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Binance Announces New Global Advisory Board, Former Obama Advisor Among The Members

Cryptocurrency exchange Binance announced on Thursday the creation of its new Global Advisory Board, a s read more.....»»

Category: blogSource: benzingaSep 22nd, 2022

Black Monday: All Hell Breaks Loose As Stocks Plunge Into Bear Market, Curve Inverts, Cryptos Crater

Black Monday: All Hell Breaks Loose As Stocks Plunge Into Bear Market, Curve Inverts, Cryptos Crater For all those claiming that stocks had priced in 3 (or more) 50bps (or more) rate hikes, we have some bad news. All hell is breaking loose on Monday, with futures tumbling (again) into bear market territory, sliding below the 20% technical cutoff from January's all time high of 3,856 and tumbling as low as 3,798.25 - taking out the May 10 intraday low of 3,810 - before reversing some modest gains. S&P 500 futures sank 2.5% and Nasdaq 100 contracts slid 3.1%, in a session that has seen virtually everything crash. Dow futures were down 567 points at of 730am ET. The global selloff - which has dragged Asian and European markets to multi-month lows and which was sparked by a hotter than expected US CPI print which heaped pressure on the Federal Reserve to step up monetary tightening - accelerated on Monday as panicking traders now bet the Fed will raise rates by 175 bps by its September decision, implying two 50-bp moves and one hike of 75 bps, with Barclays and now Jefferies predicting such a move may even come this week. If that comes to pass it would be the first time since 1994 the Fed resorted to such a draconian measure. The selling in stocks was matched only by the puke in Treasuries, as yields on 10-year US Treasuries reached 3.24%, the highest since October 2018, yet where 2Y yields sold off more, sending the 2s10s curve to invert again... ... for the second time ahead of the coming recession, an unprecedented event. The US yield curve appears destined to invert again in coming weeks after Wednesday’s CPI data: BBG We'll get two concurrent recessions — zerohedge (@zerohedge) May 12, 2022 Meanwhile, the selloff in European government bonds also gathered pace, with the yield on German’s two-year government debt rising above 1% for the first time in more than a decade and Italian yields exploding and nearing 4%, ensuring that another European sovereign debt crisis is just a matter of time (recall that all Italian net bond issuance in the past decade has been monetized by the ECB... well that is ending as the ECB pivots away from QE and NIRP). The exodus from stocks and bonds is gaining momentum on fears that central banks’ battle against inflation will end up killing economic growth. Inversions along the Treasury yield curve point to fears that the Fed won’t be able to stave off a hard landing. “The Fed will not be able to pause tightening let alone start easing,” said James Athey, investment director at abrdn. “If all global central banks deliver what’s priced there are going to be some significant negative shocks to economies.” Going back to the US market, big tech stocks slumped in US premarket trading as bets that the Federal Reserve hikes rates more aggressively sent bond yields higher, and Nasdaq futures dropped. Cryptocurrency-exposed stocks cratered as Bitcoin continued its recent decline to hit an 18- month low, precipitated by news that crypto lender Celsius had halted withdrawals... ... which sent Ethereum to the most oversold level in 4 years. Here are some of the biggest U.S. movers today: Apple shares (AAPL US) -3.1%, Amazon (AMZN US) -3.4%, Microsoft (MSFT US) -2.8%, Alphabet (GOOGL US) -3.7%, Netflix -3.8% (NFLX US), Nvidia (NVDA US) -4.5% Tesla (TSLA US) shares dropped as much as 3.1% in US premarket trading amid losses across big tech stocks, while the electric-vehicle maker also filed to split shares 3-for-1 late Friday. MicroStrategy (MSTR US) -18.4%, Riot Blockchain (RIOT US) -15%, Marathon Digital (MARA US) -14%, Coinbase (COIN US) -12.5%, Bit Digital (BTBT US) -10%, Silvergate Capital (SI US) -11%, Ebang (EBON US) -4% Bluebird Bio (BLUE US) shares surge as much as 86% in US premarket trading and are set to trim year-to- date losses after the biotech firm’s two gene therapies won backing from an FDA advisory panel. Chinese education stocks New Oriental Education (EDU US) and Gaotu Techedu (GOTU US) jump 8.3% and 3.4% respectively in US premarket trading after peer Koolearn’s endeavors into livestreaming e-commerce went viral and sent its shares up 95% in two sessions. Astra Space (ASTR US) shares slump as much as 25% in US premarket trading, after the spacetech firm’s TROPICS-1 mission saw a disappointing launch at the weekend. Invesco (IVZ US) and T. Rowe (TROW US) shares may be in focus today as BMO downgrades its rating on the two companies in a note saying it favors alternative asset managers over traditional players as a way to hedge beta risk against the current macro backdrop. In Europe, the Stoxx 600 also extended declines to a three-month low, plunging mover than 2%, with over 90% of members declining, as meeting-dated OIS rates price in 125bps of tightening, one 25bps move and two 50bps hikes by October.  Tech leads the declines as bond yields rise, with cyclical sectors such as autos and consumer products also lagging as recession risks rise.  The Stoxx 600 Tech Index falls as much as 4.3% to its lowest since November 2020. Chip stocks bear the brunt of the selloff: ASML -3%, Infineon -4.2%, STMicro -3.6%, ASM International -2.9%, BE Semi -2.8%, AMS -5.3% as of 9:36am CET. As if inflation fears weren't enough, French banks tumbled after a first round of legislative elections showed that President Emmanuel Macron could lose his outright majority in parliament. Here is a look at the biggest movers: Atos shares decline as much as 12%; Oddo says the company’s reported decision to retain and restructure its legacy IT services business in a separate legal entity is bad news for the company. Getinge falls as much as 7.6% after Kepler Cheuvreux cut its recommendation to hold from buy, cautioning that headwinds and supply chain challenges may intensify as Covid-related tailwinds abate. Elior plunges as much as 15% amid renewed worries over inflation and rising interest rates impacting a caterer that’s still looking for a new CEO following the unexpected departure of the previous one. Valneva falls as much as 27% in Paris after saying its effort to salvage an agreement to sell Covid-19 shots to the European Union looks likely to fail. Subsea 7 drops as much as 13% after the offshore technology company lowered its 2022 guidance, with analysts noting execution challenges on some of its offshore wind projects. French banks decline after a first round of legislative elections showed that President Emmanuel Macron could lose his outright majority in parliament. Societe Generale shares fall as much as 4.5%, BNP Paribas -4.2% Euromoney rises as much as 4.4% after UBS raises the stock to buy from neutral, saying the financial publishing and events firm’s “ambitious” growth targets for 2025 are broadly achievable. Earlier in the session, Asian stocks also declined across the board following the hot US CPI data and amid fresh COVID concerns in China. Nikkei 225 fell below the 27k level with sentiment not helped by a deterioration in BSI All Industry data. Hang Seng and Shanghai Comp. conformed to the downbeat mood with heavy losses among tech stocks owing to the higher yield environment and with mainland bourses constrained after the latest COVID outbreak and containment measures. The Emerging-market stocks index dropped about 3%, falling for a third day in the steepest intraday drop since March, as a fresh high in US inflation sparked concerns that the Fed may need to be more aggressive with rate hikes. In FX, the Bloomberg dollar rose a fourth day as the dollar outperformed all its Group of 10 peers apart from the yen, which earlier weakened to a 24-year low with NOK and AUD the worst G-10 performers. In EMs, currencies were led lower by the South Korean won and the South African rand as the index fell for a fifth day, the longest streak since April.  The onshore yuan dropped to a two-week low as a jump in US inflation boosted the dollar and China moved to re-impose Covid restrictions in key cities. India’s rupee dropped to a new record low amid a selloff in equities spurred by continuous exodus of foreign investors. The euro fell for a third day, touching an almost one-month low of 1.0456. Sterling fell after weaker-than-expected UK GDP highlighted the risks to the economy, with a global risk-off mood adding pressure on the currency, UK GDP fell 0.3% from March. The yen erased earlier losses after earlier falling to a 24-year low while Japanese bonds tumbled, prompting a warning from the Bank of Japan as its easy monetary policy increasingly feels the strain of rising interest rates globally. Bank of Japan Governor Haruhiko Kuroda said a recent abrupt weakening of the yen is bad for the economy and pledged to closely work with the government hours after the yen hit the lowest level since 1998. Bitcoin is hampered amid broad-based losses in the crypto space with the likes of Celsius pausing withdrawals/transfers due to the "extreme market conditions". Currently, Bitcoin is at the bottom-end of a USD 23.7-27.9 range for the session. In rates, the US two-year yield exceeded the 10-year for the first time since early April, an unprecedented re-inversion. The 2-year Treasury yield touched the highest level since 2007 and the 10-year yield the highest since 2018. Treasuries continued to sell off in Asia and early European sessions, leaving 2-year yields cheaper by 15bp on the day into the US day as investors continue to digest Friday’s inflation data. Into the weakness a flurry of block trades in futures added to soaring yields. Three-month dollar Libor jumps 8.4bps. US yields remain close to cheapest levels of the day into early US session, higher by 13bp to 6bp across the curve: 2s10s, 5s30s spreads flatter by 5bp and 5.5bp on the day -- 5s30s dropped as low as -16.6bp (flattest since 2000) while 2s10s bottomed at -2bp. US 10-year yields around 3.235%, remain cheaper by 8bp on the day and lagging bunds, gilts by 2.5bp and 5bp in the sector. Fed-dated OIS now pricing in one 75bp move over the next three policy meetings with 175bp combined hikes priced by September, while 55bp -- or 20% chance of a 75bp move is priced into Wednesday’s meeting. A selloff of European government bonds gathered pace as traders priced in a more aggressive pace of tightening from the ECB, with traders now wagering on two half-point hikes by October. The Bank of Japan announced it would conduct an additional bond-buying operation, offering to purchase 500b yen in 5- to 10-year government bonds Tuesday after 10-year yields rose above the upper limit of its policy band. In commodities, oil and iron ore paced declines among growth-sensitive commodities; crude futures traded off worst levels. WTI remains ~1% lower near 119.30. Spot gold gives back half of Friday’s gains to trade near $1,855/oz. Base metals are in the red with LME tin lagging While it's a busy week ahead, with the FOMC meeting on deck where the Fed is set to hike 50bps, or maybe 75bps and even 100bps, there is nothing on Monday's calendar. Fed Vice Chair Lael Brainard will discuss the Community Reinvestment Act in a pre-recorded video and an audience Q&A; she is not expected to discuss monetary policy given the FOMC blackout period. Market Snapshot S&P 500 futures down 2.4% to 3,803.50 STOXX Europe 600 down 2.0% to 414.12 MXAP down 2.7% to 161.61 MXAPJ down 2.8% to 534.45 Nikkei down 3.0% to 26,987.44 Topix down 2.2% to 1,901.06 Hang Seng Index down 3.4% to 21,067.58 Shanghai Composite down 0.9% to 3,255.55 Sensex down 3.2% to 52,585.17 Australia S&P/ASX 200 down 1.3% to 6,931.98 Kospi down 3.5% to 2,504.51 Brent Futures down 1.9% to $119.71/bbl Gold spot down 0.8% to $1,857.56 U.S. Dollar Index up 0.39% to 104.55 German 10Y yield little changed at 1.54% Euro down 0.3% to $1.0484 Brent Futures down 1.9% to $119.69/bbl Top Overnight News “Sell everything but the dollar” is resounding across trading desks as investors reprice the risk that the Federal Reserve hikes rates more aggressively than previously thought Investors rushed to price in more aggressive Federal Reserve rate hikes Monday as the US inflation shock continued to reverberate, sending two-year Treasury yields to a 15-year high and strengthening the dollar UK Prime Minister Boris Johnson risks reopening divisions that tore his Conservative Party apart in 2019, with his government set to propose a law that would let UK ministers override parts of the Brexit deal he signed with the European Union Crypto lender Celsius Network Ltd. paused withdrawals, swaps and transfers on its platform, fueling a broad cryptocurrency selloff and prompting a competitor to announce a potential bid for its assets French President Emmanuel Macron has a week to convince voters to give him an outright majority in parliament to ease the way for the controversial social and economic reforms he promised. Shares in France fell on the results A more detailed look at global markets courtesy of Newsquawk Asia-Pac stocks declined across the board following the hot US CPI data which rose to a 40-year high and amid fresh COVID concerns in China. Nikkei 225 fell below the 27k level with sentiment not helped by a deterioration in BSI All Industry data. Hang Seng and Shanghai Comp. conformed to the downbeat mood with heavy losses among tech stocks owing to the higher yield environment and with mainland bourses constrained after the latest COVID outbreak and containment measures. Top Asian News Beijing government said the scale of Beijing’s latest outbreak linked to bars is ferocious and explosive in nature after the city reported 166 cases in a bar cluster and with 6,158 people determined as close contacts linked to the bar cluster, while Beijing announced to halt offline sports events from today and the district of Chaoyang is to launch mass COVID testing on June 13th-15th, according to Reuters. Shanghai re-imposed a ban on dine-in restaurant services in most districts and punished officials for a management lapse at a quarantine hotel, according to Business Times. At least three Chinese cities of Beijing, Nanjing and Wuhan are trialling a shorter quarantine period of 7+7 days for international arrivals at entry points, according to Global Times. Beijing government spokesperson says that the Beijing COVID-19 bar outbreak still presents risks to the community; Beijing City reports 45 new local cases of 3pm, according to a health official, via Reuters, adding that the COVID-19 bar outbreak is still developing and epidemic control is at a critical juncture. Chinese Defence Minister Wei said China firmly rejects accusations and threats by the US against China, while he added the US Indo-Pacific strategy will create confrontation and that Taiwan is first and foremost China’s Taiwan. Wei also said those that pursue Taiwan's independence will come to no good end and that China will fight to the end if anyone attempts to secede Taiwan from China, according to Reuters. Furthermore, Wei reiterated that Beijing views the annexation of Taiwan as a historic mission that must be achieved which its military would be willing to fight for but added that peaceful unification remained the biggest hope of the Chinese people and they are willing to make the biggest effort to achieve it, according to FT. China urges local governments to raise revenue and sell assets to resolve debt risks, via Reuters. Urges local govt's to lower the debt burden; adding, they will crackdown on illegal debt raising. Japanese Defence Minister Kishi met with his Chinese counterpart in Singapore and said Japan and China agreed to promote defence dialogue and exchanges, while Japan warned China against attempting to alter the status quo in the South and East China sea, according to Reuters. Australian and Chinese defence ministers met in Singapore on Sunday for the first time in three years at the sidelines of the Shangri-La Dialogue summit with the talks described as an important first step following a period of strained ties, according to AFP News Agency. European bourses are hampered across the board, Euro Stoxx 50 -2.5%, in a continuation of the fallout from Friday's US CPI and amid fresh COVID concerns in China. US futures are in-fitting with this price action, ES -2.4% (sub-3800 at worst), ahead of the FOMC where the likes of Barclays now look for a 75bp hike after the May inflation release. Sectors in Europe are all in the red and feature Travel & Leisure as the underperformer given further cancellations going into the summer period. Top European News UK Northern Ireland Secretary Lewis said the government will publish legislation on the Northern Ireland Protocol on Monday and that the bill will rectify the issues in the protocol, according to Reuters. Reports suggest that the new law could see European judges blocked from having the final say on Northern Ireland-related disputes, according to the Telegraph. UK Tory MPs accused PM Johnson of ‘damaging the UK and everything the Conservatives stand for’ as he plans to release legislation on Monday to tear up the Northern Ireland protocol, according to FT. UK government ministers are drawing up plans to cut the link between gas and electricity to help reduce household bills for millions of families, according to The Times. UK Foreign Minister Truss says she has spoken to EU VP Sefcovic about the Nothern Ireland protocol and the preference is for a negotiated solution; adding, the EU needs to be willing to change the protocol. French President Macron’s majority in parliament is at risk as an IFOP initial estimate showed that Macron’s centrist camp is seen qualified for winning 275-310 out of 577 seats after the first round of the French lower house elections, while the IPSOS initial estimate shows the centrist camp is qualified for winning 255-295 seats, according to Reuters. Note, 289 seats are required for a majority FX Greenback extends US inflation data gains as near term Fed hike expectations crank up; DXY hits 104.750 to eclipse May 16 high and expose 105.010 YTD peak. Pound undermined by negative UK GDP and output prints plus NI protocol jitters, Cable perilously close to 1.2200 and EUR/GBP tops 0.8575. Aussie hit by heightened Chinese Covid concerns and demand implication for commodities, Kiwi feeling contagion and Loonie lurching as oil prices retreat; AUD/USD sub-0.7000, NZD/USD near 0.6300 and USD/CAD just shy of 1.2850. Euro and Franc make way for outperforming Buck, but Yen claws back losses on risk dynamics allied to technical retracement; EUR/USD under 1.0500, USD/CHF above 0.9900 and USD/JPY below 134.50 vs 135.20 apex overnight. Yuan falls as Beijing suffers ferocious and explosive virus outbreak and Shanghai reimposes restrictions in most districts, USD/CNH pivots 6.7500 and USD/CNY straddles 6.7350. Commodities WTI & Brent are hampered amid the broader market pressure; though, did experience a fleeting move off lows during a break in the newsflow. Currently, the benchmarks are lower by circa. USD 2.00/bbl given Friday's CPI, China COVID, geopolitics around US-China-Taiwan and Iran-IAEA developments (or lack of) following last week's camera removal. Iraq set July Basrah medium crude OSP to Asia at a premium of USD 3.30/bbl vs Oman/Dubai average and set OSP to Europe at a discount of USD 7.60/bbl vs dated Brent, while it set OSP to North and South America at a discount of USD 1.70/bbl vs ASCI, according to Reuters citing Iraq’s SOMO. Libya’s Minister of Oil and Gas Aoun said Libya is currently losing more than 1.1mln bpd of oil production and that most oil fields are closed except for the Hamada field and the Mellitah complex, while the Al-Wafa field continues operations from time to time, according to The Libya Observer. QatarEnegy signed an agreement with TotalEnergies (TTE FP) for the North Field East expansion project, while it will announce subsequent signings with partners in the gas field expansion in the near future and possibly at the end of next week, according to Reuters. Norwegian Oil and Gas Association reached an agreement in principle with three unions of offshore workers to avert a strike although two of the unions will ask members before signing a deal, according to Reuters. Spot gold is pressured by circa. USD 15/oz amid a stronger USD and pronounced yield action; however, the yellow metal is yet to drop below USD 1850/oz and the 10-, 21- & 200-DMAs at USD 1852, 1847 & 1842 respectively. Fixed Income Bond bears still in control and pushing futures down to fresh troughs, at 145.85 for Bunds, 112.33 for Gilts and 115-30+ for 10 year T-note. Cash yields test or breach psychological levels, like 1.50%, 2.5% and 3.25%, while 2-10 year US spread inverts briefly on rising recession risk. Monday agenda very light, but big week ahead including top tier data and multiple Central Bank policy meetings. Central Banks BoJ announces new offer for bond buying programme in which it is to purchase JPY 500bln in 5yr-10yr JGBs tomorrow and will increase amount of offers for its bond buying as needed. BoJ fixed-rate bond purchases exceed JPY 1tln, at their highest since 2018, via Bloomberg; Further reported that the BoJ accepts JPY 1.5tln of bids for the daily offers to purchase 10yr bonds. BoJ Governor Kuroda says they must support the economy with monetary easing to achieve higher wages; adding, the domestic economy is still in the midst of a COVID recovery. Increasing raw material costs are increasing downward pressure, recent sharp JPY dalls are undesirable. Additionally, Japan's Finance Minister says a weak JPY has both merits and demerits. BoJ buys JPY 70.1bln in ETF, according to a disclosure. DB's Jim Reid concludes the overnight wrap This week is squarely and firmly all about the FOMC meeting on Wednesday. We go into it with the 2yr US note up +25bps on Friday and another c.+10bps this morning in Asia. The 2s10s curve has flattened around 20bps since Friday morning to c.2bps as we type. So some dramatic moves. The problem as we enter the next couple of Fed and ECB meetings is that the central banks haven't quite been able to let go of forward guidance and are a little trapped. To recap, forward guidance has prevented the Fed and the ECB from hiking as early as they needed to, largely because both saw the need to gradually wind down asset purchases over several months first as promised. However this hasn't deterred them, and they have continued to try to flag their intentions to the market in advance with the Fed having previously all but signalled a 50bps this Wednesday, as well as in July, with the ECB now signalling 25bps in July and a strong possibility of 50bps in September. Providing clarity is admirable but in the wake of another shocking US CPI print on Friday, should a 75bps hike not be a serious consideration? It seems strange that most think policy needs to be restrictive but that it's going to take several meetings to get there from a still highly accommodative position. Without the recent Fed guidance, 75bps would be firmly on the table for Wednesday. This is highly unlikely this week, but our economists think they could break cover from their own guidance and leave the door open for 75bps in July. DB Research has long been at the hawkish end on inflation and the Fed, and on Friday our US economists further raised their hiking expectations. In addition to 50bps at the next two meetings they have now added 50bps in September and November, before a return to 25bps in December (to 3.125%). They now see the peak at 4.125% in mid-2023. This is closer to the 5% view in the "Why the upcoming recession will be worse than expected" (link here) that David Folkerts-Landau, Peter Hooper and myself published back in April. If we do have a terminal Fed rate approaching a 5-handle it does raise the question as to where 10yr yields top out. My guess would be a slightly inverted curve but it would likely mean the 4.5-5% range discussed in the note from April, mentioned above, is within reason. We'll recap details of the big US CPI print in last week's recap in the second half of this piece, but it wasn't just this that was the problem on Friday, as the University of Michigan long-term inflation expectations series hit 3.3% (3.0% last month) which was the highest since 2008. This series first hit 3% last May so has actually been range trading for a year, which has been a hope for the doves. However it now risks breaking out to the upside. It's not just the Fed this week as the BoE (Thursday) and the BoJ (Friday) will also meet. For the UK, a preview from our UK economists can be found here. The team expects a +25bps hike this week and have updated their terminal rate forecast from 1.75% to 2.5%. Staying in the UK, labour market data releases will be out tomorrow with retail sales on Friday. The week will conclude with a decision from the BoJ and how they address pressures from the yen hovering around a 20-year low, as well as the growing monetary policy divergence between Japan and other G7 economies. Our chief Japan economist previews the meeting here. He expects a shortening or even the abandonment of yield curve control in H2 2023. In data terms we go back to the US for the main highlights, with PPI (tomorrow) and retail sales (Friday) the main events. China's key May indicators on Wednesday will also have global implications as we await industrial production, retail sales and property investment numbers. Elsewhere in the US, we have June's Philadelphia Fed business outlook (Wednesday), and May industrial production and capacity utilisation (Friday) numbers. April business inventories will be out on Wednesday and provide markets with a check on corporate stockpiling after Target's renewed warning last week. Finally, a slew of housing market data is due. This includes the June NAHB housing market index (Wednesday) and May building permits and housing starts (Thursday). The impact of rising mortgage rates will be in focus. In Europe, Germany's ZEW survey for June (tomorrow) is among the key data highlights. We will also see April industrial production and trade balance data for the Eurozone on Wednesday and Eurozone construction output and April trade balance data for Italy on Friday. ECB speakers will also be on the radar for investors as they tend to start to break the party line on the Monday after the ECB meeting. A lengthy line up includes ECB President Lagarde on Wednesday and six other speakers. Asian stock markets have started the week on a weaker footing with all the major indices trading deep in the red after a rough week on Wall Street. The Hang Seng (-2.81%) is leading losses across the region in early trade amid a tech sell-off whilst the Shanghai Composite (-1.20%) and CSI (-1.07%) are both sliding as a resurgence of Covid cases in China is threating global growth. Elsewhere, the Nikkei (-2.64%) is also sharply down this morning, with the Kospi declining as much as -2.50%, hitting its lowest level since November 2020. As discussed at the top, 10yr USTs (+2.81 bps) have moved higher to 3.18% while the 2yr yield (+9.8 bps) has exploded higher to 3.16%. Will we see a fresh inversion in the hours and days ahead? Oil prices are lower with Brent futures -1.36% to $120.35/bbl and WTI futures -1.48%, falling below the $120/bbl mark. On the FX side, there is no respite for the Japanese yen from rising Treasury yields as the currency hit a fresh 24yr low, declining -0.50% to 135.08 versus the dollar. DMs equity futures point to further losses with contracts on the S&P 500 (-1.33%), NASDAQ 100 (-1.87%) and DAX (-1.37%) all trading in negative territory. Moving on to the French legislative elections. In the first round, exit polls indicate that President Emmanuel Macron is at risk of losing his outright majority after a strong showing by the left-wing alliance in the first round of the country’s parliamentary election. According to the official results, Jean-Luc Mélenchon's left-wing NUPES alliance (+25.61%) finished neck and neck with Mr Macron's Ensemble (+25.71%), in terms of votes cast in Sunday's first round. An average of 5 pollsters expect Macron to win 262-301 seats, with 289 needed to keep his majority. So a nervy wait ahead of the second round. Turning back to review last week now. The business end of the week had two huge macro events that sent markets into some degree of upheaval. On Thursday, the ECB met, confirming the end of net APP purchases this month, paving the way for liftoff in July. Beyond July they opened the door for 50 basis point hikes if inflation persists or deteriorates. Judging by their upgraded forecasts, they are now in the ‘persists’ camp. President Lagarde in the press conference took great pains to commit to fighting inflation in a hawkish tone shift. The bigger market reaction was on the apparent lack of progress on any implementation tool designed to avoid fragmentation. President Lagarde tried to downplay the lack of new tool, leaning on PEPP reinvestment flexibility, but the market wasn’t comfortable that this would be enough. All told, 2yr bunds increased +30.9bps (+13.6bps Friday) on the tighter expected policy path, with the end-2022 policy rate implied by OIS markets ending the week at 0.99%, a new high and in line with our Euro economists updated call (their full review and new call here). The lack of an immediate anti-fragmentation tool saw peripheral spreads underperform, moving to new post-Covid wides, as 10yr BTPs increased +35.9bps (+16.0bps Friday) with 10yr Spanish bonds increasing +34.0bps (+15.6bps Friday), versus a 10yr bund increase of +24.3bps (+8.6bps Friday). The Friday moves above were given a further boost by yet another above consensus US CPI report, with YoY inflation gaining +8.6% in May versus expectations it would stay consistent with the prior month’s +8.3% reading. FOMC officials have consistently cited deceleration in MoM readings as necessary to find clear and convincing evidence that inflation was stabilising and returning to target, evidence which they surely didn’t get on Friday, as MoM inflation increased +1.0% from +0.3% in April, beating lofty expectations of +0.7%. The dramatic beats drove the expected path of Fed tightening sharply higher, with 2yr Treasury yields increasing +40.9bps on the week after a +25.0bp gain Friday, it’s largest one-day move since June 2009. The expected fed funds rate by the end of the year reached a new high of 3.22%. The curve aggressively bear flattened, as the reality that the Fed will have to induce slower growth to tame inflation set in; 10yr yields gained +22.0bps on the week and +11.2bps on Friday, with almost all of the increase coming in real yields. That brings 2s10s to 8.8bps, its flattest since its early-April rebound after its brief inversion. The sharp global policy repricing weighed on equity indices. All major transatlantic indices fell, including the STOXX 600 (-3.95% week, -2.69% Friday), DAX (-4.83%, -3.08%), CAC (-4.60%, -2.69%), S&P 500 (-5.05%, -2.91%), NASDAQ (-5.60%, -3.52%), FANG+ (-2.87%, -3.37%), and Russell 200 (-4.26%, -2.60%). That brings the STOXX 600 -14.49% below its YTD highs reached in the first days of the year, with the S&P 500 -18.40% below the same corresponding metric. Both indices ended the week hovering just above YTD lows. US CDX HY and Euro Crossover were +58bps and +47bps on the week and around +30bps and +25bps wider on Friday. Both are now at their post covid wides. Tyler Durden Mon, 06/13/2022 - 07:57.....»»

Category: blogSource: zerohedgeJun 13th, 2022

Greenwald: Former Intel Officials, Citing Russia, Say Big-Tech Monopoly Power Vital To National Security

Greenwald: Former Intel Officials, Citing Russia, Say Big-Tech Monopoly Power Vital To National Security Authored by Glenn Greenwald via Substack, When the U.S. security state announces that Big Tech's centralized censorship power must be preserved, we should ask what this reveals about whom this regime serves. (l) An illustration of the CIA logo (Getty Images); (r) An illustration shows the logos of Google, Apple, Facebook, Amazon and Microsoft displayed on a mobile phone and a laptop screen. (Photo by JUSTIN TALLIS / AFP) A group of former intelligence and national security officials on Monday issued a jointly signed letter warning that pending legislative attempts to restrict or break up the power of Big Tech monopolies — Facebook, Google, and Amazon — would jeopardize national security because, they argue, their centralized censorship power is crucial to advancing U.S. foreign policy. The majority of this letter is devoted to repeatedly invoking the grave threat allegedly posed to the U.S. by Russia as illustrated by the invasion of Ukraine, and it repeatedly points to the dangers of Putin and the Kremlin to justify the need to preserve Big Tech's power in its maximalist form. Any attempts to restrict Big Tech's monopolistic power would therefore undermine the U.S. fight against Moscow. While one of their central claims is that Big Tech monopoly power is necessary to combat (i.e., censor) “foreign disinformation,” several of these officials are themselves leading disinformation agents: many were the same former intelligence officials who signed the now-infamous-and-debunked pre-election letter fraudulently claiming that the authentic Hunter Biden emails had the "hallmarks” of Russia disinformation (former Obama Director of National Intelligence James Clapper, former Obama CIA Director Michael Morrell, former Obama CIA/Pentagon chief Leon Panetta). Others who signed this new letter have strong financial ties to the Big Tech corporations whose power they are defending in the name of national security (Morrell, Panetta, former Bush National Security Adviser Fran Townsend). The ostensible purpose of the letter is to warn of the national security dangers from two different bipartisan bills — one pending in the Senate, the other in the House — that would prohibit Big Tech monopolies from using their vertical power to "discriminate” against competitors (the way Google, for instance, uses its search engine business to bury the videos of competitors to its YouTube property, such as Rumble, or the way Google and Apple use their stores and Amazon uses its domination over hosting services to destroy competitors). One bill in the Senate is co-sponsored by Sen. Amy Klobuchar (D-MN) and Sen. Charles Grassley (R-IA), and has attracted ample support in both parties, as has a similar House bill co-sponsored by House Antitrust Committee Chair David Cicilline (D-RI) and ranking member Rep. Ken Buck (R-CO). The amount of bipartisan support each bill has garnered — and the widespread animosity toward Big Tech reflected by this Congressional support — has shocked Google, Amazon, Apple, and Facebook lobbyists, who are accustomed to getting their way in Washington with lavish donations to the key politicians in each party. This letter by former national security officials is, in one sense, an act of desperation. The bills have received the support of the key committees with jurisdiction over antitrust and Big Tech. In the Senate, five conservative Republican Committee members who have been outspoken critics of Big Tech power — Grassley, Sens. Lindsey Graham (R-SC), Ted Cruz (R-TX), Josh Hawley (R-MI), Sen. John Kennedy (R-LA) — joined with Democrats to ensure the passage of one bill out of the Judiciary Committee by a 16-6 vote, with a companion bill passing that Committee with the support of 20 of twenty-two Senators. As The Intercept's Sara Sirota and Ryan Grim report: “Both bills have Big Tech reeling” since “a floor vote would likely be a blowout for Big Tech.” The extreme animus harbored by large parts of the left and right toward Big Tech make it very difficult for any lawmaker to go on record in opposition to these proposed bills if they are forced to publicly take a position in a floor vote. Many Senators with financial ties to Big Tech — including the two California Senate Democrats who represent Silicon Valley and are recipients of their largesse (Sens. Dianne Feinstein and Alex Padilla) — have expressed reservations about these reform efforts and have refused to co-sponsor the bill, yet still voted YES when forced to vote in Committee. This shows that public pressure to rein in Big Tech is becoming too large to enable Silicon Valley to force lawmakers to ignore their constituents’ wishes with lobbyist donations. These politicians will work behind the scenes to kill efforts to rein in Big Tech, but will not vote against such efforts if forced to take a public position. As a result, Big Tech's last hope is to keep the bill from reaching the floor where Senators would be forced to go on record, a goal they hope will be advanced by Senate Majority Leader Chuck Schumer of New York due to his close ties to Silicon Valley. “Both [Schumer's] children are on the payroll of companies the proposals would seek to rein in,” reported The New York Post: “Jessica Schumer is a registered lobbyist at Amazon, according to New York state records. Alison Schumer works at Facebook as a product marketing manager.” Despite that, Schumer claimed to The Intercept that he supports both bills and will vote in favor of them, even though he has engaged in maneuvers to impede the bills from getting a full floor vote. This is where these former intelligence and national security officials come in. While these former CIA, Homeland Security and Pentagon operatives have little sway in the Senate Judiciary and House Antitrust Committees, they command great loyalty from Congressional national security committees. Those committees, created to exert oversight of the U.S. intelligence and military agencies, are notoriously captive to the U.S. National Security State. The ostensible purpose of this new letter is to insist that Big Tech monopoly power is vital to U.S. national security — because it is necessary for them to censor “disinformation” from the internet, especially now with the grave Russian threat reflected by the war in Ukraine — and they thus demand that the anti-Big-Tech bills first be reviewed not only by the Judiciary and Antitrust Committees, but also the national security committees where they wield power and influence, which have traditionally played no role in regulating the technology sector: We call on the congressional committees with national security jurisdiction – including the Armed Services Committees, Intelligence Committees, and Homeland Security Committees in both the House and Senate – to conduct a review of any legislation that could hinder America’s key technology companies in the fight against cyber and national security risks emanating from Russia’s and China’s growing digital authoritarianism. Why would these former national security and intelligence officials be so devoted to preserving the unfettered power of Big Tech to control and censor the internet? One obvious explanation is the standard one that always runs Washington: several of them have a financial interest in serving Big Tech's agenda. Unsurprisingly, Apple CEO Tim Cook has himself pushed the claim that undermining Big Tech's power in any way would threaten U.S national security. And there is now an army of well-compensated-by-Silicon-Valley former national security officials echoing his message. A well-researched Politico article from September — headlined: “12 former security officials who warned against antitrust crackdown have tech ties” — detailed how many of these former officials who invoke national security claims to protect Big Tech are on the take from the key tech monopolies: The warning last week from a dozen former national security leaders was stark: An antitrust crackdown on Silicon Valley could threaten the nation’s economy and “cede U.S. tech leadership to China.” But the group was united by more than their histories of holding senior defense and intelligence roles in the Trump, Obama and George W. Bush administrations: All 12 have ties to major tech companies, either from working with them directly or serving with organizations that get money from them, according to a POLITICO analysis…. Seven of the 12, including Panetta, hold roles at Beacon Global Strategies, a public relations firm that according to a person familiar with the matter counts Google as a client…Five of the former officials, including former director of the National Geospatial-Intelligence Agency Robert Cardillo and former National Security Agency deputy director Richard Ledgett, serve as advisory board members at Beacon. Panetta and Michael Morell, a former acting CIA director under President Barack Obama, are senior counselors for the firm…. Frances Townsend, who was a counterterrorism and homeland security adviser to President George W. Bush, is on the national security advisory board for American Edge, a Facebook-funded group that opposes changes to strengthen antitrust laws….Townsend is also on the board of directors of the Atlantic Council, which counts Facebook and Google as funders; the board of trustees for Center for Strategic and International Studies, which counts Apple and Google as funders; and the board of directors of the Council on Foreign Relations, which receives money from Microsoft and counts Facebook and Google in its highest membership category. As Rep. Buck, the Colorado House Republican who favors reform, put it: “It is not surprising that individuals who receive money from Big Tech are defending Big Tech. At the end of the day, Big Tech is harming U.S. competition and innovation through anticompetitive practices.” In other words, these former intelligence officials are exploiting their national security credentials to protect an industry in which they have a deep financial interest. The view that preservation of Big Tech is vital for national security is by no means a unanimous view even in that world. Retired Gen. Wesley Clark and others have vehemently argued that this claim is a “myth.” As veteran internet security expert Bruce Schneier observed: “These bills will encourage competition, prevent monopolist extortion, and guarantee users a new right to digital self-determination.” But the National Security State has enough True Believers combined with paid shills to make it appear as if Americans should be desperate to preserve and protect Big Tech's power because this power is crucial to keeping America safe and, particularly, fighting Russia. There are indeed valid and rational reasons for these officials to view Big Tech monopoly power as a vital weapon in advancing their national security agenda. As I documented last week when reporting on the unprecedented censorship regime imposed in the West regarding the war in Ukraine, Big Tech censorship of political speech is not random. Domestically, it is virtually always devoted to silencing any meaningful dissent from liberal orthodoxy or official pieties on key political controversies. But in terms of foreign policy, the censorship patterns of tech monopolies virtually always align with U.S. foreign policy, and for understandable reasons: Big Tech and the U.S. security state are in a virtually complete union, with all sorts of overlapping, mutual financial interests: Note that this censorship regime is completely one-sided and, as usual, entirely aligned with U.S. foreign policy. Western news outlets and social media platforms have been flooded with pro-Ukrainian propaganda and outright lies from the start of the war. A New York Times article from early March put it very delicately in its headline: “Fact and Mythmaking Blend in Ukraine’s Information War.” Axios was similarly understated in recognizing this fact: “Ukraine misinformation is spreading — and not just from Russia.” Members of the U.S. Congress have gleefully spread fabrications that went viral to millions of people, with no action from censorship-happy Silicon Valley corporations. That is not a surprise: all participants in war use disinformation and propaganda to manipulate public opinion in their favor, and that certainly includes all direct and proxy-war belligerents in the war in Ukraine. Yet there is little to no censorship — either by Western states or by Silicon Valley monopolies — of pro-Ukrainian disinformation, propaganda and lies. The censorship goes only in one direction: to silence any voices deemed “pro-Russian,” regardless of whether they spread disinformation….Their crime, like the crime of so many other banished accounts, was not disinformation but skepticism about the US/NATO propaganda campaign. Put another way, it is not “disinformation" but rather viewpoint-error that is targeted for silencing. One can spread as many lies and as much disinformation as one wants provided that it is designed to advance the NATO agenda in Ukraine (just as one is free to spread disinformation provided that its purpose is to strengthen the Democratic Party, which wields its majoritarian power in Washington to demand greater censorship and commands the support of most of Silicon Valley). But what one cannot do is question the NATO/Ukrainian propaganda framework without running a very substantial risk of banishment. It is unsurprising that Silicon Valley monopolies exercise their censorship power in full alignment with the foreign policy interests of the U.S. Government. Many of the key tech monopolies — such as Google and Amazon — routinely seek and obtain highly lucrative contracts with the U.S. security state, including both the CIA and NSA. Their top executives enjoy very close relationships with top Democratic Party officials. And Congressional Democrats have repeatedly hauled tech executives before their various Committees to explicitly threaten them with legal and regulatory reprisals if they do not censor more in accordance with the policy goals and political interests of that party. Needless to say, the U.S. security state wants to maintain a stranglehold on political discourse in the U.S. and the world more broadly. They want to be able to impose propagandistic narratives without challenge and advocate for militarism without dissent. To accomplish that, they need a small handful of corporations which are subservient to them to hold in their hands as much concentrated power over the internet as possible. If a free and fair competitive market were to arise whereby social media platforms more devoted to free speech could fairly compete with Google and Facebook— as the various pending bills in Congress are partially designed to foster — then that new diversity of influence, that diffusion of power, would genuinely threaten the ability of the CIA and the Pentagon and the White House to police political discourse and suppress dissent from their policies and assertions. By contrast, by maintaining all power in the hands of the small coterie of tech monopolies which control the internet and which have long proven their loyalty to the U.S. security state, the ability of the U.S. national security state to maintain a closed propaganda system around questions of war and militarism is guaranteed. In this new letter, these national security operatives barely bother to hide their intention to exploit the strong animosity toward Russia that they have cultivated, and the accompanying intense emotions from the ubiquitous, unprecedented media coverage of the war in Ukraine, to prop up their goals. Over and over, they cite the grave Russian threat — a theme they have been disseminating and manufacturing since the Russiagate fraud of 2016 — to manipulate Americans to support the preservation of Big Tech's concentrated power, and to imply that anyone seeking to limit Big Tech power or make the market more competitive is a threat to U.S. national security: This is a pivotal moment in modern history. There is a battle brewing between authoritarianism and democracy, and the former is using all the tools at its disposal, including a broad disinformation campaign and the threat of cyber-attacks, to bring about a change in the global order. We must confront these global challenges. . . . U.S. technology platforms have given the world the chance to see the real story of the Russian military’s horrific human rights abuses in Ukraine. . . . At the same time, President Putin and his regime have sought to twist facts in order to show Russia as a liberator instead of an aggressor. . . . The Russian government is seeking to alter the information landscape by blocking Russian citizens from receiving content that would show the true facts on the ground. .. . . . Indeed, it is telling that among the Kremlin’s first actions of the war was blocking U.S. platforms in Russia. Putin knows that U.S. digital platforms can provide Russian citizens valuable views and facts about the war that he tries to distort through lies and disinformation. U.S. technology platforms have already taken concrete steps to shine a light on Russia’s actions to brutalize Ukraine. . . . Providing timely and accurate on-the-ground information – and disrupting the scourge of disinformation from Russian state media – is essential for allowing the world (including the Russian people) to see the human toll of Russia’s aggression. . . . [T]he United States is facing an extraordinary threat from Russian cyber-attacks . . . In the face of these growing threats, U.S. policymakers must not inadvertently hamper the ability of U.S. technology platforms to counter increasing disinformation and cybersecurity risks, particularly as the West continues to rely on the scale and reach of these firms to push back on the Kremlin . . . . Russia’s invasion of Ukraine marks the start of a new chapter in global history, one in which the ideals of democracy will be put to the test. The United States will need to rely on the power of its technology sector to ensure that the safety of its citizens and the narrative of events continues to be shaped by facts, not by foreign adversaries. It is hardly controversial or novel to observe that the U.S. security state always wants and needs a hated foreign enemy precisely because it allows them to claim whatever powers and whatever budgets they want in the name of stopping that foreign villain. And every war and every new enemy ushers in new authoritarian powers and the trampling of civil liberties: both the First War on Terror, justified by 9/11, and the New Domestic War on Terror, justified by 1/6, should have taught us that lesson permanently. Usually, though, U.S. security state propagandists are a bit more subtle about how they manipulate anger and fear of foreign villains to manipulate public opinion for their own authoritarian ends. Perhaps because of their current desperation about the support these bills have attracted, they are now just nakedly and shamelessly trying to channel the anger and hatred that they have successfully stoked toward Russia to demand that Big Tech not be weakened, regulated or restricted in any way. The cynical exploitation could hardly be more overt: if you hate Putin the way any loyal and patriotic American should, then you must devote yourself to full preservation of the power of Google, Facebook, Apple, and Amazon. It should go without saying that these life-long security state operatives do not care in the slightest about the dangers of "disinformation.” Indeed — as evidenced by the fact that most of them generated one Russiagate fraud after the next during... *  *  * To support the independent journalism we are doing here, please subscribe, obtain a gift subscription for others and/or share the article Tyler Durden Wed, 04/20/2022 - 23:50.....»»

