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DonViejo

Profile Information

Name: Don
Gender: Male
Hometown: Cleveland, Ohio
Home country: USA
Current location: Greenfield, MA
Member since: Sat Sep 1, 2012, 03:28 PM
Number of posts: 46,866

About Me

Since 1995, a year after I was forced into a very early retirement due to Multiple Sclerosis, I have owned and operated a daily newsgathering service out of my home, for a clientele comprised of TV newscasters, Op-Ed columnists, book authors, a national wire-service and some online publications. I post many of the news articles I gather, here on DU. I also post news articles and Op-Eds written/reported/authored by my list of subscribers/clientele.

Journal Archives

President Trump asks SEC to study abolishing quarterly earnings reports

Source: CNN-Money



by Chris Isidore @CNNMoney
August 17, 2018: 8:12 AM ET

President Donald Trump says he has asked the SEC to study whether to stop requiring companies to report quarterly earnings.

In speaking to business leaders, one told him a twice-a-year reporting system would allow companies the flexibility and cost savings companies need to "Make business (jobs) even better in the U.S." Trump tweeted Friday morning. Trump said he directed the SEC to look into a change in its requirements.

Public companies must report their sales, profits and the state of the company's balance sheet every quarter. That has been required since the Securities Exchange Act of 1934, which was put in place to give more confidence and transparency to investors in the wake of the 1929 stock market crash. That act also created the SEC, which sets the regulations which govern those quarterly reports.

Businesses have long complained that the reports require company executives to focus too much on the short term. Juicing numbers impresses investors, but it can force companies to miss out on long term trends. One of the reasons Tesla (TSLA) CEO Elon Musk wants to take his company private, he told his employees last week, was the way quarterly reports distort decisions at the company.

https://twitter.com/realDonaldTrump/status/1030416679069777921

Shareholders, however, use the quarterly earnings reports as a guide to the quality and health of their investments. Without quarterly financial reports, investors could be blind to important risk factors that could damage their portfolios.

Read more: https://money.cnn.com/2018/08/17/news/companies/trump-drop-quarterly-reports/index.html

China 'likely' training pilots to target US, Pentagon report says

Source: CNN



By Ryan Browne and Ben Westcott, CNN

Updated 11:39 PM ET, Thu August 16, 2018

Washington (CNN)China is actively developing its fleet of long-range bombers and "likely" training its pilots for missions targeting the US, according to a new Pentagon report.

"Over the last three years, the People's Liberation Army (PLA) has rapidly expanded its overwater bomber operating areas, gaining experience in critical maritime regions and likely training for strikes against US and allied targets," the report said.

The "Annual Report on Military and Security Developments Involving the People's Republic of China" is a US government report mandated by Congress, which details Chinese military developments over the previous year. This year's report also claims that China is pursuing a nuclear capability on its long-range bombers, saying the Chinese air force "has been re-assigned a nuclear mission."

"The deployment and integration of nuclear capable bombers would, for the first time, provide China with a nuclear 'triad' of delivery systems dispersed across land, sea, and air," the report said.

Read more: https://www.cnn.com/2018/08/16/politics/china-military-mission-targeting-us/index.html

The night Aretha Franklin brought the nation's first black president to tears

By DeNeen L. Brown, Reporter
August 16 at 1:53 PM

He’d made history as the country’s first black president. She’d made history as the Queen of Soul.

Aretha Franklin, who died Thursday at 76, sang “My Country, ‘Tis of Thee” at Barack Obama’s inauguration in 2009. She’d stood on the steps in freezing cold in a gray hat, her voice sailing over the huge crowd that stretched back to the Reflecting Pool.

Now six years later, the president was sitting in the balcony at the Kennedy Center in Washington when Franklin took the stage. She was making a surprise appearance to honor Carole King at the 2015 Kennedy Center Honors.

Franklin carried a silver sequin clutch and wore a lush, gray floor-length mink. Her necklace of diamonds might as well have been a crown.

The stage lights flashed, bouncing off the diamonds. The crowd gasped at the sight of Franklin, and King, who wrote “Natural Woman” with Gerry Goffin, stood in awe. Michelle Obama, in an electric-blue gown, sitting next to King, rose beside the president.

Franklin swept back her long mink, slid onto the piano bench and began to play “Natural Woman.”

Looking out on the morning rain,” she sang in her signature soulful, rich voice, sounding like no other. “I used to feel so uninspired.”

The camera cut to President Obama, who wiped back a tear before Franklin sang the next verse.

more
https://www.washingtonpost.com/news/retropolis/wp/2018/08/16/the-night-aretha-franklin-brought-the-nations-first-black-president-to-tears/

Education Department investigates sex abuse scandal amid Jordan allegations

Source: Politico



By BENJAMIN WERMUND 08/16/2018 03:34 PM EDT

The Education Department's Office for Civil rights is investigating how Ohio State University officials handled complaints against a former university doctor accused of sexually abusing athletes, in a case that's also drawn allegations that a Republican congressman turned a blind eye as Ohio State wrestling coach.

Multiple former Ohio State wrestlers have accused Rep. Jim Jordan, an Ohio Republican and former Ohio State wrestling coach, of being among the faculty members who ignored inappropriate behavior by the physician, Richard Strauss. Jordan, a leader of the House Freedom Caucus has denied those allegations, saying: "I never knew about any type of abuse ... If I did, I would have done something about it."

