered to Genesis and your advisors a proposal on December 29th and has not received any response.”

Tegan Kline, Chief Business Officer and cofounder of Web3 startup Edge & Node, told Insider that both firms bear responsibility in the situation.

“Gemini got their users into this situation and DCG and Genesis lending seem to have over-leveraged themselves,” Kline said.

How did DCG, Genesis and Gemini get wrapped up in the alleged debt-based scandal?

Gemini, which was cofounded by Winklevoss and his identical twin Tyler, paused redemptions on the firm’s lending product called Earn a week after crypto exchange FTX filed for bankruptcy protection in November. The offering gave customers the chance to earn as much as 8% interest on their crypto by lending those digital assets out to DCG’s Genesis.

But Genesis got caught up in FTX’s downfall, with its derivatives business having $175 million of locked funds on Sam Bankman-Fried’s now-insolvent platform.

The implosion of FTX triggered an influx of withdrawal requests for Genesis. As a result, the firm suspended new loan originations and redemptions because of its FTX exposure. This impacted Gemini Earn users because customers lent out their digital tokens to DCG’s Genesis for the yields. 

The Winklevoss letter comes as investors are are suing the twins and their firm over the interest-bearing product. A complaint filed on December 27 said Gemini refused to honor investor redemptions, wiping out investors who still had holdings, as Genesis was unable to return the crypto it borrowed from Gemini Earn investors.

A group of Gemini investors are also accusing the firm of fraud and securities law violations. 

Andrei Grachev, Managing Partner at digital asset market maker DWF Labs, told Insider that Genesis has been a concern for some time.

“While the collapse may not have a major impact on the industry as a whole, it marks the end of an era as DCG, long feared to be the final domino to fall, will finally succumb,” he said.

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