Category: blogSource: zerohedgeApr 21st, 2022

Multipolar World Order – Part 1

Multipolar World Order – Part 1 Authored by Iain Davis via OffGuardian.org, Russia’s war with Ukraine is first and foremost a tragedy for the people of both countries, especially those who live—and die—in the battle zones. The priority for humanity, though apparently not for the political class, is to encourage Moscow and Kyiv to stop killing men, women and children and negotiate a peace deal. Beyond the immediate confines of the conflict, the war is also seen by some as representative of an alleged clash between great powers and, perhaps, between civilisations. All wars are momentous, but the ramifications of Ukrainian war are already global. Consequently, there is a perception that it is the focal point of a confrontation between two distinct models of global governance. The NATO-led alliance of the Western nations continues to push the unipolar, G7, international rules-based order (IRBO). It is opposed, some say, by the Russian and Chinese-led BRICS and the G20-based multipolar world order. In this 3 part series we will explore these issues and consider if it is tenable to place our faith in the emerging multipolar world order. There are very few redeeming features of the unipolar world order, that’s for sure. It is a system that overwhelmingly serves capital and few people other than a “parasite class” of stakeholder capitalist eugenicists. This has led many disaffected Westerners to invest their hopes in the promise of the multipolar world order: Many have increasingly come to terms with the reality that today’s multipolar system led by Russia and China has premised itself upon the defense of international law and national sovereignty as outlined in the UN Charter. [. . .] Putin and Xi Jinping have [. . .] made their choice to stand for win-win cooperation over Hobbesian Zero Sum thinking. [. . .] [T]heir entire strategy is premised upon the UN Charter. If only that were so! Unfortunately, it doesn’t appear to be the case. But even if it were true, Putin and Xi Jinping basing “their entire strategy” upon the UN Charter, would be cause for concern, not relief. For the globalist forces that see nation-states as squares on the grand chessboard and that regard leaders like Putin, Biden and Xi Jinping as accomplices, the multipolar world order is manna from heaven. They have spent more than a century trying to centralise global power. The power of individual nation-states at least presents the possibility of some decentralisation. The multipolar world order finally ends all national sovereignty and delivers true global governance. World Order We need to distinguish between the ideological concept of “world order” and the reality. This will help us identify where “world order” is an artificially imposed construct. Authoritarian power, wielded over populations, territory and resources, restricted by physical and political geography, dictates the “world order.” The present order is largely the product of hard-nosed geopolitics, but it also reflects the various attempts to impose a global order. The struggle to manage and mitigate the consequences of geopolitics is evident in the history of international relations. For nearly 500 years nation-states have sought to co-exist as sovereign entities. Numerous systems have been devised to seize control of what would otherwise be anarchy. It is very much to the detriment of humanity that anarchy has not been allowed to flourish. In 1648, the two bilateral treaties that formed the Peace of Westphalia concluded the 30 Years War (or Wars). Those negotiated settlements arguably established the precept of the territorial sovereignty within the borders of the nation-state. This reduced, but did not end, the centralised authoritarian power of the Holy Roman Empire (HRE). Britannica notes: The Peace of Westphalia recognized the full territorial sovereignty of the member states of the empire. This isn’t entirely accurate. That so-called “full territorial sovereignty” delineated regional power within Europe and the HRE, but full sovereignty wasn’t established. The Westphalian treaties created hundreds of principalities that were formerly controlled by the central legislature of the HRE, the Diet. These new, effectively federalised principalities still paid taxes to the emperor and, crucially, religious observance remained a matter for the empire to decide. The treaties also consolidated the regional power of the Danish, Swedish, and French states but the Empire itself remained intact and dominant. It is more accurate to say that the Peace of Westphalia somewhat curtailed the authoritarian power of the HRE and defined the physical borders of some nation states. During the 20th century, this led to the popular interpretation of the nation-state as a bulwark against international hegemonic power, despite that never having been entirely true. Consequently, the so-called “Westphalian model” is largely based upon a myth. It represents an idealised version of the world order, suggesting how it could operate rather than describing how it does. Signing of the Peace of Westphalia, in Münster 1648, painting by Gerard Ter Borch If nation-states really were sovereign and if their territorial integrity were genuinely respected, then the Westphalian world order would be pure anarchy. This is the ideal upon which the UN is supposedly founded because, contrary to another ubiquitous popular myth, anarchy does not mean “chaos.” Quite the opposite. Anarchy is exemplified by Article 2.1 of the UN Charter: The Organization is based on the principle of the sovereign equality of all its Members. The word “anarchy” is an abstraction of the classical Greek “anarkhos,” meaning “rulerless.” This is derived from the privative prefix “an” (without) in conjunction with “arkhos” (leader or ruler). Literally translated, “anarchy” means “without rulers”—what the UN calls “sovereign equality.” A Westphalian world order of sovereign nation-states, each observing the “equality” of all others while adhering to the non-aggression principle, is a system of global, political anarchy. Unfortunately, that is not the way the current UN “world order” functions, nor has there ever been any attempt to impose such an order. What a shame. Within the League of Nations and subsequent UN system of practical “world order,”—a world order allegedly built upon the sovereignty of nations—equality exists in theory only. Through empire, colonialism, neocolonialism—that is, through economic, military, financial and monetary conquest, coupled with the debt obligations imposed upon targeted nations—global powers have always been able to dominate and control lesser ones. National governments, if defined in purely political terms, have never been the only source of authority behind the efforts to construct world order. As revealed by Antony C. Sutton and others, private corporate power has aided national governments in shaping “world order.” Neither Hitler’s rise to power nor the Bolshevik Revolution would have occurred as they did, if at all, without the guidance of the Wall Street financiers. The bankers’ global financial institutions and extensive international espionage networks were instrumental in shifting global political power. These private-sector “partners” of government are the “stakeholders” we constantly hear about today. The most powerful among them are fully engaged in “the game” described by Zbigniew Brzezinski in The Grand Chessboard. Brzezinski recognised that the continental landmass of Eurasia was the key to genuine global hegemony: This huge, oddly shaped Eurasian chess board—extending from Lisbon to Vladivostok—provides the setting for “the game.” [. . .] [I]f the middle space rebuffs the West, becomes an assertive single entity [. . .] then America’s primacy in Eurasia shrinks dramatically. [. . .] That mega-continent is just too large, too populous, culturally too varied, and composed of too many historically ambitious and politically energetic states to be compliant toward even the most economically successful and politically pre-eminent global power. [. . .] Ukraine, a new and important space on the Eurasian chessboard, is a geopolitical pivot because its very existence as an independent country helps to transform Russia. Without Ukraine, Russia ceases to be a Eurasian empire. [. . .] [I]t would then become a predominantly Asian imperial state. The “unipolar world order” favoured by the Western powers, often referred to as the “international rules-based order” or the “international rules-based system,” is another attempt to impose order. This “unipolar” model enables the US and its European partners to exploit the UN system to claim legitimacy for their games of empire. Through it, the transatlantic alliance has used its economic, military and financial power to try to establish global hegemony. In 2016, Stewart Patrick, writing for the US Council on Foreign Relations (CFR), a foreign policy think tank, published World Order: What, Exactly, are the Rules? He described the post-WWII “international rules-based order” (IRBO): What sets the post-1945 Western order apart is that it was shaped overwhelmingly by a single power [a unipolarity], the United States. Operating within the broader context of strategic bipolarity, it constructed, managed, and defended the regimes of the capitalist world economy. [. . .] In the trade sphere, the hegemon presses for liberalization and maintains an open market; in the monetary sphere, it supplies a freely convertible international currency, manages exchange rates, provides liquidity, and serves as a lender of last resort; and in the financial sphere, it serves as a source of international investment and development. The idea that the aggressive market acquisition of crony capitalism somehow represents the “open markets” of the “capitalist world economy” is risible. It is about as far removed from free market capitalism as it is possible to be. Under crony capitalism, the US dollar, as the preferred global reserve currency, is not “freely convertible.” Exchange rates are manipulated and liquidity is debt for nearly everyone except the lender. “Investment and development” by the hegemon means more profits and control for the hegemon. The notion that a political leader, or anyone for that matter, is entirely bad or good, is puerile. The same consideration can be given to nation-states, political systems or even models of world order. The character of a human being, a nation or a system of global governance is better judged by their or its totality of actions. Whatever we consider to be the source of “good” and “evil,” it exists in all of us at either ends of a spectrum. Some people exhibit extreme levels of psychopathy, which can lead them to commit acts that are judged to be “evil.” But even Hitler, for example, showed physical courage, devotion, compassion for some, and other qualities we might consider “good.” Nation-states and global governance structures, though immensely complex, are formed and led by people. They are influenced by a multitude of forces. Given the added complications of chance and unforeseen events, it is unrealistic to expect any form of “order” to be either entirely good or entirely bad. That being said, if that “order” is iniquitous and causes appreciable harm to people, then it is important to identify to whom that “order” provides advantage. Their potential individual and collective guilt should be investigated. This does not imply that those who benefit are automatically culpable, nor that they are “bad” or “evil,” though they may be, only that they have a conflict of interests in maintaining their “order” despite the harm it causes. Equally, where systemic harm is evident, it is irrational to absolve the actions of the people who lead and benefit from that system without first ruling out their possible guilt. Since WWII, millions of innocents have been murdered by the US, its international allies and its corporate partners, all of whom have thrown their military, economic and financial weight around the world. The Western “parasite class” has sought to assert its IRBO by any means necessary— sanctions, debt slavery or outright slavery, physical, economic or psychological warfare. The grasping desire for more power and control has exposed the very worst of human nature. Repeatedly and ad nauseam. Of course, resistance to this kind of global tyranny is understandable. The question is: Does imposition of the multipolar model offer anything different? Signing the UN Charter – 1948 Oligarchy Most recently, the “unipolar world order” has been embodied by the World Economic Forum’s inappropriately named Great Reset. It is so malignant and forbidding that some consider the emerging “multipolar world order” salvation. They have even heaped praise upon the likely leaders of the new multipolar world: It is [. . .] strength of purpose and character that has defined Putin’s two decades in power. [. . .] Russia is committed to the process of finding solutions to all people benefiting from the future, not just a few thousand holier-than-thou oligarchs. [. . .] Together [Russia and China] told the WEF to stuff the Great Reset back into the hole in which it was conceived. [. . .] Putin told Klaus Schwab and the WEF that their entire idea of the Great Reset is not only doomed to failure but runs counter to everything modern leadership should be pursuing. Sadly, it seems this hope is also misplaced. While Putin did much to rid Russia of the CIA-run, Western-backed oligarchs who were systematically destroying the Russian Federation during the 1990s, they have subsequently been replaced by another band of oligarchs with closer links to the current Russian government. Something we will explore in Part 3. Yes, it is certainly true that the Russian government, led by Putin and his power bloc, has improved the incomes and life opportunities for the majority of Russians. Putin’s government has also significantly reduced chronic poverty in Russia over the last two decades. Wealth in Russia, measured as the market value of financial and non-financial assets, has remained concentrated in the hands of the top 1% of the population. This pooling of wealth among the top percentile is itself stratified and is overwhelmingly held by the top 1% of the 1%. For example, in 2017, 56% of Russian wealth was controlled by 1% of the population. The pseudopandemic of 2020–2022 particularly benefitted Russian billionnaires—as it did the billionaires of every other developed economy. According to the Credit Suisse Global Wealth Report 2021, wealth inequality in Russia, measured using the Gini coefficient, was 87.8 in 2020. The only other major economy with a greater disparity between the wealthy and the rest of the population was Brazil. Just behind Brazil and Russia on the wealth inequality scale was the US, whose Gini coefficient stood at 85. In terms of wealth concentration however, the situation in Russia was the worst by a considerable margin. In 2020 the top 1% owned 58.2% of Russia’s wealth. This was more than 8 percentage points higher than Brazil’s wealth concentration, and significantly worse than wealth concentration in the US, which stood at 35.2% in 2020. Such disproportionate wealth distribution is conducive to creating and empowering oligarchs. But wealth alone doesn’t determine whether one is an oligarch. Wealth needs to be converted into political power for the term “oligarch” to be applicable. An oligarchy is defined as “a form of government in which supreme power is vested in a small exclusive class.” Members of this dominant class are installed through a variety of mechanisms. The British establishment, and particularly its political class, is dominated by men and women who were educated at Eton, Roedean, Harrow and St. Pauls, etc. This “small exclusive class” arguably constitutes a British oligarchy. The UK’s new Prime Minister, Liz Truss, has been heralded by some because she is not a graduate of one of these select public schools. Educational privilege aside, though, the use of the word “oligarch” in the West more commonly refers to an internationalist class of globalists whose individual wealth sets them apart and who use that wealth to influence policy decisions. Bill Gates is a prime example of an oligarch. The former advisor to the UK Prime Minister, Dominic Cummings, said as much during his testimony to a parliamentary committee on May 2021 (go to 14:02:35). As Cummings put it, Bill Gates and “that kind of network” had directed the UK government’s response to the supposed COVID-19 pandemic. Gates’ immense wealth has bought him direct access to political power beyond national borders. He has no public mandate in either the US or the UK. He is an oligarch—one of the more well known but far from the only one. CFR member David Rothkopf described these people as a “Superclass” with the ability to “influence the lives of millions across borders on a regular basis.” They do this, he said, by using their globalist “networks.” Those networks, as described by Antony C. Sutton, Dominic Cummings and others, act as “the force multiplier in any kind of power structure.” This “small exclusive class” use their wealth to control resources and thus policy. Political decisions, policy, court rulings and more are made at their behest. This point was highlighted in the joint letter sent by the Attorneys General (AGs) of 19 US states to BlackRock CEO Larry Fink. The AGs observed that BlackRock was essentially using its investment strategy to pursue a political agenda: The Senators elected by the citizens of this country determine which international agreements have the force of law, not BlackRock. Their letter describes the theoretical model of representative democracy. Representative democracy is not a true democracy—which decentralises political power to the individual citizen—but is rather a system designed to centralise political control and authority. Inevitably, “representative democracy” leads to the consolidation of power in the hands of the so-called “Superclass” described by Rothkopf. There is nothing “super” about them. They are ordinary people who have acquired wealth primarily through conquest, usury, market rigging, political manipulation and slavery. “Parasite class” is a more befitting description. Not only do global investment firms like BlackRock, Vanguard and State Street use their immense resources to steer public policy, but their major shareholders include the very oligarchs who, via their contribution to various think tanks, create the global political agendas that determine policy in the first place. There is no space in this system of alleged “world order” for any genuine democratic oversight. As we shall see in Part 3, the levers of control are exerted to achieve exactly the same effect in Russia and China. Both countries have a gaggle of oligarchs whose objectives are firmly aligned with the WEF’s Great Reset agenda. They too work with their national government “partners” to ensure that they all arrive at the “right” policy decisions. US President Joe Biden, left, and CFR President Richard N. Haass, right. The United Nations’ Model of National Sovereignty Any bloc of nations that bids for dominance within the United Nations is seeking global hegemony. The UN enables global governance and centralises global political power and authority. In so doing, the UN empowers the international oligarchy. As noted previously, Article 2 of the United Nations Charter declares that the UN is “based on the principle of the sovereign equality of all its Members.” The Charter then goes on to list the numerous ways in which nation-states are not equal. It also clarifies how they are all subservient to the UN Security Council. Despite all the UN’s claims of lofty principles—respect for national sovereignty and for alleged human rights—Article 2 declares that no nation-state can receive any assistance from another as long as the UN Security Council is forcing that nation-state to comply with its edicts. Even non-member states must abide by the Charter, whether they like it or not, by decree of the United Nations. The UN Charter is a paradox. Article 2.7 asserts that “nothing in the Charter” permits the UN to infringe the sovereignty of a nation-state—except when it does so through UN “enforcement measures.” The Charter states, apparently without reason, that all nation-states are “equal.” However, some nation-states are empowered by the Charter to be far more equal than others. While the UN’s General Assembly is supposedly a decision-making forum comprised of “equal” sovereign nations, Article 11 affords the General Assembly only the power to discuss “the general principles of co-operation.” In other words, it has no power to make any significant decisions. Article 12 dictates that the General Assembly can only resolve disputes if instructed to do so by the Security Council. The most important function of the UN, “the maintenance of international peace and security,” can only be dealt with by the Security Council. What the other members of the General Assembly think about the Security Council’s global “security” decisions is a practical irrelevance. Article 23 lays out which nation-states form the Security Council: The Security Council shall consist of fifteen Members of the United Nations. The Republic of China, France, the Union of Soviet Socialist Republics [Russian Federation], the United Kingdom of Great Britain and Northern Ireland, and the United States of America shall be permanent members of the Security Council. The General Assembly shall elect ten other Members of the United Nations to be non-permanent members of the Security Council. [. . .] The non-permanent members of the Security Council shall be elected for a term of two years. The General Assembly is allowed to elect “non-permanent” members to the Security Council based upon criteria stipulated by the Security Council. Currently the “non-permanent” members are Albania, Brazil, Gabon, Ghana, India, Ireland, Kenya, Mexico, Norway and the United Arab Emirates. Article 24 proclaims that the Security Council has “primary responsibility for the maintenance of international peace and security” and that all other nations agree that “the Security Council acts on their behalf.” The Security Council investigates and defines all alleged threats and recommends the procedures and adjustments for the supposed remedy. The Security Council dictates what further action, such as sanctions or the use of military force, shall be taken against any nation-state it considers to be a problem. Article 27 decrees that at least 9 of the 15 member states must be in agreement for a Security Council resolution to be enforced. All of the 5 permanent members must concur, and each has the power of veto. Any Security Council member, including permanent members, shall be excluded from the vote or use of its veto if they are party to the dispute in question. UN member states, by virtue of agreeing to the Charter, must provide armed forces at the Security Council’s request. In accordance with Article 47, military planning and operational objectives are the sole remit of the permanent Security Council members through their exclusive Military Staff Committee. If the permanent members are interested in the opinion of any other “sovereign” nation, they’ll ask it to provide one. The inequality inherent in the Charter could not be clearer. Article 44 notes that “when the Security Council has decided to use force” its only consultative obligation to the wider UN is to discuss the use of another member state’s armed forces where the Security Council has ordered that nation to fight. For a country that is a current member of the Security Council, use of its armed forces by the Military Staff Committee is a prerequisite for Council membership. The UN Secretary-General, identified as the “chief administrative officer” in the Charter, oversees the UN Secretariat. The Secretariat commissions, investigates and produces the reports that allegedly inform UN decision-making. The Secretariat staff members are appointed by the Secretary-General. The Secretary-General is “appointed by the General Assembly upon the recommendation of the Security Council.” Under the UN Charter, then, the Security Council is made king. This arrangement affords the governments of its permanent members—China, France, Russia, the UK and the US—considerable additional authority. There is nothing egalitarian about the UN Charter. The suggestion that the UN Charter constitutes a “defence” of “national sovereignty” is ridiculous. The UN Charter is the embodiment of the centralisation of global power and authority. UN Headquarters New York – Land Donated by the Rockefellers The United Nations’ Global Public-Private Partnership The UN was created, in no small measure, through the efforts of the private sector Rockefeller Foundation (RF). In particular, the RF’s comprehensive financial and operational support for the Economic, Financial and Transit Department (EFTD) of the League of Nations (LoN), and its considerable influence upon the United Nations Relief and Rehabilitation Administration (UNRRA), made the RF the key player in the transformation of the LoN into the UN. The UN came into being as a result of public-private partnership. Since then, especially with regard to defence, financing, global health care and sustainable development, public-private partnerships have become dominant within the UN system. The UN is no longer an intergovernmental organisation, if it ever was one. It is a global collaboration between governments and a multinational infra-governmental network of private “stakeholders.” In 1998, then-UN Secretary-General Kofi Annan told the World Economic Forum’s Davos symposium that a “quiet revolution” had occurred in the UN during the 1990s: [T]he United Nations has been transformed since we last met here in Davos. The Organization has undergone a complete overhaul that I have described as a “quiet revolution”. [. . .] [W]e are in a stronger position to work with business and industry. [. . .] The business of the United Nations involves the businesses of the world. [. . .] We also promote private sector development and foreign direct investment. We help countries to join the international trading system and enact business-friendly legislation. In 2005, the World Health Organisation (WHO), a specialised agency of the UN, published a report on the use of information and communication technology (ICT) in healthcare titled Connecting for Health. Speaking about how “stakeholders” could introduce ICT healthcare solutions globally, the WHO noted: Governments can create an enabling environment, and invest in equity, access and innovation. The 2015, Adis Ababa Action Agenda conference on “financing for development” clarified the nature of an “enabling environment.” National governments from 193 UN nation-states committed their respective populations to funding public-private partnerships for sustainable development by collectively agreeing to create “an enabling environment at all levels for sustainable development;” and “to further strengthen the framework to finance sustainable development.” In 2017, UN General Assembly Resolution 70/224 (A/Res/70/224) compelled UN member states to implement “concrete policies” that “enable” sustainable development. A/Res/70/224 added that the UN: [. . .] reaffirms the strong political commitment to address the challenge of financing and creating an enabling environment at all levels for sustainable development [—] particularly with regard to developing partnerships through the provision of greater opportunities to the private sector, non-governmental organizations and civil society in general. In short, the “enabling environment” is a government, and therefore taxpayer, funding commitment to create markets for the private sector. Over the last few decades, successive Secretary-Generals have overseen the UN’s formal transition into a global public-private partnership (G3P). Nation-states do not have sovereignty over public-private partnerships. Sustainable development formally relegates government to the role of an “enabling” partner within a global network comprised of multinational corporations, non-governmental organisations (NGOs), civil society organisations and other actors. The “other actors” are predominantly the philanthropic foundations of individual billionaires and immensely wealthy family dynasties—that is, oligarchs. Effectively, then, the UN serves the interests of capital. Not only is it a mechanism for the centralisation of global political authority, it is committed to the development of global policy agendas that are “business-friendly.” That means Big Business-friendly. Such agendas may happen to coincide with the best interests of humanity, but where they don’t—which is largely the case—well, that’s just too bad for humanity. Kofi Annan (8 April 1938 – 18 August 2018) Global Governance On the 4th February 2022, a little less then three weeks prior to Russia launching its “special military operation” in Ukraine, Presidents Vladimir Putin and Xi Jinping issued an important joint statement: The sides [Russian Federation and Chinese People’s Republic] strongly support the development of international cooperation and exchanges [. . .], actively participating in the relevant global governance process, [. . .] to ensure sustainable global development. [. . .] The international community should actively engage in global governance[.] [. . .] The sides reaffirmed their intention to strengthen foreign policy coordination, pursue true multilateralism, strengthen cooperation on multilateral platforms, defend common interests, support the international and regional balance of power, and improve global governance. [. . .] The sides call on all States [. . .] to protect the United Nations-driven international architecture and the international law-based world order, seek genuine multipolarity with the United Nations and its Security Council playing a central and coordinating role, promote more democratic international relations, and ensure peace, stability and sustainable development across the world. The United Nations Department of Economic and Social Affairs (UN-DESA) defined “global governance” in its 2014 publication Global Governance and the Global Rules For Development in the Post 2015 Era: Global governance encompasses the totality of institutions, policies, norms, procedures and initiatives through which States and their citizens try to bring more predictability, stability and order to their responses to transnational challenges. Global governance centralises control over the entire sphere of international relations. It inevitably erodes a nation’s ability to set foreign policy. As a theoretical protection against global instability, this isn’t necessarily a bad idea, but in practice it neither enhances nor “protects” national sovereignty. Domination of the global governance system by one group of powerful nation-states represents possibly the most dangerous and destabilising force of all. It allows those nations to act with impunity, regardless of any pretensions about honouring alleged “international law.” Global governance also significantly curtails the independence of a nation-state’s domestic policy. For example, the UN’s Sustainable Development Agenda 21, with the near-time Agenda 2030 serving as a waypoint, impacts nearly all national domestic policy—even setting the course for most domestic policy—in every country. National electorates’ oversight of this “totality” of UN policies is weak to nonexistent. Global governance renders so-called “representative democracy” little more than a vacuous sound-bite. As the UN is a global public-private partnership (UN-G3P), global governance allows the “multi-stakeholder partnership”—and therefore oligarchs—significant influence over member nation-states’ domestic and foreign policy. Set in this context, the UN-DESA report (see above) provides a frank appraisal of the true nature of UN-G3P global governance: Current approaches to global governance and global rules have led to a greater shrinking of policy space for national Governments [. . . ]; this also impedes the reduction of inequalities within countries. [. . .] Global governance has become a domain with many different players including: multilateral organizations; [. . .] elite multilateral groupings such as the Group of Eight (G8) and the Group of Twenty (G20) [and] different coalitions relevant to specific policy subjects[.] [. . .] Also included are activities of the private sector (e.g., the Global Compact) non-governmental organizations (NGOs) and large philanthropic foundations (e.g., Bill and Melinda Gates Foundation, Turner Foundation) and associated global funds to address particular issues[.] [. . .] The representativeness, opportunities for participation, and transparency of many of the main actors are open to question. [. . .] NGOs [. . .] often have governance structures that are not subject to open and democratic accountability. The lack of representativeness, accountability and transparency of corporations is even more important as corporations have more power and are currently promoting multi-stakeholder governance with a leading role for the private sector. [. . .] Currently, it seems that the United Nations has not been able to provide direction in the solution of global governance problems—perhaps lacking appropriate resources or authority, or both. United Nations bodies, with the exception of the Security Council, cannot make binding decisions. A/Res/73/254 declares that the UN Global Compact Office plays a vital role in “strengthening the capacity of the United Nations to partner strategically with the private sector.” It adds: The 2030 Agenda for Sustainable Development acknowledges that the implementation of sustainable development will depend on the active engagement of both the public and private sectors[.] While the Attorneys General of 19 states might rail against BlackRock for usurping the political authority of US senators, BlackRock is simply exercising its power as valued a “public-private partner” of the US government. Such is the nature of global governance. Given that this system has been constructed over the last 80 years, it’s a bit too late for 19 state AGs to complain about it now. What have they been doing for the last eight decades? The governmental “partners” of the UN-G3P lack “authority” because the UN was created, largely by the Rockefellers, as a public-private partnership. The intergovernmental structure is the partner of the infra-governmental network of private stakeholders. In terms of resources, the power of the private sector “partners” dwarfs that of their government counterparts. Corporate fiefdoms are not limited by national borders. BlackRock alone currently holds $8.5 trillion of assets under management. This is nearly five times the size of the total GDP of UN Security Council permanent member Russia and more than three times the GDP of the UK. So-called sovereign countries are not sovereign over their own central banks nor are they “sovereign” over international financial institutions like the IMF, the New Development Bank (NDB), the World Bank or the Bank for International Settlements. The notion that any nation state or intergovernmental organisation is capable of bringing the global network of private capital to heel is farcical. At the COP26 Conference in Glasgow in 2021, King Charles III—then Prince Charles—prepared the conference to endorse the forthcoming announcement of the Glasgow Financial Alliance for Net Zero (GFANZ). He made it abundantly clear who was in charge and, in keeping with UN objectives, clarified national governments role as “enabling partners”: The scale and scope of the threat we face call for a global systems level solution based on radically transforming our current fossil fuel based economy. [. . .] So ladies and gentleman, my plea today is for countries to come together to create the environment that enables every sector of industry to take the action required. We know this will take trillions, not billions of dollars. [. . .] [W]e need a vast military style campaign to marshal the strength of the global private sector, with trillions at [its] disposal far beyond global GDP, and with the greatest respect, beyond even the governments of the world’s leaders. It offers the only real prospect of achieving fundamental economic transition. Unless Putin and Xi Jinping intend to completely restructure the United Nations, including all of its institutions and specialised agencies, their objective of protecting “the United Nations-driven international architecture” appears to be nothing more than a bid to cement their status as the nominal leaders of the UN-G3P. As pointed out by UN-DESA, through the UN-G3P, that claim to political authority is extremely limited. Global corporations dominate and are currently further consolidating their global power through “multi-stakeholder governance.” Whether unipolar or multipolar, the so-called “world order” is the system of global governance led by the private sector—the oligarchs. Nation-states, including Russia and China, have already agreed to follow global priorities determined at the global governance level. The question is not which model of the global public-private “world order” we should accept, but rather why we would ever accept any such “world order” at all. This, then, is the context within which we can explore the alleged advantages of a “multipolar world order” led by China, Russia and increasingly India. Is it an attempt, as claimed by some, to reinvigorate the United Nations and create a more just and equitable system of global governance? Or is it merely the next phase in the construction of what many refer to as the “New World Order”? Tyler Durden Sat, 09/24/2022 - 19:40.....»»

Category: blogSource: zerohedgeSep 24th, 2022

Futures Crash, Stocks At 2022 Lows; Yields, Dollar Explode As UK Stimulus Plan Sparks Global Market Panic

Futures Crash, Stocks At 2022 Lows; Yields, Dollar Explode As UK Stimulus Plan Sparks Global Market Panic One week after stocks suffered their biggest drop since June, futures are in freefall on Friday with the dollar soaring to the now default daily record high... ... 10Y yields exploding higher, surging more than 10bps so far today... ... in what appears to be the latest bond market flash smash which has pushed 10Y yields to the highest level since 2010... ... and S&P futures plunging over 1.4%, and the S&P set to open at a fresh 2022 low... ... with futures set to drop nearly 5% (or more) for a 2nd consecutive week, and down 5 of the past 6 weeks! Besides the soaring dollar, two other drivers contributed to today's widespread market panic: first, the shocking UK mini budget saw the country's new administration slash tax rates by the most since 1970s at a time when the country is about to enter recession and is battling with runaway inflation which crashed UK bonds and sent the pound tumbling to a 37 year low as markets priced in a more aggressive pace of tightening to offset the government’s growth plan, second, traders also freaked out over a Goldman research report which slashed the bank's S&P price-target to just 3,600 from 4,300, making the bank one of the biggest bears on Wall Street. In premarket trading, Costco shares declined 3.3% as analysts flagged that volatility may remain high for the company’s shares. Analysts mostly welcomed its report of modest improvements in inflation and supply chains. here are the other notable premarket movers: AMD shares dropped 1.5% in premarket trading as Morgan Stanley trimmed price target to $95 from $102, citing a worsening PC end market and headwinds on the client business, including a collapse in gaming GPUs. Tritium DCFC shares jumped 4% in postmarket trading, following six straight losing sessions, after the maker of electric-vehicle chargers reported sales orders of $203 million for fiscal year ended June 30, and revenue of $86 million. CalAmp gained 3% postmarket after the maker of tracking devices posted fiscal 2Q revenue that beat estimates. DocuSign edged higher in postmarket trading after announcing that the board of directors has hired Allan Thygesen as Chief Executive Officer. Europe's Stoxx 600 dropped more than 1%, declining 20% from January record high, set to enter a new bear market. Energy, miners and real estate are the worst-performing sectors amid broad-based declines.  Here are the most notable European movers: Credit Suisse shares declined as much as 9.4% to a record low for a second day running, even as the bank denied a report that it was considering an exit from its US operations Ericsson falls as much as 6.1% to 2-year lows after a Radio Sweden report saying the communications equipment maker continued to send products to Russia after saying deliveries had been suspended Energy is among the worst-performing sectors on Europe’s Stoxx 600 index on Friday, with the subindex falling as much as 2.6% to the lowest since July 27 as oil heads for a fourth weekly loss European warehouse firms slide after Barclays issued a review on the sector, cutting target prices on average by 20%, downgrading Tritax Big Box REIT and Warehouses De Pauw to underweight Bureau Veritas falls as much as 5% after Oddo cuts to underperform, saying the valuation gap with peers and recent stock performance seems to leave more downside than upside in relative terms Nordic Semiconductor shares rise after DNB said it had found a component from the firm in the latest version of Apple’s AirPods Pro earphones which were released today. Varta, meanwhile drops as much as 13% after DNB found batteries from its rival Samsung in the new earphones UK homebuilders, retailers and banks get a boost as Chancellor of the Exchequer Kwasi Kwarteng announces several tax relief measures, with much of the sector trimming earlier losses As reported earlier, UK stocks, bonds and the cable all plunged as traders ramped up their bets on Bank of England rate hikes, betting on a 50% chance of a 100-basis-point increase from the central bank at its next rate decision in November, as the government set out its most radical package of debt-financed tax cuts since 1972 and the Debt Management Office increased its gilt sales plan more than expected.  “The markets will do what they will,” said Chancellor of the Exchequer Kwasi Kwarteng, when challenged in parliament on the mayhem in markets. The European Central Bank will also forge ahead with increases in borrowing costs, according to Governing Council member Martins Kazaks, even as recession risks rise across the continent. Earlier in the session, Asian stocks fell, with investors continuing to flee riskier assets as Treasury yields surged following the Fed’s rate hike that increased recession fears. The MSCI Asia Pacific Excluding Japan Index slipped as much as 1.6% while the broader MSCI Asia Pacific Index was on course for its sixth weekly retreat, the longest losing streak since May. TSMC and Tencent were the biggest drags on both gauges as the tech sector led declines.  All markets in the region dropped, with several hitting grim milestones. Hong Kong’s Hang Seng Index fell to the lowest in more than a decade, while South Korea’s Kospi finished at its lowest since Oct. 2020. Australia’s benchmark fell nearly 2% as the country resumed trading after a holiday. Japan was closed.  “The intense tightening by the Federal Reserve to go all-out against inflation heightened fears that it could destroy demand and cause a recession,” said Han Jiyoung, an analyst at Kiwoom Securities in Seoul.    The MSCI Asia Pacific Index has lost about a third of its value from a 2021 peak as the Fed’s rate-hike campaign and the strengthening US dollar prompted an exodus of funds from emerging markets. China’s regulatory crackdowns and its strict Covid lockdown policies have also weighed on sentiment.   Hong Kong stocks ended in the red even as the city scrapped hotel quarantine for inbound travelers, the most substantial move yet in the city’s push to revive its status as a global financial center. “It’s optimistic to think a recession can be avoided and in our opinion any chance of a soft landing has evaporated,” said George Brown, an economist at Schroders. “We believe a recession will be needed to bring inflation under control.” In rates, the yield on 10- year Treasuries exploded higher as bonds briefly flash crashed, sending the 10Y yields as low as 3.82% in a bear-flattening move that lifted front-end yields more than 10bp; 2-year and 3-year yields peak above 4.25% with all tenors reaching multiyear highs. Move follows soaring gilt yields where belly of the UK curve is cheaper by 50bp on the day into early US session, while the UK pound drops to a fresh 27-year low as mounting fiscal stimulus threatens to undermine Bank of England’s control on inflation. US yields are cheaper by 12bp to 5bp across the curve with front-end led losses flattening 2s10s by 3.5bp, 5s30s by 7.5bp on the day; 10-year yields around 3.80%, outperforming gilts by ~20bp in the sector.  In FX, the dollar rallied broadly, hitting a new all-time high against a currency basket and pushing the euro to a 20-year low wjhile the pound plunged to a fresh 35 year low just above 1.10 after the new UK government unveiled a massive fiscal stimulus plan to boost economic growth, which is sure to send inflation soaring even higher and force the BOE to do even more QT and so on. Safe-haven demand also boosted the greenback amid more signs of a slowing Chinese economy, which raised concerns about the outlook for global economic growth.   Broad dollar strength pushed the Bloomberg Dollar Spot Index as much as 0.6% higher, hitting its highest on record going back to 2005 The euro fell as much as 0.9% to 0.9751, its weakest level since 2002. The single currency extended losses after sizable stop-loss orders were triggered below 0.9800 and 0.9780, a Europe-based trader says. Options-related bids at $0.9750 and $0.9700 were seen offering near-term support. The pound sank more than 2% to 1.105, a 35-year low, pushing the Bloomberg UK Pound Index to its a lifetime high. The UK currency trimmed losses as the UK government announced a massive fiscal stimulus plan to boost economic growth. China’s onshore yuan is headed for the worst weekly fall versus the dollar since April. The yuan weakened the most among Asian currencies on Friday as traders continued to test the PBOC’s tolerance for a weaker yuan after Japan intervened to support the yen for the first time since 1998. “For the USD to weaken meaningfully, the Fed has to get more concerned about growth than inflation-and we are not there yet.” Bank of America analysts write in a note. It adds that, for the euro to start appreciating, “the ECB needs not only to act, but also to communicate forcefully.” In commodities, WTI drops more than 2% lower to trade just above $80, a level where OPEC+ production cuts are expected. Spot gold falls roughly $9 to trade near $1,662/oz. Spot silver loses 1.1% near $19. Looking to the day ahead now, data releases include the September flash PMIs for Europe and the US. Otherwise, central bank speakers include Fed Chair Powell, as well as the ECB’s Kazaks and Nagel. Remember the Italian election on Sunday. Market Snapshot S&P 500 futures down 0.5% to 3,752.25 MXAP down 1.2% to 145.59 MXAPJ down 1.6% to 470.98 Nikkei down 0.6% to 27,153.83 Topix down 0.2% to 1,916.12 Hang Seng Index down 1.2% to 17,933.27 Shanghai Composite down 0.7% to 3,088.37 Sensex down 1.6% to 58,191.14 Australia S&P/ASX 200 down 1.9% to 6,574.73 Kospi down 1.8% to 2,290.00 STOXX Europe 600 down 0.9% to 396.36 German 10Y yield little changed at 1.93% Euro down 0.8% to $0.9756 Brent Futures down 1.9% to $88.75/bbl Gold spot down 0.4% to $1,664.46 U.S. Dollar Index up 0.60% to 112.03 Top Overnight News from Bloomberg BofA Says Cash is King as Investor Pessimism Hits 2008-Era High Goldman Slashes S&P 500 Target Citing Higher Fed Rates Path UK Sets Out Biggest Tax Cuts Since 1988 to Boost Economic Growth Era of Inflation Has Ended -- for Asset Prices on Wall Street Oil Set for Fourth Weekly Loss With Rate Hikes Darkening Outlook Goldman to BofA Throw in the Towel on a Year-End Rally in Europe Treasury Selloff Drives SOFR Spread Toward Record One-Day Drop Wall Street’s Top Banks Are Backing Oil to Stage a Recovery Nasdaq Increases Scrutiny of Small-Cap IPOs After Big Swings Japan Has a Pile of Dollars It Can Tap Before Selling Treasuries Chinese Money Pours Into Offshore Debt After Rare Yield Reversal China Compares Taiwan Independence Push to Charging Rhino China’s Most Locked-Down City Shows Perils of Endless Covid Zero Crypto Outperforms Stocks for a Change as Correlation Breaks Raytheon Beats Lockheed, Boeing on $1 Billion Hypersonic Job Zelle Emerges as Lawmakers’ Surprise Foe at Bank Hearings Alex Jones Renews ‘Deep State’ Claim at Defamation Trial It’s Every Nation for Itself as Dollar Batters Global Currencies Nikola Investor Lost $160,000 on Milton’s Hype, He Tells Jury FedEx to Cut Costs, Hike Rates in Battle Against Flagging Demand With Shelters Overflowing, NYC to Put Up Tents for Migrants Senior-Care Provider Cano Health Said to Weigh Sale Banks Dust Off Lockdown Plans to Beat Possible Power Blackouts A more detailed look at global markets courtesy of Newsquawk Asian stocks were negative in the aftermath of the rush of global central bank rate hikes during 'Super Thursday' and with risk appetite not helped by the absence of participants in Japan for the Autumnal Equinox Day. ASX 200 was heavily pressured on return from yesterday’s national day of mourning closure and took its first opportunity to react to the hawkish FOMC with the tech and consumer-related sectors the worst hit. KOSPI declined with the recent flurry of central bank rate hikes adding to the arguments for the BoK to continue on its hiking cycle as South Korean officials look to avert one-sided currency moves. Hang Seng and Shanghai Comp slightly deteriorated throughout the session as the early support from reports regarding Hong Kong and Macau potentially easing restrictions for arrivals gradually waned, while US audit watchdog officials recently arrived in Hong Kong for audit inspections as firms seek to avoid delisting from US exchanges. Top Asian News White House Indo-Pacific coordinator said China clearly has ambitions in the Pacific which have caused concerns among Pacific Island leaders, according to Reuters. Hong Kong will announce today the end of mandatory hotel quarantine for overseas arrivals, according to SCMP. Japan PM Kishida said excessive yen movement repeatedly caused by speculation cannot be overlooked and they will take action should there be any excessive volatility in the yen, according to Reuters. Yuan Weakens to Near Trading Band Limit as Pressure Mounts China Junk Debt Ends Longest Rally of Year as Distress Mounts Times China Told Bondholders It Hasn’t Paid Interest Due Thurs Peak Pessimism Setting in for Chinese Stocks Ahead of Congress Iron Ore Fluctuates as China Steel Hub Tangshan Lifts Lockdowns JPM Analysts Liken UK Bank Deposit Speculation to Windfall Tax European bourses are pressured across the board after the Flash PMI releases for the region indicate a contraction; Euro Stoxx 50 -1.5% Pressure that was exacerbated, particularly in the UK, on the mini-Budget and subsequent Gilt/BoE pricing, despite the measures being designed to stimulate the economy. Stateside, futures are lower in sympathy and continuing APAC performance awaiting their own PMI metrics and Fed commentary. Top European News ECB's Kazaks says they will continue to hike rates, via Bloomberg; adds, faster Fed hikes have weakened the EUR. His choice for the October ECB hike is either 50bps or 75bps. UK COVID-19 hospitalisations rose 17% in a week which is the first significant increase since July and is sparking fears of a new wave, according to The Telegraph. Credit Suisse Hits Fresh Low; Denies Report of Looming US Exit UK Probably in Recession as Pound’s Weakness Boosts Inflation UK Bonds Plunge as Debt Office Plans More Sales Than Expected VW Warns of Production Shift From Germany Over Gas Shortage Ericsson Governance Worries Mount After Russia Sales Debacle European Watchdog Backs New Trading Halts for Energy Market FX DXY has surged to a fresh 112.3+ peak to the detriment of peers across the board with the Yuan taking the strain. GBP dented post-PMIs/budget despite initial support from BoE pricing as the USD's surge continues. Amidst this, EUR has been hit on the flash-PMIs and accompanying commentary around recession fears and a resurgence in price pressures. Fixed Income Gilts decimated to sub-99.00 from the 102.30 region in wake of the budget and accompanying fund consideration and potential inflationary implications Action that has sparked a surge in BoE pricing with markets now implying a 50/50 chance of a 100bp increase in November. More broadly, EGBs and USTs are dragged down in tandem though seem to have reached a 'floor' ahead of the afternoon's events. Commodities Crude benchmarks are pressured by pronounced USD strength and risk action amid recessionary fears. Additionally, participants are attentive to potential weekend developments with EU member states set to discuss Russian sanctions. Russian President Putin spoke to Saudi Crown Prince MBS and discussed the question of coordination to ensure stability in the oil market, while they praised efforts within the OPEC+ framework and confirmed the intention to continue sticking to existing agreements, according to Reuters. Metals dented across the board by the USD with base metals in particular hit amid broader sentiment with LME Copper slipping below USD 7.5k/T. US event calendar 09:45: Sept. S&P Global US Composite PMI, est. 46.1, prior 44.6 09:45: Sept. S&P Global US Services PMI, est. 45.5, prior 43.7 09:45: Sept. S&P Global US Manufacturing PM, est. 51.0, prior 51.5 DB's Jim Reid concludes the overnight wrap It's a bit of a broken record at the moment as markets have again been reeling over the last 24 hours, with another major selloff for bonds and equities taking place after central bankers showed no sign of letting up on their campaign of rate hikes to tackle inflation. The hawkish Fed decision on Wednesday set the backdrop for the slump, but that was compounded by further hikes yesterday in the UK, Switzerland, Norway, South Africa, Indonesia and the Philippines. Inturn, that led investors to expect an even more aggressive pace of rate hikes over the months ahead, with current market pricing for each of the Fed, ECB and the BoE indicating that a 75bps hike at the next meeting is now considered the most likely outcome for all three. In terms of those market moves, equities lost ground across the board as the prospect that tighter monetary policy would trigger recessions moved increasingly into view. The S&P displayed a lot of volatility into the close, ultimately falling -0.84% and moving deeper into bear market territory and on track for its worst annual performance since 2008. Under the hood, sector performance had a consistent macro story, where there was an outperformance in defensives (health care led the way up +0.51%) and an underperformance in cyclicals (discretionary lagged at -2.16%). In Europe the losses were even more severe as they finally got to react to the Fed’s announcement the previous evening, with the STOXX 600 (-2.09%) actually falling beneath its July lows to close at levels unseen in over 20 months. It's fascinating that there's hardly been any wider mention of the Italian election this Sunday even with the centre-right populists ahead in the polls. There are much bigger things to worry about to be fair and it seems that there is limited political appetite in Italy at the moment to deviate too far from EU fiscal rules. See here for our economists' preview. The declines mentioned above for equities were just as dramatic for sovereign bonds, with yields on 10yr Treasuries surging by +18.4bps to a post-2011 high of 3.71%. That was primarily driven by a rise in real yields, which similarly hit a high for the decade at 1.30%. We did get some positive data on the weekly initial jobless claims, which came in at 213k (vs. 217k expected) for the week ending September 17, and the previous week was revised down -5k. But that just compounded the selloff, since the fact that claims are on a firmly downward trend was seen as giving the Fed even more space to hike rates over the coming months without worrying about a sharp rise in unemployment. Those expectations of additional rate hikes were evident among Fed funds futures, which moved towards the more hawkish FOMC dot plot, with the rate implied by December 2023 up +10.0bps on the day to 4.33%. Over in Europe it was much the same story, with yields on 10yr bunds (+7.2bps), OATs (+7.8bps) and BTPs (+3.9bps) seeing fresh rises. Gilts were the biggest underperformer however, with 10yr yields up +18.1bps after the Bank of England hiked by 50bps for a second consecutive meeting, taking Bank Rate up to 2.25%. The decision was a 3-way split among policymakers, with 5 of the 9 MPC members in favour of the 50bp hike, 3 members wanting a larger 75bps move, and 1 wanting a smaller 25bps hike. They also voted (unanimously) to reduce the stock of gilts by £80bn over the next 12 months. Our UK economist sees this decision as slightly hawkish (link here), and sees the BoE as having opened the door for a larger rate hike in November. As a result, he now expects that the MPC will deliver a 75bps hike at the next meeting, although this is a very close call, with the terminal rate still reaching 4% in this hiking cycle. Staying on the UK, it’s also an important day on the fiscal side as new Chancellor Kwasi Kwarteng will be unveiling the government’s Growth Plan in the House of Commons this morning. Ahead of that, we got confirmation yesterday that the 1.25pp increase in National Insurance (a payrolls tax) is going to be reversed from 6 November. Otherwise, it’s been widely reported that they’ll confirm that corporation tax will remain frozen at 19%, rather than increasing to 25% as had been planned, and recent days have also seen press speculation about a potential cut to stamp duty (the home purchase tax). Our UK economist has a preview of the event here. On oil, the EU is apparently working on a new effort to impose a price cap on Russian oil in response to President Putin’s escalation and partial mobilisation announcement yesterday. However, the plan will still face hurdles given the dire energy situation in Europe and the need to arrive at an unanimous decision. Elsewhere, the Nigerian oil minister echoed previous remarks from other cartel members by saying OPEC may need to cut output if prices fell more. Brent crude prices were +0.70% higher, after being as much as +3.31% higher intraday but are back roughly to where they were 24 hours ago this morning in Asia. Looking elsewhere, there was plenty of other monetary action to digest after Japan intervened to support the Yen for the first time since 1998. That came shortly after the BoJ’s latest decision we mentioned in yesterday’s edition, which saw the yen weaken above 145 per US Dollar initially, before the intervention led to a sharp pullback that saw the yen close at 142.39. Confirmation came from Masato Kanda, Japan’s top currency official, who said that “The government is concerned about excessive moves in the foreign exchange markets, and we took decisive action just now”. In a statement from the US Treasury, a spokesperson said that “We understand Japan’s action, which it states aims to reduce recent heighted volatility of the yen.” George Saravelos writes here that the intervention is unlikely to work and could lead to an unnecessary loss of reserves and credibility. Asian equity markets are limping towards a sixth weekly loss this morning. The Kospi (-1.59%) is the largest underperformer across the region mirroring Wall Street losses overnight followed by the Shanghai Composite (-1.08%), CSI (-0.96%) and the Hang Seng (-0.91%). Elsewhere, markets in Japan are closed for a holiday with no trading of cash Treasuries in the Asian trading hours. US stock futures are pointing to further declines today with those on the S&P 500 (-0.17%) and NASDAQ 100 (-0.28%) both down. Early morning data from Australia showed that the flash manufacturing PMI rose slightly to 53.9 in September from 53.8 in August while the services PMI came in at 50.4 compared to 50.2 in August. In other news, Japan is ending its Covid-19 restrictions and opening the door back up to mass tourism in a move to revive the nation’s tourism industry as the Covid pandemic recedes. The new policies will come into effect on October 11. In terms of yesterday’s other data, sentiment wasn’t helped after the European Commission’s consumer confidence indicator for the Euro Area fell to a record low of -28.8 in September on the preliminary reading. Bear in mind that series covers both Covid and the GFC so that’s a seriously negative print. Over in the US, the Kansas City Fed’s manufacturing index fell to 1 in September (vs. 5 expected), marking its lowest level since July 2020. To the day ahead now, and data releases include the September flash PMIs for Europe and the US. Otherwise, central bank speakers include Fed Chair Powell, as well as the ECB’s Kazaks and Nagel. Remember the Italian election on Sunday. Tyler Durden Fri, 09/23/2022 - 08:03.....»»