The Education Department confirmed the inquiry on Thursday. "I can confirm that in light of recent allegations made by former students concerning sexual abuse by former athletic team doctor Richard Strauss, OCR initiated a directed investigation on August 8, 2018," Education Department spokeswoman Liz Hill said.

"This new Title IX investigation will examine the University's handling of reports of sex-based incidents involving Dr. Strauss, including allegations that University employees knew or should have known about the sexual misconduct and allowed the abuse to continue."

Read more: https://www.politico.com/story/2018/08/16/education-department-ohio-state-jim-jordan-investigation-780010

Trump wages war against New York


For the longtime Manhattanite, running against New York’s political leaders is a mix of opportunity, muscle memory and method.

By ANNIE KARNI 08/16/2018 05:22 PM EDT

Even in the West Wing, all politics is local.

President Donald Trump — raised in Queens, made in Manhattan — in the past week is finding his latest targets back home, turning New York political leaders into liberal punching bags that offer him familiar and useful foils ahead of the midterm elections.

It’s an old political playbook — attack elite, liberal New York, and the heartland loves you — but it’s also personal for Trump, whose relationships with some of New York’s political leaders go back generations.

On Monday, the president deliberately attacked New York Gov. Andrew Cuomo, who is fighting for his third term, as a presidential wannabe. He told attendees at a fundraiser in Utica that Cuomo once promised he would “never run for president against” him and then urged him to get in the race. “Oh, please do it,” Trump goaded. “Anybody who runs against Trump suffers.”

Trump then quickly capitalized on a nuclear-level gaffe from Cuomo, who in a speech on Wednesday noted that America “was never that great,” tweeting that Cuomo was “having a total meltdown!”

more
https://www.politico.com/story/2018/08/16/trump-new-york-rival-politicians-midterms-2018-780189

No verdict after first day of jury deliberations

Source: Politico



The former Trump campaign chairman has pleaded not guilty to 18 counts of tax and bank fraud.

By DARREN SAMUELSOHN, JOSH GERSTEIN and KYLE CHENEY 08/16/2018 10:18 AM EDT Updated 08/16/2018 05:20 PM EDT

UPDATE 5:20 p.m.:

Jurors in Paul Manafort's trial ended their first day of deliberations Thursday without reaching a verdict.

The 12-person jury spent seven hours cloistered in the Alexandria, Virginia, federal courthouse examining reams of evidence related to a slate of bank- and tax-fraud charges brought by special counsel Robert Mueller's team.

But the group was unable to reach a final conclusion.

Jurors are scheduled to resume deliberations at 9:30 a.m. on Friday.

###

Read more: https://www.politico.com/story/2018/08/16/paul-manafort-trial-verdict-latest-updates-779660

Possibly Trump's stupidest tweet ever

By Jennifer Rubin
August 16 at 9:15 AM

President Trump has issued shameful tweets, offensive tweets and self-serving tweets. Rarely, however, has he sent out a tweet that better conveys his abject ignorance about the country and economics than the tweet he posted Wednesday:

https://twitter.com/realDonaldTrump/status/1029745594540150784

No, no, no.

Our country was founded on a principle Trump often seems unacquainted with: “We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness. — That to secure these rights, Governments are instituted among Men, deriving their just powers from the consent of the governed.”

Unless Trump wants to retreat to a 1776-sized economy or relive the Great Depression (care of Smoot-Hawley) it’s best we not follow the outdated mercantilist philosophy that was supplanted fortunately by Adam Smith who deplored tariffs (“extraordinary restraints upon the importation of almost all sorts of goods from those countries with which the balance of trade is supposed to be disadvantageous”). Unlike Trump, Smith knew that a balance of trade “deficit” is not disadvantage, let alone a debt to be repaid or money stolen from us:

Nothing … can be more absurd than this whole doctrine of the balance of trade, upon which, not only these restraints, but almost all the other regulations of commerce are founded.

When two places trade with one another, this doctrine supposes that, if the balance be even, neither of them either loses or gains; but if it leans in any degree to one side, that one of them loses and the other gains in proportion to its declension from the exact equilibrium. Both suppositions are false. A trade which is forced by means of bounties and monopolies may be and commonly is disadvantageous to the country in whose favour it is meant to be established, as I shall endeavour to show hereafter. But that trade which, without force or constraint, is naturally and regularly carried on between any two places is always advantageous, though not always equally so, to both.


more
https://www.washingtonpost.com/news/opinions/wp/2018/08/16/possibly-trumps-stupidest-tweet-ever/?utm_term=.780dab721220

Security beefed up at Globe's downtown headquarters after threats

Source: Universal Hub



By adamg on Thu, 08/16/2018 - 12:36pm

Companies with offices at 53 State St., where the Globe is now headquartered, got a memo from building management today about unspecified threats called into the Globe:

Earlier today a tenant in the building, the Boston Globe, received several threats via phone call. Based on this threat the local and federal authorities have recommended some additional security measures for the property. For the remainder of the day you will see uniformed Boston Police officers in the lobby and around the property. There are very few specifics, but the threat was specific to later this afternoon.


The property is working closely with the authorities and we will advise all tenants of any updates or changes in this situation. The property is following all appropriate procedures and protocols.

The Globe today spearheaded an effort by American newspapers to fight back against Nazi- and Soviet-style attacks on the press by the president, who, of course, responded with a befuddled rant about free-speech collusion.

###

Read more: https://www.universalhub.com/2018/security-beefed-globe-headquarters-after-threat

Omarosa hints she handed over incriminating evidence to Mueller

Katy Tur: 'Is Omarosa the smoking gun' that takes down Trump?

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