Category: blogSource: zerohedgeSep 23rd, 2022

CSX Appoints New President and Chief Executive Officer

CSX announces Joseph R. Hinrichs as its new president and chief executive officer. CSX Corporation CSX has announced that Joseph R. Hinrichs will be the new president and chief executive officer, effective Sep 26, 2022. Hinrichs will replace James M. Foote, who will retire as the president and chief executive officer from the board of directors on Sep 26. However, Foote will stay at CSX as an advisor till Mar 31, 2023, for a smooth transition.Jim Foote stated, “Joe’s great strength is operational excellence. He enabled Ford to execute world-class manufacturing on a global scale, including prioritizing exceptional customer service. In addition to leading complex businesses over his 30-year career, he has proven that he understands how to prioritize safety and efficiency in an industry with dynamics that are similar to those we are navigating today in rail.”Previously, Hinrichs held several executive roles in global manufacturing, material planning and logistics. He served as the president of Ford Motor Company’s automotive business, president of Global Operations, president of the Americas, and president of the Asia Pacific and Africa.John J. Zillmer, chairman of CSX’s board of directors, stated, “This appointment is the result of a long and deliberate process, in which we identified the strongest candidate to lead CSX through its next phase of growth and transformation.” He added, “The Board believes that Joe is a seasoned leader with the relevant experience to lead CSX forward with our full support.”With more than 30 years of experience in the global automotive, manufacturing and energy sectors, the latest appointment of Hinrichs is expected to strengthen CSX’s competitive position.Over the past three months, shares of CSX have gained 4.3% compared with the 7.7% rise of the industry it belongs to. Image Source: Zacks Investment Research The positivity surrounding the stock is evident from the Zacks Consensus Estimate for current-year earnings being revised 3.3% upward over the past 90 days.Zacks Rank and Stocks to ConsiderCurrently, CSX carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Some better-ranked stocks from the broader Zacks Transportation sector are GATX Corporation GATX, Triton International Limited TRTN and Teekay Tankers Ltd. TNK,each currently carrying a Zacks Rank #2 (Buy).GATX Corporation has an expected earnings growth rate of 17.8% for the current year. GATX delivered a trailing four-quarter earnings surprise of 28.9%, on average.The Zacks Consensus Estimate for GATX’s current-year earnings has improved 2.1% over the past 90 days. Shares of GATX have gained 10.6% over the past year.Triton has an expected earnings growth rate of 22.4% for the current year. TRTN delivered a trailing four-quarter earnings surprise of 7.5%, on average. The company has a long-term expected growth rate of 10%.The Zacks Consensus Estimate for TRTN’s current-year earnings has improved 4.2% over the past 90 days. Shares of TRTN have increased 20.7% over the past year.Teekay Tankers has an expected earnings growth rate of 140.1% for the current year. TNK delivered a trailing four-quarter earnings surprise of 46.1%, on average. Teekay Tankers has a long-term expected growth rate of 3%.The Zacks Consensus Estimate for TNK’s current-year earnings has improved more than 100% over the past 90 days. Shares of TNK have soared 122.5% over the past year. Zacks Names "Single Best Pick to Double" From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time. This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.Free: See Our Top Stock and 4 Runners Up >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report CSX Corporation (CSX): Free Stock Analysis Report Teekay Tankers Ltd. (TNK): Free Stock Analysis Report GATX Corporation (GATX): Free Stock Analysis Report Triton International Limited (TRTN): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksSep 16th, 2022

Northern Florida Bank Acquired by DLP Bancshares

DLP Bancshares today announced that it has acquired Community State Bank, a commercial bank with $225 million in assets headquartered in Starke, Florida, near Gainesville and Jacksonville. DLP Bancshares is a holding company owned by a consortium of private investors including Don Wenner, CEO of the real estate investment and... The post Northern Florida Bank Acquired by DLP Bancshares appeared first on Real Estate Weekly. DLP Bancshares today announced that it has acquired Community State Bank, a commercial bank with $225 million in assets headquartered in Starke, Florida, near Gainesville and Jacksonville. DLP Bancshares is a holding company owned by a consortium of private investors including Don Wenner, CEO of the real estate investment and financial services firm DLP Capital.  “Community State Bank is a tremendous asset to its community, and we have plans to honor its rich history of quality and client service while at the same time contributing additional capital to position the bank for growth,” said Don Wenner, Founder & CEO of DLP Capital and the lead investor in DLP Bancshares. “We are excited to welcome all the employees of the bank to our DLP family while installing an exceptional Board of Directors to oversee the bank’s future success.”   Following the acquisition, DLP Bancshares made a significant capital contribution into Community State Bank to increase the bank’s lending limit, support its balance sheet objectives including loan growth, enhance the range of services offered to its customers, and steward and safeguard the bank’s operations, augmenting a strong system of internal controls, systems, and policies. In addition, DLP Bancshares will provide resources to strengthen and expand the bank’s technology investments, enhancing the products and services offered to the communities it serves. The bank will continue to play an important role in the local community, having a long history of serving the region dating to its founding in 1957.  DLP Bancshares brings to Community State Bank new board members with extensive financial and business experience including: Lisa Mead, a former executive of AmSouth Bank (later Regions Financial) of Birmingham, Alabama; Frank Rodriguez, chairman of debt and equity investment firm Miramar Group and former board member of the U.S. Hispanic Chamber of Commerce; Bob Peterson, chief financial officer of DLP Capital with 40 years’ experience in commercial and residential real estate finance; and the new Chairman of the Board Al Hatfield. Mr Hatfield was formerly a mergers and acquisitions executive with General Mills, CEO of a housing supplies distribution company sold to North America’s largest building materials company, served in the Marine Corps, and is the chair of a bank holding company in Minnesota. The current CEO of Community State Bank, David Bridgeman, will remain in that role and on the board. Also remaining on the board is attorney Eric Smith, a former member of the Florida House of Representatives and former president of the Jacksonville City Council. The bank is poised to in the future benefit from DLP Bancshares’ affiliation with DLP Capital, potentially offering banking services to the latter’s base of more than 2,250 investors nationwide and 200+ real estate operator relationships.  Community State Bank offers a full spectrum of banking services, including consumer and business loans, residential and commercial real estate mortgages, Small Business Administration loans, a full suite of depository products, in addition to credit cards, payroll services, cash management services, and other products that fulfill the needs of the bank’s growing customer base.  Thomas G. Rudkin, Principal with DD&F Consulting Group, originated and assisted in negotiating the transaction. Scott A. Coleman of Ballard Spahr LLP served as legal advisor, and The Kafafian Group provided investment advisory services to DLP Bancshares. The post Northern Florida Bank Acquired by DLP Bancshares appeared first on Real Estate Weekly......»»

Category: realestateSource: realestateweeklySep 15th, 2022

Nick Clegg, one of Mark Zuckerberg"s top executives, was in the room when Charles was confirmed as the new king

Nick Clegg was the UK's deputy prime minister between 2010 and 2015 and joined Meta three years later in a global affairs and communications role. Nick Clegg attended the ceremony at St. James's Palace on Saturday and sat next to David Cameron, the former prime minister (left).Richard Heathcote/Getty Images Nick Clegg, one of Mark Zuckerberg's top executives, watched as Charles was confirmed as king. He attended because he is a member of the Privy Council, an advisory board to the monarch. Clegg is a former deputy prime minister of Britain and joined Facebook owner Meta in 2018. Nick Clegg, one of Mark Zuckerberg's top executives, attended the ceremony where Charles was formally proclaimed king in London on Saturday.While some were surprised to see Meta's global affairs chief at the event, he could do so because he is a member of the Privy Council – an advisory board to the monarch.Clegg is a member of the council because he was the UK's deputy prime minister between 2010 and 2015 under David Cameron. Clegg was leader of the Liberal Democrats, which was the junior party in a coalition government with the Conservatives, and also has a knighthood, meaning he is formally called Sir Nick.One Twitter user quipped:—Ben (@cinemashoebox) September 10, 2022Privy Counsellors retain their membership for life and there are now about 700 members. The entire council was summoned to the ceremony at St. James's Palace, although not all could attend due to the size of the room where it was held. It was televised for the first time.Clegg joined Meta in 2018 as vice-president of global affairs and communications, before becoming president earlier this year. In a tweet on the day of Queen Elizabeth II's death, Clegg said he had the "great privilege of experiencing her wit and wisdom first hand. Today is a sad day for our country but her legacy will live on for many generations to come."He also tweeted a picture of himself with Elizabeth, saying her "stoicism and sense of duty was a calming and stabilising influence throughout the ups and downs of many tumultuous decades, and her devotion to the people of the UK and the Commonwealth was unconditional."Read the original article on Business Insider.....»»

Category: topSource: businessinsiderSep 10th, 2022

Elon Musk suggests big Tesla factory expansion plans

Tesla CEO Elon Musk the location of its next factory and a stock split. Tesla Chief Executive Elon Musk said Thursday that the electric-vehicle maker, which is striving to sell 20 million vehicles annually, could ultimately build 10 or 12 factories. An announcement about Tesla’s next factory location could come later this year, he said at Tesla’s annual shareholder meeting. Mr. Musk didn’t say whether the factory count he forecast includes existing facilities such as the company’s four existing car plants. At the event, Tesla shareholders cleared the way Thursday for the company to complete its second stock split in about two years, based on a preliminary vote count. Tesla, whose stock price has roughly tripled in the past two years, is planning a 3-for-1 stock split that the company has said is designed to make ownership more accessible to employees and individual investors. Tesla needed shareholders to sign off on issuing the new shares to complete the split. The move wouldn’t affect the company’s market value, which topped $960 billion as of Thursday. ELON MUSK WEIGHS IN ON TESLA INFLATION That proposal was among more than a dozen facing investor consideration at Tesla’s annual shareholder meeting, held at the company’s Austin, Texas-area factory. The gathering followed a recent rally in Tesla’s stock price after the company reported second-quarter earnings that were better than expected. Tesla generated $2.3 billion in profit for the period, ahead of Wall Street’s expectations but below its record quarterly profit of $3.3 billion in the first three months of the year. An extended shutdown at Tesla’s Shanghai assembly plant, paired with global supply-chain disruptions and labor shortages weighed on results. Chief Financial Officer Zach Kirkhorn said on the company’s July earnings call that Tesla was still aiming for 50% vehicle-delivery growth this year over 2021, though he acknowledged that reaching that target had become more difficult. The investor gathering spotlighted concerns that some shareholders have expressed about Tesla’s corporate governance. Several of the nonbinding proposals dealt with employment issues, from corporate efforts to prevent harassment and discrimination to how mandatory arbitration affects Tesla’s employees and workplace culture. A preliminary tally indicated those measures didn’t receive the requisite votes. TESLA CHIEF ELON MUSK TELLS WORKERS REMOTE WORK ‘NO LONGER’ ACCEPTABLE: REPORT The company is facing scrutiny from state and federal employment authorities over issues including alleged racial discrimination and harassment at its Fremont, Calif., assembly plant. The California Department of Fair Employment and Housing sued Tesla in February, saying that Black workers routinely heard supervisors using racial slurs and were confronted with racist graffiti in the factory. Tesla has alleged misconduct by the California agency and said it is seeking dismissal of the case. In June, the U.S. Equal Employment Opportunity Commission reached conclusions similar to those of the California employment agency, Tesla said in a securities filing, adding that it planned to begin settlement talks with federal officials. Shareholders also backed the proposed re-election of the Tesla directors Ira Ehrenpreis and Kathleen Wilson-Thompson, who have served on the board since 2007 and 2018, respectively. The proxy advisory firm Institutional Shareholder Services had urged investors to vote against their re-election, citing concern about the board’s risk oversight and Tesla’s response to a measure that shareholders approved last year. That nonbinding proposal called on Tesla to cut board members’ terms to one year, from three. Instead, Tesla asked shareholders to reduce directors’ terms to two years. Such a proposal failed to gain the requisite votes last year or in 2019 and failed again this year. GET FOX BUSINESS ON THE GO BY CLICKING HERE Oracle Corp. co-founder Larry Ellison, who joined the board in 2018, didn’t stand for re-election, meaning Tesla’s board is poised to shrink to seven members, from eight......»»

Category: marketSource: foxnewsAug 4th, 2022

Elon Musk Suggests Big Tesla Factory Expansion Plans

Tesla CEO Elon Musk the location of its next factory and a stock split. Tesla Chief Executive Elon Musk said Thursday that the electric-vehicle maker, which is striving to sell 20 million vehicles annually, could ultimately build 10 or 12 factories. An announcement about Tesla’s next factory location could come later this year, he said at Tesla’s annual shareholder meeting. Mr. Musk didn’t say whether the factory count he forecast includes existing facilities such as the company’s four existing car plants. At the event, Tesla shareholders cleared the way Thursday for the company to complete its second stock split in about two years, based on a preliminary vote count. Tesla, whose stock price has roughly tripled in the past two years, is planning a 3-for-1 stock split that the company has said is designed to make ownership more accessible to employees and individual investors. Tesla needed shareholders to sign off on issuing the new shares to complete the split. The move wouldn’t affect the company’s market value, which topped $960 billion as of Thursday. ELON MUSK WEIGHS IN ON TESLA INFLATION That proposal was among more than a dozen facing investor consideration at Tesla’s annual shareholder meeting, held at the company’s Austin, Texas-area factory. The gathering followed a recent rally in Tesla’s stock price after the company reported second-quarter earnings that were better than expected. Tesla generated $2.3 billion in profit for the period, ahead of Wall Street’s expectations but below its record quarterly profit of $3.3 billion in the first three months of the year. An extended shutdown at Tesla’s Shanghai assembly plant, paired with global supply-chain disruptions and labor shortages weighed on results. Chief Financial Officer Zach Kirkhorn said on the company’s July earnings call that Tesla was still aiming for 50% vehicle-delivery growth this year over 2021, though he acknowledged that reaching that target had become more difficult. The investor gathering spotlighted concerns that some shareholders have expressed about Tesla’s corporate governance. Several of the nonbinding proposals dealt with employment issues, from corporate efforts to prevent harassment and discrimination to how mandatory arbitration affects Tesla’s employees and workplace culture. A preliminary tally indicated those measures didn’t receive the requisite votes. TESLA CHIEF ELON MUSK TELLS WORKERS REMOTE WORK ‘NO LONGER’ ACCEPTABLE: REPORT The company is facing scrutiny from state and federal employment authorities over issues including alleged racial discrimination and harassment at its Fremont, Calif., assembly plant. The California Department of Fair Employment and Housing sued Tesla in February, saying that Black workers routinely heard supervisors using racial slurs and were confronted with racist graffiti in the factory. Tesla has alleged misconduct by the California agency and said it is seeking dismissal of the case. In June, the U.S. Equal Employment Opportunity Commission reached conclusions similar to those of the California employment agency, Tesla said in a securities filing, adding that it planned to begin settlement talks with federal officials. Shareholders also backed the proposed re-election of the Tesla directors Ira Ehrenpreis and Kathleen Wilson-Thompson, who have served on the board since 2007 and 2018, respectively. The proxy advisory firm Institutional Shareholder Services had urged investors to vote against their re-election, citing concern about the board’s risk oversight and Tesla’s response to a measure that shareholders approved last year. That nonbinding proposal called on Tesla to cut board members’ terms to one year, from three. Instead, Tesla asked shareholders to reduce directors’ terms to two years. Such a proposal failed to gain the requisite votes last year or in 2019 and failed again this year. GET FOX BUSINESS ON THE GO BY CLICKING HERE Oracle Corp. co-founder Larry Ellison, who joined the board in 2018, didn’t stand for re-election, meaning Tesla’s board is poised to shrink to seven members, from eight......»»

Category: marketSource: foxnewsAug 4th, 2022

Victor Davis Hanson: How To Erode The World"s Greatest Military

Victor Davis Hanson: How To Erode The World's Greatest Military Authored by Victor Davis Hanson via AmGreatness.com, Alienating half the country is not a wise strategy of military recruitment... The U.S. Army has met only 40 percent of its 2022 recruiting goals.   In fact, all branches of the military are facing historic resistance to their current recruiting efforts. If some solution is not found quickly, the armed forces will radically shrink or be forced to lower standards—or both.   Such a crisis occurs importunely as an aggressive Russia, China, Iran, and North Korea believe the Biden Administration and the Pentagon have lost traditional U.S. deterrence.   That pessimistic view abroad unfortunately is now shared by many Americans at home. In 2021, the Ronald Reagan Presidential Foundation and Institute conducted its periodic poll of attitudes toward the U.S. military. The result was astonishing. Currently, only 45 percent of Americans polled expressed a great deal of trust in their armed forces. Confidence had dived 25 points since an early 2018 poll.  Military officials cite both the usual and a new array of challenges in finding suitable young soldiers—drug use, gang affiliation, physical and mental incapacities, and the dislocations arising from the COVID pandemic and vaccination mandates. But they are too quiet about why such supposedly longer-term obstacles suddenly coalesced in 2022—as if their own leadership and policies have had no effect in discouraging tens of thousands of young men and women to join them.  The Greatest Skedaddle in Modern American History  A year ago, Defense Secretary Lloyd Austin and Joint Chiefs Chairman Mark Milley were assuring the country not to worry over Joe Biden’s strange ideas of abruptly pulling out all U.S. troops from Afghanistan. The radical step was purportedly to coincide with Biden’s planned 20-year celebratory event marking his role in ensuring an iconic end of the war on terror that began on September 11, 2001.   What followed was the worst U.S. military humiliation since Pearl Harbor.   U.S. forces abandoned hundreds if not thousands of American contractors and loyal Afghan employees, a $1 billion embassy, a huge $300 million refitted air base, and reportedly somewhere between $60-80 billion in military equipment and infrastructure. That sum was nearly double all the current military assistance sent to Ukraine.   Thirteen Americans were murdered by terrorists during the chaotic flight. In response, the United States mistakenly blew up 10 innocent Afghans after misidentifying them as ISIS terrorists. The horrific scenes at the Kabul airport surpassed the 1975 catastrophic ending of the Vietnam War on the U.S. embassy roof.   The global aftermath was eerie. Russia in a few months thereafter invaded Ukraine. Iran proudly announced it would soon have enough fissionable material to make a nuclear weapon. North Korea resumed its provocative missile launches. China openly talked of storming Taiwan.   The common denominator was the global perception that any president and military responsible for such colossal, televised incompetence would or could neither deter enemy aggression nor protect allied interests.   In response, widely reported furor arose among the ranks of some American officers and the enlisted. Mid-level officers especially claimed they were ignored after warning that the abrupt withdrawal was suicidal, that Pentagon grandees were lying about the dire facts on the grounds in efforts to lubricate the Biden agenda, and that thousands of Americans and loyal Afghans would be cast adrift, along with our NATO allies. The shame of defeat and the cloud of incompetence from Afghanistan have continued to harm recruitment efforts of the military.  The White Rage Unicorn  About a year ago Austin and Chairman Milley took time out from assuring Americans that all would be well in Kabul, to testify before Congress about the Pentagon’s effort to address “white rage” in the six-month aftermath of the January 6 riot.   Both were also asked to explain why the armed services were recommending soldiers read inter alia the often-discredited “antiracist” theories of Ibram X. Kendi. His polarizing doctrine asserts that the entire U.S. system of government, all social and political life, and our very culture are racist to core. As a result, Kendi’s solution requires radical and overt racial preferencing and discrimination supposedly to fight such an insidious system.   Yet what was startling about the two officials’ testimonies was the utter lack of data showing any general trends that white soldiers were any more or less likely to practice racial discrimination or chauvinism than other ethnic and racial groups in the military. An array of officers defended various workshops and course work at the military academies purporting that white rage is an existential problem in the military.   The subtext of the entire testimony debacle was that the two titular heads of the military wished to reassure progressive majorities in the U.S. Congress that they were sympathetic to the woke movement and, along with other high-ranking officers, wanted publicly to virtue signal to that effect.   In their emphasis on diversity, equity, and inclusion—the latest euphemisms for using race and gender quotas to assure proportional or even reparatory representation—throughout the officer corps, Austin and Milley seemed entirely oblivious that the U.S. Army depends on generations of family loyalty to the armed forces. Such heritage and legacy considerations have ensured a steady stream of recruits for front-line combat units.   In other words, over generations the same families, drawn from mostly middle-class cohorts, have served disproportionately in combat units in Vietnam, the various Iraq conflicts, and Afghanistan. Indeed, if the military was consistent in its racial fixations, it might have noted that white males—the purported targets of the Austin and Milley efforts to ferret out supposed white rage cells— died in three wars at roughly twice their numbers in the general population. Current analysis of the recruiting crisis reveals what almost any observer would have predicted a year earlier from the haughty virtue signaling of Austin and Milley: traditional military families are not sending their sons and daughters into the ranks. It is not the danger of combat or the rigor of military life that families fear, but the suspicion their offspring will be targeted for ideological indoctrination and coercion that is either extraneous or antithetical to military efficacy.  Traditionally, 40 percent of new recruits cite the military service of their parents—not to mention their veteran grandparents. Currently only 13 percent of new recruits arrive from such military families. Yet Austin and Milley made no connection between the Pentagon fixations on current hot-button social issues and its apparent inability to secure an honorable and safe withdrawal from Afghanistan.  The Weaponization of the Pentagon  There is a general perception in and outside the military that the top ranks of the services are increasingly politicized. High profile officers have used the great authority, influence, and power of the Pentagon in polarizing progressive advocacy roles from transgenderism to abortion—to the detriment of military efficacy and lethality. Much of unhappiness with the military arises partly from the woke hysteria, the institutional disdain for Donald Trump and his response to it, and the perceived rewards for those retired military lobbyists and corporate board members who reflect a new woke creed.    The nadir in politicization came in 2021 when it was revealed that Milley secretly contacted his Chinese communist counterpart during the height of the 2020 presidential election. Milley claimed he believed that his own commander-in-chief, Trump, was unstable. And so, after his layman’s diagnosis, he wished to assure the People’s Liberation Army’s ranking officer that he would tip the Chinese off about any thought of a preemptive American strike on China. Milley also ordered his own subordinate theater officers to report to him first should Trump contemplate any nuclear action against China.  Upon public disclosure of those facts, Milley should have been summarily fired. By law, the chairman of the Joint Chiefs is an advisory official only. The position enjoys no operational command.  Milley violated the chain of command by usurping theater authority that was not his. Nor can a military long exist, if its iconic leader freelances in contacting enemy counterparts without the knowledge of the commander-in-chief.   Can we imagine the outrage that would now ensue, if Milley should once again warn his Chinese counterpart that another president, Joe Biden, in the chairman’s own opinion, suffers bouts of cognitive debility and early onset senility, forcing Milley to take matters in his own hands? Yet such freelancing insubordination is now Milley’s legacy.   In fact, some in the retired U.S. military for over four years systematically violated the Uniform Code of Military Justice, sometimes to the extent of engaging in a sort of coup porn.  In a Washington Post op-ed, retired generals Paul Eaton, Antonio Taguba, and Steven Anderson melodramatically and without evidence warned the nation of a supposedly impending coup should their commander-in-chief Donald Trump be elected again in 2024.  In August 2020, two retired officers John Nagl and Paul Yingling, wrote an op-ed urging Milley to simply remove Trump from office should Milley himself feel such a move was necessary after a disputed election. That was a de facto call for a possible coup d’état. But it was not unique. Earlier, civilian Rosa Brooks, a former Obama-era Pentagon legal official, published an inflammatory call to arms in Foreign Policy. She discussed three major possible avenues to remove newly inaugurated Donald Trump from the presidency. One of her alternatives was a military coup.   For the entire Trump presidency, retired four-star generals and admirals had routinely smeared their commander-in-chief as a veritable Nazi, a Mussolini-like figure, an abject liar, and comparable in his policies to the architects of the Nazi death camps. One retired admiral called for the removal of Trump “the sooner, the better” as if regularly scheduled elections were insufficient remedies.  Aside from clear violations of Article 88 of the Uniform Code of Military Justice, these officers were oblivious that nearly half the country supported the president and his policies. And so, millions of people would logically conclude that the highest-ranking retired officers, and by extension the culture of the current military, had nothing but contempt for their own views and voting decisions. Alienating nearly half the country is not a wise strategy of military recruitment. Nor is hypocrisy. The perceptions in the ranks have grown that applications of the law are asymmetrical and politically warped. Article 88, applicable to retired generals and admirals, prohibits military officers from using contemptuous words about top civilian elected and appointed officials. It says nothing about the spouses of said officials. None of the retired officers who in the media libeled their commander-in-chief from 2017-2021 faced any consequences—reprimands, court martials, or sanctions from doing business with the Pentagon from their corporate billets. Yet one recently did.   The U.S. Army just fired retired consultant Lt. Gen. Gary Volesky from a contractual position with the Pentagon because he poked fun at First Lady Jill Biden. Note that Volesky did not suggest Jill or Joe Biden was a Nazi, a fascist, or liar —much less that her husband should be removed from office “the sooner, the better.” Retired General Volesky’s crime was mocking Jill Biden’s purported hypocrisy on the recent overturn of Roe v. Wade.  Unfortunately, the crisis in the U.S. military transcends even the Afghanistan misadventure, unsupported accusations against an entire demographic, the erosion of military familial loyalty, freelancing politicized officers, and asymmetrical applications of laws and codes.  Fairly or not, the perception among the public and our enemies is that the U.S. military has become a political entity with an agenda that transcends defending the U.S. and its interests.  Its perceived main agenda by half the country is progressive social justice, administered top-down from a cadre of elites who can implement controversial policies through the chain of command without the messy work of the Congress—to the delight of the Pentagon’s newfound sunshine friends on the woke Left.  Such military social engineers unfortunately appear to share contempt for a large group of Americans who voted for a president they despised. And this is a fact warmly welcomed by our worst enemies abroad. Tyler Durden Wed, 07/27/2022 - 23:35.....»»

Category: blogSource: zerohedgeJul 28th, 2022

The Talented Mr. Pottinger: The US Intelligence Agent Who Pushed Lockdowns

The Talented Mr. Pottinger: The US Intelligence Agent Who Pushed Lockdowns Authored by Michael Senger via 'The New Normal' Substack, In 1948, the US House of Representatives received a tip from a man named Whittaker Chambers that several federal officials had been working for the communists. One of these officials was more than happy to appear before Congress to clear his name—a leading State Department and United Nations representative named Alger Hiss. The rakish Hiss was the exemplary American statesman: Polite, pedigreed, well-spoken, and a Harvard man to boot. During the 1945 United Nations conference, the Chinese delegation had proposed the creation of a new international health organization. After the Chinese failed to get a resolution passed, Hiss recommended establishing the organization by declaration, and the World Health Organization was born. In Congress, Hiss coolly denied the allegations and denounced his deadbeat accuser for the libelous claims. The House came away newly reassured that the State Department was in excellent hands. (Spoiler alert: He was then and always had been a communist.) The next year, intelligence leaks from the federal service led to the Soviet Union’s first successful nuclear test, ending the security afforded by America’s nuclear monopoly 15 years earlier than experts expected. Shortly thereafter, Kim Il-Sung and Chairman Mao used the cover of Soviet nuclear weapons to invade South Korea. The ensuing war claimed over 3 million lives and resulted in the permanent recognition of the nation of North Korea. Around this time, a little-known Congressman from California’s 12th district named Richard M. Nixon pressed Chambers for more information. Chambers reluctantly led Tricky Dick to a package of State Department materials he had hidden in a pumpkin patch—including notes in Hiss’s own writing. Alger Hiss became the most high-level American official ever convicted in connection with working for the communists. 2022 To be honest, I barely knew who Matt Pottinger was until I read that he’d appointed Deborah Birx as White House Coronavirus Response Coordinator in her bizarrely self-incriminating memoir Silent Invasion, which reads like it was written by the Chinese Communist Party itself. There’s little information about Pottinger’s role in Covid online. Yet Pottinger is portrayed as a leading protagonist in three different pro-lockdown books on America’s response to Covid-19: The Plague Year by the New Yorker’s Lawrence Wright, Nightmare Scenario by the Washington Post’s Yasmeen Abutaleb, and Chaos Under Heaven by the Washington Post’s Josh Rogin. Pottinger’s singularly outsized role in pushing for alarm, shutdowns, mandates, and science from China in the early months of Covid is extremely well-documented. Pottinger’s enormous influence during Covid is especially surprising not only because of his absence from online discussion about these events, but because of who he is. The son of leading Department of Justice official Stanley Pottinger, Matt Pottinger graduated with a degree in Chinese studies in 1998 before going to work as a journalist in China for seven years, where he reported on topics including the original SARS. In 2005, Pottinger unexpectedly left journalism and obtained an age waiver to join the US Marine Corps. Over several tours in Iraq and Afghanistan, Pottinger became a decorated intelligence officer and met General Michael Flynn, who later appointed him to the National Security Council (NSC). Pottinger was originally in line to be China Director, but Flynn gave him the more senior job of Asia Director. Despite being new to civilian government, Pottinger outlasted many others in Trump’s White House. In September 2019, Pottinger was named Deputy National Security Advisor, second only to National Security Advisor Robert O’Brien. Pottinger is best known as a China hawk, but a smart and sophisticated one. He’s been ahead of the curve in calling out China’s increasingly aggressive geopolitical stance, articulating this challenge with near-perfect eloquence. As Politico writes, “While hawks like Bannon love his tough views toward China, even Democrats call his views basically mainstream. Still, some foreign policy experts…wonder what a nice guy like him is doing in a place like this.” “He’s a very effective bureaucratic player, which is saying something because he’s never had a policy job before,” the New York Times agreed. “Matt has an extraordinary sense of caution that, ‘Let’s not push something unless the president clearly has approved it.’ This is different from other members of White House staff,” the Washington Post admired. While many Trump administration officials have floundered since Trump left the White House, “things are going well for Pottinger,” Vox gushed. “[T]hat subject matter expertise—plus the patina afforded by resigning on January 6—has helped Pottinger, a former journalist, expertly navigate the post-Trump landscape. He even emerged as the White House hero of the initial Covid-19 chaos in New Yorker writer Lawrence Wright’s chronicle of The Plague Year… One reason that Matt Pottinger was welcomed back into the establishment is that, unlike some of Trump’s unconventional appointees, he had already been a part of the elite.” From the center-right to the center-left and the far right to the far left, it’s tough to find anyone on the Beltway short on praise for Matt Pottinger. Everything about Pottinger is silky smooth. Between the lines of glowing coverage are not-so-subtle winks and nudges that he’d make an excellent candidate for higher office. 2020 1. Ratcheting Up Alarm via “Asymptomatic Spread” In January 2020, Pottinger unilaterally called meetings and ratcheted up alarm about the new coronavirus in the White House based on information from his own sources in China, despite having no official intelligence to back up his alarmism, breaching protocol on several occasions. In Washington, Matt Pottinger was first made aware of the new coronavirus after China’s CDC Director called US CDC Director Robert Redfield to report it on January 3, 2020. According to Pottinger, he grew increasingly alarmed due to the rumors he saw on Chinese social media. As Wright reports: He was struck by the disparity between official accounts of the novel coronavirus in China, which scarcely mentioned the disease, and Chinese social media, which was aflame with rumors and anecdotes. Pottinger therefore authorized the first interagency meeting on the coronavirus based on these social media reports. There was no official intelligence to prompt the meeting. On January 14, Pottinger authorized a briefing for the NSC staff by the State Department and the Department of Health and Human Services, along with CDC director Redfield. That first interagency meeting to discuss the situation in Wuhan wasn’t prompted by official intelligence; in fact, there was practically none of that. On January 27, 2020, Trump’s staff attended the first full meeting on the coronavirus in the White House Situation Room. Unbeknownst to those in attendance, Pottinger had unilaterally called the meeting. Others urged calm, but Pottinger immediately began pushing for travel bans. As Abutaleb writes: Few people in the room knew it, but Pottinger had actually called the meeting. The Chinese weren’t providing the US government much information about the virus, and Pottinger didn’t trust what they were disclosing anyway. He had spent two weeks scouring Chinese social media feeds and had uncovered dramatic reports of the new infectious disease suggesting that it was much worse than the Chinese government had revealed. He had also seen reports that the virus might have escaped from a lab in Wuhan, China. There were too many unanswered questions. He told everyone in the Sit Room that they needed to consider enacting a travel ban immediately: ban all travel from China; shut it down… [Pottinger] spent several days calling some of his old contacts in China, doctors who would tell him the truth. And they had told him that things were bad—and only going to get worse. Pottinger’s discourse was measured but he conveyed the gravity of the threat. He said that the virus was spreading fast. He said that dramatic actions would need to be taken, which was why the government should consider banning travel from China to the United States until it had a better understanding of what was going on. As he continued, people sat up in their chairs. This was not the “we’ve got everything handled” message that Azar had conveyed just minutes earlier. As Wright documents, the health officials thought travel restrictions would be futile. Predictably, the public health representatives were resistant, too: viruses found ways to travel no matter what. Moreover, at least 14,000 passengers from China were arriving in the U.S. every day; there was no feasible way to quarantine them all. These arguments would join a parade of other public health verities that would be jettisoned during the pandemic. Among those present, Chief of Staff Mick Mulvaney appears to have been the only one to express skepticism of Pottinger’s information. As Abutaleb writes: Mulvaney intervened to wrap things up. He could tell that Pottinger and a few others were calling for a dramatic change, one that was an anathema to his libertarian instincts. He was pretty skeptical of Pottinger’s “sources” in China, too. They weren’t going to be setting US policy based on what someone had heard from their “friend” thousands of miles away. Mulvaney reiterated that they would reconvene the next day to discuss matters again before anything was settled. He warned attendees not to leak any details of the meeting to the media. The next morning, January 28, 2020, Pottinger says he spoke to a doctor in China who told him the new coronavirus would be as bad as the 1918 Spanish flu, and that half the cases were asymptomatic. As Rogin writes: The next morning, Pottinger had a conversation with a very high-level doctor in China, one who had spoken with health officials in several provinces, including Wuhan. This was a trusted source who was in a position to know the ground truth. “Is this going to be as bad as SARS in 2003?” he asked the doctor, whose name must remain secret for his own protection. “Forget SARS in 2003,” the doctor replied, “this is 1918.” The doctor told Pottinger half the cases were asymptomatic and the government must have known all about it. Later that same day, National Security Advisor Robert O’Brien brought Pottinger into the Oval Office, where he seized the first opportunity to repeat to the President what the doctor in China had told him that morning. “This is the single greatest national security crisis of your presidency and it’s now unfolding,” O’Brien told the president. “It’s going to be 1918,” Pottinger told Trump. “Holy fuck,” the president replied. Wright goes into more detail on this meeting, in which Pottinger interjected to alarm the President: Later that day, the national security adviser, Robert O’Brien, brought Pottinger into the Oval Office, where the president was getting his daily intelligence briefing. Far down the list of threats was the mysterious new virus in China. The briefer didn’t seem to take it seriously. O’Brien did. “This will be the biggest national security threat you will face in your presidency,” he warned. “Is this going to be as bad or worse than SARS in 2003?” Trump asked. The briefer responded that it wasn’t clear yet. Pottinger, who was sitting on a couch, jumped to his feet. He had seen enough high-level arguments in the Oval Office to know that Trump relished clashes between agencies. “Mr. President, I actually covered that,” he said, recounting his experience with SARS and what he was learning now from his sources—most shockingly, that more than half of the spread of the disease was by asymptomatic carriers. China had already curbed travel within the country, but every day thousands of people were traveling from China to the U.S.—half a million in January alone. “Should we shut down travel?” the president asked. “Yes,” Pottinger said unequivocally. That same day, Pottinger and the White House staff reconvened in the Situation Room. Pottinger recalls that he’d been especially inspired into action by Xi Jinping’s lockdown of Wuhan and by the hospital that the CCP claims to have built in 10 days, but did not actually build. As Abutaleb reports: A few hours later, Pottinger and other government officials filed back into the Situation Room. Pottinger knew he was going to be outnumbered. Mulvaney and his allies didn’t want to allow the NSC to do anything that might be too disruptive. Blocking travel from China would be an unprecedented intervention. And over what? Five cases of the sniffles in the United States?… On January 23, China announced that it was locking down Wuhan, a city of 11 million people. The shutdown was extended to several more cities in the coming days, with travel prohibited inside much of the country. Tens of millions of people were effectively locked in their homes. The Chinese were rapidly building an entire hospital in Wuhan that was completed within days. Everyone in the country was wearing a mask. People in hazmat suits took passengers’ temperatures before anyone was allowed into the subway. China had gone from reluctantly admitting that there had been a few cases of person-to-person spread to shutting down the world’s second largest economy. If the virus had brought the world’s most populous country to a standstill, some top US officials, especially Pottinger, knew they should be doing more. As Deputy National Security Advisor, Pottinger was supposed to “avoid arguing forcefully for any particular outcome,” so he brought Peter Navarro to make his arguments for him. Abutaleb continues: But as deputy national security advisor, Pottinger was in an awkward position. He was supposed to be chairing the meeting, which meant that his job was to solicit input from others in the room and avoid arguing forcefully for any particular outcome. That fact tied his hands. He needed someone else to make the more pointed parts of his argument for him. Someone who would stand up to everyone else in the room unflinchingly. He knew just the person: a reviled troublemaker named Peter Navarro, the director of the White House National Trade Council… Pottinger’s plan to use Navarro as his mouthpiece seemed to work initially, but then Navarro kept going. And going… They needed to ban travel, and they needed to do it now. Pottinger had been waiting for an opening. He told his colleagues that he had come across some alarming information: Chinese officials were no longer able to contact trace the virus. In other words, it was so widespread that they couldn’t determine where people had contracted it. And he relayed the Chinese suspicions about asymptomatic spread: people who seemed perfectly healthy were transmitting the virus, not just in China but potentially everywhere, including in the United States. Once again, Mulvaney was skeptical of Pottinger. Three months prior, Navarro had been caught citing himself as an expert source using the pseudonym “Ron Vara”: Mulvaney couldn’t believe what he was witnessing. Pottinger and Navarro had nearly pulled off a policy ambush. “Look,” Mulvaney told someone at the meeting, “I’ve got Pottinger with a friend of his in Hong Kong as a source. I’ve got Navarro, who makes up his sources, and then on the other side of the equation I’ve got Kadlec and Fauci and Redfield, three experts, who say not to shut down flights just yet.” A health expert pointed out that the statistic Pottinger had reported from the doctor in China about asymptomatic spread couldn’t be true. One of the government health experts pulled Pottinger aside. The stat Pottinger had cited, the one about half of all people with the virus being asymptomatic, there’s just no way that can be true, the person said. No one has ever heard of a coronavirus similar to SARS or MERS whose spread can be driven in part by asymptomatic carriers. That would be a game changer. On February 1, Mulvaney tried to rein Pottinger in. As Rogin reports: Concerned about the political implications, Mulvaney tried to rein in Pottinger. He took O’Brien aside and told him, “You’ve got to get Pottinger under control.” Pottinger was too young, Mulvaney said, and too immature to be deputy national security adviser. Mulvaney was among the most skeptical of all the White House officials that the virus threat was real. In late February, as the markets tanked, Mulvaney said the media was exaggerating the threat in an effort to bring down President Trump, calling it the “hoax of the day.” As he prepared the White House’s first budget to respond to the emerging crisis, Mulvaney pegged the total cost at $800 million. (Mulvaney was pushed out in early March.) 2. Pottinger’s Crusade for Universal Masking In February 2020, Pottinger, who has no background in science or public health, began a months-long campaign to popularize universal masking and travel quarantines in response to the coronavirus based on information from his own sources in China. Beginning in February 2020, Pottinger began a crusade for Americans to adopt universal masking in response to the new coronavirus based on recommendations from his own sources in China. As Abutaleb writes: Back in February, Matt Pottinger had relayed what he had hoped would be received as good news by the Coronavirus Task Force. His contacts in China had found a way to significantly slow the virus’s spread: face coverings. Pottinger began wearing a mask to work in early March to convince his White House colleagues to take up the practice. A mask, however, could significantly stem transmission, Pottinger argued. If people’s noses and mouths were covered, they would emit far fewer respiratory droplets, lowering the risk of infecting others. Pottinger began wearing a mask to work in early March. But he didn’t wear a simple cloth face covering; he wore what other White House aides thought was a gas mask. He looked like a lunatic, some snickered, and it reinforced his reputation as an alarmist. One staffer described him as “being at a hundred” as early as January (on a scale of 1 to 10 in terms of concern). Pottinger, who has no background in science or public health, pushed for mask mandates in the White House and for staff to be quarantined if they traveled outside Washington. Having lived in China during the SARS outbreak, he saw the importance of the speed with which Asian countries had mobilized. In early February, he recommended that NSC staffers who traveled outside Washington—even to other parts of the United States—quarantine before returning to work. He also wanted NSC staff to telework when possible, limit in-person meetings, restrict the number of people who could be in a room at one time, and be required to wear masks. That struck many White House aides as absurd. There were just a handful of known cases at the time; the virus was barely a blip on most people’s radars. No one else was changing their workplace standards… Pottinger urged the adoption of universal masking as had been ordered by “governments in China, Taiwan, and Hong Kong.” Pottinger pointed to a handful of Asian countries where the use of face coverings was universal. The governments in China, Taiwan, and Hong Kong had ordered their citizens to wear masks with seemingly indisputable results. Pottinger saw no “downside” in universal masking, though there was no data and research to show it was effective. Pottinger’s heart sank as he saw the tweet and the ensuing messages. What was the downside in having people cover their faces while they waited for more data and research about how effective masks might be? Pottinger proposed delivering a mask to every mailbox in America. As Wright reports: Pottinger and Robert Kadlec, an assistant secretary at Health and Human Services, came up with an idea to put masks in every mailbox in America. Hanes, the underwear company, offered to make antimicrobial masks that were machine washable. “We couldn’t get it through the task force,” Pottinger told his brother. “We got machine-gunned down before we could even move on it.” Masks were still seen as useless or even harmful by the administration and even public health officials. Matt Pottinger’s crusade for the adoption of universal masking based on information from his own sources in China is especially peculiar because, as of the time of this writing, though there are hundreds of pictures of Pottinger online, there does not appear to be a single one in which he is wearing a mask anywhere on the Internet. 3. Popularizing Shutdowns In January 2020, Pottinger popularized shutdowns within the White House using a dubious study on the 1918 flu pandemic comparing outcomes between Philadelphia and St. Louis, a month before this study received any significant media attention. If you live in the United States, you probably remember the ludicrous study that made the rounds among major media outlets in March 2020 comparing outcomes in Philadelphia and St. Louis during the 1918 Spanish flu. According to the study, St. Louis canceled its annual parade, closed schools, and discouraged gatherings in 1918, while Philadelphia did not, so Philadelphia was punished when thousands of residents died of flu over the coming weeks. Therefore, these media outlets argued, it somehow logically followed that we should shut down the entire United States economy in 2020. One man who was several weeks ahead of media outlets in citing this claptrap was Matt Pottinger. As Wright reports, Pottinger began popularizing the idea of shutdowns within the White House by circulating this study among his White House colleagues on January 31, 2020. Matt Pottinger handed out a study of the 1918 flu pandemic to his colleagues in the White House, indicating the differing outcomes between the experiences of Philadelphia and St. Louis—a clear example of the importance of leadership, transparency, and following the best scientific counsel. 4. Appointing Deborah Birx as White House Coronavirus Response Coordinator Beginning in January 2020, Pottinger began petitioning for Deborah Birx to be appointed as White House Coronavirus Response Coordinator. Birx then embarked on a months-long scorched earth campaign for lockdowns that were as long and strict as possible across the United States. On January 28, 2020, Pottinger began to reach out to Deborah Birx to have her come to the White House to lead the response to the Coronavirus. As Birx recalls in her book: On January 28, after meeting with Erin Walsh to solidify the planning and schedule for the upcoming African Diplomatic Corps State Department meeting, I received a text from Yen Pottinger. Aside from being the wife of my friend Matt, the deputy national security advisor, Yen was also a former colleague at the CDC and a trusted friend and neighbor… Matt had apologized for the short notice and said he hoped we could meet face-to-face. Yen arranged so that I could meet him in the West Wing, and once we were both there, Matt got to the point quickly. He offered me the position of White House spokesperson on the virus. Abutaleb goes into more detail on Birx’s relationship with Pottinger. Pottinger was married to one of Birx’s subordinates who’d developed a widely-used HIV test at the CDC. [Birx] made a number of powerful connections along the way. When she became head of the CDC’s Division of Global HIV/AIDS, one of her subordinates was a bright virologist named Yen Duong, who developed a widely used HIV test while working at the agency. Duong would eventually marry a Wall Street Journal reporter turned marine named Matt Pottinger, a connection that would eventually bring Birx into Trump’s orbit. According to Pottinger and Birx, he pleaded with her over several weeks to head the Coronavirus Task Force, and she reluctantly agreed. The hero we didn’t need. As Birx recalls in her book: It is March 2, 2020. I’ve just flown in overnight from South Africa to take on the role of response coordinator for the White House Coronavirus Task Force, a job I didn’t seek but felt compelled to accept. I’m physically tired but mentally alert. After weeks of urging from Matthew Pottinger— President Trump’s deputy national security advisor, a task force member himself, and the husband of a former colleague and friend of mine—I finally gave in to Matt’s request that I come on board to help with the response to the coronavirus outbreak… Matt Pottinger, was one of the good ones in the Trump White House. A former journalist turned highly-decorated U.S. Marine who served as an intelligence officer for part of his time, Matt had deep experience in China (including during the 2002–2003 SARS outbreak there) and was fluent in Mandarin. Matt took a position in the National Security Council in the earliest stage of the Trump administration, while still serving in the Marine Reserves. As documented in her bizarre tell-all book, which received uniquely excellent reviews from Chinese state media, Birx then embarked on a months-long, largely clandestine, scorched-earth crusade to orchestrate lockdowns that were as long and strict as possible across the United States. These lockdowns ultimately killed tens of thousands of young Americans while failing to meaningfully slow the spread of the coronavirus everywhere they were tried. By her own admission, she lied, hid data, and manipulated the president’s administration to drive consent for lockdowns that were stricter than the administration realized until finally stepping down soon after breaking her own travel guidance to visit her family for Thanksgiving in November 2020. No sooner had we convinced the Trump administration to implement our version of a two-week shutdown than I was trying to figure out how to extend it. Fifteen Days to Slow the Spread was a start, but I knew it would be just that. I didn’t have the numbers in front of me yet to make the case for extending it longer, but I had two weeks to get them. However hard it had been to get the fifteen-day shutdown approved, getting another one would be more difficult by many orders of magnitude. In October 2020, while visiting Utah, Pottinger admired his handiwork in appointing Birx. Wright reports: Utah had just hit a record high number of new cases. On the ride, an alarm sounded on Pottinger’s cell phone in the saddlebag. It was an alert: “Almost every single county is a high transmission area. Hospitals are nearly overwhelmed. By public health order masks are required in high transmission areas.” Pottinger thought, “Debi must have met with the governor.” 5. Promoting Mass Testing Sometime in February 2020, Pottinger, who has no background in science or public health, appears to have promoted within the White House the idea of mass testing for the coronavirus. Wright recounts: At a Coronavirus Task Force meeting, Redfield announced that the CDC would send a limited number of test kits to five “sentinel cities.” Pottinger was stunned: five cities? Why not send them everywhere? He learned that the CDC makes tests, but not at scale. For that, you have to go to a company like Roche or Abbott—molecular testing powerhouses which have the experience and capacity to manufacture millions of tests a month. Using the standard PCR cycle thresholds of 37 to 40 later provided in the testing guidance published by the WHO, approximately 85% to 90% of these cases were false positives, as later confirmed by The New York Times. 6. Endorsing Remdesivir In March 2020, Pottinger appears to have endorsed use of the drug remdesivir as a possible Covid therapy based on information from a doctor in China. Wright reports: In the early morning of March 4, as Matt Pottinger was driving to the White House, he was on the phone with a source in China, a doctor. Taking notes on the back of an envelope while holding the phone to his ear and navigating the city traffic, Pottinger was excited by all the valuable new information about how the virus was being contained in China. The doctor specifically mentioned the antiviral drug remdesivir. The health outcomes of remdesivir remain unknown, but no benefit to the mortality of its recipients has been proven. 7. Pushing Intelligence to Believe Covid Came From a Lab Pottinger has continually promoted the idea that the coronavirus came from a lab, and specifically prodded the US intelligence community to do the same, regardless of evidence, while urging the global adoption of China’s virus containment measures. In January 2020, Pottinger began directly prodding the CIA to look for evidence that the coronavirus came from a lab in Wuhan, China. As the New York Times disclosed: With his skeptical—some might even say conspiratorial—view of China’s ruling Communist Party, Mr. Pottinger initially suspected that President Xi Jinping’s government was keeping a dark secret: that the virus may have originated in one of the laboratories in Wuhan studying deadly pathogens. In his view, it might have even been a deadly accident unleashed on an unsuspecting Chinese population. During meetings and telephone calls, Mr. Pottinger asked intelligence agencies—including officers at the C.I.A. working on Asia and on weapons of mass destruction—to search for evidence that might bolster his theory. They didn’t have any evidence. Intelligence agencies did not detect any alarm inside the Chinese government that analysts presumed would accompany the accidental leak of a deadly virus from a government laboratory. But Mr. Pottinger continued to believe the coronavirus problem was far worse than the Chinese were acknowledging. Though the CIA did not return any evidence to support his theory, Pottinger has continued to promote the conclusion that the coronavirus leaked from the Wuhan lab, despite quietly admitting that the virus was not man-made or genetically modified. As CBS reported in its interview on February 21, 2021: MARGARET BRENNAN: U.S. intelligence has said COVID, according to wide scientific consensus, was not man-made or genetically modified. You are not in any way alleging that it was, are you?  MATT POTTINGER: No. Much of the initial alarm that Covid might be a supervirus from the Wuhan lab arose because of the frightening videos of Wuhan residents spontaneously dying in January 2020, and because Xi Jinping decided to shut down Wuhan, where the lab was. However, all of those videos were soon proven fake, and US intelligence has confirmed that the virus was spreading in Wuhan by November 2019 at the latest. A growing body of research suggests that the virus did not start either in the Wuhan lab or the Wuhan wet market, and a number of studies from various continents have shown that the virus was also spreading undetected all over the world by November 2019 at the latest, many months before lockdowns began. Covid’s origins remain a mystery, and leading scientists and policymakers were nowhere near transparent enough about their panic that the virus might have come from a lab in early 2020. However, given that the national security community has quietly admitted Covid is not genetically modified, it began spreading undetected globally many months before lockdowns, and it did not cause Wuhan residents to spontaneously die, the question of whether Covid came from the lab would appear to be a moot point from a national security perspective. Furthermore, in my book and elsewhere, there is a growing body of evidence that the CCP used a variety of clandestine means to promote the idea that Covid came from a lab, both to stoke fear and to mislead the western intelligence community from the CCP’s well-documented campaign for global adoption of China’s virus containment measures. Likewise, Pottinger has continually promoted the idea that Covid came from a lab, and prodded the intelligence community to do the same, while urging the adoption of China’s virus containment measures. Pottinger’s credulousness in sharing and promoting scientific concepts and policies from China including asymptomatic spread, universal masking, quarantines, shutdowns, and remdesivir further belies the notion that the fixation on the Wuhan lab serves any legitimate national security interest. In summary, as Deputy National Security Advisor, Matt Pottinger played a singularly outsized role in shaping America’s disastrous response to Covid by taking the following actions: Throughout January 2020, Pottinger unilaterally called White House meetings unbeknownst to those in attendance and breached protocol to ratchet up alarm about the new coronavirus based on information from his own sources in China, despite having no official intelligence to back up his alarmism. Despite having no background in science or public health, beginning in February 2020, Pottinger embarked on a months-long campaign to urge the adoption of universal masking and travel quarantines in response to the coronavirus based on information from his own sources in China. However, there does not appear to be a single picture of Pottinger wearing a mask anywhere on the Internet. Pottinger popularized the idea of shutdowns within the White House using a questionable study on the 1918 flu pandemic comparing outcomes between Philadelphia and St. Louis, a month before this study received any significant attention from media outlets in 2020. Pottinger specifically courted Deborah Birx to serve as White House Coronavirus Response Coordinator, who then embarked on a months-long campaign for lockdowns that were as long and strict as possible across the United States. Despite having no background in science or public health, Pottinger appears to have promoted the idea of mass testing for the coronavirus. Pottinger appears to have endorsed use of the drug remdesivir as a possible Covid therapy based on information from a doctor in China. Pottinger has continually promoted the conclusion that the coronavirus came from a lab, and specifically prodded the US intelligence community to do the same, regardless of evidence to support that conclusion, while simultaneously urging the global adoption of China’s virus containment measures. In Pottinger’s speeches, he often discusses the need for more grassroots populism in China. Pottinger may have simply been overly-trusting of his sources, thinking they were the little people in China trying to help their American friends. But why did Pottinger push so hard for sweeping Chinese policies like mask mandates that were far outside his field of expertise? Why did he so often breach protocol? Why seek out and appoint Deborah Birx? Pottinger’s zealousness in endorsing these sweeping policies is even more bewildering because it’s widely known in the intelligence community that the CCP’s primary focus is on information warfare—“superseding their cultural and political values” to those of the west and undermining the western values that Xi Jinping sees as threatening, outlined in his leaked Document No. 9: “independent judiciaries,” “human rights,” “western freedom,” “civil society,” “freedom of the press,” and the “free flow of information on the internet.” Though political conditions in China have deteriorated rapidly, Pottinger is supposed to know that—that’s why he had the Top Secret security clearance and the big job in the National Security Council. In fact, we know how rapidly conditions in China have deteriorated in part because Matt Pottinger is the one who told us. The only reason anyone accepted all this information and guidance from these Chinese sources is that it came through Pottinger. I certainly can’t pass judgment. But from where I’m sitting, it looks like we’ve been struck by a smooth criminal. *  *  * Michael P Senger is an attorney and author of Snake Oil: How Xi Jinping Shut Down the World. Want to support my work? Get the book. Already got the book? Leave a quick review. The New Normal is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. Tyler Durden Sat, 07/23/2022 - 20:30.....»»

Category: worldSource: nytJul 24th, 2022

Gap (GPS) Declines on CEO Departure, Issues Muted Q2 View

Gap (GPS) announces the departure of president and CEO Sonia Syngal and the appointment of Horacio Barbeito as the new CEO of Old Navy. It also issues a dull Q2 view. Shares of The Gap Inc. GPS fell 5% at the close of the trading session on Jul 12. The stock’s dismal run on the bourses came after the exit of its president and chief executive officer (CEO), Sonia Syngal. In her brief stint as a CEO, she introduced inclusivity in the Old Navy brand, expanded curbside pickup service, launched the Yeezy line with Kanye West, and partnered with Walmart Inc. for a home decor brand and with other franchisees to run stores in Europe.However, sluggishness in its Old Navy brand, which accounts for more than half of the company's sales, supply-chain disruption, inflation, social unrest and economic instability acted as deterrents. Speaking of Old Navy, too much of plus-size women’s apparel backfired due to an imbalance in size assortment. This led to a rise in inventory levels.For the time being, the board has appointed the current executive chairman, Bob Martin, as the interim CEO. The company also announced that Horacio "Haio" Barbeito would serve as the president and CEO of Old Navy from Aug 1.Prior to this, the retail industry witnessed a string of departures in the chief executive role.Bed Bath & Beyond BBBY made significant changes in its senior leadership by appointing Sue Gove, an independent director of its board and chair of the board's strategy committee, as its interim CEO. The move comes after the exit of ex-president and CEO Mark Tritton.Earlier, under Tritton’s leadership, the company undertook a transformation strategy to stay afloat. As part of it, BBBY divested its non-core assets, invested in technology, infrastructure and digital capabilities, and launched Owned Brands.Under Armour’s UAA Patrik Frisk also stepped down as the president and CEO from June 1. Frisk will serve as an advisor through Sep 1 to support the transition process.Until then, the company’s chief operating officer, Colin Browne, will act as the interim president and CEO.The RealReal’s REAL founder and CEO, Julie Wainwright, also exited the firm after 11 years. REAL operates an online marketplace for consigned luxury goods. It offers resale product categories, including women's, men's, kids', jewelry and watches, as well as home and art products.Currently, Rati Sahi Levesque, the company’s president and chief operating officer, as well as Robert Julian, its chief financial officer, are serving as co-interim CEOs.Coming back to Gap, management issued a dull second-quarter fiscal 2022 view. The company continues to expect sales decline in the high-single digit range, in-line with its prior guidance. It anticipated transitory air freight expense of $50 million, inflationary costs on raw materials and freight to hurt margins in the said quarter. Also, increased promotional activity to attain assortment balance is likely to hurt gross margins. Adjusted operating margin is forecasted to be zero to slightly negative.According to sources, there might be a possibility of the divestiture of one of Gap’s brands or a significant SG&A cost cut. Earlier, the company dismissed plans to spin off Old Navy in 2020 due to increased costs and complexity. Although its Banana Republic chain showed signs of recovery last quarter, it wasn’t enough to overcome the drab performance of the other divisions.Gap is currently struggling to keep pace with the rapid shift from comfortable clothes to work attire as offices reopen due to late-arriving inventory stemming from global supply-chain issues. This has affected the company at a time when one of the biggest shopping times of the year, the back-to-school season, is nearby. Image Source: Zacks Investment Research We note that this Zacks Rank #5 (Strong Sell) stock has plunged 42.4% year to date compared with the industry’s decline of 26.5%.You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Zacks Names "Single Best Pick to Double" From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time. This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.Free: See Our Top Stock and 4 Runners Up >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report The Gap, Inc. (GPS): Free Stock Analysis Report Bed Bath & Beyond Inc. (BBBY): Free Stock Analysis Report Under Armour, Inc. (UAA): Free Stock Analysis Report The RealReal, Inc. (REAL): Free Stock Analysis Report To read this article on Zacks.com click here......»»

Category: topSource: zacksJul 13th, 2022

We"ve got nearly 50 pitch decks that helped fintechs disrupting trading, investing, and banking raise millions in funding

Looking for examples of real fintech pitch decks? Check out pitch decks that Qolo, Lance, and other startups used to raise money from VCs. Check out these pitch decks for examples of fintech founders sold their vision.Yulia Reznikov/Getty Images Insider has been tracking the next wave of hot new startups that are blending finance and tech.  Check out these pitch decks to see how fintech founders sold their vision. See more stories on Insider's business page. Fintech funding has been on a tear.In 2021, fintech funding hit a record $132 billion globally, according to CB Insights, more than double 2020's mark.Insider has been tracking the next wave of hot new startups that are blending finance and tech. Check out these pitch decks to see how fintech founders are selling their vision and nabbing big bucks in the process. You'll see new financial tech geared at freelancers, fresh twists on digital banking, and innovation aimed at streamlining customer onboarding. New twists on digital bankingZach Bruhnke, cofounder and CEO of HMBradleyHMBradleyConsumers are getting used to the idea of branch-less banking, a trend that startup digital-only banks like Chime, N26, and Varo have benefited from. The majority of these fintechs target those who are underbanked, and rely on usage of their debit cards to make money off interchange. But fellow startup HMBradley has a different business model. "Our thesis going in was that we don't swipe our debit cards all that often, and we don't think the customer base that we're focusing on does either," Zach Bruhnke, cofounder and CEO of HMBradley, told Insider. "A lot of our customer base uses credit cards on a daily basis."Instead, the startup is aiming to build clientele with stable deposits. As a result, the bank is offering interest-rate tiers depending on how much a customer saves of their direct deposit.Notably, the rate tiers are dependent on the percentage of savings, not the net amount. "We'll pay you more when you save more of what comes in," Bruhnke said. "We didn't want to segment customers by how much money they had. So it was always going to be about a percentage of income. That was really important to us."Check out the 14-page pitch deck fintech HMBradley, a neobank offering interest rates as high as 3%, used to raise an $18.25 million Series APersonal finance is only a text awayYinon Ravid, the chief executive and cofounder of Albert.AlbertThe COVID-19 pandemic has underscored the growing preference of mobile banking as customers get comfortable managing their finances online.The financial app Albert has seen a similar jump in activity. Currently counting more than six million members, deposits in Albert's savings offering doubled from the start of the pandemic in March 2020 to May of this year, from $350 million to $700 million, according to new numbers released by the company. Founded in 2015, Albert offers automated budgeting and savings tools alongside guided investment portfolios. It's looked to differentiate itself through personalized features, like the ability for customers to text human financial experts.Budgeting and saving features are free on Albert. But for more tailored financial advice, customers pay a subscription fee that's a pay-what-you-can model, between $4 and $14 a month. And Albert's now banking on a new tool to bring together its investing, savings, and budgeting tools.Fintech Albert used this 10-page pitch deck to raise a $100 million Series C from General Atlantic and CapitalG 'A bank for immigrants'Priyank Singh and Rohit Mittal are the cofounders of Stilt.StiltRohit Mittal remembers the difficulties he faced when he first arrived in the United States a decade ago as a master's student at Columbia University.As an immigrant from India, Mittal had no credit score in the US and had difficulty integrating into the financial system. Mittal even struggled to get approved to rent an apartment and couch-surfed until he found a roommate willing to offer him space in his apartment in the New York neighborhood Morningside Heights.That roommate was Priyank Singh, who would go on to become Mittal's cofounder when the two started Stilt, a financial-technology company designed to address the problems Mittal faced when he arrived in the US.Stilt, which calls itself "a bank for immigrants," does not require a social security number or credit history to access its offerings, including unsecured personal loans.Instead of relying on traditional metrics like a credit score, Stilt uses data such as education and employment to predict an individual's future income stability and cash flow before issuing a loan. Stilt has seen its loan volume grow by 500% in the past 12 months, and the startup has loaned to immigrants from 160 countries since its launch. Here are the 15 slides Stilt, which calls itself 'a bank for immigrants,' used to raise a $14 million Series AAn IRA for alternativesHenry Yoshida is the co-founder and CEO of retirement fintech startup Rocket Dollar.Rocket DollarFintech startup Rocket Dollar, which helps users invest their individual retirement account (IRA) dollars into alternative assets, just raised $8 million for its Series A round, the company announced on Thursday.Park West Asset Management led the round, with participation from investors including Hyphen Capital, which focuses on backing Asian American entrepreneurs, and crypto exchange Kraken's venture arm. Co-founded in 2018 by CEO Henry Yoshida, CTO Rick Dude, and VP of marketing Thomas Young, Rocket Dollar now has over $350 million in assets under management on its platform. Yoshida sold his first startup, a roboadvisor called Honest Dollar, to Goldman Sachs' investment management division for an estimated $20 million.Yoshida told Insider that while ultra-high net worth investors have been investing self-directed retirement account dollars into alternative assets like real estate, private equity, and cryptocurrency, average investors have not historically been able to access the same opportunities to invest IRA dollars in alternative assets through traditional platforms.Here's the 34-page pitch deck a fintech that helps users invest their retirement savings in crypto and real estate assets used to nab $8 millionA trading app for activismAntoine Argouges, CEO and founder of TulipshareTulipshareAn up-and-coming fintech is taking aim at some of the world's largest corporations by empowering retail investors to push for social and environmental change by pooling their shareholder rights.London-based Tulipshare lets individuals in the UK invest as little as one pound in publicly-traded company stocks. The upstart combines individuals' shareholder rights with other like-minded investors to advocate for environmental, social, and corporate governance change at firms like JPMorgan, Apple, and Amazon.The goal is to achieve a higher number of shares to maximize the number of votes that can be submitted at shareholder meetings. Already a regulated broker-dealer in the UK, Tulipshare recently applied for registration as a broker-dealer in the US. "If you ask your friends and family if they've ever voted on shareholder resolutions, the answer will probably be close to zero," CEO and founder Antoine Argouges told Insider. "I started Tulipshare to utilize shareholder rights to bring about positive corporate change that has an impact on people's lives and our planet — what's more powerful than money to change the system we live in?"Check out the 14-page pitch deck from Tulipshare, a trading app that lets users pool their shareholder votes for activism campaignsDigital tools for independent financial advisorsJason Wenk, founder and CEO of AltruistAltruistJason Wenk started his career at Morgan Stanley in investment research over 20 years ago. Now, he's running a company that is hoping to broaden access to financial advice for less-wealthy individuals. The startup raised $50 million in Series B funding led by Insight Partners with participation from investors Vanguard and Venrock. The round brings the Los Angeles-based startup's total funding to just under $67 million.Founded in 2018, Altruist is a digital brokerage built for independent financial advisors, intended to be an "all-in-one" platform that unites custodial functions, portfolio accounting, and a client-facing portal. It allows advisors to open accounts, invest, build models, report, trade (including fractional shares), and bill clients through an interface that can advisors time by eliminating mundane operational tasks.Altruist aims to make personalized financial advice less expensive, more efficient, and more inclusive through the platform, which is designed for registered investment advisors (RIAs), a growing segment of the wealth management industry. Here's the pitch deck for Altruist, a wealth tech challenging custodians Fidelity and Charles Schwab, that raised $50 million from Vanguard and InsightRethinking debt collection Jason Saltzman, founder and CEO of ReliefReliefFor lenders, debt collection is largely automated. But for people who owe money on their credit cards, it can be a confusing and stressful process.  Relief is looking to change that. Its app automates the credit-card debt collection process for users, negotiating with lenders and collectors to settle outstanding balances on their behalf. The fintech just launched and closed a $2 million seed round led by Collaborative Ventures. Relief's fundraising experience was a bit different to most. Its pitch deck, which it shared with one investor via Google Slides, went viral. It set out to raise a $1 million seed round, but ended up doubling that and giving some investors money back to make room for others.Check out a 15-page pitch deck that went viral and helped a credit-card debt collection startup land a $2 million seed roundHelping small banks lendTKCollateralEdgeFor large corporations with a track record of tapping the credit markets, taking out debt is a well-structured and clear process handled by the nation's biggest investment banks and teams of accountants. But smaller, middle-market companies — typically those with annual revenues ranging up to $1 billion — are typically served by regional and community banks that don't always have the capacity to adequately measure the risk of loans or price them competitively. Per the National Center for the Middle Market, 200,000 companies fall into this range, accounting for roughly 33% of US private sector GDP and employment.Dallas-based fintech CollateralEdge works with these banks — typically those with between $1 billion and $50 billion in assets — to help analyze and price slices of commercial and industrial loans that previously might have gone unserved by smaller lenders.On October 20th, CollateralEdge announced a $3.5 million seed round led by Dallas venture fund Perot Jain with participation from Kneeland Youngblood (a founder of the healthcare-focused private-equity firm Pharos Capital) and other individual investors.Here's the 10-page deck CollateralEdge, a fintech streamlining how small banks lend to businesses, used to raise a $3.5 million seed roundA new way to assess creditworthinessPinwheel founders Curtis Lee, Kurt Lin, and Anish Basu.PinwheelGrowing up, Kurt Lin never saw his father get frustrated. A "traditional, stoic figure," Lin said his father immigrated to the United States in the 1970s. Becoming part of the financial system proved even more difficult than assimilating into a new culture.Lin recalled visiting bank after bank with his father as a child, watching as his father's applications for a mortgage were denied due to his lack of credit history. "That was the first time in my life I really saw him crack," Lin told Insider. "The system doesn't work for a lot of people — including my dad," he added. Lin would find a solution to his father's problem years later while working with Anish Basu, and Curtis Lee on an automated health savings account. The trio realized the payroll data integrations they were working on could be the basis of a product that would help lenders work with consumers without strong credit histories."That's when the lightbulb hit," said Lin, Pinwheel's CEO.In 2018, Lin, Basu, and Lee founded Pinwheel, an application-programming interface that shares payroll data to help both fintechs and traditional lenders serve consumers with limited or poor credit, who have historically struggled to access financial products. Here's the 9-page deck that Pinwheel, a fintech helping lenders tap into payroll data to serve consumers with little to no credit, used to raise a $50 million Series BAn alternative auto lenderTricolorAn alternative auto lender that caters to thin- and no-credit Hispanic borrowers is planning a national expansion after scoring a $90 million investment from BlackRock-managed funds. Tricolor is a Dallas-based auto lender that is a community development financial institution. It uses a proprietary artificial-intelligence engine that decisions each customer based on more than 100 data points, such as proof of income. Half of Tricolor's customers have a FICO score, and less than 12% have scores above 650, yet the average customer has lived in the US for 15 years, according to the deck.A 2017 survey by the Federal Deposit Insurance Corporation found 31.5% of Hispanic households had no mainstream credit compared to 14.4% of white households. "For decades, the deck has been stacked against low income or credit invisible Hispanics in the United States when it comes to the purchase and financing of a used vehicle," Daniel Chu, founder and CEO of Tricolor, said in a statement announcing the raise.An auto lender that caters to underbanked Hispanics used this 25-page deck to raise $90 million from BlackRock investors A new way to access credit The TomoCredit teamTomoCreditKristy Kim knows first-hand the challenge of obtaining credit in the US without an established credit history. Kim, who came to the US from South Korea, couldn't initially get access to credit despite having a job in investment banking after graduating college. "I was in my early twenties, I had a good income, my job was in investment banking but I could not get approved for anything," Kim told Insider. "Many young professionals like me, we deserve an opportunity to be considered but just because we didn't have a Fico, we weren't given a chance to even apply," she added.Kim started TomoCredit in 2018 to help others like herself gain access to consumer credit. TomoCredit spent three years building an internal algorithm to underwrite customers based on cash flow, rather than a credit score.TomoCredit, a fintech that lends to thin- and no-credit borrowers, used this 17-page pitch deck to raise its $10 million Series AHelping streamline how debts are repaidMethod Financial cofounders Jose Bethancourt and Marco del Carmen.Method FinancialWhen Jose Bethancourt graduated from the University of Texas at Austin in May 2019, he faced the same question that confronts over 43 million Americans: How would he repay his student loans?The problem led Bethancourt on a nearly two-year journey that culminated in the creation of a startup aimed at making it easier for consumers to more seamlessly pay off all kinds of debt.  Initially, Bethancourt and fellow UT grad Marco del Carmen built GradJoy, an app that helped users better understand how to manage student loan repayment and other financial habits. GradJoy was accepted into Y Combinator in the summer of 2019. But the duo quickly realized the real benefit to users would be helping them move money to make payments instead of simply offering recommendations."When we started GradJoy, we thought, 'Oh, we'll just give advice — we don't think people are comfortable with us touching their student loans,' and then we realized that people were saying, 'Hey, just move the money — if you think I should pay extra, then I'll pay extra.' So that's kind of the movement that we've seen, just, everybody's more comfortable with fintechs doing what's best for them," Bethancourt told Insider. Here is the 11-slide pitch deck Method Financial, a Y Combinator-backed fintech making debt repayment easier, used to raise $2.5 million in pre-seed fundingQuantum computing made easyQC Ware CEO Matt Johnson.QC WareEven though banks and hedge funds are still several years out from adding quantum computing to their tech arsenals, that hasn't stopped Wall Street giants from investing time and money into the emerging technology class. And momentum for QC Ware, a startup looking to cut the time and resources it takes to use quantum computing, is accelerating. The fintech secured a $25 million Series B on September 29 co-led by Koch Disruptive Technologies and Covestro with participation from D.E. Shaw, Citi, and Samsung Ventures.QC Ware, founded in 2014, builds quantum algorithms for the likes of Goldman Sachs (which led the fintech's Series A), Airbus, and BMW Group. The algorithms, which are effectively code bases that include quantum processing elements, can run on any of the four main public-cloud providers.Quantum computing allows companies to do complex calculations faster than traditional computers by using a form of physics that runs on quantum bits as opposed to the traditional 1s and 0s that computers use. This is especially helpful in banking for risk analytics or algorithmic trading, where executing calculations milliseconds faster than the competition can give firms a leg up. Here's the 20-page deck QC Ware, a fintech making quantum computing more accessible, used to raised its $25 million Series BAnalyzing financial contractsEric Chang and Alex Schumacher, co-founders of ClairaClairaIt was a match made in heaven — at least the Wall Street type.Joseph Squeri, a former CIO at Citadel and Barclays, had always struggled with the digitization of financial documents. When he was tapped by Brady Dougan, the former chief executive of Credit Suisse, to build out an all-digital investment bank in Exos, Squeri spent the first year getting let down by more than a dozen tools that lacked a depth in financial legal documents. His solution came in the form of Alex Schumacher and Eric Chang who had the tech and financial expertise, respectively, to build the tool he needed.Schumacher is an expert in natural-language processing and natural-language understanding, having specialized in turning unstructured text into useful business information.Chang spent a decade as a trader and investment strategist at Goldman Sachs, BlackRock, and AQR. He developed a familiarity with the kinds of financial documents Squeri wanted to digitize, such as the terms and conditions information from SEC filings and publicly traded securities and transactions, like municipal bonds and collateralized loan obligations (CLOs). The three converged at Exos, Squeri as its COO and CTO, Schumacher as the lead data scientist, and Chang as head of tech and strategy. See the 14-page pitch deck that sold Citi on Claira, a startup using AI to help firms read through financial contracts in a fraction of the timeSimplifying quant modelsKirat Singh and Mark Higgins, Beacon's cofounders.BeaconA fintech that helps financial institutions use quantitative models to streamline their businesses and improve risk management is catching the attention, and capital, of some of the country's biggest investment managers.Beacon Platform, founded in 2014, is a fintech that builds applications and tools to help banks, asset managers, and trading firms quickly integrate quantitative models that can help with analyzing risk, ensuring compliance, and improving operational efficiency. The company raised its Series C on Wednesday, scoring a $56 million investment led by Warburg Pincus with support from Blackstone Innovations Investments, PIMCO, and Global Atlantic. Blackstone, PIMCO, and Global Atlantic are also users of Beacon's tech, as are the Commonwealth Bank of Australia and Shell New Energies, a division of Royal Dutch Shell, among others.The fintech provides a shortcut for firms looking to use quantitative modelling and data science across various aspects of their businesses, a process that can often take considerable resources if done solo.Here's the 20-page pitch deck Beacon, a fintech helping Wall Street better analyze risk and data, used to raise $56 million from Warburg Pincus, Blackstone, and PIMCOSussing out bad actorsFrom left to right: Cofounders CTO David Movshovitz, CEO Doron Hendler, and chief architect Adi DeGaniRevealSecurityAn encounter with an impersonation hacker led Doron Hendler to found RevealSecurity, a Tel Aviv-based cybersecurity startup that monitors for insider threats.Two years ago, a woman impersonating an insurance-agency representative called Hendler and convinced him that he made a mistake with his recent health insurance policy upgrade. She got him to share his login information for his insurer's website, even getting him to give the one-time passcode sent to his phone. Once the hacker got what she needed, she disconnected the call, prompting Hendler to call back. When no one picked up the phone, he realized he had been conned.He immediately called his insurance company to check on his account. Nothing seemed out of place to the representative. But Hendler, who was previously a vice president of a software company, suspected something intangible could have been collected, so he reset his credentials."The chief of information security, who was on the call, he asked me, 'So, how do you want me to identify you? You gave your credentials; you gave your ID; you gave the one time password. How the hell can I identify that it's not you?' And I told him, 'But I never behave like this,'" Hendler recalled of the conversation.RevealSecurity, a Tel Aviv-based cyber startup that tracks user behavior for abnormalities, used this 27-page deck to raise its Series AA new data feed for bond tradingMark Lennihan/APFor years, the only way investors could figure out the going price of a corporate bond was calling up a dealer on the phone. The rise of electronic trading has streamlined that process, but data can still be hard to come by sometimes. A startup founded by a former Goldman Sachs exec has big plans to change that. BondCliQ is a fintech that provides a data feed of pre-trade pricing quotes for the corporate bond market. Founded by Chris White, the creator of Goldman Sachs' defunct corporate-bond-trading system, BondCliQ strives to bring transparency to a market that has traditionally kept such data close to the vest. Banks, which typically serve as the dealers of corporate bonds, have historically kept pre-trade quotes hidden from other dealers to maintain a competitive advantage.But tech advancements and the rise of electronic marketplaces have shifted power dynamics into the hands of buy-side firms, like hedge funds and asset managers. The investors are now able to get a fuller picture of the market by aggregating price quotes directly from dealers or via vendors.Here's the 9-page pitch deck that BondCliQ, a fintech looking to bring more data and transparency to bond trading, used to raise its Series AFraud prevention for lenders and insurersFiordaliso/Getty ImagesOnboarding new customers with ease is key for any financial institution or retailer. The more friction you add, the more likely consumers are to abandon the entire process.But preventing fraud is also a priority, and that's where Neuro-ID comes in. The startup analyzes what it calls "digital body language," or, the way users scroll, type, and tap. Using that data, Neuro-ID can identify fraudulent users before they create an account. It's built for banks, lenders, insurers, and e-commerce players."The train has left the station for digital transformation, but there's a massive opportunity to try to replicate all those communications that we used to have when we did business in-person, all those tells that we would get verbally and non-verbally on whether or not someone was trustworthy," Neuro-ID CEO Jack Alton told Insider.Founded in 2014, the startup's pitch is twofold: Neuro-ID can save companies money by identifying fraud early, and help increase user conversion by making the onboarding process more seamless. In December Neuro-ID closed a $7 million Series A, co-led by Fin VC and TTV Capital, with participation from Canapi Ventures. With 30 employees, Neuro-ID is using the fresh funding to grow its team and create additional tools to be more self-serving for customers.Here's the 11-slide pitch deck a startup that analyzes consumers' digital behavior to fight fraud used to raise a $7 million Series AAI-powered tools to spot phony online reviews FakespotMarketplaces like Amazon and eBay host millions of third-party sellers, and their algorithms will often boost items in search based on consumer sentiment, which is largely based on reviews. But many third-party sellers use fake reviews often bought from click farms to boost their items, some of which are counterfeit or misrepresented to consumers.That's where Fakespot comes in. With its Chrome extension, it warns users of sellers using potentially fake reviews to boost sales and can identify fraudulent sellers. Fakespot is currently compatible with Amazon, BestBuy, eBay, Sephora, Steam, and Walmart."There are promotional reviews written by humans and bot-generated reviews written by robots or review farms," Fakespot founder and CEO Saoud Khalifah told Insider. "Our AI system has been built to detect both categories with very high accuracy."Fakespot's AI learns via reviews data available on marketplace websites, and uses natural-language processing to identify if reviews are genuine. Fakespot also looks at things like whether the number of positive reviews are plausible given how long a seller has been active.Fakespot, a startup that helps shoppers detect robot-generated reviews and phony sellers on Amazon and Shopify, used this pitch deck to nab a $4 million Series AHelping fintechs manage dataProper Finance co-founders Travis Gibson (left) and Kyle MaloneyProper FinanceAs the flow of data becomes evermore crucial for fintechs, from the strappy startup to the established powerhouse, a thorny issue in the back office is becoming increasingly complex.Even though fintechs are known for their sleek front ends, the back end is often quite the opposite. Behind that streamlined interface can be a mosaic of different partner integrations — be it with banks, payments players and networks, or software vendors — with a channel of data running between them. Two people who know that better than the average are Kyle Maloney and Travis Gibson, two former employees of Marqeta, a fintech that provides other fintechs with payments processing and card issuance. "Take an established neobank for example. They'll likely have one or two card issuers, two to three bank partners, ACH processing for direct deposits and payouts, mobile check deposits, peer-to-peer payments, and lending," Gibson told Insider. Here's the 12-page pitch deck a startup helping fintechs manage their data used to score a $4.3 million seed from investors like Redpoint Ventures and Y CombinatorE-commerce focused business bankingMichael Rangel, cofounder and CEO, and Tyler McIntyre, cofounder and CTO of Novo.Kristelle Boulos PhotographyBusiness banking is a hot market in fintech. And it seems investors can't get enough.Novo, the digital banking fintech aimed at small e-commerce businesses, raised a $40.7 million Series A led by Valar Ventures in June. Since its launch in 2018, Novo has signed up 100,000 small businesses. Beyond bank accounts, it offers expense management, a corporate card, and integrates with e-commerce infrastructure players like Shopify, Stripe, and Wise.Founded in 2018, Novo was based in New York City, but has since moved its headquarters to Miami. Here's the 12-page pitch deck e-commerce banking startup Novo used to raise its $40 million Series AShopify for embedded financeProductfy CEO and founder, Duy VoProductfyProductfy is looking to break into embedded finance by becoming the Shopify of back-end banking services.Embedded finance — integrating banking services in non-financial settings — has taken hold in the e-commerce world. But Productfy is going after a different kind of customer in churches, universities, and nonprofits.The San Jose, Calif.-based upstart aims to help non-finance companies offer their own banking products. Productfy can help customers launch finance features in as little as a week and without additional engineering resources or background knowledge of banking compliance or legal requirements, Productfy founder and CEO Duy Vo told Insider. "You don't need an engineer to stand up Shopify, right? You can be someone who's just creating art and you can use Shopify to build your own online store," Vo said, adding that Productfy is looking to take that user experience and replicate it for banking services.Here's the 15-page pitch deck Productfy, a fintech looking to be the Shopify of embedded finance, used to nab a $16 million Series ADeploying algorithms and automation to small-business financingJustin Straight and Bernard Worthy, LoanWell co-foundersLoanWellBernard Worthy and Justin Straight, the founders of LoanWell, want to break down barriers to financing for small and medium-size businesses — and they've got algorithms and automation in their tech arsenals that they hope will do it.Worthy, the company's CEO, and Straight, its chief operating and financial officer, are powering community-focused lenders to fill a gap in the SMB financing world by boosting access to loans under $100,000. And the upstart is known for catching the attention, and dollars, of mission-driven investors. LoanWell closed a $3 million seed financing round in December led by Impact America Fund with participation from SoftBank's SB Opportunity Fund and Collab Capital.LoanWell automates the financing process — from underwriting and origination, to money movement and servicing — which shaves down an up-to-90-day process to 30 days or even same-day with some LoanWell lenders, Worthy said. SMBs rely on these loans to process quickly after two years of financial uncertainty. But the pandemic illustrated how time-consuming and expensive SMB financing can be, highlighted by efforts like the federal government's Paycheck Protection Program.Community banks, once the lifeline to capital for many local businesses, continue to shutter. And demands for smaller loan amounts remain largely unmet. More than half of business-loan applicants sought $100,000 or less, according to 2018 data from the Federal Reserve. But the average small-business bank loan was closer to six times that amount, according to the latest data from a now discontinued Federal Reserve survey.Here's the 14-page pitch deck LoanWell used to raise $3 million from investors like SoftBank.Branded cards for SMBsJennifer Glaspie-Lundstrom is the cofounder and CEO of Tandym.TandymJennifer Glaspie-Lundstrom is no stranger to the private-label credit-card business. As a former Capital One exec, she worked in both the card giant's co-brand partnerships division and its tech organization during her seven years at the company.Now, Glaspie-Lundstrom is hoping to use that experience to innovate a sector that was initially created in malls decades ago.Glaspie-Lundstrom is the cofounder and CEO of Tandym, which offers private-label digital credit cards to merchants. Store and private-label credit cards aren't a new concept, but Tandym is targeting small- and medium-sized merchants with less than $1 billion in annual revenue. Glaspie-Lundstrom said that group often struggles to offer private-label credit due to the expense of working with legacy players."What you have is this example of a very valuable product type that merchants love and their customers love, but a huge, untapped market that has heretofore been unserved, and so that's what we're doing with Tandym," Glaspi-Lundstrom told Insider.A former Capital One exec used this deck to raise $60 million for a startup helping SMBs launch their own branded credit cardsCatering to 'micro businesses'Stefanie Sample is the founder and CEO of FundidFundidStartups aiming to simplify the often-complex world of corporate cards have boomed in recent years.Business-finance management startup Brex was last valued at $12.3 billion after raising $300 million last year. Startup card provider Ramp announced an $8.1 billion valuation in March after growing its revenue nearly 10x in 2021. Divvy, a small business card provider, was acquired by Bill.com in May 2021 for approximately $2.5 billion.But despite how hot the market has gotten, Stefanie Sample said she ended up working in the space by accident. Sample is the founder and CEO of Fundid, a new fintech that provides credit and lending products to small businesses.This May, Fundid announced a $3.25 million seed round led by Nevcaut Ventures. Additional investors include the Artemis Fund and Builders and Backers. The funding announcement capped off the company's first year: Sample introduced the Fundid concept in April 2021, launched its website in May, and began raising capital in August."I never meant to do Fundid," Sample told Insider. "I never meant to do something that was venture-backed."Read the 12-page deck used by Fundid, a fintech offering credit and lending tools for 'micro businesses'Embedded payments for SMBsThe Highnote teamHighnoteBranded cards have long been a way for merchants with the appropriate bank relationships to create additional revenue and build customer loyalty. The rise of embedded payments, or the ability to shop and pay in a seamless experience within a single app, has broadened the number of companies looking to launch branded cards.Highnote is a startup that helps small to mid-sized merchants roll out their own debit and pre-paid digital cards. The fintech emerged from stealth on Tuesday to announce it raised $54 million in seed and Series A funding.Here's the 12-page deck Highnote, a startup helping SMBs embed payments, used to raise $54 million in seed and Series A fundingSpeeding up loans for government contractors OppZo cofounders Warren Reed and Randy GarrettOppZoThe massive market for federal government contracts approached $700 billion in 2020, and it's likely to grow as spending accelerates amid an ongoing push for investment in the nation's infrastructure. Many of those dollars flow to small-and-medium sized businesses, even though larger corporations are awarded the bulk of contracts by volume. Of the roughly $680 billion in federal contracts awarded in 2020, roughly a quarter, according to federal guidelines, or some $146 billion that year, went to smaller businesses.But peeking under the hood of the procurement process, the cofounders of OppZo — Randy Garrett and Warren Reed — saw an opportunity to streamline how smaller-sized businesses can leverage those contracts to tap in to capital.  Securing a deal is "a government contractor's best day and their worst day," as Garrett, OppZo's president, likes to put it."At that point they need to pay vendors and hire folks to start the contract. And they may not get their first contract payment from the government for as long as 120 days," Reed, the startup's CEO,  told Insider. Check out the 12-page pitch deck OppZo, a fintech that has figured out how to speed up loans to small government contractors, used to raise $260 million in equity and debtHelping small businesses manage their taxesComplYant's founder Shiloh Jackson wants to help people be present in their bookkeeping.ComplYantAfter 14 years in tax accounting, Shiloh Johnson had formed a core philosophy around corporate accounting: everyone deserves to understand their business's money and business owners need to be present in their bookkeeping process.She wanted to help small businesses understand "this is why you need to do what you're doing and why you have to change the way you think about tax and be present in your bookkeeping process," she told Insider. The Los Angeles native wanted small businesses to not only understand business tax no matter their size but also to find the tools they needed to prepare their taxes in one spot. So Johnson developed a software platform that provides just that.The 13-page pitch deck ComplYant used to nab $4 million that details the tax startup's plan to be Turbotax, Quickbooks, and Xero rolled into one for small business ownersAutomating accounting ops for SMBsDecimal CEO Matt Tait.DecimalSmall- and medium-sized businesses can rely on any number of payroll, expense management, bill pay, and corporate-card startups promising to automate parts of their financial workflow. Smaller firms have adopted this corporate-financial software en masse, boosting growth throughout the pandemic for relatively new entrants like Ramp and massive, industry stalwarts like Intuit. But it's no easy task to connect all of those tools into one, seamless process. And while accounting operations might be far from where many startup founders want to focus their time, having efficient back-end finances does mean time — and capital — freed up to spend elsewhere. For Decimal CEO Matt Tait, there's ample opportunity in "the boring stuff you have to do to survive as a company," he told Insider. Launched in 2020, Decimal provides a back-end tech layer that small- and medium-sized businesses can use to integrate their accounting and business-management software tools in one place.On Wednesday, Decimal announced a $9 million seed fundraising round led by Minneapolis-based Arthur Ventures, alongside Service Providers Capital and other angel investors. See the 13-page pitch deck for Decimal, a startup automating accounting ops for small businessesInvoice financing for SMBsStacey Abrams and Lara Hodgson, Now co-foundersNowAbout a decade ago, politician Stacey Abrams and entrepreneur Lara Hodgson were forced to fold their startup because of a kink in the supply chain — but not in the traditional sense.Nourish, which made spill-proof bottled water for children, had grown quickly from selling to small retailers to national ones. And while that may sound like a feather in the small business' cap, there was a hang-up."It was taking longer and longer to get paid, and as you can imagine, you deliver the product and then you wait and you wait, but meanwhile you have to pay your employees and you have to pay your vendors," Hodgson told Insider. "Waiting to get paid was constraining our ability to grow."While it's not unusual for small businesses to grapple with working capital issues, the dust was still settling from the Great Recession. Abrams and Hodgson couldn't secure a line of credit or use financing tools like factoring to solve their problem. The two entrepreneurs were forced to close Nourish in 2012, but along the way they recognized a disconnect in the system.  "Why are we the ones borrowing money, when in fact we're the lender here because every time you send an invoice to a customer, you've essentially extended a free loan to that customer by letting them pay later," Hodgson said. "And the only reason why we were going to need to possibly borrow money was because we had just given ours away for free to Whole Foods," she added.Check out the 7-page deck that Now, Stacey Abrams' fintech that wants to help small businesses 'grow fearlessly', used to raise $29 millionCheckout made easyRyan Breslow.Ryan BreslowAmazon has long dominated e-commerce with its one-click checkout flows, offering easier ways for consumers to shop online than its small-business competitors.Bolt gives small merchants tools to offer the same easy checkouts so they can compete with the likes of Amazon.The startup raised its $393 million Series D to continue adding its one-click checkout feature to merchants' own websites in October.Bolt markets to merchants themselves. But a big part of Bolt's pitch is its growing network of consumers — currently over 5.6 million — that use its features across multiple Bolt merchant customers. Roughly 5% of Bolt's transactions were network-driven in May, meaning users that signed up for a Bolt account on another retailer's website used it elsewhere. The network effects were even more pronounced in verticals like furniture, where 49% of transactions were driven by the Bolt network."The network effect is now unleashed with Bolt in full fury, and that triggered the raise," Bolt's founder and CEO Ryan Breslow told Insider.Here's the 12-page deck that one-click checkout Bolt used to outline its network of 5.6 million consumers and raise its Series DPayments infrastructure for fintechsQolo CEO and co-founder Patricia MontesiQoloThree years ago, Patricia Montesi realized there was a disconnect in the payments world. "A lot of new economy companies or fintech companies were looking to mesh up a lot of payment modalities that they weren't able to," Montesi, CEO and co-founder of Qolo, told Insider.Integrating various payment capabilities often meant tapping several different providers that had specializations in one product or service, she added, like debit card issuance or cross-border payments. "The way people were getting around that was that they were creating this spider web of fintech," she said, adding that "at the end of it all, they had this mess of suppliers and integrations and bank accounts."The 20-year payments veteran rounded up a group of three other co-founders — who together had more than a century of combined industry experience — to start Qolo, a business-to-business fintech that sought out to bundle back-end payment rails for other fintechs.Here's the 11-slide pitch deck a startup that provides payments infrastructure for other fintechs used to raise a $15 million Series ABetter use of payroll dataAtomic's Head of Markets, Lindsay DavisAtomicEmployees at companies large and small know the importance — and limitations — of how firms manage their payrolls. A new crop of startups are building the API pipes that connect companies and their employees to offer a greater level of visibility and flexibility when it comes to payroll data and employee verification. On Thursday, one of those names, Atomic, announced a $40 million Series B fundraising round co-led by Mercato Partners and Greylock, alongside Core Innovation Capital, Portage, and ATX Capital. The round follows Atomic's Series A round announced in October, when the startup raised a $22 million Series A from investors including Core Innovation Capital, Portage, and Greylock.Payroll startup Atomic just raised a $40 million Series B. Here's an internal deck detailing the fintech's approach to the red-hot payments space.Saving on vendor invoicesHoward Katzenberg, Glean's CEO and cofounderGleanWhen it comes to high-flying tech startups, headlines and investors typically tend to focus on industry "disruption" and the total addressable market a company is hoping to reach. Expense cutting as a way to boost growth typically isn't part of the conversation early on, and finance teams are viewed as cost centers relative to sales teams. But one fast-growing area of business payments has turned its focus to managing those costs. Startups like Ramp and established names like Bill.com have made their name offering automated expense-management systems. Now, one new fintech competitor, Glean, is looking to take that further by offering both automated payment services and tailored line-item accounts-payable insights driven by machine-learning models. Glean's CFO and founder, Howard Katzenberg, told Insider that the genesis of Glean was driven by his own personal experience managing the finance teams of startups, including mortgage lender Better.com, which Katzenberg left in 2019, and online small-business lender OnDeck. "As a CFO of high-growth companies, I spent a lot of time focused on revenue and I had amazing dashboards in real time where I could see what is going on top of the funnel, what's going on with conversion rates, what's going on in terms of pricing and attrition," Katzenberg told Insider. See the 15-slide pitch deck Glean, a startup using machine learning to find savings in vendor invoices, used to raise $10.8 million in seed fundingReal-estate management made easyAgora founders Noam Kahan, CTO, Bar Mor, CEO, and Lior Dolinski, CPOAgoraFor alternative asset managers of any type, the operations underpinning sales and investor communications are a crucial but often overlooked part of the business. Fund managers love to make bets on markets, not coordinate hundreds of wire transfers to clients each quarter or organize customer-relationship-management databases.Within the $10.6 trillion global market for professionally managed real-estate investing, that's where Tel Aviv and New York-based startup Agora hopes to make its mark.Founded in 2019, Agora offers a set of back-office, investor relations, and sales software tools that real-estate investment managers can plug into their workflows. On Wednesday, Agora announced a $9 million seed round, led by Israel-based venture firm Aleph, with participation from River Park Ventures and Maccabee Ventures. The funding comes on the heels of an October 2020 pre-seed fund raise worth $890,000, in which Maccabee also participated.Here's the 15-slide pitch deck that Agora, a startup helping real-estate investors manage communications and sales with their clients, used to raise a $9 million seed roundAccess to commercial real-estate investing LEX Markets cofounders and co-CEOs Drew Sterrett and Jesse Daugherty.LEX MarketsDrew Sterrett was structuring real-estate deals while working in private equity when he realized the inefficiencies that existed in the market. Only high-net worth individuals or accredited investors could participate in commercial real-estate deals. If they ever wanted to leave a partnership or sell their stake in a property, it was difficult to find another investor to replace them. Owners also struggled to sell minority stakes in their properties and didn't have many good options to recapitalize an asset if necessary.In short, the market had a high barrier to entry despite the fact it didn't always have enough participants to get deals done quickly. "Most investors don't have access to high-quality commercial real-estate investments. How do we have the oldest and largest asset class in the world and one of the largest wealth creators with no public and liquid market?" Sterrett told Insider. "It sort of seems like a no-brainer, and that this should have existed 50 or 60 years ago."This 15-page pitch deck helped LEX Markets, a startup making investing in commercial real estate more accessible, raise $15 millionInsurance goes digitalJamie Hale, CEO and cofounder of LadderLadderFintechs looking to transform how insurance policies are underwritten, issued, and experienced by customers have grown as new technology driven by digital trends and artificial intelligence shape the market. And while verticals like auto, homeowner's, and renter's insurance have seen their fair share of innovation from forward-thinking fintechs, one company has taken on the massive life-insurance market. Founded in 2017, Ladder uses a tech-driven approach to offer life insurance with a digital, end-to-end service that it says is more flexible, faster, and cost-effective than incumbent players.Life, annuity, and accident and health insurance within the US comprise a big chunk of the broader market. In 2020, premiums written on those policies totaled some $767 billion, compared to $144 billion for auto policies and $97 billion for homeowner's insurance.Here's the 12-page deck that Ladder, a startup disrupting the 'crown jewel' of the insurance market, used to nab $100 millionData science for commercial insuranceTanner Hackett, founder and CEO of CounterpartCounterpartThere's been no shortage of funds flowing into insurance-technology companies over the past few years. Private-market funding to insurtechs soared to $15.4 billion in 2021, a 90% increase compared to 2020. Some of the most well-known consumer insurtech names — from Oscar (which focuses on health insurance) to Metromile (which focuses on auto) — launched on the public markets last year, only to fall over time or be acquired as investors questioned the sustainability of their business models. In the commercial arena, however, the head of one insurtech company thinks there is still room to grow — especially for those catering to small businesses operating in an entirely new, pandemic-defined environment. "The bigger opportunity is in commercial lines," Tanner Hackett, the CEO of management liability insurer Counterpart, told Insider."Everywhere I poke, I'm like, 'Oh my goodness, we're still in 1.0, and all the other businesses I've built were on version three.' Insurance is still in 1.0, still managing from spreadsheets and PDFs," added Hackett, who also previously co-founded Button, which focuses on mobile marketing. See the 8-page pitch deck Counterpart, a startup disrupting commercial insurance with data science, used to raise a $30 million Series BSmarter insurance for multifamily propertiesItai Ben-Zaken, cofounder and CEO of Honeycomb.HoneycombA veteran of the online-insurance world is looking to revolutionize the way the industry prices risk for commercial properties with the help of artificial intelligence.Insurance companies typically send inspectors to properties before issuing policies to better understand how the building is maintained and identify potential risks or issues with it. It's a process that can be time-consuming, expensive, and inefficient, making it hard to justify for smaller commercial properties, like apartment and condo buildings.Insurtech Honeycomb is looking to fix that by using AI to analyze a combination of third-party data and photos submitted by customers through the startup's app to quickly identify any potential risks at a property and more accurately price policies."That whole physical inspection thing had really good things in it, but it wasn't really something that is scalable and, it's also expensive," Itai Ben-Zaken, Honeycomb's cofounder and CEO, told Insider. "The best way to see a property right now is Google street view. Google street view is usually two years old."Here's the 10-page Series A pitch deck used by Honeycomb, a startup that wants to revolutionize the $26 billion market for multifamily property insuranceHelping freelancers with their taxesJaideep Singh is the CEO and co-founder of FlyFin, an AI-driven tax preparation software program for freelancers.FlyFinSome people, particularly those with families or freelancing businesses, spend days searching for receipts for tax season, making tax preparation a time consuming and, at times, taxing experience. That's why in 2020 Jaideep Singh founded FlyFin, an artificial-intelligence tax preparation program for freelancers that helps people, as he puts it, "fly through their finances." FlyFin is set up to connect to a person's bank accounts, allowing the AI program to help users monitor for certain expenses that can be claimed on their taxes like business expenditures, the interest on mortgages, property taxes, or whatever else that might apply. "For most individuals, people have expenses distributed over multiple financial institutions. So we built an AI platform that is able to look at expenses, understand the individual, understand your profession, understand the freelance population at large, and start the categorization," Singh told Insider.Check out the 7-page pitch deck a startup helping freelancers manage their taxes used to nab $8 million in fundingDigital banking for freelancersJGalione/Getty ImagesLance is a new digital bank hoping to simplify the life of those workers by offering what it calls an "active" approach to business banking. "We found that every time we sat down with the existing tools and resources of our accountants and QuickBooks and spreadsheets, we just ended up getting tangled up in the whole experience of it," Lance cofounder and CEO Oona Rokyta told Insider. Lance offers subaccounts for personal salaries, withholdings, and savings to which freelancers can automatically allocate funds according to custom preset levels. It also offers an expense balance that's connected to automated tax withholdings.In May, Lance announced the closing of a $2.8 million seed round that saw participation from Barclays, BDMI, Great Oaks Capital, Imagination Capital, Techstars, DFJ Frontier, and others.Here's the 21-page pitch deck Lance, a digital bank for freelancers, used to raise a $2.8 million seed round from investors including BarclaysSoftware for managing freelancersWorksome cofounder and CEO Morten Petersen.WorksomeThe way people work has fundamentally changed over the past year, with more flexibility and many workers opting to freelance to maintain their work-from-home lifestyles.But managing a freelance or contractor workforce is often an administrative headache for employers. Worksome is a startup looking to eliminate all the extra work required for employers to adapt to more flexible working norms.Worksome started as a freelancer marketplace automating the process of matching qualified workers with the right jobs. But the team ultimately pivoted to a full suite of workforce management software, automating administrative burdens required to hire, pay, and account for contract workers.In May, Worksome closed a $13 million Series A backed by European angel investor Tommy Ahlers and Danish firm Lind & Risør.Here's the 21-slide pitch deck used by a startup that helps firms like Carlsberg and Deloitte manage freelancersPayments and operations support HoneyBook cofounders Dror Shimoni, Oz Alon, and Naama Alon.HoneyBookWhile countless small businesses have been harmed by the pandemic, self-employment and entrepreneurship have found ways to blossom as Americans started new ventures.Half of the US population may be freelance by 2027, according to a study commissioned by remote-work hiring platform Upwork. HoneyBook, a fintech startup that provides payment and operations support for freelancers, in May raised $155 million in funding and achieved unicorn status with its $1 billion-plus valuation.Durable Capital Partners led the Series D funding with other new investors including renowned hedge fund Tiger Global, Battery Ventures, Zeev Ventures, and 01 Advisors. Citi Ventures, Citigroup's startup investment arm that also backs fintech robo-advisor Betterment, participated as an existing investor in the round alongside Norwest Venture partners. The latest round brings the company's fundraising total to $227 million to date.Here's the 21-page pitch deck a Citi-backed fintech for freelancers used to raise $155 million from investors like hedge fund Tiger GlobalPay-as-you-go compliance for banks, fintechs, and crypto startupsNeepa Patel, Themis' founder and CEOThemisWhen Themis founder and CEO Neepa Patel set out to build a new compliance tool for banks, fintech startups, and crypto companies, she tapped into her own experience managing risk at some of the nation's biggest financial firms. Having worked as a bank regulator at the Office of the Comptroller of the Currency and in compliance at Morgan Stanley, Deutsche Bank, and the enterprise blockchain company R3, Patel was well-placed to assess the shortcomings in financial compliance software. But Patel, who left the corporate world to begin work on Themis in 2020, drew on more than just her own experience and frustrations to build the startup."It's not just me building a tool based on my personal pain points. I reached out to regulators. I reached out to bank compliance officers and members in the fintech community just to make sure that we're building it exactly how they do their work," Patel told Insider. "That was the biggest problem: No one built a tool that was reflective of how people do their work."Check out the 9-page pitch deck Themis, which offers pay-as-you-go compliance for banks, fintechs, and crypto startups, used to raise $9 million in seed fundingConnecting startups and investorsHum Capital cofounder and CEO Blair SilverbergHum CapitalBlair Silverberg is no stranger to fundraising.For six years, Silverberg was a venture capitalist at Draper Fisher Jurvetson and Private Credit Investments making bets on startups."I was meeting with thousands of founders in person each year, watching them one at a time go through this friction where they're meeting a ton of investors, and the investors are all asking the same questions," Silverberg told Insider. He switched gears about three years ago, moving to the opposite side of the metaphorical table, to start Hum Capital, which uses artificial intelligence to match investors with startups looking to fundraise.On August 31, the New York-based fintech announced its $9 million Series A. The round was led by Future Ventures with participation from Webb Investment Network, Wavemaker Partners, and Partech. This 11-page pitch deck helped Hum Capital, a fintech using AI to match investors with startups, raise a $9 million Series A.Helping LatAm startups get up to speedKamino cofounders Gut Fragoso, Rodrigo Perenha, Benjamin Gleason, and Gonzalo ParejoKaminoThere's more venture capital flowing into Latin America than ever before, but getting the funds in founders' hands is not exactly a simple process.In 2021, investors funneled $15.3 billion into Latin American companies, more than tripling the previous record of $4.9 billion in 2019. Fintech and e-commerce sectors drove funding, accounting for 39% and 25% of total funding, respectively.  However, for many startup founders in the region who have successfully sold their ideas and gotten investors on board, there's a patchwork of corporate structuring that's needed to access the funds, according to Benjamin Gleason, who was the chief financial officer at Groupon LatAm prior to cofounding Brazil-based fintech Kamino.It's a process Gleason and his three fellow Kamino cofounders have been through before as entrepreneurs and startup execs themselves. Most often, startups have to set up offshore financial accounts outside of Brazil, which "entails creating a Cayman [Islands] holding company, a Delaware LLC, and then connecting it to a local entity here and also opening US bank accounts for the Cayman entity, which is not trivial from a KYC perspective," said Gleason, who founded open-banking fintech Guiabolso in Sao Paulo. His partner, Gonzalo Parejo, experienced the same toils when he founded insurtech Bidu."Pretty much any international investor will usually ask for that," Gleason said, adding that investors typically cite liability issues."It's just a massive amount of bureaucracy, complexity, a lot of time from the founders. All of this just to get the money from the investor that wants to give them the money," he added.Here's the 8-page pitch deck Kamino, a fintech helping LatAm startups with everything from financing to corporate credit cards, used to raise a $6.1M pre-seed roundThe back-end tech for beautyDanielle Cohen-Shohet, CEO and founder of GlossGeniusGlossGeniusDanielle Cohen-Shohet might have started as a Goldman Sachs investment analyst, but at her core she was always a coder.After about three years at Goldman Sachs, Cohen-Shohet left the world of traditional finance to code her way into starting her own company in 2016. "There was a period of time where I did nothing, but eat, sleep, and code for a few weeks," Cohen-Shohet told Insider. Her technical edge and knowledge of the point-of-sale payment space led her to launch a software company focused on providing behind-the-scenes tech for beauty and wellness small businesses.Cohen-Shohet launched GlossGenius in 2017 to provide payments tech for hair stylists, nail technicians, blow-out bars, and other small businesses in the space.Here's the 11-page deck GlossGenius, a startup that provides back-end tech for the beauty industry, used to raise $16 millionRead the original article on Business Insider.....»»

Category: topSource: businessinsiderJul 11th, 2022

These 46 pitch decks helped fintechs disrupting trading, investing, and banking raise millions in funding

Looking for examples of real fintech pitch decks? Check out pitch decks that Qolo, Lance, and other startups used to raise money from VCs. Check out these pitch decks for examples of fintech founders sold their vision.Yulia Reznikov/Getty Images Insider has been tracking the next wave of hot new startups that are blending finance and tech.  Check out these pitch decks to see how fintech founders sold their vision. See more stories on Insider's business page. Fintech funding has been on a tear.In 2021, fintech funding hit a record $132 billion globally, according to CB Insights, more than double 2020's mark.Insider has been tracking the next wave of hot new startups that are blending finance and tech. Check out these pitch decks to see how fintech founders are selling their vision and nabbing big bucks in the process. You'll see new financial tech geared at freelancers, fresh twists on digital banking, and innovation aimed at streamlining customer onboarding. New twists on digital bankingZach Bruhnke, cofounder and CEO of HMBradleyHMBradleyConsumers are getting used to the idea of branch-less banking, a trend that startup digital-only banks like Chime, N26, and Varo have benefited from. The majority of these fintechs target those who are underbanked, and rely on usage of their debit cards to make money off interchange. But fellow startup HMBradley has a different business model. "Our thesis going in was that we don't swipe our debit cards all that often, and we don't think the customer base that we're focusing on does either," Zach Bruhnke, cofounder and CEO of HMBradley, told Insider. "A lot of our customer base uses credit cards on a daily basis."Instead, the startup is aiming to build clientele with stable deposits. As a result, the bank is offering interest-rate tiers depending on how much a customer saves of their direct deposit.Notably, the rate tiers are dependent on the percentage of savings, not the net amount. "We'll pay you more when you save more of what comes in," Bruhnke said. "We didn't want to segment customers by how much money they had. So it was always going to be about a percentage of income. That was really important to us."Check out the 14-page pitch deck fintech HMBradley, a neobank offering interest rates as high as 3%, used to raise an $18.25 million Series APersonal finance is only a text awayYinon Ravid, the chief executive and cofounder of Albert.AlbertThe COVID-19 pandemic has underscored the growing preference of mobile banking as customers get comfortable managing their finances online.The financial app Albert has seen a similar jump in activity. Currently counting more than six million members, deposits in Albert's savings offering doubled from the start of the pandemic in March 2020 to May of this year, from $350 million to $700 million, according to new numbers released by the company. Founded in 2015, Albert offers automated budgeting and savings tools alongside guided investment portfolios. It's looked to differentiate itself through personalized features, like the ability for customers to text human financial experts.Budgeting and saving features are free on Albert. But for more tailored financial advice, customers pay a subscription fee that's a pay-what-you-can model, between $4 and $14 a month. And Albert's now banking on a new tool to bring together its investing, savings, and budgeting tools.Fintech Albert used this 10-page pitch deck to raise a $100 million Series C from General Atlantic and CapitalG 'A bank for immigrants'Priyank Singh and Rohit Mittal are the cofounders of Stilt.StiltRohit Mittal remembers the difficulties he faced when he first arrived in the United States a decade ago as a master's student at Columbia University.As an immigrant from India, Mittal had no credit score in the US and had difficulty integrating into the financial system. Mittal even struggled to get approved to rent an apartment and couch-surfed until he found a roommate willing to offer him space in his apartment in the New York neighborhood Morningside Heights.That roommate was Priyank Singh, who would go on to become Mittal's cofounder when the two started Stilt, a financial-technology company designed to address the problems Mittal faced when he arrived in the US.Stilt, which calls itself "a bank for immigrants," does not require a social security number or credit history to access its offerings, including unsecured personal loans.Instead of relying on traditional metrics like a credit score, Stilt uses data such as education and employment to predict an individual's future income stability and cash flow before issuing a loan. Stilt has seen its loan volume grow by 500% in the past 12 months, and the startup has loaned to immigrants from 160 countries since its launch. Here are the 15 slides Stilt, which calls itself 'a bank for immigrants,' used to raise a $14 million Series AAn IRA for alternativesHenry Yoshida is the co-founder and CEO of retirement fintech startup Rocket Dollar.Rocket DollarFintech startup Rocket Dollar, which helps users invest their individual retirement account (IRA) dollars into alternative assets, just raised $8 million for its Series A round, the company announced on Thursday.Park West Asset Management led the round, with participation from investors including Hyphen Capital, which focuses on backing Asian American entrepreneurs, and crypto exchange Kraken's venture arm. Co-founded in 2018 by CEO Henry Yoshida, CTO Rick Dude, and VP of marketing Thomas Young, Rocket Dollar now has over $350 million in assets under management on its platform. Yoshida sold his first startup, a roboadvisor called Honest Dollar, to Goldman Sachs' investment management division for an estimated $20 million.Yoshida told Insider that while ultra-high net worth investors have been investing self-directed retirement account dollars into alternative assets like real estate, private equity, and cryptocurrency, average investors have not historically been able to access the same opportunities to invest IRA dollars in alternative assets through traditional platforms.Here's the 34-page pitch deck a fintech that helps users invest their retirement savings in crypto and real estate assets used to nab $8 millionA trading app for activismAntoine Argouges, CEO and founder of TulipshareTulipshareAn up-and-coming fintech is taking aim at some of the world's largest corporations by empowering retail investors to push for social and environmental change by pooling their shareholder rights.London-based Tulipshare lets individuals in the UK invest as little as one pound in publicly-traded company stocks. The upstart combines individuals' shareholder rights with other like-minded investors to advocate for environmental, social, and corporate governance change at firms like JPMorgan, Apple, and Amazon.The goal is to achieve a higher number of shares to maximize the number of votes that can be submitted at shareholder meetings. Already a regulated broker-dealer in the UK, Tulipshare recently applied for registration as a broker-dealer in the US. "If you ask your friends and family if they've ever voted on shareholder resolutions, the answer will probably be close to zero," CEO and founder Antoine Argouges told Insider. "I started Tulipshare to utilize shareholder rights to bring about positive corporate change that has an impact on people's lives and our planet — what's more powerful than money to change the system we live in?"Check out the 14-page pitch deck from Tulipshare, a trading app that lets users pool their shareholder votes for activism campaignsDigital tools for independent financial advisorsJason Wenk, founder and CEO of AltruistAltruistJason Wenk started his career at Morgan Stanley in investment research over 20 years ago. Now, he's running a company that is hoping to broaden access to financial advice for less-wealthy individuals. The startup raised $50 million in Series B funding led by Insight Partners with participation from investors Vanguard and Venrock. The round brings the Los Angeles-based startup's total funding to just under $67 million.Founded in 2018, Altruist is a digital brokerage built for independent financial advisors, intended to be an "all-in-one" platform that unites custodial functions, portfolio accounting, and a client-facing portal. It allows advisors to open accounts, invest, build models, report, trade (including fractional shares), and bill clients through an interface that can advisors time by eliminating mundane operational tasks.Altruist aims to make personalized financial advice less expensive, more efficient, and more inclusive through the platform, which is designed for registered investment advisors (RIAs), a growing segment of the wealth management industry. Here's the pitch deck for Altruist, a wealth tech challenging custodians Fidelity and Charles Schwab, that raised $50 million from Vanguard and InsightRethinking debt collection Jason Saltzman, founder and CEO of ReliefReliefFor lenders, debt collection is largely automated. But for people who owe money on their credit cards, it can be a confusing and stressful process.  Relief is looking to change that. Its app automates the credit-card debt collection process for users, negotiating with lenders and collectors to settle outstanding balances on their behalf. The fintech just launched and closed a $2 million seed round led by Collaborative Ventures. Relief's fundraising experience was a bit different to most. Its pitch deck, which it shared with one investor via Google Slides, went viral. It set out to raise a $1 million seed round, but ended up doubling that and giving some investors money back to make room for others.Check out a 15-page pitch deck that went viral and helped a credit-card debt collection startup land a $2 million seed roundHelping small banks lendTKCollateralEdgeFor large corporations with a track record of tapping the credit markets, taking out debt is a well-structured and clear process handled by the nation's biggest investment banks and teams of accountants. But smaller, middle-market companies — typically those with annual revenues ranging up to $1 billion — are typically served by regional and community banks that don't always have the capacity to adequately measure the risk of loans or price them competitively. Per the National Center for the Middle Market, 200,000 companies fall into this range, accounting for roughly 33% of US private sector GDP and employment.Dallas-based fintech CollateralEdge works with these banks — typically those with between $1 billion and $50 billion in assets — to help analyze and price slices of commercial and industrial loans that previously might have gone unserved by smaller lenders.On October 20th, CollateralEdge announced a $3.5 million seed round led by Dallas venture fund Perot Jain with participation from Kneeland Youngblood (a founder of the healthcare-focused private-equity firm Pharos Capital) and other individual investors.Here's the 10-page deck CollateralEdge, a fintech streamlining how small banks lend to businesses, used to raise a $3.5 million seed roundA new way to assess creditworthinessPinwheel founders Curtis Lee, Kurt Lin, and Anish Basu.PinwheelGrowing up, Kurt Lin never saw his father get frustrated. A "traditional, stoic figure," Lin said his father immigrated to the United States in the 1970s. Becoming part of the financial system proved even more difficult than assimilating into a new culture.Lin recalled visiting bank after bank with his father as a child, watching as his father's applications for a mortgage were denied due to his lack of credit history. "That was the first time in my life I really saw him crack," Lin told Insider. "The system doesn't work for a lot of people — including my dad," he added. Lin would find a solution to his father's problem years later while working with Anish Basu, and Curtis Lee on an automated health savings account. The trio realized the payroll data integrations they were working on could be the basis of a product that would help lenders work with consumers without strong credit histories."That's when the lightbulb hit," said Lin, Pinwheel's CEO.In 2018, Lin, Basu, and Lee founded Pinwheel, an application-programming interface that shares payroll data to help both fintechs and traditional lenders serve consumers with limited or poor credit, who have historically struggled to access financial products. Here's the 9-page deck that Pinwheel, a fintech helping lenders tap into payroll data to serve consumers with little to no credit, used to raise a $50 million Series BAn alternative auto lenderTricolorAn alternative auto lender that caters to thin- and no-credit Hispanic borrowers is planning a national expansion after scoring a $90 million investment from BlackRock-managed funds. Tricolor is a Dallas-based auto lender that is a community development financial institution. It uses a proprietary artificial-intelligence engine that decisions each customer based on more than 100 data points, such as proof of income. Half of Tricolor's customers have a FICO score, and less than 12% have scores above 650, yet the average customer has lived in the US for 15 years, according to the deck.A 2017 survey by the Federal Deposit Insurance Corporation found 31.5% of Hispanic households had no mainstream credit compared to 14.4% of white households. "For decades, the deck has been stacked against low income or credit invisible Hispanics in the United States when it comes to the purchase and financing of a used vehicle," Daniel Chu, founder and CEO of Tricolor, said in a statement announcing the raise.An auto lender that caters to underbanked Hispanics used this 25-page deck to raise $90 million from BlackRock investors A new way to access credit The TomoCredit teamTomoCreditKristy Kim knows first-hand the challenge of obtaining credit in the US without an established credit history. Kim, who came to the US from South Korea, couldn't initially get access to credit despite having a job in investment banking after graduating college. "I was in my early twenties, I had a good income, my job was in investment banking but I could not get approved for anything," Kim told Insider. "Many young professionals like me, we deserve an opportunity to be considered but just because we didn't have a Fico, we weren't given a chance to even apply," she added.Kim started TomoCredit in 2018 to help others like herself gain access to consumer credit. TomoCredit spent three years building an internal algorithm to underwrite customers based on cash flow, rather than a credit score.TomoCredit, a fintech that lends to thin- and no-credit borrowers, used this 17-page pitch deck to raise its $10 million Series AHelping streamline how debts are repaidMethod Financial cofounders Jose Bethancourt and Marco del Carmen.Method FinancialWhen Jose Bethancourt graduated from the University of Texas at Austin in May 2019, he faced the same question that confronts over 43 million Americans: How would he repay his student loans?The problem led Bethancourt on a nearly two-year journey that culminated in the creation of a startup aimed at making it easier for consumers to more seamlessly pay off all kinds of debt.  Initially, Bethancourt and fellow UT grad Marco del Carmen built GradJoy, an app that helped users better understand how to manage student loan repayment and other financial habits. GradJoy was accepted into Y Combinator in the summer of 2019. But the duo quickly realized the real benefit to users would be helping them move money to make payments instead of simply offering recommendations."When we started GradJoy, we thought, 'Oh, we'll just give advice — we don't think people are comfortable with us touching their student loans,' and then we realized that people were saying, 'Hey, just move the money — if you think I should pay extra, then I'll pay extra.' So that's kind of the movement that we've seen, just, everybody's more comfortable with fintechs doing what's best for them," Bethancourt told Insider. Here is the 11-slide pitch deck Method Financial, a Y Combinator-backed fintech making debt repayment easier, used to raise $2.5 million in pre-seed fundingQuantum computing made easyQC Ware CEO Matt Johnson.QC WareEven though banks and hedge funds are still several years out from adding quantum computing to their tech arsenals, that hasn't stopped Wall Street giants from investing time and money into the emerging technology class. And momentum for QC Ware, a startup looking to cut the time and resources it takes to use quantum computing, is accelerating. The fintech secured a $25 million Series B on September 29 co-led by Koch Disruptive Technologies and Covestro with participation from D.E. Shaw, Citi, and Samsung Ventures.QC Ware, founded in 2014, builds quantum algorithms for the likes of Goldman Sachs (which led the fintech's Series A), Airbus, and BMW Group. The algorithms, which are effectively code bases that include quantum processing elements, can run on any of the four main public-cloud providers.Quantum computing allows companies to do complex calculations faster than traditional computers by using a form of physics that runs on quantum bits as opposed to the traditional 1s and 0s that computers use. This is especially helpful in banking for risk analytics or algorithmic trading, where executing calculations milliseconds faster than the competition can give firms a leg up. Here's the 20-page deck QC Ware, a fintech making quantum computing more accessible, used to raised its $25 million Series BSimplifying quant modelsKirat Singh and Mark Higgins, Beacon's cofounders.BeaconA fintech that helps financial institutions use quantitative models to streamline their businesses and improve risk management is catching the attention, and capital, of some of the country's biggest investment managers.Beacon Platform, founded in 2014, is a fintech that builds applications and tools to help banks, asset managers, and trading firms quickly integrate quantitative models that can help with analyzing risk, ensuring compliance, and improving operational efficiency. The company raised its Series C on Wednesday, scoring a $56 million investment led by Warburg Pincus with support from Blackstone Innovations Investments, PIMCO, and Global Atlantic. Blackstone, PIMCO, and Global Atlantic are also users of Beacon's tech, as are the Commonwealth Bank of Australia and Shell New Energies, a division of Royal Dutch Shell, among others.The fintech provides a shortcut for firms looking to use quantitative modelling and data science across various aspects of their businesses, a process that can often take considerable resources if done solo.Here's the 20-page pitch deck Beacon, a fintech helping Wall Street better analyze risk and data, used to raise $56 million from Warburg Pincus, Blackstone, and PIMCOSussing out bad actorsFrom left to right: Cofounders CTO David Movshovitz, CEO Doron Hendler, and chief architect Adi DeGaniRevealSecurityAn encounter with an impersonation hacker led Doron Hendler to found RevealSecurity, a Tel Aviv-based cybersecurity startup that monitors for insider threats.Two years ago, a woman impersonating an insurance-agency representative called Hendler and convinced him that he made a mistake with his recent health insurance policy upgrade. She got him to share his login information for his insurer's website, even getting him to give the one-time passcode sent to his phone. Once the hacker got what she needed, she disconnected the call, prompting Hendler to call back. When no one picked up the phone, he realized he had been conned.He immediately called his insurance company to check on his account. Nothing seemed out of place to the representative. But Hendler, who was previously a vice president of a software company, suspected something intangible could have been collected, so he reset his credentials."The chief of information security, who was on the call, he asked me, 'So, how do you want me to identify you? You gave your credentials; you gave your ID; you gave the one time password. How the hell can I identify that it's not you?' And I told him, 'But I never behave like this,'" Hendler recalled of the conversation.RevealSecurity, a Tel Aviv-based cyber startup that tracks user behavior for abnormalities, used this 27-page deck to raise its Series AA new data feed for bond tradingMark Lennihan/APFor years, the only way investors could figure out the going price of a corporate bond was calling up a dealer on the phone. The rise of electronic trading has streamlined that process, but data can still be hard to come by sometimes. A startup founded by a former Goldman Sachs exec has big plans to change that. BondCliQ is a fintech that provides a data feed of pre-trade pricing quotes for the corporate bond market. Founded by Chris White, the creator of Goldman Sachs' defunct corporate-bond-trading system, BondCliQ strives to bring transparency to a market that has traditionally kept such data close to the vest. Banks, which typically serve as the dealers of corporate bonds, have historically kept pre-trade quotes hidden from other dealers to maintain a competitive advantage.But tech advancements and the rise of electronic marketplaces have shifted power dynamics into the hands of buy-side firms, like hedge funds and asset managers. The investors are now able to get a fuller picture of the market by aggregating price quotes directly from dealers or via vendors.Here's the 9-page pitch deck that BondCliQ, a fintech looking to bring more data and transparency to bond trading, used to raise its Series AFraud prevention for lenders and insurersFiordaliso/Getty ImagesOnboarding new customers with ease is key for any financial institution or retailer. The more friction you add, the more likely consumers are to abandon the entire process.But preventing fraud is also a priority, and that's where Neuro-ID comes in. The startup analyzes what it calls "digital body language," or, the way users scroll, type, and tap. Using that data, Neuro-ID can identify fraudulent users before they create an account. It's built for banks, lenders, insurers, and e-commerce players."The train has left the station for digital transformation, but there's a massive opportunity to try to replicate all those communications that we used to have when we did business in-person, all those tells that we would get verbally and non-verbally on whether or not someone was trustworthy," Neuro-ID CEO Jack Alton told Insider.Founded in 2014, the startup's pitch is twofold: Neuro-ID can save companies money by identifying fraud early, and help increase user conversion by making the onboarding process more seamless. In December Neuro-ID closed a $7 million Series A, co-led by Fin VC and TTV Capital, with participation from Canapi Ventures. With 30 employees, Neuro-ID is using the fresh funding to grow its team and create additional tools to be more self-serving for customers.Here's the 11-slide pitch deck a startup that analyzes consumers' digital behavior to fight fraud used to raise a $7 million Series AAI-powered tools to spot phony online reviews FakespotMarketplaces like Amazon and eBay host millions of third-party sellers, and their algorithms will often boost items in search based on consumer sentiment, which is largely based on reviews. But many third-party sellers use fake reviews often bought from click farms to boost their items, some of which are counterfeit or misrepresented to consumers.That's where Fakespot comes in. With its Chrome extension, it warns users of sellers using potentially fake reviews to boost sales and can identify fraudulent sellers. Fakespot is currently compatible with Amazon, BestBuy, eBay, Sephora, Steam, and Walmart."There are promotional reviews written by humans and bot-generated reviews written by robots or review farms," Fakespot founder and CEO Saoud Khalifah told Insider. "Our AI system has been built to detect both categories with very high accuracy."Fakespot's AI learns via reviews data available on marketplace websites, and uses natural-language processing to identify if reviews are genuine. Fakespot also looks at things like whether the number of positive reviews are plausible given how long a seller has been active.Fakespot, a startup that helps shoppers detect robot-generated reviews and phony sellers on Amazon and Shopify, used this pitch deck to nab a $4 million Series AHelping fintechs manage dataProper Finance co-founders Travis Gibson (left) and Kyle MaloneyProper FinanceAs the flow of data becomes evermore crucial for fintechs, from the strappy startup to the established powerhouse, a thorny issue in the back office is becoming increasingly complex.Even though fintechs are known for their sleek front ends, the back end is often quite the opposite. Behind that streamlined interface can be a mosaic of different partner integrations — be it with banks, payments players and networks, or software vendors — with a channel of data running between them. Two people who know that better than the average are Kyle Maloney and Travis Gibson, two former employees of Marqeta, a fintech that provides other fintechs with payments processing and card issuance. "Take an established neobank for example. They'll likely have one or two card issuers, two to three bank partners, ACH processing for direct deposits and payouts, mobile check deposits, peer-to-peer payments, and lending," Gibson told Insider. Here's the 12-page pitch deck a startup helping fintechs manage their data used to score a $4.3 million seed from investors like Redpoint Ventures and Y CombinatorE-commerce focused business bankingMichael Rangel, cofounder and CEO, and Tyler McIntyre, cofounder and CTO of Novo.Kristelle Boulos PhotographyBusiness banking is a hot market in fintech. And it seems investors can't get enough.Novo, the digital banking fintech aimed at small e-commerce businesses, raised a $40.7 million Series A led by Valar Ventures in June. Since its launch in 2018, Novo has signed up 100,000 small businesses. Beyond bank accounts, it offers expense management, a corporate card, and integrates with e-commerce infrastructure players like Shopify, Stripe, and Wise.Founded in 2018, Novo was based in New York City, but has since moved its headquarters to Miami. Here's the 12-page pitch deck e-commerce banking startup Novo used to raise its $40 million Series AShopify for embedded financeProductfy CEO and founder, Duy VoProductfyProductfy is looking to break into embedded finance by becoming the Shopify of back-end banking services.Embedded finance — integrating banking services in non-financial settings — has taken hold in the e-commerce world. But Productfy is going after a different kind of customer in churches, universities, and nonprofits.The San Jose, Calif.-based upstart aims to help non-finance companies offer their own banking products. Productfy can help customers launch finance features in as little as a week and without additional engineering resources or background knowledge of banking compliance or legal requirements, Productfy founder and CEO Duy Vo told Insider. "You don't need an engineer to stand up Shopify, right? You can be someone who's just creating art and you can use Shopify to build your own online store," Vo said, adding that Productfy is looking to take that user experience and replicate it for banking services.Here's the 15-page pitch deck Productfy, a fintech looking to be the Shopify of embedded finance, used to nab a $16 million Series ADeploying algorithms and automation to small-business financingJustin Straight and Bernard Worthy, LoanWell co-foundersLoanWellBernard Worthy and Justin Straight, the founders of LoanWell, want to break down barriers to financing for small and medium-size businesses — and they've got algorithms and automation in their tech arsenals that they hope will do it.Worthy, the company's CEO, and Straight, its chief operating and financial officer, are powering community-focused lenders to fill a gap in the SMB financing world by boosting access to loans under $100,000. And the upstart is known for catching the attention, and dollars, of mission-driven investors. LoanWell closed a $3 million seed financing round in December led by Impact America Fund with participation from SoftBank's SB Opportunity Fund and Collab Capital.LoanWell automates the financing process — from underwriting and origination, to money movement and servicing — which shaves down an up-to-90-day process to 30 days or even same-day with some LoanWell lenders, Worthy said. SMBs rely on these loans to process quickly after two years of financial uncertainty. But the pandemic illustrated how time-consuming and expensive SMB financing can be, highlighted by efforts like the federal government's Paycheck Protection Program.Community banks, once the lifeline to capital for many local businesses, continue to shutter. And demands for smaller loan amounts remain largely unmet. More than half of business-loan applicants sought $100,000 or less, according to 2018 data from the Federal Reserve. But the average small-business bank loan was closer to six times that amount, according to the latest data from a now discontinued Federal Reserve survey.Here's the 14-page pitch deck LoanWell used to raise $3 million from investors like SoftBank.Branded cards for SMBsJennifer Glaspie-Lundstrom is the cofounder and CEO of Tandym.TandymJennifer Glaspie-Lundstrom is no stranger to the private-label credit-card business. As a former Capital One exec, she worked in both the card giant's co-brand partnerships division and its tech organization during her seven years at the company.Now, Glaspie-Lundstrom is hoping to use that experience to innovate a sector that was initially created in malls decades ago.Glaspie-Lundstrom is the cofounder and CEO of Tandym, which offers private-label digital credit cards to merchants. Store and private-label credit cards aren't a new concept, but Tandym is targeting small- and medium-sized merchants with less than $1 billion in annual revenue. Glaspie-Lundstrom said that group often struggles to offer private-label credit due to the expense of working with legacy players."What you have is this example of a very valuable product type that merchants love and their customers love, but a huge, untapped market that has heretofore been unserved, and so that's what we're doing with Tandym," Glaspi-Lundstrom told Insider.A former Capital One exec used this deck to raise $60 million for a startup helping SMBs launch their own branded credit cardsCatering to 'micro businesses'Stefanie Sample is the founder and CEO of FundidFundidStartups aiming to simplify the often-complex world of corporate cards have boomed in recent years.Business-finance management startup Brex was last valued at $12.3 billion after raising $300 million last year. Startup card provider Ramp announced an $8.1 billion valuation in March after growing its revenue nearly 10x in 2021. Divvy, a small business card provider, was acquired by Bill.com in May 2021 for approximately $2.5 billion.But despite how hot the market has gotten, Stefanie Sample said she ended up working in the space by accident. Sample is the founder and CEO of Fundid, a new fintech that provides credit and lending products to small businesses.This May, Fundid announced a $3.25 million seed round led by Nevcaut Ventures. Additional investors include the Artemis Fund and Builders and Backers. The funding announcement capped off the company's first year: Sample introduced the Fundid concept in April 2021, launched its website in May, and began raising capital in August."I never meant to do Fundid," Sample told Insider. "I never meant to do something that was venture-backed."Read the 12-page deck used by Fundid, a fintech offering credit and lending tools for 'micro businesses'Embedded payments for SMBsThe Highnote teamHighnoteBranded cards have long been a way for merchants with the appropriate bank relationships to create additional revenue and build customer loyalty. The rise of embedded payments, or the ability to shop and pay in a seamless experience within a single app, has broadened the number of companies looking to launch branded cards.Highnote is a startup that helps small to mid-sized merchants roll out their own debit and pre-paid digital cards. The fintech emerged from stealth on Tuesday to announce it raised $54 million in seed and Series A funding.Here's the 12-page deck Highnote, a startup helping SMBs embed payments, used to raise $54 million in seed and Series A fundingSpeeding up loans for government contractors OppZo cofounders Warren Reed and Randy GarrettOppZoThe massive market for federal government contracts approached $700 billion in 2020, and it's likely to grow as spending accelerates amid an ongoing push for investment in the nation's infrastructure. Many of those dollars flow to small-and-medium sized businesses, even though larger corporations are awarded the bulk of contracts by volume. Of the roughly $680 billion in federal contracts awarded in 2020, roughly a quarter, according to federal guidelines, or some $146 billion that year, went to smaller businesses.But peeking under the hood of the procurement process, the cofounders of OppZo — Randy Garrett and Warren Reed — saw an opportunity to streamline how smaller-sized businesses can leverage those contracts to tap in to capital.  Securing a deal is "a government contractor's best day and their worst day," as Garrett, OppZo's president, likes to put it."At that point they need to pay vendors and hire folks to start the contract. And they may not get their first contract payment from the government for as long as 120 days," Reed, the startup's CEO,  told Insider. Check out the 12-page pitch deck OppZo, a fintech that has figured out how to speed up loans to small government contractors, used to raise $260 million in equity and debtHelping small businesses manage their taxesComplYant's founder Shiloh Jackson wants to help people be present in their bookkeeping.ComplYantAfter 14 years in tax accounting, Shiloh Johnson had formed a core philosophy around corporate accounting: everyone deserves to understand their business's money and business owners need to be present in their bookkeeping process.She wanted to help small businesses understand "this is why you need to do what you're doing and why you have to change the way you think about tax and be present in your bookkeeping process," she told Insider. The Los Angeles native wanted small businesses to not only understand business tax no matter their size but also to find the tools they needed to prepare their taxes in one spot. So Johnson developed a software platform that provides just that.The 13-page pitch deck ComplYant used to nab $4 million that details the tax startup's plan to be Turbotax, Quickbooks, and Xero rolled into one for small business ownersAutomating accounting ops for SMBsDecimal CEO Matt Tait.DecimalSmall- and medium-sized businesses can rely on any number of payroll, expense management, bill pay, and corporate-card startups promising to automate parts of their financial workflow. Smaller firms have adopted this corporate-financial software en masse, boosting growth throughout the pandemic for relatively new entrants like Ramp and massive, industry stalwarts like Intuit. But it's no easy task to connect all of those tools into one, seamless process. And while accounting operations might be far from where many startup founders want to focus their time, having efficient back-end finances does mean time — and capital — freed up to spend elsewhere. For Decimal CEO Matt Tait, there's ample opportunity in "the boring stuff you have to do to survive as a company," he told Insider. Launched in 2020, Decimal provides a back-end tech layer that small- and medium-sized businesses can use to integrate their accounting and business-management software tools in one place.On Wednesday, Decimal announced a $9 million seed fundraising round led by Minneapolis-based Arthur Ventures, alongside Service Providers Capital and other angel investors. See the 13-page pitch deck for Decimal, a startup automating accounting ops for small businessesInvoice financing for SMBsStacey Abrams and Lara Hodgson, Now co-foundersNowAbout a decade ago, politician Stacey Abrams and entrepreneur Lara Hodgson were forced to fold their startup because of a kink in the supply chain — but not in the traditional sense.Nourish, which made spill-proof bottled water for children, had grown quickly from selling to small retailers to national ones. And while that may sound like a feather in the small business' cap, there was a hang-up."It was taking longer and longer to get paid, and as you can imagine, you deliver the product and then you wait and you wait, but meanwhile you have to pay your employees and you have to pay your vendors," Hodgson told Insider. "Waiting to get paid was constraining our ability to grow."While it's not unusual for small businesses to grapple with working capital issues, the dust was still settling from the Great Recession. Abrams and Hodgson couldn't secure a line of credit or use financing tools like factoring to solve their problem. The two entrepreneurs were forced to close Nourish in 2012, but along the way they recognized a disconnect in the system.  "Why are we the ones borrowing money, when in fact we're the lender here because every time you send an invoice to a customer, you've essentially extended a free loan to that customer by letting them pay later," Hodgson said. "And the only reason why we were going to need to possibly borrow money was because we had just given ours away for free to Whole Foods," she added.Check out the 7-page deck that Now, Stacey Abrams' fintech that wants to help small businesses 'grow fearlessly', used to raise $29 millionCheckout made easyRyan Breslow.Ryan BreslowAmazon has long dominated e-commerce with its one-click checkout flows, offering easier ways for consumers to shop online than its small-business competitors.Bolt gives small merchants tools to offer the same easy checkouts so they can compete with the likes of Amazon.The startup raised its $393 million Series D to continue adding its one-click checkout feature to merchants' own websites in October.Bolt markets to merchants themselves. But a big part of Bolt's pitch is its growing network of consumers — currently over 5.6 million — that use its features across multiple Bolt merchant customers. Roughly 5% of Bolt's transactions were network-driven in May, meaning users that signed up for a Bolt account on another retailer's website used it elsewhere. The network effects were even more pronounced in verticals like furniture, where 49% of transactions were driven by the Bolt network."The network effect is now unleashed with Bolt in full fury, and that triggered the raise," Bolt's founder and CEO Ryan Breslow told Insider.Here's the 12-page deck that one-click checkout Bolt used to outline its network of 5.6 million consumers and raise its Series DPayments infrastructure for fintechsQolo CEO and co-founder Patricia MontesiQoloThree years ago, Patricia Montesi realized there was a disconnect in the payments world. "A lot of new economy companies or fintech companies were looking to mesh up a lot of payment modalities that they weren't able to," Montesi, CEO and co-founder of Qolo, told Insider.Integrating various payment capabilities often meant tapping several different providers that had specializations in one product or service, she added, like debit card issuance or cross-border payments. "The way people were getting around that was that they were creating this spider web of fintech," she said, adding that "at the end of it all, they had this mess of suppliers and integrations and bank accounts."The 20-year payments veteran rounded up a group of three other co-founders — who together had more than a century of combined industry experience — to start Qolo, a business-to-business fintech that sought out to bundle back-end payment rails for other fintechs.Here's the 11-slide pitch deck a startup that provides payments infrastructure for other fintechs used to raise a $15 million Series ABetter use of payroll dataAtomic's Head of Markets, Lindsay DavisAtomicEmployees at companies large and small know the importance — and limitations — of how firms manage their payrolls. A new crop of startups are building the API pipes that connect companies and their employees to offer a greater level of visibility and flexibility when it comes to payroll data and employee verification. On Thursday, one of those names, Atomic, announced a $40 million Series B fundraising round co-led by Mercato Partners and Greylock, alongside Core Innovation Capital, Portage, and ATX Capital. The round follows Atomic's Series A round announced in October, when the startup raised a $22 million Series A from investors including Core Innovation Capital, Portage, and Greylock.Payroll startup Atomic just raised a $40 million Series B. Here's an internal deck detailing the fintech's approach to the red-hot payments space.Saving on vendor invoicesHoward Katzenberg, Glean's CEO and cofounderGleanWhen it comes to high-flying tech startups, headlines and investors typically tend to focus on industry "disruption" and the total addressable market a company is hoping to reach. Expense cutting as a way to boost growth typically isn't part of the conversation early on, and finance teams are viewed as cost centers relative to sales teams. But one fast-growing area of business payments has turned its focus to managing those costs. Startups like Ramp and established names like Bill.com have made their name offering automated expense-management systems. Now, one new fintech competitor, Glean, is looking to take that further by offering both automated payment services and tailored line-item accounts-payable insights driven by machine-learning models. Glean's CFO and founder, Howard Katzenberg, told Insider that the genesis of Glean was driven by his own personal experience managing the finance teams of startups, including mortgage lender Better.com, which Katzenberg left in 2019, and online small-business lender OnDeck. "As a CFO of high-growth companies, I spent a lot of time focused on revenue and I had amazing dashboards in real time where I could see what is going on top of the funnel, what's going on with conversion rates, what's going on in terms of pricing and attrition," Katzenberg told Insider. See the 15-slide pitch deck Glean, a startup using machine learning to find savings in vendor invoices, used to raise $10.8 million in seed fundingReal-estate management made easyAgora founders Noam Kahan, CTO, Bar Mor, CEO, and Lior Dolinski, CPOAgoraFor alternative asset managers of any type, the operations underpinning sales and investor communications are a crucial but often overlooked part of the business. Fund managers love to make bets on markets, not coordinate hundreds of wire transfers to clients each quarter or organize customer-relationship-management databases.Within the $10.6 trillion global market for professionally managed real-estate investing, that's where Tel Aviv and New York-based startup Agora hopes to make its mark.Founded in 2019, Agora offers a set of back-office, investor relations, and sales software tools that real-estate investment managers can plug into their workflows. On Wednesday, Agora announced a $9 million seed round, led by Israel-based venture firm Aleph, with participation from River Park Ventures and Maccabee Ventures. The funding comes on the heels of an October 2020 pre-seed fund raise worth $890,000, in which Maccabee also participated.Here's the 15-slide pitch deck that Agora, a startup helping real-estate investors manage communications and sales with their clients, used to raise a $9 million seed roundAccess to commercial real-estate investing LEX Markets cofounders and co-CEOs Drew Sterrett and Jesse Daugherty.LEX MarketsDrew Sterrett was structuring real-estate deals while working in private equity when he realized the inefficiencies that existed in the market. Only high-net worth individuals or accredited investors could participate in commercial real-estate deals. If they ever wanted to leave a partnership or sell their stake in a property, it was difficult to find another investor to replace them. Owners also struggled to sell minority stakes in their properties and didn't have many good options to recapitalize an asset if necessary.In short, the market had a high barrier to entry despite the fact it didn't always have enough participants to get deals done quickly. "Most investors don't have access to high-quality commercial real-estate investments. How do we have the oldest and largest asset class in the world and one of the largest wealth creators with no public and liquid market?" Sterrett told Insider. "It sort of seems like a no-brainer, and that this should have existed 50 or 60 years ago."This 15-page pitch deck helped LEX Markets, a startup making investing in commercial real estate more accessible, raise $15 millionInsurance goes digitalJamie Hale, CEO and cofounder of LadderLadderFintechs looking to transform how insurance policies are underwritten, issued, and experienced by customers have grown as new technology driven by digital trends and artificial intelligence shape the market. And while verticals like auto, homeowner's, and renter's insurance have seen their fair share of innovation from forward-thinking fintechs, one company has taken on the massive life-insurance market. Founded in 2017, Ladder uses a tech-driven approach to offer life insurance with a digital, end-to-end service that it says is more flexible, faster, and cost-effective than incumbent players.Life, annuity, and accident and health insurance within the US comprise a big chunk of the broader market. In 2020, premiums written on those policies totaled some $767 billion, compared to $144 billion for auto policies and $97 billion for homeowner's insurance.Here's the 12-page deck that Ladder, a startup disrupting the 'crown jewel' of the insurance market, used to nab $100 millionData science for commercial insuranceTanner Hackett, founder and CEO of CounterpartCounterpartThere's been no shortage of funds flowing into insurance-technology companies over the past few years. Private-market funding to insurtechs soared to $15.4 billion in 2021, a 90% increase compared to 2020. Some of the most well-known consumer insurtech names — from Oscar (which focuses on health insurance) to Metromile (which focuses on auto) — launched on the public markets last year, only to fall over time or be acquired as investors questioned the sustainability of their business models. In the commercial arena, however, the head of one insurtech company thinks there is still room to grow — especially for those catering to small businesses operating in an entirely new, pandemic-defined environment. "The bigger opportunity is in commercial lines," Tanner Hackett, the CEO of management liability insurer Counterpart, told Insider."Everywhere I poke, I'm like, 'Oh my goodness, we're still in 1.0, and all the other businesses I've built were on version three.' Insurance is still in 1.0, still managing from spreadsheets and PDFs," added Hackett, who also previously co-founded Button, which focuses on mobile marketing. See the 8-page pitch deck Counterpart, a startup disrupting commercial insurance with data science, used to raise a $30 million Series BSmarter insurance for multifamily propertiesItai Ben-Zaken, cofounder and CEO of Honeycomb.HoneycombA veteran of the online-insurance world is looking to revolutionize the way the industry prices risk for commercial properties with the help of artificial intelligence.Insurance companies typically send inspectors to properties before issuing policies to better understand how the building is maintained and identify potential risks or issues with it. It's a process that can be time-consuming, expensive, and inefficient, making it hard to justify for smaller commercial properties, like apartment and condo buildings.Insurtech Honeycomb is looking to fix that by using AI to analyze a combination of third-party data and photos submitted by customers through the startup's app to quickly identify any potential risks at a property and more accurately price policies."That whole physical inspection thing had really good things in it, but it wasn't really something that is scalable and, it's also expensive," Itai Ben-Zaken, Honeycomb's cofounder and CEO, told Insider. "The best way to see a property right now is Google street view. Google street view is usually two years old."Here's the 10-page Series A pitch deck used by Honeycomb, a startup that wants to revolutionize the $26 billion market for multifamily property insuranceHelping freelancers with their taxesJaideep Singh is the CEO and co-founder of FlyFin, an AI-driven tax preparation software program for freelancers.FlyFinSome people, particularly those with families or freelancing businesses, spend days searching for receipts for tax season, making tax preparation a time consuming and, at times, taxing experience. That's why in 2020 Jaideep Singh founded FlyFin, an artificial-intelligence tax preparation program for freelancers that helps people, as he puts it, "fly through their finances." FlyFin is set up to connect to a person's bank accounts, allowing the AI program to help users monitor for certain expenses that can be claimed on their taxes like business expenditures, the interest on mortgages, property taxes, or whatever else that might apply. "For most individuals, people have expenses distributed over multiple financial institutions. So we built an AI platform that is able to look at expenses, understand the individual, understand your profession, understand the freelance population at large, and start the categorization," Singh told Insider.Check out the 7-page pitch deck a startup helping freelancers manage their taxes used to nab $8 million in fundingDigital banking for freelancersJGalione/Getty ImagesLance is a new digital bank hoping to simplify the life of those workers by offering what it calls an "active" approach to business banking. "We found that every time we sat down with the existing tools and resources of our accountants and QuickBooks and spreadsheets, we just ended up getting tangled up in the whole experience of it," Lance cofounder and CEO Oona Rokyta told Insider. Lance offers subaccounts for personal salaries, withholdings, and savings to which freelancers can automatically allocate funds according to custom preset levels. It also offers an expense balance that's connected to automated tax withholdings.In May, Lance announced the closing of a $2.8 million seed round that saw participation from Barclays, BDMI, Great Oaks Capital, Imagination Capital, Techstars, DFJ Frontier, and others.Here's the 21-page pitch deck Lance, a digital bank for freelancers, used to raise a $2.8 million seed round from investors including BarclaysSoftware for managing freelancersWorksome cofounder and CEO Morten Petersen.WorksomeThe way people work has fundamentally changed over the past year, with more flexibility and many workers opting to freelance to maintain their work-from-home lifestyles.But managing a freelance or contractor workforce is often an administrative headache for employers. Worksome is a startup looking to eliminate all the extra work required for employers to adapt to more flexible working norms.Worksome started as a freelancer marketplace automating the process of matching qualified workers with the right jobs. But the team ultimately pivoted to a full suite of workforce management software, automating administrative burdens required to hire, pay, and account for contract workers.In May, Worksome closed a $13 million Series A backed by European angel investor Tommy Ahlers and Danish firm Lind & Risør.Here's the 21-slide pitch deck used by a startup that helps firms like Carlsberg and Deloitte manage freelancersPayments and operations support HoneyBook cofounders Dror Shimoni, Oz Alon, and Naama Alon.HoneyBookWhile countless small businesses have been harmed by the pandemic, self-employment and entrepreneurship have found ways to blossom as Americans started new ventures.Half of the US population may be freelance by 2027, according to a study commissioned by remote-work hiring platform Upwork. HoneyBook, a fintech startup that provides payment and operations support for freelancers, in May raised $155 million in funding and achieved unicorn status with its $1 billion-plus valuation.Durable Capital Partners led the Series D funding with other new investors including renowned hedge fund Tiger Global, Battery Ventures, Zeev Ventures, and 01 Advisors. Citi Ventures, Citigroup's startup investment arm that also backs fintech robo-advisor Betterment, participated as an existing investor in the round alongside Norwest Venture partners. The latest round brings the company's fundraising total to $227 million to date.Here's the 21-page pitch deck a Citi-backed fintech for freelancers used to raise $155 million from investors like hedge fund Tiger GlobalPay-as-you-go compliance for banks, fintechs, and crypto startupsNeepa Patel, Themis' founder and CEOThemisWhen Themis founder and CEO Neepa Patel set out to build a new compliance tool for banks, fintech startups, and crypto companies, she tapped into her own experience managing risk at some of the nation's biggest financial firms. Having worked as a bank regulator at the Office of the Comptroller of the Currency and in compliance at Morgan Stanley, Deutsche Bank, and the enterprise blockchain company R3, Patel was well-placed to assess the shortcomings in financial compliance software. But Patel, who left the corporate world to begin work on Themis in 2020, drew on more than just her own experience and frustrations to build the startup."It's not just me building a tool based on my personal pain points. I reached out to regulators. I reached out to bank compliance officers and members in the fintech community just to make sure that we're building it exactly how they do their work," Patel told Insider. "That was the biggest problem: No one built a tool that was reflective of how people do their work."Check out the 9-page pitch deck Themis, which offers pay-as-you-go compliance for banks, fintechs, and crypto startups, used to raise $9 million in seed fundingConnecting startups and investorsHum Capital cofounder and CEO Blair SilverbergHum CapitalBlair Silverberg is no stranger to fundraising.For six years, Silverberg was a venture capitalist at Draper Fisher Jurvetson and Private Credit Investments making bets on startups."I was meeting with thousands of founders in person each year, watching them one at a time go through this friction where they're meeting a ton of investors, and the investors are all asking the same questions," Silverberg told Insider. He switched gears about three years ago, moving to the opposite side of the metaphorical table, to start Hum Capital, which uses artificial intelligence to match investors with startups looking to fundraise.On August 31, the New York-based fintech announced its $9 million Series A. The round was led by Future Ventures with participation from Webb Investment Network, Wavemaker Partners, and Partech. This 11-page pitch deck helped Hum Capital, a fintech using AI to match investors with startups, raise a $9 million Series A.Helping LatAm startups get up to speedKamino cofounders Gut Fragoso, Rodrigo Perenha, Benjamin Gleason, and Gonzalo ParejoKaminoThere's more venture capital flowing into Latin America than ever before, but getting the funds in founders' hands is not exactly a simple process.In 2021, investors funneled $15.3 billion into Latin American companies, more than tripling the previous record of $4.9 billion in 2019. Fintech and e-commerce sectors drove funding, accounting for 39% and 25% of total funding, respectively.  However, for many startup founders in the region who have successfully sold their ideas and gotten investors on board, there's a patchwork of corporate structuring that's needed to access the funds, according to Benjamin Gleason, who was the chief financial officer at Groupon LatAm prior to cofounding Brazil-based fintech Kamino.It's a process Gleason and his three fellow Kamino cofounders have been through before as entrepreneurs and startup execs themselves. Most often, startups have to set up offshore financial accounts outside of Brazil, which "entails creating a Cayman [Islands] holding company, a Delaware LLC, and then connecting it to a local entity here and also opening US bank accounts for the Cayman entity, which is not trivial from a KYC perspective," said Gleason, who founded open-banking fintech Guiabolso in Sao Paulo. His partner, Gonzalo Parejo, experienced the same toils when he founded insurtech Bidu."Pretty much any international investor will usually ask for that," Gleason said, adding that investors typically cite liability issues."It's just a massive amount of bureaucracy, complexity, a lot of time from the founders. All of this just to get the money from the investor that wants to give them the money," he added.Here's the 8-page pitch deck Kamino, a fintech helping LatAm startups with everything from financing to corporate credit cards, used to raise a $6.1M pre-seed roundThe back-end tech for beautyDanielle Cohen-Shohet, CEO and founder of GlossGeniusGlossGeniusDanielle Cohen-Shohet might have started as a Goldman Sachs investment analyst, but at her core she was always a coder.After about three years at Goldman Sachs, Cohen-Shohet left the world of traditional finance to code her way into starting her own company in 2016. "There was a period of time where I did nothing, but eat, sleep, and code for a few weeks," Cohen-Shohet told Insider. Her technical edge and knowledge of the point-of-sale payment space led her to launch a software company focused on providing behind-the-scenes tech for beauty and wellness small businesses.Cohen-Shohet launched GlossGenius in 2017 to provide payments tech for hair stylists, nail technicians, blow-out bars, and other small businesses in the space.Here's the 11-page deck GlossGenius, a startup that provides back-end tech for the beauty industry, used to raise $16 millionRead the original article on Business Insider.....»»

Category: topSource: businessinsiderJun 30th, 2022

Jan. 6 live updates: Trump rattles off a dozen livid social media posts as ex-aide gives explosive testimony to Jan. 6 panel

The House select committee is investigating the Capitol riot and the role Donald Trump and his allies played in trying to overturn the 2020 election. Lawmakers listen as an image of a Trump campaign donation banner is shown behind them during a House January 6 committee hearing.Susan Walsh/AP The House committee investigating the Capitol riot held a surprise hearing on Tuesday. Cassidy Hutchinson, an aide under former White House Chief of Staff Mark Meadows, testified. Hutchinson said that Trump knew supporters were armed and even tried to get to the Capitol himself. Trump rattles off a dozen livid social media posts as ex-aide gives explosive testimony to Jan. 6 panelA trailer for a documentary that centers on Trump and January 6 was released by Discovery Plus.Seth Herald/Getty ImagesFormer President Donald Trump on Tuesday unleashed a dozen social media posts in the wake of the testimony of a former top White House aide before the January 6 committee, calling the staffer a "total phony," "third rate social climber' and suggesting she was a "whacko" because of her handwriting."There is no cross examination of this so-called witness. This is a Kangaroo Court!" Trump wrote on his social media platform.In another post, he said that her "body language is that of a total bull…. artist. Fantasy Land!"Read MoreA former Trump White House chief of staff says the latest January 6 hearing provided 'stunning' new evidence of potential criminalityWASHINGTON, DC - DECEMBER 05: U.S. President Donald Trump (R) and Acting chief of staff Mick Mulvaney (L) listen to comments during a luncheon with representatives of the United Nations Security Council, in the Cabinet Room at the White House on December 5, 2019 in Washington, DC.Mark Wilson/Getty ImagesTuesday's congressional hearing on the insurrection was a "very, very bad day" for the former president, former Trump White House chief of staff Mick Mulvaney said.The hearing featured a former White House aide testifying that Donald Trump knew some protesters were armed before they marched to the US Capitol — and that his own top advisors asked for pardons after the January 6 riot."A stunning 2 hours," Mulvaney, a onetime Trump loyalist, posted on Twitter following the testimony of Cassidy Hutchinson, a former aide to Mark Meadows, who succeeded Mulvaney as Trump's White House chief of staff.Keep ReadingA Capitol Police officer injured on January 6 said 'our own president set us up'US Capitol Police Sgt. Aquilino Gonell wipes his eye as he watches a video being displayed during a House select committee hearing on the Jan. 6 attack on Capitol Hill in Washington, Tuesday, July 27, 2021.Jim Bourg/Pool via APA US Capitol Police officer injured during the January 6, 2021, attack on the Capitol told HuffPost's Igor Bobic "our own president set us up" during the sixth public hearing of the House commitee investigating the Capitol riot. Sgt. Aquilino Gonell, an Army veteran who was in the room during Tuesday's hearing, testified before Congress last year about the injuries he suffered while defending the Capitol. Gonell underwent surgery and was moved to desk duty as a result of the injuries he sustained to his foot and shoulder while being physically attacked by rioters during the Capitol siege."I just feel betrayed," Gonell told Bobic on Tuesday. "The president should be doing everything possible to help us and he didn't do it. He wanted to lead the mob and wanted to lead the crowd himself ... he wanted to be a tyrant." Read MoreCongressman says Trump sent police to the Capitol to be 'potentially slaughtered'Trump supporters clash with police and security forces as people try to storm the US Capitol on January 6, 2021.Brent Stirton/Getty ImagesDemocratic Rep. Ruben Gallego said US Capitol cops were 'sent to be potentially slaughtered' on January 6 after a former White House staffer gave stunning testimony that former President Donald Trump knew that protesters were armed and heading to the Capitol. "If it wasn't because of this brave 25-year-old woman, we wouldn't even know what was happening," the Arizona lawmaker told reporters at the hearing on Thursday, referring to Cassidy Hutchinson. "This is a very sad moment in our country right now."Read Full StoryFormer top White House aide says Trump's attacks on Pence 'disgusted' herFormer Trump White House aide Cassidy HutchinsonJacquelyn Martin/APFormer top Trump White House aide Cassidy Hutchinson said ex-President Donald Trump's attacks on then-Vice President Mike Pence during the Capitol riot "disgusted" her."I remember feeling frustrated, disappointed, and really, it felt personal, I was really sad," she testified when asked for her reaction to Trump's praise of the rioters on January 6, 2021. "As an American, I was disgusted. It was unpatriotic, it was un-American. We were watching the Capitol building get defaced over a lie." Read Full StoryLiz Cheney shares evidence of witness tampering at Jan. 6 hearingUS Representative Liz CheneyPhoto by OLIVIER DOULIERY/POOL/AFP via Getty ImagesJanuary 6 panel vice chair and GOP Rep. Liz Cheney shared two messages purportedly received by witnesses before their testimony that she said are signs of witness tampering.Cheney shared two messages that she said witnesses had received ahead of their depositions. The witnesses, who Cheney didn't name, subsequently shared the messages with the committee.In one, a witness received a phone call: "[A person] let me know you have your deposition tomorrow. He wants me to let you know that he's thinking about you. He knows you're loyal, and you're going to do the right thing when you go in for your deposition," the caller allegedly said.Witness tampering is a federal crime.Read MoreEx-White House aide said she wanted Mark Meadows to 'snap out of it' during Capitol riotFormer White House chief of staff Mark Meadows.AP Photo/Andrew HarnikTrump White House chief of staff Mark Meadows' former top aide testified that she wanted him to "snap out it" and pay attention to the chaos unfolding at the Capitol building on January 6, 2021.During her testimony before the January 6 committee, Cassidy Hutchinson said she saw Meadows on his couch on his phone as rioters stormed the Capitol building and fought with police.Hutchinson said she asked Meadows: "The rioters are getting really close. Have you talked with the president?"Meadows allegedly replied: "No, he wants to be alone right now."Read Full StoryRudy Giuliani and Mark Meadows both sought pardons from TrumpRudy Guiliani and Mark MeadowsGetty ImagesDonald Trump's lawyer and ex-mayor Rudy Giuliani as well as the president's Chief of Staff Mark Meadows both sought pardons after the Capitol riot on January 6, 2021.That's according to explosive testimony from Meadows' aide during a House hearing investigating the insurrection.Read Full Story Trump threw dishes and flipped tablecloths 'several times' while at the White House: former aideCassidy Hutchinson, a former top aide to Trump White House Chief of Staff Mark Meadows, testifies before the January 6 committee in Washington, DC, on June 28, 2022.Brandon Bell/Getty ImagesFormer President Donald Trump's temper flared "several times" in the White House, a former top aide says, recounting how he threw dishes and flipped tablecloths in the White House dining room."There were several times throughout my tenure with the chief of staff that I was aware of him [Trump] either throwing dishes or flipping the tablecloth to let all the contents of the table go onto the floor and likely break or go everywhere," said former aide Cassidy Hutchinson.After one outburst, Hutchinson said she had to wipe ketchup off the wall.KEEP READINGFox News host: Trump throwing his lunch isn't 'wholly out of character'Fox News host Martha MacCallum downplayed new revelations about former President Donald Trump's violent outbursts while he attempted to overturn the 2020 election.Former White House aide Cassidy Hutchinson testified that Trump threw a plate in the White House dining room after he found out former Attorney General Bill Barr publicly said there was no evidence of widespread voter fraud, leaving "ketchup dripping down the wall."MacCallum said the alleged outburst didn't sound "wholly out of character," even as a Fox News colleague called the revelations "stunning."Read Full StoryDonald Trump says he 'hardly' knows the former top aide who gave damning testimony against himDonald TrumpChet Strange/Getty ImagesFormer President Donald Trump called the ex-White House aide who gave damning testimony about his actions on January 6 "bad news" and said he "hardly" knew her."I hardly know who this person, Cassidy Hutchinson, is, other than I heard very negative things about her (a total phony and "leaker") ...," Trump wrote in part on his social media platform, Truth.Read Full StoryMike Flynn pleaded the 5th when asked whether the violence on January 6 was justifiedFormer National Security Advisor Michael Flynn at a campaign event in Brunswick, Ohio on April 21, 2022.Dustin Franz/Getty ImagesMike Flynn, a former 3-star general and Trump's national security advisor, waited over a minute before pleading the Fifth Amendment when asked if violence during the Capitol riot was justified.During a House panel on the insurrection, committee vice chair Rep. Liz Cheney of Wyoming aired a clip of Flynn appearing to struggle with the question.Flynn also refused to say whether he supported the peaceful transition of power.Read MoreTrump threw his lunch at the wall after Barr said there wasn't widespread voter fraud: ex-aideCassidy Hutchinson, a top former aide to Trump White House Chief of Staff Mark Meadows, testifies during the sixth hearing by the House Select Committee on the January 6th insurrection in the Cannon House Office Building on June 28, 2022 in Washington, DC.Andrew Harnik-Pool/Getty ImagesA former top White House aide testified that ex-President Donald Trump threw his lunch at a wall after then-Attorney General Bill Barr told him there was no evidence of widespread voter fraud."There was ketchup dripping down the wall and there was a shattered porcelain plate on the floor," Cassidy Hutchinson testified on Tuesday before a House panel investigating the Captiol riot on January 6, 2021.Read Full StoryTrump said Mike Pence 'deserves it' as Capitol rioters chanted that he should be hung: ex-aideDonald Trump and former US Vice President Mike Pence in the Brady Briefing Room at the White House on April 2, 2020, in Washington, DC.MANDEL NGAN / AFP) (Photo by MANDEL NGAN/AFP via Getty ImagesFormer President Donald Trump defended Capitol rioters who were chanting to hang Vice President Mike Pence during the Capitol riot, a top White House aide testified."Mike deserves it," Trump allegedly said, according to testimony from ex-aide Cassidy Hutchinson.Donald Trump also said that the rioters storming the Capitol building "weren't doing anything wrong." Read Full StoryEx-aide says top GOP Rep. Kevin McCarthy warned White House officials that Trump shouldn't go to the Capitol on January 6President Donald Trump (R) speaks as he joined by House Minority Leader Rep. Kevin McCarthy (R-CA) (L) in the Rose Garden of the White House on January 4, 2019 in Washington, DC.Alex Wong/Getty ImagesFormer White House aide Cassidy Hutchinson testified that top House Republican Kevin McCarthy called White House advisors on January 6, 2021, warning that then-president Donald Trump should not come to the US Capitol.Hutchinson told a House panel that she got a call from McCarthy after Trump's speech on the Ellipse that day. McCarthy wasn't convinced that Trump wasn't planning to make his way to the Capitol building."Well, he just said it on stage, Cassidy. Figure it out. Don't come up here," she testified he said in the call.Read Full StoryTrump lunged at his driver and demanded to be taken to the Capitol on January 6.Former President Donald Trump.AP Photo/Joe MaioranaFormer President Donald Trump lunged at his driver and tried to grab the steering wheel on January 6, 2021, as he demanded to be taken to the Capitol building as his supporters were marching away from his speech that morning, a former aide testified.Cassidy Hutchinson, a former top aide to the then-White House chief of staff, told a House panel investigating the Capitol riot that a Secret Service agent relayed the story of what happened to her.Hutchinson said that Trump "said something to the effect of 'I'm the effing president, take me up to the Capitol now.' "Read Full StoryTrump knew the January 6 crowd was armed, but said 'they're not here to hurt me,' aide testifiesDonald TrumpSeth Herald/Getty ImagesA former White House aide said Donald Trump knew that his supporters were armed on January 6 hours before they stormed the Capitol building."I don't fucking care that they have weapons. They're not here to hurt me," Trump said the morning of the insurrection at the US Capitol, according to former White House aide Cassidy Hutchinson.Hutchinson said Trump was incensed that there were gaps in the crowd of his speech on January 6.Read Full StoryTrump was 'fucking furious' armed supporters couldn't get to his speech: former aideFormer White House aide Cassidy Hutchinson.Brandon Bell/Getty ImagesAn ex-White House aide testified that President Donald Trump was "fucking furious" that people in the MAGA crowd weren't able to get to his speech on January 6, 2021 because they were carrying weapons.Trump was insistent that security remove the metal detectors outside the White House so more people with weapons could get into the grounds, former White House aide Cassidy Hutchinson told the House panel investigating the insurrection.She also quoted the president as saying: "Take the fucking mags away. Let my people in. They can march to the Capitol from here."READ FULL STORY Feds seized John Eastman's phoneJohn Eastman testifies before the House Ways and Means Committee hearing on Capitol Hill in Washington, Tuesday, June 4, 2013.Charles Dharapak/APAnother big development emerged Monday in the widening federal criminal probe into Donald Trump's efforts to overturn the 2020 presidential election.This one involves federal agents who seized the phone of John Eastman, a conservative lawyer who advised Trump during his failed bid to stop the inauguration of Joe Biden. Eastman made the feds' move public in a filing with a New Mexico federal court, seeking the return of property from the government.According to his filing, FBI agents acting on behalf of DOJ's internal watchdog stopped Eastman as he was leaving a restaurant in New Mexico on June 22, taking his phone.Read Full StoryCassidy Hutchinson in the spotlightCassidy Hutchinson’s testimony is shown during the fifth January 6 committee hearing on June 23, 2022.Demetrius Freeman-Pool/Getty ImagesCassidy Hutchinson is the surprise lead witness for Tuesday's sixth hearing of the House select committee investigating the January 6 insurrection.The former top aide under then-White House Chief of Staff Mark Meadows is a direct witness to many of the events and discussions of interest to the panel.She's given the committee several important pieces of information, including the six GOP House members who sought pardons from Trump and that the president told Meadows he agreed with rioters demands to "hang" Vice President Mike Pence.Read Full Story Select committee announces surprise hearing.January 6 committee chair Rep. Bennie Thompson of Mississippi speaks to reporters following the committee’s fifth hearing on June 23, 2022.Brandon Bell/Getty ImagesThe Jan. 6 select committee announced it would hold a sixth hearing to start Tuesday at 1 p.m. ET during the congressional recess and despite previous statements that it would hold its next hearings in July.A committee advisory said it would present "recently obtained evidence" and feature witnesses, whom it did not name.Read Full StoryKamala Harris said she commended her vice presidential predecessor Mike Pence for 'courage' in certifying Biden as president despite Trump's pressureVice President Kamala Harris.Al Drago-Pool/Getty ImagesVice President Kamala Harris said Monday that she commended former Vice President Mike Pence for certifying Joe Biden as president on January 6 despite him facing tremendous pressure by former President Donald Trump to overturn the election. "I think that he did his job that day," Harris said in a CNN interview after reporter Dana Bash asked her whether her opinion of Pence had changed. "And I commend him for that because clearly it was under extraordinary circumstances that he should have not had to face. And I commend him for having the courage to do his job."This month the House Select Committee probing the January 6 Capitol attack has detailed how Trump tried to push Pence not to recognize Biden's victory in the days leading up to January 6, 2021. Trump wanted Pence to "send back" slates of electors for Biden back to their states in order to overturn his election loss. But Pence put out an open letter saying he didn't have the authority to take such actions, and his role in the certification process was largely ceremonial.Read Full StoryKevin McCarthy says it's 'all good' between him and Trump as the former president fumes about the lack of Republicans on the Jan. 6 committee: 'The right decision was the decision I made'Rep. Kevin McCarthy (R-CA) and President Donald Trump.Anna Moneymaker/The New York Times/POOL/Getty ImagesHouse Minority Leader Kevin McCarthy said on Monday that everything is good between him and Donald Trump as the former president publicly questions whether it was wise to keep more Republicans off of the House January 6 committee."The right decision was the decision I made," McCarthy told Fox News' Dana Perino. "If other people change their opinion, read the rules and I think they'll come back to the same conclusion." The former president and McCarthy have talked recently, according to the top House Republican. When Perino asked if things were "all good?" McCarthy responded, "Oh, all good. Yes."McCarthy repeated his long-held defense of the decision, arguing that House Speaker Nancy Pelosi would have only selected Republicans that would have fit her views. The California Republican then named three of the 10 Republicans who voted to impeach Trump as examples of people Pelosi would have supported.Read Full StoryHow to watch the House January 6 committee hearings on the Capitol attackVideo featuring former President Donald Trump’s White House senior adviser and son-in-law Jared Kushner is played during a hearing by the Select Committee to Investigate the January 6th Attack on the U.S. Capitol in the Cannon House Office Building on June 13, 2022 in Washington, DC. Stepien, who was scheduled to testify in person, was unable to attend due to a family emergency. The bipartisan committee, which has been gathering evidence for almost a year related to the January 6 attack at the U.S. Capitol, will present its findings in a series of televised hearings. On January 6, 2021, supporters of former President Donald Trump attacked the U.S. Capitol Building during an attempt to disrupt a congressional vote to confirm the electoral college win for President Joe Biden.Photo by Alex Wong/Getty ImagesThe House Select Committee Investigating the January 6 Insurrection at the US Capitol is bringing to light its findings from a year's worth of work with a series of public hearings this summer. The select committee, formed in May 2021, has nine members, seven Democrats, including Chairman Rep. Bennie Thompson, and two Republicans, Reps. Liz Cheney and Adam Kinzinger. Its members and staff have spent the past year conducting hundreds of closed-door interviews, poring over hundreds of thousands of documents, and parsing phone and email records to reconstruct how President Donald Trump and his allies sought to overturn his 2020 election loss before a mob of pro-Trump rioters breached the US Capitol in an effort to stop the final certification of the 2020 election. Five public hearings, including one in primetime, have already taken place, and one more hearing is scheduled for Tuesday, June 28. Read Full StoryJanuary 6 hearing takeaways: Pardon pleas, more Bill Barr, and a riveting account of how Trump turned to the Justice Department and a loyal lawyer to 'help legitimize his lies'TheBill Clark/CQ-Roll Call, Inc via Getty Images)Spanning more than two hours in the late afternoon, the House January 6 committee's fifth public hearing captured the drama that unfolded inside the Justice Department and White House as Trump looked to some of the country's most senior and important law enforcement officials to help him remain in power.READ FULL STORYMatt Gaetz 'personally' pushed for a pardon from Trump 'from the beginning of time up until today, for any and all things,' Trump officials testifyRepublican Rep. Matt Gaetz of Florida at the White House on May 8, 2020.Anna Moneymaker-Pool/Getty ImagesThe January 6 committee aired a series of video testimonies from former Trump administration officials detailing which Republican members of Congress sought pardons from former President Donald Trump at the end of his term as he and his allies exhausted different avenues to stay in power.Most prominently featured: Republican Rep. Matt Gaetz of Florida.According to various officials who spoke with the committee, Gaetz began pushing for a pardon well before other Republicans who were involved in the attempt to overturn the 2020 election."Mr. Gaetz was personally pushing for a pardon, and he was doing so since early December," said Cassidy Hutchinson, a former aide to White House Chief of Staff Mark Meadows, in testimony aired by the committee on Thursday.READ FULL STORYFox News cut away from the Jan. 6 hearing minutes before testimony by Trump aides about GOP lawmakers who sought pardonsPlaque at the entrance to Fox News headquarters in New YorkErik McGregor/LightRocket via Getty ImagesJust as former Department of Justice Officials were detailing how they threatened to resign en masse if former President Donald Trump went ahead with his efforts to overturn the 2020 election results, Fox News cut away to air its previously scheduled talk show, "The Five."CNN and MSNBC aired the hearings in full, which ended with Rep. Adam Kinzinger listing six GOP lawmakers whom Trump aides testified sought pardons in the administration's final weeks.Other than the first of the five hearings so far, Fox News has carried the proceedings without commercial breaks, save for recesses during the proceedings.READ FULL STORYDOJ officials threatened to resign if Jeffrey Clark was appointed Attorney GeneralJeff ClarkYuri Gripas-Pool/Getty ImagesTop officials at the US Department of Justice threatened to resign if former President Donald Trump succeeded in making loyalist Jeff Clark the acting Attorney General, per testimony before the January 6 committee on Thursday.Richard Donoghue, former acting deputy attorney general, said that the pledge to resign was made on a phone call in the wake of reports that Trump was considering installing Clark, who at the time was promoting unfounded conspiracy theories about the 2020 election."They would resign en masse if the president made that change," Donoghue told the committee. "All without hesitation said they would resign."At least six GOP members of Congress sought pardons after January 6, 2021, per testimony from a former White House aideRep. Marjorie Taylor Greene, R-Ga., joined from left by Rep. Louie Gohmert, R-Texas, and Rep. Matt Gaetz, R-Fla., speaks at a news conference about the treatment of people being held in the District of Columbia jail who are charged with crimes in the Jan. 6 insurrection, at the Capitol in Washington, Tuesday, Dec. 7, 2021.J. Scott Applewhite/APCassidy Hutchinson, a former aide to former White House Chief of Staff Mark Meadows, testified Wednesday before the January 6 House panel that at least six House members asked the White House for a pardon following the Capitol siege.According to Hutchinson, Republican Reps. Matt Gaetz of Florida, Marjorie Taylor Greene of Georgia, Mo Brooks of Alabama, Andy Biggs of Arizona, Louie Gohmert of Texas, and Scott Perry of Pennsylvania requested pardons.The former White House aide added that GOP Rep. Jim Jordan of Ohio asked for an "update on whether the White House is going to pardon members of Congress" but did not personally ask for one.Keep Reading Trump suggested sending letter to states alleging 2020 election fraud, a former acting Attorney General Jeff Rosen testifiedFormer acting Attorney General Jeff Rosen has already testified about Trump's efforts to pressure DOJ.Yuri Gripas-Pool/Getty ImagesFormer acting Attorney General Jeff Rosen said on Thursday that then-President Donald Trump suggested that the Justice Department send letters to state legislatures in Georgia and other states alleging that there was voter fraud in the 2020 presidential election despite knowing there was no such evidence.Rosen told lawmakers on the House select committee investigating the January 6 insurrection that during Trump's final days in office, the former president and his campaign suggested several strategies for the Justice Department to overturn the presidential election results. These tactics included filing a lawsuit with the Supreme Court, making public statements, and holding a press conference."The Justice Department declined all of those requests that I was just referencing because we did not think they were appropriate based on the facts and the law, as we understood," Rosen said.Read MoreA former Trump DOJ official testified that former President Donald Trump urged him and other officials to 'just say the election was corrupt'Notes from Richard Donoghue displayed at the January 6 committee's hearing on June 23, 2022.Screenshot / C-SPANThe January 6 committee on Thursday displayed scans of notes taken by Richard Donoghue, then the acting deputy attorney general serving out the final days of the Trump administration.One note, displayed as Republican Rep. Adam Kinzinger of Illinois led the committee's questioning, included an apparent plea from then-President Donald Trump to "just say the election was corrupt" and "leave the rest to me and the [Republican] congressmen."Read Full StoryBill Barr says he's 'not sure we would have had a transition at all' to Biden if DOJ hadn't investigated Trump's baseless voter fraud claimsFormer Attorney General Bill Barr and former President Donald TrumpDrew Angerer/Getty ImagesFormer Attorney General William Barr said he was "not sure we would have had a transition at all" if the Justice Department had not investigated Donald Trump's claims of widespread voter fraud and found them baseless.In a closed-door deposition, Barr suggested to the House committee investigating the January 6 attack that Trump might not have left office voluntarily if DOJ had not proactively examined the election fraud claims ahead of Joe Biden's inauguration. Read Full Story'You would be committing a felony'Eric Herschmann spoke to the Jan. 6 committee on Thursday.Senate Television via APFormer White House attorney Eric Herschmann told the committee that he brutally mocked a plan from a Trump loyalist to hijack control of the Justice Department in a last-ditch effort to overturn the 2020 election."And when he finished discussing what he planned on doing, I said, 'good, fucking, excuse me, f-ing, a-hole, congratulations you just admitted that your first step or act you would take as attorney general would be committing a felony and violating rule 6c," Herschmann told the panel, per an excerpt of his previously private deposition that was released on Thursday.Read Full Story  Fast times in the CapitolActor Sean Penn and DC Metropolitan Police Department officer Daniel Hodges at the January 6 committee hearing on Capitol Hill on June 23, 2022.AP Photo/Jacquelyn MartinSean Penn is in the House.The actor and well known Hollywood activist made an unexpected appearance at the fifth hearing of the House select committee investigating the January 6 insurrection. "I'm just here to observe — just another citizen," Penn told a CNN reporter. "I think we all saw what happened on January 6 and now we're looking to see if justice comes on the other side of it."Read Full StoryLiz Cheney is mailing instructions to Democrats on how to change parties and vote for her in Wyoming's GOP primaryU.S. Rep. Liz Cheney (R-WY) Vice Chairwoman of the Select Committee to Investigate the January 6th Attack on the U.S. Capitol, delivers remarks during a hearing on the January 6th investigation on June 9, 2022.Win McNamee/Getty ImagesAs Rep. Liz Cheney faces a tough reelection battle in Wyoming, she's turning to Democrats in her home state to help her chances in the August 16 Republican primary.Cheney's campaign has mailed instructions to Wyoming Democrats on how to change their party affiliation to vote for the incumbent congresswoman, The New York Times reported on Thursday. Under Wyoming law, voters must be registered as a Democrat or a Republican in order to vote in that party's primary election. Read Full StoryFeds search home of former top Trump DOJ officialJeff ClarkYuri Gripas-Pool/Getty ImagesWe've got a major development that surfaced Thursday into what appears to be a widening federal investigation into Donald Trump's bid to overturn the 2020 presidential election.Federal investigators on Wednesday searched the Northern Virginia home of Jeff Clark, a former top Justice Department official who became the go-to Trump ally trying to push DOJ into backing the then-president's baseless claims about voter fraud.ABC News first reported this, and a DOJ spokesperson has since confirmed to Insider's Ryan Barber that law enforcement activity did indeed happen in the Washington DC suburb where Clark lives. The spokesperson wouldn't comment on the nature of the activity or about any specific individuals.Expect to hear Clark's name a couple times or more during Thursday's House select committee hearing as the panel examines Trump's efforts to use DOJ in his bid to stop Joe Biden from being sworn in as the country's 46th president.Read Full Story#unprecedentedA trailer for a documentary that centers on Trump and January 6 was released by Discovery Plus.Seth Herald/Getty ImagesHere's something that doesn't show up on the internet very often: a 30-second trailer for a new three-part documentary taking people behind the scenes of Donald Trump's presidency and the January 6 insurrection.But that's exactly what landed online late Wednesday via Discovery+, which shows footage of the new series titled "Unprecedented." The clip features Trump and his adult children Ivanka, Donald Trump Jr., and Eric Trump and closes with the ex-president himself agreeing to discuss the riot at the US Capitol. —discovery+ (@discoveryplus) June 23, 2022House January 6 investigators have the documentary footage too, courtesy of a subpoena that Politico reported about. And Trump allies were apparently in the dark about the filming, with one texting Rolling Stone: "what the fuck is this?"Read Full Story Hearings to resume at 3 p.m. ET Thursday with testimony expected from former DOJ officialsFormer Acting Attorney General Jeffrey Rosen.Yuri Gripas-Pool/Getty ImagesThe January 6 commission's fifth hearing is expected to start at 3 p.m. Thursday, with testimony expected from former Trump-administration Justice Department officials. They are:Jeffrey Rosen, former acting attorney generalRichard Donoghue, former acting deputy attorney generalSteven Engel, former assistant attorney general for the Office of Legal CounselRosen served as acting attorney general in the final weeks of Trump's presidency. He previously told the committee how he came under persistent pressure from Trump to have the DOJ back Trump's efforts to overturn the 2020 election, as Insider's C. Ryan Barber reported.Toward the end of his presidency, Trump considered ousting Rosen and installing Jeffrey Clark, a supporter of the bogus voter-fraud claims, in his place, but ultimately decided not to after officials threatened to resign if he went through.Analysis: Trump shot himself in the foot by opposing a bipartisan Jan. 6 commission because now he has no allies to defend him in scathing public hearingsLawmakers listen as an image of a Trump campaign donation banner is shown behind them during a House January 6 committee hearing.Susan Walsh/APAs the House's January 6 committee lays out in devastating detail Donald Trump's effort to overturn his defeat in the 2020 election, the former president is turning his anger on House Minority Leader Kevin McCarthy. Trump has complained about McCarthy's decision to boycott the panel, with the former president telling the Punchbowl newsletter on Wednesday: "Republicans don't have a voice. They don't even have anything to say."But Trump has no one but himself to blame for the situation, one of his Republican critics pointed out, as he was the one who opposed the formation of a bipartisan commission equally split between Republicans and Democrats to investigate the riot. Read Full StoryTrump is hate-watching every Jan. 6 hearing and almost screams at the TV because he feels nobody is defending him, report saysDonald TrumpJoe Raedle/Getty ImagesFormer President Donald Trump is hate-watching the January 6 committee hearings, incensed because he believes nobody is defending him, according to The Washington Post.Trump is at "the point of about to scream at the TV" as he tunes in to each hearing, one unnamed close advisor told the paper. Another in his circle, also unnamed, told the paper that Trump continually complains that "there's no one to defend me" at the hearings, which have attracted huge amounts of media coverage.Per The Post, Trump's anger centers on House Minority Leader Kevin McCarthy, who boycotted the committee at its formation, passing up the chance to put pro-Trump figures on the panel.Read Full StoryDOJ issued subpoenas to alleged fake Trump electors and a Trump campaign official, reports sayA general view shows a House January 6 committee hearing on Capitol Hill on June 9, 2022.Mandel Ngan/POOL/AFP via Getty ImagesThe Justice Department expanded its investigation into the Capitol riot after issuing subpoenas to a would-be Trump elector in Georgia and a Trump campaign official who worked in Arizona and New Mexico, The Washington Post and The New York Times reported Wednesday.Arizona, Georgia, and New Mexico are among the seven battleground states where a failed effort to overturn the election took place by appointing pro-Trump electors.The news comes after Rep. Adam Schiff said the House select committee investigating the January 6 insurrection obtained evidence that former President Donald Trump was involved in the aforementioned scheme.Read Full StoryTrump aides didn't know someone was filming Trump on January 6 until the House committee got the footage: reportsPresident Donald Trump listens as Jared Kushner speaks in the Oval Office of the White House on September 11, 2020.Andrew Harnik/AP PhotoAides to Donald Trump had no idea a documentary maker filmed the former president on January 6, 2021, until the House committee investigating that day subpoenaed the footage, reports said. The existence of the footage by UK documentarian Alex Holder was first reported by Politico on Tuesday.The outlet said that Holder complied with the House committee request and handed over several months of footage of Trump up to and including January 6. The New York Times reported that many top Trump advisors were surprised by news of the project, which was known to only a small circle of close Trump aides.Read Full StoryIvanka Trump claimed to believe Trump's false voter-fraud theories but later told Jan. 6 panel she didn't, report saysIvanka Trump.Drew Angerer/Getty ImagesIvanka Trump claimed to believe former President Donald Trump's false voter-fraud theories in a December 2020 interview, directly contradicting her testimony to congressional investigators earlier this year, a new report says.In April 2022, Trump had told the House committee investigating the Capitol riot that she had "accepted" former Attorney General Bill Barr's assessment that Donald Trump's claims of election fraud were wrong.But according to The New York Times, Ivanka Trump told the documentary filmmaker Alex Holder on December 10, 2020 — nine days after Barr made the assessment that supposedly swayed her — that she supported her father's efforts to challenge the 2020 election results.She said Trump should "continue to fight" the 2020 election results because Americans were questioning the "sanctity of our elections."Read Full StoryElection worker testifies that conspiracy theorists tried to citizen's arrest her grandmother after lies from Trump, GiulianiWandrea "Shaye" Moss, a former Georgia election worker, is comforted by her mother Ruby Freeman, right, during the House January 6 committee's hearing.AP Photo/Jacquelyn MartinA Georgia election worker testified that her grandmother faced a citizen's arrest by a group of election deniers who tried pushing their way into her house due to election lies told by former President Donald Trump and former personal lawyer Rudy Giuliani.Wandrea "Shaye" Moss, an election worker in Fulton County, Georgia, told lawmakers during a January 6 select committee hearing that she and her mother Ruby Freeman, who worked as a short-term election worker in 2020, were among the workers counting ballots at State Farm Arena in Atlanta. When Giuliani and Trump accused those workers of orchestrating election fraud, Moss said her family faced death threats and were pushed out of town, living in Airbnbs for two months around January 6 at the FBI's recommendation.Moss said she endured racist harassment as well, adding that a group of people influenced by the election conspiracies showed up to her grandmother's house and tried to perform a citizen's arrest.Read Full StoryWhere's Pat Cipollone?Former White House Counsel Pat CipolloneAlex Wong/Getty ImagesPaging Pat Cipollone.The former White House counsel under then-President Donald Trump is now front and center as a top witness the House committee investigating the January 6 insurrection still wants to hear from.That's according to Rep. Liz Cheney, who publicly called Tuesday for Cipollone to testify about evidence the committee has collected showing that he "tried to do what was right" as  Trump pushed to overturn the 2020 election.Cheney also noted that the House panel is also "certain" Trump doesn't want Cipollone to testify. His previous job as Trump's top White House attorney could complicate the matter, though as Insider's Ryan Barber points out in his story, Bill Barr did participate in its investigation.Read Full StorySexualized texts, a break-in and doxxingsGeorgia Secretary of State Brad Raffensperger is sworn in to testify on Tuesday before the House select committee investigating the January 6 attack on the US Capitol.Jacquelyn Martin/AP PhotoTuesday's House select committee featured jaw-dropping testimony from election officials who detailed the threats they faced after refusing to go along with then President Donald Trump's bid to overturn the 2020 election results.One big dose of it came from Georgia Secretary of State Brad Raffensperger, who explained how he received texts from all over the US and eventually his wife became a target of harassment too. "My wife started getting the texts and hers typically came in as sexualized texts, which were disgusting," Raffensperger said during his testimony before the January 6 committee. "You have to understand that Trish and I met in high school and we have been married over 40 years now. They started going after her I think to probably put pressure on me: 'Why don't you just quit and walk away?'" Raffensperger also testified about Trump supporters who broke into the home of his daughter-in-law, a widow with two children. And he said his phone and email were doxxed, meaning that someone had posted the number and email publicly so that people would message him. Read Full StoryDeath threatsWandrea ArShaye “Shaye” Moss, a former Georgia election worker, is sworn in before January 6 committee on June 21, 2022.Kevin Dietsch/Getty ImagesA Black former Georgia election worker delivered stark testimony on Tuesday about the racist and deadly threats that came when President Donald Trump publicly attacked her and her mother amid his drive to overturn the 2020 election results.Insider's Bryan Metzger has more on the remarks from Wandrea ArShaye "Shaye" Moss, a veteran election official in Fulton County who ended up on the receiving end of myriad threats after Rudy Giuliani specifically named her and her mom when speaking to the Georgia state Senate."They included threats, a lot of threats wishing death upon me," Moss said. "Telling me that, you know, I'll be in jail with my mother, and saying things like, 'Be glad it's 2020 and not 1920.'" Read Full Story'We were just kind of useful idiots'Former President Donald Trump speaks during a rally in Delaware, Ohio, on April 23, 2022.Drew Angerer/Getty Images"We were just kind of useful idiots, or rubes at that point."That's a quote from former Donald Trump 2020 campaign staffer Robert Sinner describing to the House January 6 investigators his displeasure with a scheme to overturn now-President Joe Biden's 2020 victory in Georgia.Sinner's remarks were broadcast in a video recording shown during Tuesday's select committee hearing, Insider's John Dorman reports.Read Full Story Suspicious package found outside House hearing roomThe House panel investigating the January 6 insurrection.Photo by Jabin Botsford-Pool/Getty ImagesThe House select committee investigating the January 6 insurrection kept on going Tuesday despite a suspicious package being found right outside the hearing room where the panel was meeting.Insider's Lauren Frias reported that the US Capitol Police officials did issue an all-clear about an hour after first sending out its alert. The police advised staff and visitors on the premises to stay away from the area during the incident. A Fox News producer tweeted that the package appeared to be an unattended backpack on top of a walker outside of the House building.Read Full Story'Do not give that to him'Republican Sen. Ron Johnson of Wisconsin and former Vice President Mike Pence.Drew Angerer and Erin Schaff-Pool/Getty ImagesGOP Sen. Ron Johnson sought to deliver a slate of "alternate" electors to then-Vice President Mike Pence ahead of the counting of votes during a Joint Session of Congress on January 6, 2021.That's according to a series of eye-catching text messages first displayed by the January 6 committee on Tuesday, Insider's Bryan Metzger reported."Johnson needs to hand something to VPOTUS please advise," Sean Riley, Johnson's chief of staff, wrote of the materials that were related to "alternate" electors from two contested Midwestern states that Democratic nominee Joe Biden had narrowly carried: Michigan and Wisconsin. "What is it?" replied Chris Hodgson, a legislative aide to Pence."Alternate slate of elector for MI and WI because archivist didn't receive them," Riley replied."Do not give that to him," Hodgson replied.Read Full StoryRudy admitted to not having election fraud evidenceRudy Giuliani, former lawyer for President Donald Trump.William B. Plowman/NBC/NBC Newswire/NBCUniversal via Getty ImagesRudy Giuliani admitted to not having any evidence of election fraud after the 2020 presidential election despite repeatedly claiming he did, according to the Republican speaker of the Arizona state House."My recollection, he said, 'We've got lots of theories, we just don't have the evidence,'" Russell "Rusty" Bowers, the Arizona official, said in describing a conversation with then-President Donald Trump's personal attorney.Bowers, a Trump supporter, was testifying on Tuesday before the House January 6 select committee to recount his interactions with Giuliani and the Trump legal team surrounding the events of the last presidential election.He called the Trump team "a tragic parody" and compared them to the 1971 comedy "The Gang Who Couldn't Shoot Straight."Read Full Story A very real threat to the 2022 midtermsCouy Griffin, a central figure in a New Mexico county's refusal to certify recent election results based on debunked conspiracy theories about voting machines, has avoided more jail time for joining the mob that attacked the US Capitol.AP Photo/Gemunu AmarasingheThe House select committee's January 6 hearings have spotlighted the very real threat to future US elections, including the midterms coming up this November.That's the big takeaway from a story by Insider's Grace Panetta published Tuesday that looks at how a court had to intercede after New Mexico county commission initially refused to certify results from the state's June 7 primary."The election denial movement pushed by Trump and his allies that spurred so many to attack the Capitol on January 6 has now fanned out to county commissions, town halls, and polling places around the country, presenting wholly novel burdens on election officials and new threats to the health of American democracy," Grace wrote.Read Full StoryTrump is ready to abandon attorney John Eastman after he was criticized in committee hearings, report saysJohn Eastman at a pro-Trump rally on January 6, 2021.Jim Bourg/ReutersFormer President Donald Trump sees no reason to defend the conservative attorney John Eastman, Rolling Stone reported.The decision the outlet relayed came in light of the heavy scrutiny of Eastman in the Congressional Jan. 6 committee hearings, which detailed his role helping Trump try to overturn the 2020 election.Eastman wrote a memo detailing a last-ditch plan for Vice President Mike Pence to block Joe Biden's certification as president on January 6, 2021, at the Congressional proceeding which was interrupted by the Capitol riot.Citing two sources close to Trump, the outlet reported that the committee's focus on Eastman in its public hearings had bothered Trump, and that Trump has started distancing himself from the attorney.READ FULL STORYFull list of witness testifying on June 21Arizona House Speaker Rusty Bowers is among those scheduled to testify in the committee's June 21 hearing.AP Photo/Ross D. Franklin, FileInsider's Warren Rojas has a roster of those scheduled to appear in the committee's public hearings. See the full list below.Read Full StoryJan. 6 committee subpoenas filmmaker who interviewed Trump before and after the riotTrump speaks to supporters from the Ellipse near the White House on January 6, 2021, in Washington, DC.Brendan Smialowski/AFP via Getty ImagesThe January 6 committee sent a subpoena to Alex Holder, a documentary filmmaker who interviewed Trump before and after the Capitol riot, Politico's Playbook newsletter reported Tuesday.The existence of this footage had never been reported before, and Holder is expected to fully cooperate with the panel, Playbook reported.Holder also spent several months interviewing members of Trump's family, including his children Donald Trump Jr., Ivanka Trump, and Eric Trump, and his son-in-law Jared Kushner, Playbook reported.The subpoena asked Holder to provide any raw footage he might have from the Capitol riot and interviews with Trump, his family, and former Vice President Mike Pence, as well as any footage he has of discussions about voter fraud in the 2020 election.Trump boasts he's been impeached twice and screams 'nothing matters!' amid ongoing January 6 hearingsFormer President Donald Trump gives the keynote address at the Faith and Freedom Coalition during their annual conference on June 17, 2022, in Nashville, Tennessee.Seth Herald/Getty ImagesFormer President Donald Trump on Friday bragged that he was impeached twice, while recycling his false claims about the 2020 election and attacking former Vice President Mike Pence and former Attorney General William Barr.Delivering a speech to the Faith and Freedom Coalition in Nashville, the former president said Pence didn't have the courage to embrace his effort to overturn the election and mocked Barr for being "afraid" of getting impeached."What's wrong with being impeached? I got impeached twice and my poll numbers went up," Trump said.Read Full StoryGinni Thomas says she 'can't wait' to talk to Jan. 6 committee after it asks for interview over her efforts to overturn 2020 electionGinni ThomasChip Somodevilla/Getty ImagesGinni Thomas, the wife of Supreme Court Justice Clarence Thomas, said she "can't wait' to talk to the House January 6 commission after it asked to interview her over her efforts to overturn the 2020 election."I can't wait to clear up misconceptions. I look forward to talking to them," Thomas told the right-wing news site The Daily Caller. She did not say what those misconceptions might be.Her comments come after the House Select Committee investigating the Capitol riot announced that it had requested an interview with her. Rep. Bennie Thompson, the committee's chairman, said the panel wanted to talk to her "soon," Axios reported.Thomas faces scrutiny over her connections to former President Donald Trump's attempts to overturn the 2020 election. Read Full StoryEven on the day of the Capitol riot, Rudy Giuliani was still doubtful if Mike Pence had the power to overturn the election, says ex-Trump lawyerRudy Giuliani.Jacquelyn Martin/APEric Herschmann, a former Trump White House lawyer, revealed on Thursday that even on the morning of the Capitol riot, Rudy Giuliani was still debating whether then-Vice President Mike Pence had the power to overturn the votes in the 2020 election. Herschmann's testimony was aired on Thursday during the third of six public hearings organized by the January 6 committee investigating the Capitol riot. Thursday's session centered on the pressure exerted by the Trump camp in a bid to get Pence to overturn the vote.Herschmann said he received a call "out of the blue" from Giuliani on the morning of January 6, 2021, concerning what Pence's role would be that day."And, you know, he was asking me my view and analysis and then the practical implications of it," Herschmann said, who described the call as an "intellectual discussion." "And when we finished, he said, like, 'I believe that, you know, you're probably right.'" Read Full StoryMike Pence's former lawyer said he warned Trump's camp that overturning votes would lead to the 2020 election being 'decided in the streets'Then-US President Donald Trump arrives with then- Vice President Mike Pence for a "Make America Great Again" rally in Michigan on November 2, 2020.PhoPhoto by Brendan Smialowski / AFP via Getty ImagesA lawyer for former Vice President Mike Pence said that he strongly disagreed with conservative lawyer John Eastman about the Trump camp's plan to overturn the 2020 election result and warned Eastman that it might lead to violence in the streets.Testifying on Thursday before the January 6 panel investigating the Capitol riot, Greg Jacob said he had spoken to Eastman on January 5, 2021. During their conversation, Jacob said he expressed his "vociferous disagreement" with the plan for Pence to overturn the electoral vote on behalf of former President Donald Trump and send the votes back to their respective states. "Among other things, if the courts did not step in to resolve this, there was nobody else to resolve it," Jacob testified. Read Full StoryDemocracy on the brinkPeople arrive before a hearing of the House select committee investigating the Jan. 6, 2021, attack on the Capitol at the Capitol in Washington, Thursday, June 16, 2022.Drew Angerer/Pool Photo via APAmerican democracy was on the brink like no time ever before.That's the lede paragraph from Insider's Grace Panetta in her story that sums up the biggest takeaways from Thursday's historic and marathon third public hearing of the House select committee investigating the January 6, 2021, insurrection at the US Capitol.Grace writes that the two lead witnesses, Greg Jacob and Michael Luttig, were steeped in legal expertise and constitutional scholarship as they explained at a granular and methodical level why neither the Electoral Count Act nor the 12th Amendment permitted then-Vice President Mike Pence to unilaterally reject Electoral College votes for President-elect Joe Biden.Then-President Donald Trump and one of his personal legal advisors, John Eastman, were pushing the vice president to do exactly that in a break with all of US history. Read Full StoryMAGA world a "clear and present danger to American democracy"Michael Luttig, a retired federal judge who was an adviser to former Vice President Mike Pence, looks at Greg Jacob, former counsel to Vice President Mike Pence, as he testifies before the House select committee investigating the Jan. 6, 2021 attack on the Capitol at the Capitol in Washington, Thursday, June 16, 2022.J. Scott Applewhite/AP PhotoFormer President Donald Trump and his supporters remain a "clear and present danger to American democracy."Those were the startling words of Michael Luttig, a retired federal judge who has long been championed by Republicans. He made them near the end of Thursday's marathon House select committee hearing into the January 6, 2021, insurrection at the US Capitol.Luttig, who advised then-Vice President Mike Pence about his ceremonial role on January 6, also went on to say Trump world is being more than blunt about its plans to manipulate the results of the next election for the White House. "The former president and his allies are executing that blueprint for 2024 in open and plain view of the American public," Luttig testified, per Insider's Warren Rojas. Read Full Story'1 more relatively minor violation' of election law...please?Former Trump legal adviser John EastmanAP Photo/Susan WalshIt's perhaps one of the biggest bombshells to come out of Thursday's House select committee hearing on the Capitol insurrection: a Trump lawyer putting in writing a request to break the law.The no-no came from John Eastman, who sent an email at 11:44 p.m. on the night of January 6, 2021, repeated his demand that Vice President Mike Pence halt the proceedings to certify the 2020 election and send it back to the states for a period of 10 days."So now that the precedent has been set that the Electoral Count Act is not quite so sacrosanct as was previously claimed, I implore you to consider one more relatively minor violation and adjourn for 10 days to allow the legislatures to finish their investigations, as well as to allow a full forensic audit of the massive amount of illegal activity that has occurred here," Eastman wrote to Pence lawyer Greg Jacob.Insider's Jake Lahut writes that the Eastman email was sent after Jacob and the then-vice president's staff and family, had been sheltering in place in a secure location during the riot.Read Full StoryEastman asked Giuliani to be added to Trump's pardon listJohn Eastman appeared onstage with Rudy Giuliani at the pro-Trump rally that preceded the January 6 attack on the Capitol.Jim Bourg/ReutersThe House panel investigating the January 6, 2021, insurrection at the Capitol made some news on Thursday by disclosing evidence that conservative lawyer John Eastman wanted to get added to lame-duck President Donald Trump's pardon list.Eastman was pushing to overturn the 2020 election, and as Insider's Oma Seddiq reports, his efforts prompted an email to personal Trump lawyer Rudy Giuliani. "I've decided I should be on the pardon list, if that is still in the works," Eastman wrote  to Giuliani, according to Rep. Pete Aguilar, a lawmaker on the January 6 panel who read the email during Thursday's hearing. Eastman ultimately did not receive a pardon. Read Full StoryAides say Trump called Pence 'P-word' and 'wimp' on Jan. 6 callTrump and Pence at a White House event on July 13, 2020.AP Photo/Evan VucciThe language got pretty profane in the White House on the morning of January 6, 2021, Insider's Bryan Metzger reports.That's according to former aides who testified to the House select committee investigating the Capitol insurrection about a call then-President Donald Trump made to Mike Pence, his vice president."I remember hearing the word 'wimp'. Either he called him a wimp — I don't remember if he said, 'you are a wimp, you'll be a wimp' — wimp is the word I remember," said Nicholas Luna, a former assistant to Trump.Julie Radford, who served as Ivanka Trump's chief of staff, told the committee that Ivanka told her that the president "just had an upsetting conversation with the Vice President" in which he called Pence "the P-word."Read Full Story'Secret' MAGA back channel Jan. 6 investigators are teasing is also Oath Keepers' legal defenseStewart Rhodes, founder of the citizen militia group known as the Oath Keepers speaks during a rally outside the White House in Washington, on June 25, 2017.Susan Walsh/APThe House January 6 investigators keep on teasing how there'll soon be upcoming testimony that reveals secret coordination between Trumpworld and extremist groups.But as Insider's Laura Italiano points out in a new story, the Oath Keepers have long boasted of such a back channel.In fact, leader and founder Elmer Stewart Rhodes and other members of the pro-Trump militia are staking their seditious-conspiracy defense case on these yet-described communications with rally organizers.Read Full StoryCruz wanted the ex-judge testifying against Trump as a SCOTUS justiceRepublican Sen. Ted Cruz of Texas and retired Judge Michael Luttig.AP Photos/Manuel Balce Ceneta and Susan WalshThere's an interesting twist to the retired conservative federal Judge Michael Luttig testifying as a key witness in Thursday's January 6 committee hearing.Insider's Bryan Metzger dug up video from the 2016 GOP presidential primary debates showing Luttig was once named by Republican Sen. Ted Cruz of Texas as an ideal Supreme Court nominee.—bryan metzger (@metzgov) June 16, 2022 Bryan writes that it was "yet another example of just how much former President Donald Trump's efforts to overturn the 2020 presidential election results has divided the conservative legal world."Read Full Story   DOJ: House's 'failure' to share transcripts hurting Jan. 6 investigationsTrump supporters clash with police and security forces as people try to storm the Capitol on January 6, 2021 in Washington.Brent Stirton/Getty ImagesMore public tension is emerging between the Justice Department and the House panel investigating the January 6, 2021, insurrection at the US Capitol.Insider's Ryan Barber has the details on a new letter sent Wednesday from the top US attorney in Washington DC to the House panel. There, the DOJ official says that the House panel has complicated criminal cases with its 'failure' to turn over interview transcripts to prosecutions.DOJ is looking for access to more than 1,000 interviews the congressional panel has conducted during its months-long examination of the Capitol attack and former President Donald Trump's effort to overturn the 2020 election.Read Full StoryJudge Luttig: If Pence tossed valid electoral votes it would have been 'a revolution'Michael Luttig, a retired federal judge who was an adviser to former Vice President Mike Pence, testifies Thursday to the House select committee investigating the Jan. 6, 2021, attack on the Capitol.AP Photo/Susan WalshSome really powerful testimony to start Thursday's January 6 select committee hearing from former federal judge J. Michael Luttig.In his opening remarks, he told the panel investigating the insurrection at the US Capitol that Vice President Mike Pence overturning the 2020 election would've pushed the country into 'the first constitutional crisis since the founding of the republic.'"That declaration of Donald Trump as the next president would have launched America into what I believe would have been tantamount to a revolution within a constitutional crisis in America which in my view would have been the first constitutional crisis since the founding of the Republic," Luttig told lawmakers during a hearing Thursday. Read Full StoryFormer Pence counsel says 'the law is not a plaything' for presidentsVice President Mike PenceScott J. Applewhite/APMike Pence's former counsel Greg Jacob is a lead witness in Thursday's third public hearing for the House select committee investigating the January 6 insurrection at the US Capitol.In his written statement submitted before the hearing, Jacob called serving the vice president "the honor of a lifetime," while also warning that the rule of law is "not a plaything" for political leaders to bend per their whim."The law is not a plaything for presidents or judges to use to remake the world in their preferred image," he wrote. "Our Constitution and our laws form the strong edifice within which our heartfelt policy disagreements are to be debated and decided."Insider's Grace Panetta has more on Jacob's testimony and spells out why he was a key figure in rebuffing the intense pressure campaign and efforts to compel Pence to obstruct or meddle with the count. Read Full StoryJanuary 6 committee says it will 'soon' seek interview with Ginni ThomasConservative activist Ginni Thomas and January 6 committee chair Rep. Bennie Thompson of Mississippi.AP Photos/Susan Walsh and J. Scott ApplewhiteConservative activist Ginni Thomas, the wife of conservative Supreme Court Justice Clarence Thomas, should be expecting an interview request soon from the House select committee investigating the January 6 insurrection at the US Capitol."We think it's time that we, at some point, invite her to come talk to the committee," Rep. Bennie Thompson, the Democratic chair of the panel, told Axios' Andrew Solender. He added that the invitation would come "soon."Thomas has recently come under scrutiny for her role in seeking to overturn the 2020 election, including emailing Trump lawyer John Eastman and pressuring 29 state legislators in Arizona to overturn the state's 2020 election results.Read Full Story  Meet the former Trump attorney starring in the January 6 hearingEric Herschmann, former White House attorney, speaks with the House select committee investigating the Jan. 6 attack on the U.S. Capitol on June 13, 2022.(House Select Committee via APAnyone remember Eric Herschmann? The White House attorney burst into the national spotlight defending President Donald Trump during his first Senate impeachment trial way back in the early pre-pandemic days of 2020.Now he's back, but for a very different reason.That's the story that Oma Seddiq just delivered for Insider readers ahead of Thursday's House January 6 hearing profiling Herschmann. He's been in the news as video clips make the rounds of his testimony where he talks about warning Trump and his allies after the presidential election that there was no proof the race was rigged and stolen, and their efforts may be illegal. In addition to his colorful language, Herschmann has drawn notice because he gave his deposition in a room with a baseball bat hanging on the wall and the word "JUSTICE" inscribed on it in bold, white letters. Observers also have noted a large painting behind him of a panda, by the artist Rob Pruitt, is similar to one that appeared in the 2015 erotic drama "50 Shades of Grey."Read Full StoryNick Quested explains how it felt to testify before the January 6 committeeBritish filmmaker Nick Queste.....»»

Category: topSource: businessinsiderJun 28th, 2022

Jan. 6 live updates: Trump defended Capitol rioters chanting to hang Pence, ex-aide testifies

The House select committee is investigating the Capitol riot and the role Donald Trump and his allies played in trying to overturn the 2020 election. Lawmakers listen as an image of a Trump campaign donation banner is shown behind them during a House January 6 committee hearing.Susan Walsh/AP The House committee investigating the Capitol riot is holding a surprise hearing at 1 p.m. ET Tuesday. Cassidy Hutchinson, an aide under former White House Chief of Staff Mark Meadows, is testifying. Rudy Giuliani and Mark Meadows both wanted pardons after the Capitol riot, she said. Rudy Giuliani and Mark Meadows both sought pardons from TrumpRudy Guiliani and Mark MeadowsGetty ImagesDonald Trump's lawyer and ex-mayor Rudy Giuliani as well as the president's Chief of Staff Mark Meadows both sought pardons after the Capitol riot on January 6, 2021.That's according to explosive testimony from Meadows' aide during a House hearing investigating the insurrection.Read Full Story Trump threw dishes and flipped tablecloths 'several times' while at the White House: former aideCassidy Hutchinson, a former top aide to Trump White House Chief of Staff Mark Meadows, testifies before the January 6 committee in Washington, DC, on June 28, 2022.Brandon Bell/Getty ImagesFormer President Donald Trump's temper flared "several times" in the White House, a former top aide says, recounting how he threw dishes and flipped tablecloths in the White House dining room."There were several times throughout my tenure with the chief of staff that I was aware of him [Trump] either throwing dishes or flipping the tablecloth to let all the contents of the table go onto the floor and likely break or go everywhere," said former aide Cassidy Hutchinson.After one outburst, Hutchinson said she had to wipe ketchup off the wall.KEEP READINGDonald Trump says he 'hardly' knows the former top aide who gave damning testimony against himDonald TrumpChet Strange/Getty ImagesFormer President Donald Trump called the ex-White House aide who gave damning testimony about his actions on January 6 "bad news" and said he "hardly" knew her."I hardly know who this person, Cassidy Hutchinson, is, other than I heard very negative things about her (a total phony and "leaker") ...," Trump wrote in part on his social media platform, Truth.Read Full StoryMike Flynn pleaded the 5th when asked whether the violence on January 6 was justifiedFormer National Security Advisor Michael Flynn at a campaign event in Brunswick, Ohio on April 21, 2022.Dustin Franz/Getty ImagesMike Flynn, a former 3-star general and Trump's national security advisor, waited over a minute before pleading the Fifth Amendment when asked if violence during the Capitol riot was justified.During a House panel on the insurrection, committee vice chair Rep. Liz Cheney of Wyoming aired a clip of Flynn appearing to struggle with the question.Flynn also refused to say whether he supported the peaceful transition of power.Read MoreTrump threw his lunch at the wall after Barr said there wasn't widespread voter fraud: ex-aideCassidy Hutchinson, a top former aide to Trump White House Chief of Staff Mark Meadows, testifies during the sixth hearing by the House Select Committee on the January 6th insurrection in the Cannon House Office Building on June 28, 2022 in Washington, DC.Andrew Harnik-Pool/Getty ImagesA former top White House aide testified that ex-President Donald Trump threw his lunch at a wall after then-Attorney General Bill Barr told him there was no evidence of widespread voter fraud."There was ketchup dripping down the wall and there was a shattered porcelain plate on the floor," Cassidy Hutchinson testified on Tuesday before a House panel investigating the Captiol riot on January 6, 2021.Read Full StoryTrump said Mike Pence 'deserves it' as Capitol rioters chanted that he should be hung: ex-aideDonald Trump and former US Vice President Mike Pence in the Brady Briefing Room at the White House on April 2, 2020, in Washington, DC.MANDEL NGAN / AFP) (Photo by MANDEL NGAN/AFP via Getty ImagesFormer President Donald Trump defended Capitol rioters who were chanting to hang Vice President Mike Pence during the Capitol riot, a top White House aide testified."Mike deserves it," Trump allegedly said, according to testimony from ex-aide Cassidy Hutchinson.Donald Trump also said that the rioters storming the Capitol building "weren't doing anything wrong." Read Full StoryEx-aide says top GOP Rep. Kevin McCarthy warned White House officials that Trump shouldn't go to the Capitol on January 6President Donald Trump (R) speaks as he joined by House Minority Leader Rep. Kevin McCarthy (R-CA) (L) in the Rose Garden of the White House on January 4, 2019 in Washington, DC.Alex Wong/Getty ImagesFormer White House aide Cassidy Hutchinson testified that top House Republican Kevin McCarthy called White House advisors on January 6, 2021, warning that then-president Donald Trump should not come to the US Capitol.Hutchinson told a House panel that she got a call from McCarthy after Trump's speech on the Ellipse that day. McCarthy wasn't convinced that Trump wasn't planning to make his way to the Capitol building."Well, he just said it on stage, Cassidy. Figure it out. Don't come up here," she testified he said in the call.Read Full StoryTrump lunged at his driver and demanded to be taken to the Capitol on January 6.Former President Donald Trump.AP Photo/Joe MaioranaFormer President Donald Trump lunged at his driver and tried to grab the steering wheel on January 6, 2021, as he demanded to be taken to the Capitol building as his supporters were marching away from his speech that morning, a former aide testified.Cassidy Hutchinson, a former top aide to the then-White House chief of staff, told a House panel investigating the Capitol riot that a Secret Service agent relayed the story of what happened to her.Hutchinson said that Trump "said something to the effect of 'I'm the effing president, take me up to the Capitol now.' "Read Full StoryTrump knew the January 6 crowd was armed, but said 'they're not here to hurt me,' aide testifiesDonald TrumpSeth Herald/Getty ImagesA former White House aide said Donald Trump knew that his supporters were armed on January 6 hours before they stormed the Capitol building."I don't fucking care that they have weapons. They're not here to hurt me," Trump said the morning of the insurrection at the US Capitol, according to former White House aide Cassidy Hutchinson.Hutchinson said Trump was incensed that there were gaps in the crowd of his speech on January 6.Read Full StoryTrump was 'fucking furious' armed supporters couldn't get to his speech: former aideFormer White House aide Cassidy Hutchinson.Brandon Bell/Getty ImagesAn ex-White House aide testified that President Donald Trump was "fucking furious" that people in the MAGA crowd weren't able to get to his speech on January 6, 2021 because they were carrying weapons.Trump was insistent that security remove the metal detectors outside the White House so more people with weapons could get into the grounds, former White House aide Cassidy Hutchinson told the House panel investigating the insurrection.She also quoted the president as saying: "Take the fucking mags away. Let my people in. They can march to the Capitol from here."READ FULL STORY Feds seized John Eastman's phoneJohn Eastman testifies before the House Ways and Means Committee hearing on Capitol Hill in Washington, Tuesday, June 4, 2013.Charles Dharapak/APAnother big development emerged Monday in the widening federal criminal probe into Donald Trump's efforts to overturn the 2020 presidential election.This one involves federal agents who seized the phone of John Eastman, a conservative lawyer who advised Trump during his failed bid to stop the inauguration of Joe Biden. Eastman made the feds' move public in a filing with a New Mexico federal court, seeking the return of property from the government.According to his filing, FBI agents acting on behalf of DOJ's internal watchdog stopped Eastman as he was leaving a restaurant in New Mexico on June 22, taking his phone.Read Full StoryCassidy Hutchinson in the spotlightCassidy Hutchinson’s testimony is shown during the fifth January 6 committee hearing on June 23, 2022.Demetrius Freeman-Pool/Getty ImagesCassidy Hutchinson is the surprise lead witness for Tuesday's sixth hearing of the House select committee investigating the January 6 insurrection.The former top aide under then-White House Chief of Staff Mark Meadows is a direct witness to many of the events and discussions of interest to the panel.She's given the committee several important pieces of information, including the six GOP House members who sought pardons from Trump and that the president told Meadows he agreed with rioters demands to "hang" Vice President Mike Pence.Read Full Story Select committee announces surprise hearing.January 6 committee chair Rep. Bennie Thompson of Mississippi speaks to reporters following the committee’s fifth hearing on June 23, 2022.Brandon Bell/Getty ImagesThe Jan. 6 select committee announced it would hold a sixth hearing to start Tuesday at 1 p.m. ET during the congressional recess and despite previous statements that it would hold its next hearings in July.A committee advisory said it would present "recently obtained evidence" and feature witnesses, whom it did not name.Read Full StoryKamala Harris said she commended her vice presidential predecessor Mike Pence for 'courage' in certifying Biden as president despite Trump's pressureVice President Kamala Harris.Al Drago-Pool/Getty ImagesVice President Kamala Harris said Monday that she commended former Vice President Mike Pence for certifying Joe Biden as president on January 6 despite him facing tremendous pressure by former President Donald Trump to overturn the election. "I think that he did his job that day," Harris said in a CNN interview after reporter Dana Bash asked her whether her opinion of Pence had changed. "And I commend him for that because clearly it was under extraordinary circumstances that he should have not had to face. And I commend him for having the courage to do his job."This month the House Select Committee probing the January 6 Capitol attack has detailed how Trump tried to push Pence not to recognize Biden's victory in the days leading up to January 6, 2021. Trump wanted Pence to "send back" slates of electors for Biden back to their states in order to overturn his election loss. But Pence put out an open letter saying he didn't have the authority to take such actions, and his role in the certification process was largely ceremonial.Read Full StoryKevin McCarthy says it's 'all good' between him and Trump as the former president fumes about the lack of Republicans on the Jan. 6 committee: 'The right decision was the decision I made'Rep. Kevin McCarthy (R-CA) and President Donald Trump.Anna Moneymaker/The New York Times/POOL/Getty ImagesHouse Minority Leader Kevin McCarthy said on Monday that everything is good between him and Donald Trump as the former president publicly questions whether it was wise to keep more Republicans off of the House January 6 committee."The right decision was the decision I made," McCarthy told Fox News' Dana Perino. "If other people change their opinion, read the rules and I think they'll come back to the same conclusion." The former president and McCarthy have talked recently, according to the top House Republican. When Perino asked if things were "all good?" McCarthy responded, "Oh, all good. Yes."McCarthy repeated his long-held defense of the decision, arguing that House Speaker Nancy Pelosi would have only selected Republicans that would have fit her views. The California Republican then named three of the 10 Republicans who voted to impeach Trump as examples of people Pelosi would have supported.Read Full StoryHow to watch the House January 6 committee hearings on the Capitol attackVideo featuring former President Donald Trump’s White House senior adviser and son-in-law Jared Kushner is played during a hearing by the Select Committee to Investigate the January 6th Attack on the U.S. Capitol in the Cannon House Office Building on June 13, 2022 in Washington, DC. Stepien, who was scheduled to testify in person, was unable to attend due to a family emergency. The bipartisan committee, which has been gathering evidence for almost a year related to the January 6 attack at the U.S. Capitol, will present its findings in a series of televised hearings. On January 6, 2021, supporters of former President Donald Trump attacked the U.S. Capitol Building during an attempt to disrupt a congressional vote to confirm the electoral college win for President Joe Biden.Photo by Alex Wong/Getty ImagesThe House Select Committee Investigating the January 6 Insurrection at the US Capitol is bringing to light its findings from a year's worth of work with a series of public hearings this summer. The select committee, formed in May 2021, has nine members, seven Democrats, including Chairman Rep. Bennie Thompson, and two Republicans, Reps. Liz Cheney and Adam Kinzinger. Its members and staff have spent the past year conducting hundreds of closed-door interviews, poring over hundreds of thousands of documents, and parsing phone and email records to reconstruct how President Donald Trump and his allies sought to overturn his 2020 election loss before a mob of pro-Trump rioters breached the US Capitol in an effort to stop the final certification of the 2020 election. Five public hearings, including one in primetime, have already taken place, and one more hearing is scheduled for Tuesday, June 28. Read Full StoryJanuary 6 hearing takeaways: Pardon pleas, more Bill Barr, and a riveting account of how Trump turned to the Justice Department and a loyal lawyer to 'help legitimize his lies'TheBill Clark/CQ-Roll Call, Inc via Getty Images)Spanning more than two hours in the late afternoon, the House January 6 committee's fifth public hearing captured the drama that unfolded inside the Justice Department and White House as Trump looked to some of the country's most senior and important law enforcement officials to help him remain in power.READ FULL STORYMatt Gaetz 'personally' pushed for a pardon from Trump 'from the beginning of time up until today, for any and all things,' Trump officials testifyRepublican Rep. Matt Gaetz of Florida at the White House on May 8, 2020.Anna Moneymaker-Pool/Getty ImagesThe January 6 committee aired a series of video testimonies from former Trump administration officials detailing which Republican members of Congress sought pardons from former President Donald Trump at the end of his term as he and his allies exhausted different avenues to stay in power.Most prominently featured: Republican Rep. Matt Gaetz of Florida.According to various officials who spoke with the committee, Gaetz began pushing for a pardon well before other Republicans who were involved in the attempt to overturn the 2020 election."Mr. Gaetz was personally pushing for a pardon, and he was doing so since early December," said Cassidy Hutchinson, a former aide to White House Chief of Staff Mark Meadows, in testimony aired by the committee on Thursday.READ FULL STORYFox News cut away from the Jan. 6 hearing minutes before testimony by Trump aides about GOP lawmakers who sought pardonsPlaque at the entrance to Fox News headquarters in New YorkErik McGregor/LightRocket via Getty ImagesJust as former Department of Justice Officials were detailing how they threatened to resign en masse if former President Donald Trump went ahead with his efforts to overturn the 2020 election results, Fox News cut away to air its previously scheduled talk show, "The Five."CNN and MSNBC aired the hearings in full, which ended with Rep. Adam Kinzinger listing six GOP lawmakers whom Trump aides testified sought pardons in the administration's final weeks.Other than the first of the five hearings so far, Fox News has carried the proceedings without commercial breaks, save for recesses during the proceedings.READ FULL STORYDOJ officials threatened to resign if Jeffrey Clark was appointed Attorney GeneralJeff ClarkYuri Gripas-Pool/Getty ImagesTop officials at the US Department of Justice threatened to resign if former President Donald Trump succeeded in making loyalist Jeff Clark the acting Attorney General, per testimony before the January 6 committee on Thursday.Richard Donoghue, former acting deputy attorney general, said that the pledge to resign was made on a phone call in the wake of reports that Trump was considering installing Clark, who at the time was promoting unfounded conspiracy theories about the 2020 election."They would resign en masse if the president made that change," Donoghue told the committee. "All without hesitation said they would resign."At least six GOP members of Congress sought pardons after January 6, 2021, per testimony from a former White House aideRep. Marjorie Taylor Greene, R-Ga., joined from left by Rep. Louie Gohmert, R-Texas, and Rep. Matt Gaetz, R-Fla., speaks at a news conference about the treatment of people being held in the District of Columbia jail who are charged with crimes in the Jan. 6 insurrection, at the Capitol in Washington, Tuesday, Dec. 7, 2021.J. Scott Applewhite/APCassidy Hutchinson, a former aide to former White House Chief of Staff Mark Meadows, testified Wednesday before the January 6 House panel that at least six House members asked the White House for a pardon following the Capitol siege.According to Hutchinson, Republican Reps. Matt Gaetz of Florida, Marjorie Taylor Greene of Georgia, Mo Brooks of Alabama, Andy Biggs of Arizona, Louie Gohmert of Texas, and Scott Perry of Pennsylvania requested pardons.The former White House aide added that GOP Rep. Jim Jordan of Ohio asked for an "update on whether the White House is going to pardon members of Congress" but did not personally ask for one.Keep Reading Trump suggested sending letter to states alleging 2020 election fraud, a former acting Attorney General Jeff Rosen testifiedFormer acting Attorney General Jeff Rosen has already testified about Trump's efforts to pressure DOJ.Yuri Gripas-Pool/Getty ImagesFormer acting Attorney General Jeff Rosen said on Thursday that then-President Donald Trump suggested that the Justice Department send letters to state legislatures in Georgia and other states alleging that there was voter fraud in the 2020 presidential election despite knowing there was no such evidence.Rosen told lawmakers on the House select committee investigating the January 6 insurrection that during Trump's final days in office, the former president and his campaign suggested several strategies for the Justice Department to overturn the presidential election results. These tactics included filing a lawsuit with the Supreme Court, making public statements, and holding a press conference."The Justice Department declined all of those requests that I was just referencing because we did not think they were appropriate based on the facts and the law, as we understood," Rosen said.Read MoreA former Trump DOJ official testified that former President Donald Trump urged him and other officials to 'just say the election was corrupt'Notes from Richard Donoghue displayed at the January 6 committee's hearing on June 23, 2022.Screenshot / C-SPANThe January 6 committee on Thursday displayed scans of notes taken by Richard Donoghue, then the acting deputy attorney general serving out the final days of the Trump administration.One note, displayed as Republican Rep. Adam Kinzinger of Illinois led the committee's questioning, included an apparent plea from then-President Donald Trump to "just say the election was corrupt" and "leave the rest to me and the [Republican] congressmen."Read Full StoryBill Barr says he's 'not sure we would have had a transition at all' to Biden if DOJ hadn't investigated Trump's baseless voter fraud claimsFormer Attorney General Bill Barr and former President Donald TrumpDrew Angerer/Getty ImagesFormer Attorney General William Barr said he was "not sure we would have had a transition at all" if the Justice Department had not investigated Donald Trump's claims of widespread voter fraud and found them baseless.In a closed-door deposition, Barr suggested to the House committee investigating the January 6 attack that Trump might not have left office voluntarily if DOJ had not proactively examined the election fraud claims ahead of Joe Biden's inauguration. Read Full Story'You would be committing a felony'Eric Herschmann spoke to the Jan. 6 committee on Thursday.Senate Television via APFormer White House attorney Eric Herschmann told the committee that he brutally mocked a plan from a Trump loyalist to hijack control of the Justice Department in a last-ditch effort to overturn the 2020 election."And when he finished discussing what he planned on doing, I said, 'good, fucking, excuse me, f-ing, a-hole, congratulations you just admitted that your first step or act you would take as attorney general would be committing a felony and violating rule 6c," Herschmann told the panel, per an excerpt of his previously private deposition that was released on Thursday.Read Full Story  Fast times in the CapitolActor Sean Penn and DC Metropolitan Police Department officer Daniel Hodges at the January 6 committee hearing on Capitol Hill on June 23, 2022.AP Photo/Jacquelyn MartinSean Penn is in the House.The actor and well known Hollywood activist made an unexpected appearance at the fifth hearing of the House select committee investigating the January 6 insurrection. "I'm just here to observe — just another citizen," Penn told a CNN reporter. "I think we all saw what happened on January 6 and now we're looking to see if justice comes on the other side of it."Read Full StoryLiz Cheney is mailing instructions to Democrats on how to change parties and vote for her in Wyoming's GOP primaryU.S. Rep. Liz Cheney (R-WY) Vice Chairwoman of the Select Committee to Investigate the January 6th Attack on the U.S. Capitol, delivers remarks during a hearing on the January 6th investigation on June 9, 2022.Win McNamee/Getty ImagesAs Rep. Liz Cheney faces a tough reelection battle in Wyoming, she's turning to Democrats in her home state to help her chances in the August 16 Republican primary.Cheney's campaign has mailed instructions to Wyoming Democrats on how to change their party affiliation to vote for the incumbent congresswoman, The New York Times reported on Thursday. Under Wyoming law, voters must be registered as a Democrat or a Republican in order to vote in that party's primary election. Read Full StoryFeds search home of former top Trump DOJ officialJeff ClarkYuri Gripas-Pool/Getty ImagesWe've got a major development that surfaced Thursday into what appears to be a widening federal investigation into Donald Trump's bid to overturn the 2020 presidential election.Federal investigators on Wednesday searched the Northern Virginia home of Jeff Clark, a former top Justice Department official who became the go-to Trump ally trying to push DOJ into backing the then-president's baseless claims about voter fraud.ABC News first reported this, and a DOJ spokesperson has since confirmed to Insider's Ryan Barber that law enforcement activity did indeed happen in the Washington DC suburb where Clark lives. The spokesperson wouldn't comment on the nature of the activity or about any specific individuals.Expect to hear Clark's name a couple times or more during Thursday's House select committee hearing as the panel examines Trump's efforts to use DOJ in his bid to stop Joe Biden from being sworn in as the country's 46th president.Read Full Story#unprecedentedA trailer for a documentary that centers on Trump and January 6 was released by Discovery Plus.Seth Herald/Getty ImagesHere's something that doesn't show up on the internet very often: a 30-second trailer for a new three-part documentary taking people behind the scenes of Donald Trump's presidency and the January 6 insurrection.But that's exactly what landed online late Wednesday via Discovery+, which shows footage of the new series titled "Unprecedented." The clip features Trump and his adult children Ivanka, Donald Trump Jr., and Eric Trump and closes with the ex-president himself agreeing to discuss the riot at the US Capitol. —discovery+ (@discoveryplus) June 23, 2022House January 6 investigators have the documentary footage too, courtesy of a subpoena that Politico reported about. And Trump allies were apparently in the dark about the filming, with one texting Rolling Stone: "what the fuck is this?"Read Full Story Hearings to resume at 3 p.m. ET Thursday with testimony expected from former DOJ officialsFormer Acting Attorney General Jeffrey Rosen.Yuri Gripas-Pool/Getty ImagesThe January 6 commission's fifth hearing is expected to start at 3 p.m. Thursday, with testimony expected from former Trump-administration Justice Department officials. They are:Jeffrey Rosen, former acting attorney generalRichard Donoghue, former acting deputy attorney generalSteven Engel, former assistant attorney general for the Office of Legal CounselRosen served as acting attorney general in the final weeks of Trump's presidency. He previously told the committee how he came under persistent pressure from Trump to have the DOJ back Trump's efforts to overturn the 2020 election, as Insider's C. Ryan Barber reported.Toward the end of his presidency, Trump considered ousting Rosen and installing Jeffrey Clark, a supporter of the bogus voter-fraud claims, in his place, but ultimately decided not to after officials threatened to resign if he went through.Analysis: Trump shot himself in the foot by opposing a bipartisan Jan. 6 commission because now he has no allies to defend him in scathing public hearingsLawmakers listen as an image of a Trump campaign donation banner is shown behind them during a House January 6 committee hearing.Susan Walsh/APAs the House's January 6 committee lays out in devastating detail Donald Trump's effort to overturn his defeat in the 2020 election, the former president is turning his anger on House Minority Leader Kevin McCarthy. Trump has complained about McCarthy's decision to boycott the panel, with the former president telling the Punchbowl newsletter on Wednesday: "Republicans don't have a voice. They don't even have anything to say."But Trump has no one but himself to blame for the situation, one of his Republican critics pointed out, as he was the one who opposed the formation of a bipartisan commission equally split between Republicans and Democrats to investigate the riot. Read Full StoryTrump is hate-watching every Jan. 6 hearing and almost screams at the TV because he feels nobody is defending him, report saysDonald TrumpJoe Raedle/Getty ImagesFormer President Donald Trump is hate-watching the January 6 committee hearings, incensed because he believes nobody is defending him, according to The Washington Post.Trump is at "the point of about to scream at the TV" as he tunes in to each hearing, one unnamed close advisor told the paper. Another in his circle, also unnamed, told the paper that Trump continually complains that "there's no one to defend me" at the hearings, which have attracted huge amounts of media coverage.Per The Post, Trump's anger centers on House Minority Leader Kevin McCarthy, who boycotted the committee at its formation, passing up the chance to put pro-Trump figures on the panel.Read Full StoryDOJ issued subpoenas to alleged fake Trump electors and a Trump campaign official, reports sayA general view shows a House January 6 committee hearing on Capitol Hill on June 9, 2022.Mandel Ngan/POOL/AFP via Getty ImagesThe Justice Department expanded its investigation into the Capitol riot after issuing subpoenas to a would-be Trump elector in Georgia and a Trump campaign official who worked in Arizona and New Mexico, The Washington Post and The New York Times reported Wednesday.Arizona, Georgia, and New Mexico are among the seven battleground states where a failed effort to overturn the election took place by appointing pro-Trump electors.The news comes after Rep. Adam Schiff said the House select committee investigating the January 6 insurrection obtained evidence that former President Donald Trump was involved in the aforementioned scheme.Read Full StoryTrump aides didn't know someone was filming Trump on January 6 until the House committee got the footage: reportsPresident Donald Trump listens as Jared Kushner speaks in the Oval Office of the White House on September 11, 2020.Andrew Harnik/AP PhotoAides to Donald Trump had no idea a documentary maker filmed the former president on January 6, 2021, until the House committee investigating that day subpoenaed the footage, reports said. The existence of the footage by UK documentarian Alex Holder was first reported by Politico on Tuesday.The outlet said that Holder complied with the House committee request and handed over several months of footage of Trump up to and including January 6. The New York Times reported that many top Trump advisors were surprised by news of the project, which was known to only a small circle of close Trump aides.Read Full StoryIvanka Trump claimed to believe Trump's false voter-fraud theories but later told Jan. 6 panel she didn't, report saysIvanka Trump.Drew Angerer/Getty ImagesIvanka Trump claimed to believe former President Donald Trump's false voter-fraud theories in a December 2020 interview, directly contradicting her testimony to congressional investigators earlier this year, a new report says.In April 2022, Trump had told the House committee investigating the Capitol riot that she had "accepted" former Attorney General Bill Barr's assessment that Donald Trump's claims of election fraud were wrong.But according to The New York Times, Ivanka Trump told the documentary filmmaker Alex Holder on December 10, 2020 — nine days after Barr made the assessment that supposedly swayed her — that she supported her father's efforts to challenge the 2020 election results.She said Trump should "continue to fight" the 2020 election results because Americans were questioning the "sanctity of our elections."Read Full StoryElection worker testifies that conspiracy theorists tried to citizen's arrest her grandmother after lies from Trump, GiulianiWandrea "Shaye" Moss, a former Georgia election worker, is comforted by her mother Ruby Freeman, right, during the House January 6 committee's hearing.AP Photo/Jacquelyn MartinA Georgia election worker testified that her grandmother faced a citizen's arrest by a group of election deniers who tried pushing their way into her house due to election lies told by former President Donald Trump and former personal lawyer Rudy Giuliani.Wandrea "Shaye" Moss, an election worker in Fulton County, Georgia, told lawmakers during a January 6 select committee hearing that she and her mother Ruby Freeman, who worked as a short-term election worker in 2020, were among the workers counting ballots at State Farm Arena in Atlanta. When Giuliani and Trump accused those workers of orchestrating election fraud, Moss said her family faced death threats and were pushed out of town, living in Airbnbs for two months around January 6 at the FBI's recommendation.Moss said she endured racist harassment as well, adding that a group of people influenced by the election conspiracies showed up to her grandmother's house and tried to perform a citizen's arrest.Read Full StoryWhere's Pat Cipollone?Former White House Counsel Pat CipolloneAlex Wong/Getty ImagesPaging Pat Cipollone.The former White House counsel under then-President Donald Trump is now front and center as a top witness the House committee investigating the January 6 insurrection still wants to hear from.That's according to Rep. Liz Cheney, who publicly called Tuesday for Cipollone to testify about evidence the committee has collected showing that he "tried to do what was right" as  Trump pushed to overturn the 2020 election.Cheney also noted that the House panel is also "certain" Trump doesn't want Cipollone to testify. His previous job as Trump's top White House attorney could complicate the matter, though as Insider's Ryan Barber points out in his story, Bill Barr did participate in its investigation.Read Full StorySexualized texts, a break-in and doxxingsGeorgia Secretary of State Brad Raffensperger is sworn in to testify on Tuesday before the House select committee investigating the January 6 attack on the US Capitol.Jacquelyn Martin/AP PhotoTuesday's House select committee featured jaw-dropping testimony from election officials who detailed the threats they faced after refusing to go along with then President Donald Trump's bid to overturn the 2020 election results.One big dose of it came from Georgia Secretary of State Brad Raffensperger, who explained how he received texts from all over the US and eventually his wife became a target of harassment too. "My wife started getting the texts and hers typically came in as sexualized texts, which were disgusting," Raffensperger said during his testimony before the January 6 committee. "You have to understand that Trish and I met in high school and we have been married over 40 years now. They started going after her I think to probably put pressure on me: 'Why don't you just quit and walk away?'" Raffensperger also testified about Trump supporters who broke into the home of his daughter-in-law, a widow with two children. And he said his phone and email were doxxed, meaning that someone had posted the number and email publicly so that people would message him. Read Full StoryDeath threatsWandrea ArShaye “Shaye” Moss, a former Georgia election worker, is sworn in before January 6 committee on June 21, 2022.Kevin Dietsch/Getty ImagesA Black former Georgia election worker delivered stark testimony on Tuesday about the racist and deadly threats that came when President Donald Trump publicly attacked her and her mother amid his drive to overturn the 2020 election results.Insider's Bryan Metzger has more on the remarks from Wandrea ArShaye "Shaye" Moss, a veteran election official in Fulton County who ended up on the receiving end of myriad threats after Rudy Giuliani specifically named her and her mom when speaking to the Georgia state Senate."They included threats, a lot of threats wishing death upon me," Moss said. "Telling me that, you know, I'll be in jail with my mother, and saying things like, 'Be glad it's 2020 and not 1920.'" Read Full Story'We were just kind of useful idiots'Former President Donald Trump speaks during a rally in Delaware, Ohio, on April 23, 2022.Drew Angerer/Getty Images"We were just kind of useful idiots, or rubes at that point."That's a quote from former Donald Trump 2020 campaign staffer Robert Sinner describing to the House January 6 investigators his displeasure with a scheme to overturn now-President Joe Biden's 2020 victory in Georgia.Sinner's remarks were broadcast in a video recording shown during Tuesday's select committee hearing, Insider's John Dorman reports.Read Full Story Suspicious package found outside House hearing roomThe House panel investigating the January 6 insurrection.Photo by Jabin Botsford-Pool/Getty ImagesThe House select committee investigating the January 6 insurrection kept on going Tuesday despite a suspicious package being found right outside the hearing room where the panel was meeting.Insider's Lauren Frias reported that the US Capitol Police officials did issue an all-clear about an hour after first sending out its alert. The police advised staff and visitors on the premises to stay away from the area during the incident. A Fox News producer tweeted that the package appeared to be an unattended backpack on top of a walker outside of the House building.Read Full Story'Do not give that to him'Republican Sen. Ron Johnson of Wisconsin and former Vice President Mike Pence.Drew Angerer and Erin Schaff-Pool/Getty ImagesGOP Sen. Ron Johnson sought to deliver a slate of "alternate" electors to then-Vice President Mike Pence ahead of the counting of votes during a Joint Session of Congress on January 6, 2021.That's according to a series of eye-catching text messages first displayed by the January 6 committee on Tuesday, Insider's Bryan Metzger reported."Johnson needs to hand something to VPOTUS please advise," Sean Riley, Johnson's chief of staff, wrote of the materials that were related to "alternate" electors from two contested Midwestern states that Democratic nominee Joe Biden had narrowly carried: Michigan and Wisconsin. "What is it?" replied Chris Hodgson, a legislative aide to Pence."Alternate slate of elector for MI and WI because archivist didn't receive them," Riley replied."Do not give that to him," Hodgson replied.Read Full StoryRudy admitted to not having election fraud evidenceRudy Giuliani, former lawyer for President Donald Trump.William B. Plowman/NBC/NBC Newswire/NBCUniversal via Getty ImagesRudy Giuliani admitted to not having any evidence of election fraud after the 2020 presidential election despite repeatedly claiming he did, according to the Republican speaker of the Arizona state House."My recollection, he said, 'We've got lots of theories, we just don't have the evidence,'" Russell "Rusty" Bowers, the Arizona official, said in describing a conversation with then-President Donald Trump's personal attorney.Bowers, a Trump supporter, was testifying on Tuesday before the House January 6 select committee to recount his interactions with Giuliani and the Trump legal team surrounding the events of the last presidential election.He called the Trump team "a tragic parody" and compared them to the 1971 comedy "The Gang Who Couldn't Shoot Straight."Read Full Story A very real threat to the 2022 midtermsCouy Griffin, a central figure in a New Mexico county's refusal to certify recent election results based on debunked conspiracy theories about voting machines, has avoided more jail time for joining the mob that attacked the US Capitol.AP Photo/Gemunu AmarasingheThe House select committee's January 6 hearings have spotlighted the very real threat to future US elections, including the midterms coming up this November.That's the big takeaway from a story by Insider's Grace Panetta published Tuesday that looks at how a court had to intercede after New Mexico county commission initially refused to certify results from the state's June 7 primary."The election denial movement pushed by Trump and his allies that spurred so many to attack the Capitol on January 6 has now fanned out to county commissions, town halls, and polling places around the country, presenting wholly novel burdens on election officials and new threats to the health of American democracy," Grace wrote.Read Full StoryTrump is ready to abandon attorney John Eastman after he was criticized in committee hearings, report saysJohn Eastman at a pro-Trump rally on January 6, 2021.Jim Bourg/ReutersFormer President Donald Trump sees no reason to defend the conservative attorney John Eastman, Rolling Stone reported.The decision the outlet relayed came in light of the heavy scrutiny of Eastman in the Congressional Jan. 6 committee hearings, which detailed his role helping Trump try to overturn the 2020 election.Eastman wrote a memo detailing a last-ditch plan for Vice President Mike Pence to block Joe Biden's certification as president on January 6, 2021, at the Congressional proceeding which was interrupted by the Capitol riot.Citing two sources close to Trump, the outlet reported that the committee's focus on Eastman in its public hearings had bothered Trump, and that Trump has started distancing himself from the attorney.READ FULL STORYFull list of witness testifying on June 21Arizona House Speaker Rusty Bowers is among those scheduled to testify in the committee's June 21 hearing.AP Photo/Ross D. Franklin, FileInsider's Warren Rojas has a roster of those scheduled to appear in the committee's public hearings. See the full list below.Read Full StoryJan. 6 committee subpoenas filmmaker who interviewed Trump before and after the riotTrump speaks to supporters from the Ellipse near the White House on January 6, 2021, in Washington, DC.Brendan Smialowski/AFP via Getty ImagesThe January 6 committee sent a subpoena to Alex Holder, a documentary filmmaker who interviewed Trump before and after the Capitol riot, Politico's Playbook newsletter reported Tuesday.The existence of this footage had never been reported before, and Holder is expected to fully cooperate with the panel, Playbook reported.Holder also spent several months interviewing members of Trump's family, including his children Donald Trump Jr., Ivanka Trump, and Eric Trump, and his son-in-law Jared Kushner, Playbook reported.The subpoena asked Holder to provide any raw footage he might have from the Capitol riot and interviews with Trump, his family, and former Vice President Mike Pence, as well as any footage he has of discussions about voter fraud in the 2020 election.Trump boasts he's been impeached twice and screams 'nothing matters!' amid ongoing January 6 hearingsFormer President Donald Trump gives the keynote address at the Faith and Freedom Coalition during their annual conference on June 17, 2022, in Nashville, Tennessee.Seth Herald/Getty ImagesFormer President Donald Trump on Friday bragged that he was impeached twice, while recycling his false claims about the 2020 election and attacking former Vice President Mike Pence and former Attorney General William Barr.Delivering a speech to the Faith and Freedom Coalition in Nashville, the former president said Pence didn't have the courage to embrace his effort to overturn the election and mocked Barr for being "afraid" of getting impeached."What's wrong with being impeached? I got impeached twice and my poll numbers went up," Trump said.Read Full StoryGinni Thomas says she 'can't wait' to talk to Jan. 6 committee after it asks for interview over her efforts to overturn 2020 electionGinni ThomasChip Somodevilla/Getty ImagesGinni Thomas, the wife of Supreme Court Justice Clarence Thomas, said she "can't wait' to talk to the House January 6 commission after it asked to interview her over her efforts to overturn the 2020 election."I can't wait to clear up misconceptions. I look forward to talking to them," Thomas told the right-wing news site The Daily Caller. She did not say what those misconceptions might be.Her comments come after the House Select Committee investigating the Capitol riot announced that it had requested an interview with her. Rep. Bennie Thompson, the committee's chairman, said the panel wanted to talk to her "soon," Axios reported.Thomas faces scrutiny over her connections to former President Donald Trump's attempts to overturn the 2020 election. Read Full StoryEven on the day of the Capitol riot, Rudy Giuliani was still doubtful if Mike Pence had the power to overturn the election, says ex-Trump lawyerRudy Giuliani.Jacquelyn Martin/APEric Herschmann, a former Trump White House lawyer, revealed on Thursday that even on the morning of the Capitol riot, Rudy Giuliani was still debating whether then-Vice President Mike Pence had the power to overturn the votes in the 2020 election. Herschmann's testimony was aired on Thursday during the third of six public hearings organized by the January 6 committee investigating the Capitol riot. Thursday's session centered on the pressure exerted by the Trump camp in a bid to get Pence to overturn the vote.Herschmann said he received a call "out of the blue" from Giuliani on the morning of January 6, 2021, concerning what Pence's role would be that day."And, you know, he was asking me my view and analysis and then the practical implications of it," Herschmann said, who described the call as an "intellectual discussion." "And when we finished, he said, like, 'I believe that, you know, you're probably right.'" Read Full StoryMike Pence's former lawyer said he warned Trump's camp that overturning votes would lead to the 2020 election being 'decided in the streets'Then-US President Donald Trump arrives with then- Vice President Mike Pence for a "Make America Great Again" rally in Michigan on November 2, 2020.PhoPhoto by Brendan Smialowski / AFP via Getty ImagesA lawyer for former Vice President Mike Pence said that he strongly disagreed with conservative lawyer John Eastman about the Trump camp's plan to overturn the 2020 election result and warned Eastman that it might lead to violence in the streets.Testifying on Thursday before the January 6 panel investigating the Capitol riot, Greg Jacob said he had spoken to Eastman on January 5, 2021. During their conversation, Jacob said he expressed his "vociferous disagreement" with the plan for Pence to overturn the electoral vote on behalf of former President Donald Trump and send the votes back to their respective states. "Among other things, if the courts did not step in to resolve this, there was nobody else to resolve it," Jacob testified. Read Full StoryDemocracy on the brinkPeople arrive before a hearing of the House select committee investigating the Jan. 6, 2021, attack on the Capitol at the Capitol in Washington, Thursday, June 16, 2022.Drew Angerer/Pool Photo via APAmerican democracy was on the brink like no time ever before.That's the lede paragraph from Insider's Grace Panetta in her story that sums up the biggest takeaways from Thursday's historic and marathon third public hearing of the House select committee investigating the January 6, 2021, insurrection at the US Capitol.Grace writes that the two lead witnesses, Greg Jacob and Michael Luttig, were steeped in legal expertise and constitutional scholarship as they explained at a granular and methodical level why neither the Electoral Count Act nor the 12th Amendment permitted then-Vice President Mike Pence to unilaterally reject Electoral College votes for President-elect Joe Biden.Then-President Donald Trump and one of his personal legal advisors, John Eastman, were pushing the vice president to do exactly that in a break with all of US history. Read Full StoryMAGA world a "clear and present danger to American democracy"Michael Luttig, a retired federal judge who was an adviser to former Vice President Mike Pence, looks at Greg Jacob, former counsel to Vice President Mike Pence, as he testifies before the House select committee investigating the Jan. 6, 2021 attack on the Capitol at the Capitol in Washington, Thursday, June 16, 2022.J. Scott Applewhite/AP PhotoFormer President Donald Trump and his supporters remain a "clear and present danger to American democracy."Those were the startling words of Michael Luttig, a retired federal judge who has long been championed by Republicans. He made them near the end of Thursday's marathon House select committee hearing into the January 6, 2021, insurrection at the US Capitol.Luttig, who advised then-Vice President Mike Pence about his ceremonial role on January 6, also went on to say Trump world is being more than blunt about its plans to manipulate the results of the next election for the White House. "The former president and his allies are executing that blueprint for 2024 in open and plain view of the American public," Luttig testified, per Insider's Warren Rojas. Read Full Story'1 more relatively minor violation' of election law...please?Former Trump legal adviser John EastmanAP Photo/Susan WalshIt's perhaps one of the biggest bombshells to come out of Thursday's House select committee hearing on the Capitol insurrection: a Trump lawyer putting in writing a request to break the law.The no-no came from John Eastman, who sent an email at 11:44 p.m. on the night of January 6, 2021, repeated his demand that Vice President Mike Pence halt the proceedings to certify the 2020 election and send it back to the states for a period of 10 days."So now that the precedent has been set that the Electoral Count Act is not quite so sacrosanct as was previously claimed, I implore you to consider one more relatively minor violation and adjourn for 10 days to allow the legislatures to finish their investigations, as well as to allow a full forensic audit of the massive amount of illegal activity that has occurred here," Eastman wrote to Pence lawyer Greg Jacob.Insider's Jake Lahut writes that the Eastman email was sent after Jacob and the then-vice president's staff and family, had been sheltering in place in a secure location during the riot.Read Full StoryEastman asked Giuliani to be added to Trump's pardon listJohn Eastman appeared onstage with Rudy Giuliani at the pro-Trump rally that preceded the January 6 attack on the Capitol.Jim Bourg/ReutersThe House panel investigating the January 6, 2021, insurrection at the Capitol made some news on Thursday by disclosing evidence that conservative lawyer John Eastman wanted to get added to lame-duck President Donald Trump's pardon list.Eastman was pushing to overturn the 2020 election, and as Insider's Oma Seddiq reports, his efforts prompted an email to personal Trump lawyer Rudy Giuliani. "I've decided I should be on the pardon list, if that is still in the works," Eastman wrote  to Giuliani, according to Rep. Pete Aguilar, a lawmaker on the January 6 panel who read the email during Thursday's hearing. Eastman ultimately did not receive a pardon. Read Full StoryAides say Trump called Pence 'P-word' and 'wimp' on Jan. 6 callTrump and Pence at a White House event on July 13, 2020.AP Photo/Evan VucciThe language got pretty profane in the White House on the morning of January 6, 2021, Insider's Bryan Metzger reports.That's according to former aides who testified to the House select committee investigating the Capitol insurrection about a call then-President Donald Trump made to Mike Pence, his vice president."I remember hearing the word 'wimp'. Either he called him a wimp — I don't remember if he said, 'you are a wimp, you'll be a wimp' — wimp is the word I remember," said Nicholas Luna, a former assistant to Trump.Julie Radford, who served as Ivanka Trump's chief of staff, told the committee that Ivanka told her that the president "just had an upsetting conversation with the Vice President" in which he called Pence "the P-word."Read Full Story'Secret' MAGA back channel Jan. 6 investigators are teasing is also Oath Keepers' legal defenseStewart Rhodes, founder of the citizen militia group known as the Oath Keepers speaks during a rally outside the White House in Washington, on June 25, 2017.Susan Walsh/APThe House January 6 investigators keep on teasing how there'll soon be upcoming testimony that reveals secret coordination between Trumpworld and extremist groups.But as Insider's Laura Italiano points out in a new story, the Oath Keepers have long boasted of such a back channel.In fact, leader and founder Elmer Stewart Rhodes and other members of the pro-Trump militia are staking their seditious-conspiracy defense case on these yet-described communications with rally organizers.Read Full StoryCruz wanted the ex-judge testifying against Trump as a SCOTUS justiceRepublican Sen. Ted Cruz of Texas and retired Judge Michael Luttig.AP Photos/Manuel Balce Ceneta and Susan WalshThere's an interesting twist to the retired conservative federal Judge Michael Luttig testifying as a key witness in Thursday's January 6 committee hearing.Insider's Bryan Metzger dug up video from the 2016 GOP presidential primary debates showing Luttig was once named by Republican Sen. Ted Cruz of Texas as an ideal Supreme Court nominee.—bryan metzger (@metzgov) June 16, 2022 Bryan writes that it was "yet another example of just how much former President Donald Trump's efforts to overturn the 2020 presidential election results has divided the conservative legal world."Read Full Story   DOJ: House's 'failure' to share transcripts hurting Jan. 6 investigationsTrump supporters clash with police and security forces as people try to storm the Capitol on January 6, 2021 in Washington.Brent Stirton/Getty ImagesMore public tension is emerging between the Justice Department and the House panel investigating the January 6, 2021, insurrection at the US Capitol.Insider's Ryan Barber has the details on a new letter sent Wednesday from the top US attorney in Washington DC to the House panel. There, the DOJ official says that the House panel has complicated criminal cases with its 'failure' to turn over interview transcripts to prosecutions.DOJ is looking for access to more than 1,000 interviews the congressional panel has conducted during its months-long examination of the Capitol attack and former President Donald Trump's effort to overturn the 2020 election.Read Full StoryJudge Luttig: If Pence tossed valid electoral votes it would have been 'a revolution'Michael Luttig, a retired federal judge who was an adviser to former Vice President Mike Pence, testifies Thursday to the House select committee investigating the Jan. 6, 2021, attack on the Capitol.AP Photo/Susan WalshSome really powerful testimony to start Thursday's January 6 select committee hearing from former federal judge J. Michael Luttig.In his opening remarks, he told the panel investigating the insurrection at the US Capitol that Vice President Mike Pence overturning the 2020 election would've pushed the country into 'the first constitutional crisis since the founding of the republic.'"That declaration of Donald Trump as the next president would have launched America into what I believe would have been tantamount to a revolution within a constitutional crisis in America which in my view would have been the first constitutional crisis since the founding of the Republic," Luttig told lawmakers during a hearing Thursday. Read Full StoryFormer Pence counsel says 'the law is not a plaything' for presidentsVice President Mike PenceScott J. Applewhite/APMike Pence's former counsel Greg Jacob is a lead witness in Thursday's third public hearing for the House select committee investigating the January 6 insurrection at the US Capitol.In his written statement submitted before the hearing, Jacob called serving the vice president "the honor of a lifetime," while also warning that the rule of law is "not a plaything" for political leaders to bend per their whim."The law is not a plaything for presidents or judges to use to remake the world in their preferred image," he wrote. "Our Constitution and our laws form the strong edifice within which our heartfelt policy disagreements are to be debated and decided."Insider's Grace Panetta has more on Jacob's testimony and spells out why he was a key figure in rebuffing the intense pressure campaign and efforts to compel Pence to obstruct or meddle with the count. Read Full StoryJanuary 6 committee says it will 'soon' seek interview with Ginni ThomasConservative activist Ginni Thomas and January 6 committee chair Rep. Bennie Thompson of Mississippi.AP Photos/Susan Walsh and J. Scott ApplewhiteConservative activist Ginni Thomas, the wife of conservative Supreme Court Justice Clarence Thomas, should be expecting an interview request soon from the House select committee investigating the January 6 insurrection at the US Capitol."We think it's time that we, at some point, invite her to come talk to the committee," Rep. Bennie Thompson, the Democratic chair of the panel, told Axios' Andrew Solender. He added that the invitation would come "soon."Thomas has recently come under scrutiny for her role in seeking to overturn the 2020 election, including emailing Trump lawyer John Eastman and pressuring 29 state legislators in Arizona to overturn the state's 2020 election results.Read Full Story  Meet the former Trump attorney starring in the January 6 hearingEric Herschmann, former White House attorney, speaks with the House select committee investigating the Jan. 6 attack on the U.S. Capitol on June 13, 2022.(House Select Committee via APAnyone remember Eric Herschmann? The White House attorney burst into the national spotlight defending President Donald Trump during his first Senate impeachment trial way back in the early pre-pandemic days of 2020.Now he's back, but for a very different reason.That's the story that Oma Seddiq just delivered for Insider readers ahead of Thursday's House January 6 hearing profiling Herschmann. He's been in the news as video clips make the rounds of his testimony where he talks about warning Trump and his allies after the presidential election that there was no proof the race was rigged and stolen, and their efforts may be illegal. In addition to his colorful language, Herschmann has drawn notice because he gave his deposition in a room with a baseball bat hanging on the wall and the word "JUSTICE" inscribed on it in bold, white letters. Observers also have noted a large painting behind him of a panda, by the artist Rob Pruitt, is similar to one that appeared in the 2015 erotic drama "50 Shades of Grey."Read Full StoryNick Quested explains how it felt to testify before the January 6 committeeBritish filmmaker Nick Queste.....»»

Category: topSource: businessinsiderJun 28th, 2022

Jan. 6 live updates: Trump knew the January 6 crowd was armed but still wanted metal detectors removed, former White House aide testifies

The House select committee is investigating the Capitol riot and the role Donald Trump and his allies played in trying to overturn the 2020 election. Lawmakers listen as an image of a Trump campaign donation banner is shown behind them during a House January 6 committee hearing.Susan Walsh/AP The House committee investigating the Capitol riot is holding a surprise hearing at 1 p.m. ET Tuesday. Cassidy Hutchinson, an aide under former White House Chief of Staff Mark Meadows, is testifying. Trump knew the MAGA crowd on January 6 was armed, Hutchinson testified on Tuesday.  Trump was 'fucking furious' armed supporters couldn't get to his speech: former aideFormer White House aide Cassidy Hutchinson.Brandon Bell/Getty ImagesAn ex-White House aide testified that President Donald Trump was "fucking furious" that people in the MAGA crowd weren't able to get to his speech on January 6, 2021 because they were carrying weapons."I don't fucking care that they have weapons. They're not here to hurt me," Trump said the morning of the insurrection at the US Capitol, according to former White House aide Cassidy Hutchinson.Trump was also insistent that security remove the metal detectors outside the White House so more people with weapons could get into the grounds, Hutchinson told the House panel investigating the insurrection. She also quoted the president as saying: "Take the fucking mags away. Let my people in. They can march to the Capitol from here."READ FULL STORY Feds seized John Eastman's phoneJohn Eastman testifies before the House Ways and Means Committee hearing on Capitol Hill in Washington, Tuesday, June 4, 2013.Charles Dharapak/APAnother big development emerged Monday in the widening federal criminal probe into Donald Trump's efforts to overturn the 2020 presidential election.This one involves federal agents who seized the phone of John Eastman, a conservative lawyer who advised Trump during his failed bid to stop the inauguration of Joe Biden. Eastman made the feds' move public in a filing with a New Mexico federal court, seeking the return of property from the government.According to his filing, FBI agents acting on behalf of DOJ's internal watchdog stopped Eastman as he was leaving a restaurant in New Mexico on June 22, taking his phone.Read Full StoryCassidy Hutchinson in the spotlightCassidy Hutchinson’s testimony is shown during the fifth January 6 committee hearing on June 23, 2022.Demetrius Freeman-Pool/Getty ImagesCassidy Hutchinson is the surprise lead witness for Tuesday's sixth hearing of the House select committee investigating the January 6 insurrection.The former top aide under then-White House Chief of Staff Mark Meadows is a direct witness to many of the events and discussions of interest to the panel.She's given the committee several important pieces of information, including the six GOP House members who sought pardons from Trump and that the president told Meadows he agreed with rioters demands to "hang" Vice President Mike Pence.Read Full Story Select committee announces surprise hearing.January 6 committee chair Rep. Bennie Thompson of Mississippi speaks to reporters following the committee’s fifth hearing on June 23, 2022.Brandon Bell/Getty ImagesThe Jan. 6 select committee announced it would hold a sixth hearing to start Tuesday at 1 p.m. ET during the congressional recess and despite previous statements that it would hold its next hearings in July.A committee advisory said it would present "recently obtained evidence" and feature witnesses, whom it did not name.Read Full StoryKamala Harris said she commended her vice presidential predecessor Mike Pence for 'courage' in certifying Biden as president despite Trump's pressureVice President Kamala Harris.Al Drago-Pool/Getty ImagesVice President Kamala Harris said Monday that she commended former Vice President Mike Pence for certifying Joe Biden as president on January 6 despite him facing tremendous pressure by former President Donald Trump to overturn the election. "I think that he did his job that day," Harris said in a CNN interview after reporter Dana Bash asked her whether her opinion of Pence had changed. "And I commend him for that because clearly it was under extraordinary circumstances that he should have not had to face. And I commend him for having the courage to do his job."This month the House Select Committee probing the January 6 Capitol attack has detailed how Trump tried to push Pence not to recognize Biden's victory in the days leading up to January 6, 2021. Trump wanted Pence to "send back" slates of electors for Biden back to their states in order to overturn his election loss. But Pence put out an open letter saying he didn't have the authority to take such actions, and his role in the certification process was largely ceremonial.Read Full StoryKevin McCarthy says it's 'all good' between him and Trump as the former president fumes about the lack of Republicans on the Jan. 6 committee: 'The right decision was the decision I made'Rep. Kevin McCarthy (R-CA) and President Donald Trump.Anna Moneymaker/The New York Times/POOL/Getty ImagesHouse Minority Leader Kevin McCarthy said on Monday that everything is good between him and Donald Trump as the former president publicly questions whether it was wise to keep more Republicans off of the House January 6 committee."The right decision was the decision I made," McCarthy told Fox News' Dana Perino. "If other people change their opinion, read the rules and I think they'll come back to the same conclusion." The former president and McCarthy have talked recently, according to the top House Republican. When Perino asked if things were "all good?" McCarthy responded, "Oh, all good. Yes."McCarthy repeated his long-held defense of the decision, arguing that House Speaker Nancy Pelosi would have only selected Republicans that would have fit her views. The California Republican then named three of the 10 Republicans who voted to impeach Trump as examples of people Pelosi would have supported.Read Full StoryHow to watch the House January 6 committee hearings on the Capitol attackVideo featuring former President Donald Trump’s White House senior adviser and son-in-law Jared Kushner is played during a hearing by the Select Committee to Investigate the January 6th Attack on the U.S. Capitol in the Cannon House Office Building on June 13, 2022 in Washington, DC. Stepien, who was scheduled to testify in person, was unable to attend due to a family emergency. The bipartisan committee, which has been gathering evidence for almost a year related to the January 6 attack at the U.S. Capitol, will present its findings in a series of televised hearings. On January 6, 2021, supporters of former President Donald Trump attacked the U.S. Capitol Building during an attempt to disrupt a congressional vote to confirm the electoral college win for President Joe Biden.Photo by Alex Wong/Getty ImagesThe House Select Committee Investigating the January 6 Insurrection at the US Capitol is bringing to light its findings from a year's worth of work with a series of public hearings this summer. The select committee, formed in May 2021, has nine members, seven Democrats, including Chairman Rep. Bennie Thompson, and two Republicans, Reps. Liz Cheney and Adam Kinzinger. Its members and staff have spent the past year conducting hundreds of closed-door interviews, poring over hundreds of thousands of documents, and parsing phone and email records to reconstruct how President Donald Trump and his allies sought to overturn his 2020 election loss before a mob of pro-Trump rioters breached the US Capitol in an effort to stop the final certification of the 2020 election. Five public hearings, including one in primetime, have already taken place, and one more hearing is scheduled for Tuesday, June 28. Read Full StoryJanuary 6 hearing takeaways: Pardon pleas, more Bill Barr, and a riveting account of how Trump turned to the Justice Department and a loyal lawyer to 'help legitimize his lies'TheBill Clark/CQ-Roll Call, Inc via Getty Images)Spanning more than two hours in the late afternoon, the House January 6 committee's fifth public hearing captured the drama that unfolded inside the Justice Department and White House as Trump looked to some of the country's most senior and important law enforcement officials to help him remain in power.READ FULL STORYMatt Gaetz 'personally' pushed for a pardon from Trump 'from the beginning of time up until today, for any and all things,' Trump officials testifyRepublican Rep. Matt Gaetz of Florida at the White House on May 8, 2020.Anna Moneymaker-Pool/Getty ImagesThe January 6 committee aired a series of video testimonies from former Trump administration officials detailing which Republican members of Congress sought pardons from former President Donald Trump at the end of his term as he and his allies exhausted different avenues to stay in power.Most prominently featured: Republican Rep. Matt Gaetz of Florida.According to various officials who spoke with the committee, Gaetz began pushing for a pardon well before other Republicans who were involved in the attempt to overturn the 2020 election."Mr. Gaetz was personally pushing for a pardon, and he was doing so since early December," said Cassidy Hutchinson, a former aide to White House Chief of Staff Mark Meadows, in testimony aired by the committee on Thursday.READ FULL STORYFox News cut away from the Jan. 6 hearing minutes before testimony by Trump aides about GOP lawmakers who sought pardonsPlaque at the entrance to Fox News headquarters in New YorkErik McGregor/LightRocket via Getty ImagesJust as former Department of Justice Officials were detailing how they threatened to resign en masse if former President Donald Trump went ahead with his efforts to overturn the 2020 election results, Fox News cut away to air its previously scheduled talk show, "The Five."CNN and MSNBC aired the hearings in full, which ended with Rep. Adam Kinzinger listing six GOP lawmakers whom Trump aides testified sought pardons in the administration's final weeks.Other than the first of the five hearings so far, Fox News has carried the proceedings without commercial breaks, save for recesses during the proceedings.READ FULL STORYDOJ officials threatened to resign if Jeffrey Clark was appointed Attorney GeneralJeff ClarkYuri Gripas-Pool/Getty ImagesTop officials at the US Department of Justice threatened to resign if former President Donald Trump succeeded in making loyalist Jeff Clark the acting Attorney General, per testimony before the January 6 committee on Thursday.Richard Donoghue, former acting deputy attorney general, said that the pledge to resign was made on a phone call in the wake of reports that Trump was considering installing Clark, who at the time was promoting unfounded conspiracy theories about the 2020 election."They would resign en masse if the president made that change," Donoghue told the committee. "All without hesitation said they would resign."At least six GOP members of Congress sought pardons after January 6, 2021, per testimony from a former White House aideRep. Marjorie Taylor Greene, R-Ga., joined from left by Rep. Louie Gohmert, R-Texas, and Rep. Matt Gaetz, R-Fla., speaks at a news conference about the treatment of people being held in the District of Columbia jail who are charged with crimes in the Jan. 6 insurrection, at the Capitol in Washington, Tuesday, Dec. 7, 2021.J. Scott Applewhite/APCassidy Hutchinson, a former aide to former White House Chief of Staff Mark Meadows, testified Wednesday before the January 6 House panel that at least six House members asked the White House for a pardon following the Capitol siege.According to Hutchinson, Republican Reps. Matt Gaetz of Florida, Marjorie Taylor Greene of Georgia, Mo Brooks of Alabama, Andy Biggs of Arizona, Louie Gohmert of Texas, and Scott Perry of Pennsylvania requested pardons.The former White House aide added that GOP Rep. Jim Jordan of Ohio asked for an "update on whether the White House is going to pardon members of Congress" but did not personally ask for one.Keep Reading Trump suggested sending letter to states alleging 2020 election fraud, a former acting Attorney General Jeff Rosen testifiedFormer acting Attorney General Jeff Rosen has already testified about Trump's efforts to pressure DOJ.Yuri Gripas-Pool/Getty ImagesFormer acting Attorney General Jeff Rosen said on Thursday that then-President Donald Trump suggested that the Justice Department send letters to state legislatures in Georgia and other states alleging that there was voter fraud in the 2020 presidential election despite knowing there was no such evidence.Rosen told lawmakers on the House select committee investigating the January 6 insurrection that during Trump's final days in office, the former president and his campaign suggested several strategies for the Justice Department to overturn the presidential election results. These tactics included filing a lawsuit with the Supreme Court, making public statements, and holding a press conference."The Justice Department declined all of those requests that I was just referencing because we did not think they were appropriate based on the facts and the law, as we understood," Rosen said.Read MoreA former Trump DOJ official testified that former President Donald Trump urged him and other officials to 'just say the election was corrupt'Notes from Richard Donoghue displayed at the January 6 committee's hearing on June 23, 2022.Screenshot / C-SPANThe January 6 committee on Thursday displayed scans of notes taken by Richard Donoghue, then the acting deputy attorney general serving out the final days of the Trump administration.One note, displayed as Republican Rep. Adam Kinzinger of Illinois led the committee's questioning, included an apparent plea from then-President Donald Trump to "just say the election was corrupt" and "leave the rest to me and the [Republican] congressmen."Read Full StoryBill Barr says he's 'not sure we would have had a transition at all' to Biden if DOJ hadn't investigated Trump's baseless voter fraud claimsFormer Attorney General Bill Barr and former President Donald TrumpDrew Angerer/Getty ImagesFormer Attorney General William Barr said he was "not sure we would have had a transition at all" if the Justice Department had not investigated Donald Trump's claims of widespread voter fraud and found them baseless.In a closed-door deposition, Barr suggested to the House committee investigating the January 6 attack that Trump might not have left office voluntarily if DOJ had not proactively examined the election fraud claims ahead of Joe Biden's inauguration. Read Full Story'You would be committing a felony'Eric Herschmann spoke to the Jan. 6 committee on Thursday.Senate Television via APFormer White House attorney Eric Herschmann told the committee that he brutally mocked a plan from a Trump loyalist to hijack control of the Justice Department in a last-ditch effort to overturn the 2020 election."And when he finished discussing what he planned on doing, I said, 'good, fucking, excuse me, f-ing, a-hole, congratulations you just admitted that your first step or act you would take as attorney general would be committing a felony and violating rule 6c," Herschmann told the panel, per an excerpt of his previously private deposition that was released on Thursday.Read Full Story  Fast times in the CapitolActor Sean Penn and DC Metropolitan Police Department officer Daniel Hodges at the January 6 committee hearing on Capitol Hill on June 23, 2022.AP Photo/Jacquelyn MartinSean Penn is in the House.The actor and well known Hollywood activist made an unexpected appearance at the fifth hearing of the House select committee investigating the January 6 insurrection. "I'm just here to observe — just another citizen," Penn told a CNN reporter. "I think we all saw what happened on January 6 and now we're looking to see if justice comes on the other side of it."Read Full StoryLiz Cheney is mailing instructions to Democrats on how to change parties and vote for her in Wyoming's GOP primaryU.S. Rep. Liz Cheney (R-WY) Vice Chairwoman of the Select Committee to Investigate the January 6th Attack on the U.S. Capitol, delivers remarks during a hearing on the January 6th investigation on June 9, 2022.Win McNamee/Getty ImagesAs Rep. Liz Cheney faces a tough reelection battle in Wyoming, she's turning to Democrats in her home state to help her chances in the August 16 Republican primary.Cheney's campaign has mailed instructions to Wyoming Democrats on how to change their party affiliation to vote for the incumbent congresswoman, The New York Times reported on Thursday. Under Wyoming law, voters must be registered as a Democrat or a Republican in order to vote in that party's primary election. Read Full StoryFeds search home of former top Trump DOJ officialJeff ClarkYuri Gripas-Pool/Getty ImagesWe've got a major development that surfaced Thursday into what appears to be a widening federal investigation into Donald Trump's bid to overturn the 2020 presidential election.Federal investigators on Wednesday searched the Northern Virginia home of Jeff Clark, a former top Justice Department official who became the go-to Trump ally trying to push DOJ into backing the then-president's baseless claims about voter fraud.ABC News first reported this, and a DOJ spokesperson has since confirmed to Insider's Ryan Barber that law enforcement activity did indeed happen in the Washington DC suburb where Clark lives. The spokesperson wouldn't comment on the nature of the activity or about any specific individuals.Expect to hear Clark's name a couple times or more during Thursday's House select committee hearing as the panel examines Trump's efforts to use DOJ in his bid to stop Joe Biden from being sworn in as the country's 46th president.Read Full Story#unprecedentedA trailer for a documentary that centers on Trump and January 6 was released by Discovery Plus.Seth Herald/Getty ImagesHere's something that doesn't show up on the internet very often: a 30-second trailer for a new three-part documentary taking people behind the scenes of Donald Trump's presidency and the January 6 insurrection.But that's exactly what landed online late Wednesday via Discovery+, which shows footage of the new series titled "Unprecedented." The clip features Trump and his adult children Ivanka, Donald Trump Jr., and Eric Trump and closes with the ex-president himself agreeing to discuss the riot at the US Capitol. —discovery+ (@discoveryplus) June 23, 2022House January 6 investigators have the documentary footage too, courtesy of a subpoena that Politico reported about. And Trump allies were apparently in the dark about the filming, with one texting Rolling Stone: "what the fuck is this?"Read Full Story Hearings to resume at 3 p.m. ET Thursday with testimony expected from former DOJ officialsFormer Acting Attorney General Jeffrey Rosen.Yuri Gripas-Pool/Getty ImagesThe January 6 commission's fifth hearing is expected to start at 3 p.m. Thursday, with testimony expected from former Trump-administration Justice Department officials. They are:Jeffrey Rosen, former acting attorney generalRichard Donoghue, former acting deputy attorney generalSteven Engel, former assistant attorney general for the Office of Legal CounselRosen served as acting attorney general in the final weeks of Trump's presidency. He previously told the committee how he came under persistent pressure from Trump to have the DOJ back Trump's efforts to overturn the 2020 election, as Insider's C. Ryan Barber reported.Toward the end of his presidency, Trump considered ousting Rosen and installing Jeffrey Clark, a supporter of the bogus voter-fraud claims, in his place, but ultimately decided not to after officials threatened to resign if he went through.Analysis: Trump shot himself in the foot by opposing a bipartisan Jan. 6 commission because now he has no allies to defend him in scathing public hearingsLawmakers listen as an image of a Trump campaign donation banner is shown behind them during a House January 6 committee hearing.Susan Walsh/APAs the House's January 6 committee lays out in devastating detail Donald Trump's effort to overturn his defeat in the 2020 election, the former president is turning his anger on House Minority Leader Kevin McCarthy. Trump has complained about McCarthy's decision to boycott the panel, with the former president telling the Punchbowl newsletter on Wednesday: "Republicans don't have a voice. They don't even have anything to say."But Trump has no one but himself to blame for the situation, one of his Republican critics pointed out, as he was the one who opposed the formation of a bipartisan commission equally split between Republicans and Democrats to investigate the riot. Read Full StoryTrump is hate-watching every Jan. 6 hearing and almost screams at the TV because he feels nobody is defending him, report saysDonald TrumpJoe Raedle/Getty ImagesFormer President Donald Trump is hate-watching the January 6 committee hearings, incensed because he believes nobody is defending him, according to The Washington Post.Trump is at "the point of about to scream at the TV" as he tunes in to each hearing, one unnamed close advisor told the paper. Another in his circle, also unnamed, told the paper that Trump continually complains that "there's no one to defend me" at the hearings, which have attracted huge amounts of media coverage.Per The Post, Trump's anger centers on House Minority Leader Kevin McCarthy, who boycotted the committee at its formation, passing up the chance to put pro-Trump figures on the panel.Read Full StoryDOJ issued subpoenas to alleged fake Trump electors and a Trump campaign official, reports sayA general view shows a House January 6 committee hearing on Capitol Hill on June 9, 2022.Mandel Ngan/POOL/AFP via Getty ImagesThe Justice Department expanded its investigation into the Capitol riot after issuing subpoenas to a would-be Trump elector in Georgia and a Trump campaign official who worked in Arizona and New Mexico, The Washington Post and The New York Times reported Wednesday.Arizona, Georgia, and New Mexico are among the seven battleground states where a failed effort to overturn the election took place by appointing pro-Trump electors.The news comes after Rep. Adam Schiff said the House select committee investigating the January 6 insurrection obtained evidence that former President Donald Trump was involved in the aforementioned scheme.Read Full StoryTrump aides didn't know someone was filming Trump on January 6 until the House committee got the footage: reportsPresident Donald Trump listens as Jared Kushner speaks in the Oval Office of the White House on September 11, 2020.Andrew Harnik/AP PhotoAides to Donald Trump had no idea a documentary maker filmed the former president on January 6, 2021, until the House committee investigating that day subpoenaed the footage, reports said. The existence of the footage by UK documentarian Alex Holder was first reported by Politico on Tuesday.The outlet said that Holder complied with the House committee request and handed over several months of footage of Trump up to and including January 6. The New York Times reported that many top Trump advisors were surprised by news of the project, which was known to only a small circle of close Trump aides.Read Full StoryIvanka Trump claimed to believe Trump's false voter-fraud theories but later told Jan. 6 panel she didn't, report saysIvanka Trump.Drew Angerer/Getty ImagesIvanka Trump claimed to believe former President Donald Trump's false voter-fraud theories in a December 2020 interview, directly contradicting her testimony to congressional investigators earlier this year, a new report says.In April 2022, Trump had told the House committee investigating the Capitol riot that she had "accepted" former Attorney General Bill Barr's assessment that Donald Trump's claims of election fraud were wrong.But according to The New York Times, Ivanka Trump told the documentary filmmaker Alex Holder on December 10, 2020 — nine days after Barr made the assessment that supposedly swayed her — that she supported her father's efforts to challenge the 2020 election results.She said Trump should "continue to fight" the 2020 election results because Americans were questioning the "sanctity of our elections."Read Full StoryElection worker testifies that conspiracy theorists tried to citizen's arrest her grandmother after lies from Trump, GiulianiWandrea "Shaye" Moss, a former Georgia election worker, is comforted by her mother Ruby Freeman, right, during the House January 6 committee's hearing.AP Photo/Jacquelyn MartinA Georgia election worker testified that her grandmother faced a citizen's arrest by a group of election deniers who tried pushing their way into her house due to election lies told by former President Donald Trump and former personal lawyer Rudy Giuliani.Wandrea "Shaye" Moss, an election worker in Fulton County, Georgia, told lawmakers during a January 6 select committee hearing that she and her mother Ruby Freeman, who worked as a short-term election worker in 2020, were among the workers counting ballots at State Farm Arena in Atlanta. When Giuliani and Trump accused those workers of orchestrating election fraud, Moss said her family faced death threats and were pushed out of town, living in Airbnbs for two months around January 6 at the FBI's recommendation.Moss said she endured racist harassment as well, adding that a group of people influenced by the election conspiracies showed up to her grandmother's house and tried to perform a citizen's arrest.Read Full StoryWhere's Pat Cipollone?Former White House Counsel Pat CipolloneAlex Wong/Getty ImagesPaging Pat Cipollone.The former White House counsel under then-President Donald Trump is now front and center as a top witness the House committee investigating the January 6 insurrection still wants to hear from.That's according to Rep. Liz Cheney, who publicly called Tuesday for Cipollone to testify about evidence the committee has collected showing that he "tried to do what was right" as  Trump pushed to overturn the 2020 election.Cheney also noted that the House panel is also "certain" Trump doesn't want Cipollone to testify. His previous job as Trump's top White House attorney could complicate the matter, though as Insider's Ryan Barber points out in his story, Bill Barr did participate in its investigation.Read Full StorySexualized texts, a break-in and doxxingsGeorgia Secretary of State Brad Raffensperger is sworn in to testify on Tuesday before the House select committee investigating the January 6 attack on the US Capitol.Jacquelyn Martin/AP PhotoTuesday's House select committee featured jaw-dropping testimony from election officials who detailed the threats they faced after refusing to go along with then President Donald Trump's bid to overturn the 2020 election results.One big dose of it came from Georgia Secretary of State Brad Raffensperger, who explained how he received texts from all over the US and eventually his wife became a target of harassment too. "My wife started getting the texts and hers typically came in as sexualized texts, which were disgusting," Raffensperger said during his testimony before the January 6 committee. "You have to understand that Trish and I met in high school and we have been married over 40 years now. They started going after her I think to probably put pressure on me: 'Why don't you just quit and walk away?'" Raffensperger also testified about Trump supporters who broke into the home of his daughter-in-law, a widow with two children. And he said his phone and email were doxxed, meaning that someone had posted the number and email publicly so that people would message him. Read Full StoryDeath threatsWandrea ArShaye “Shaye” Moss, a former Georgia election worker, is sworn in before January 6 committee on June 21, 2022.Kevin Dietsch/Getty ImagesA Black former Georgia election worker delivered stark testimony on Tuesday about the racist and deadly threats that came when President Donald Trump publicly attacked her and her mother amid his drive to overturn the 2020 election results.Insider's Bryan Metzger has more on the remarks from Wandrea ArShaye "Shaye" Moss, a veteran election official in Fulton County who ended up on the receiving end of myriad threats after Rudy Giuliani specifically named her and her mom when speaking to the Georgia state Senate."They included threats, a lot of threats wishing death upon me," Moss said. "Telling me that, you know, I'll be in jail with my mother, and saying things like, 'Be glad it's 2020 and not 1920.'" Read Full Story'We were just kind of useful idiots'Former President Donald Trump speaks during a rally in Delaware, Ohio, on April 23, 2022.Drew Angerer/Getty Images"We were just kind of useful idiots, or rubes at that point."That's a quote from former Donald Trump 2020 campaign staffer Robert Sinner describing to the House January 6 investigators his displeasure with a scheme to overturn now-President Joe Biden's 2020 victory in Georgia.Sinner's remarks were broadcast in a video recording shown during Tuesday's select committee hearing, Insider's John Dorman reports.Read Full Story Suspicious package found outside House hearing roomThe House panel investigating the January 6 insurrection.Photo by Jabin Botsford-Pool/Getty ImagesThe House select committee investigating the January 6 insurrection kept on going Tuesday despite a suspicious package being found right outside the hearing room where the panel was meeting.Insider's Lauren Frias reported that the US Capitol Police officials did issue an all-clear about an hour after first sending out its alert. The police advised staff and visitors on the premises to stay away from the area during the incident. A Fox News producer tweeted that the package appeared to be an unattended backpack on top of a walker outside of the House building.Read Full Story'Do not give that to him'Republican Sen. Ron Johnson of Wisconsin and former Vice President Mike Pence.Drew Angerer and Erin Schaff-Pool/Getty ImagesGOP Sen. Ron Johnson sought to deliver a slate of "alternate" electors to then-Vice President Mike Pence ahead of the counting of votes during a Joint Session of Congress on January 6, 2021.That's according to a series of eye-catching text messages first displayed by the January 6 committee on Tuesday, Insider's Bryan Metzger reported."Johnson needs to hand something to VPOTUS please advise," Sean Riley, Johnson's chief of staff, wrote of the materials that were related to "alternate" electors from two contested Midwestern states that Democratic nominee Joe Biden had narrowly carried: Michigan and Wisconsin. "What is it?" replied Chris Hodgson, a legislative aide to Pence."Alternate slate of elector for MI and WI because archivist didn't receive them," Riley replied."Do not give that to him," Hodgson replied.Read Full StoryRudy admitted to not having election fraud evidenceRudy Giuliani, former lawyer for President Donald Trump.William B. Plowman/NBC/NBC Newswire/NBCUniversal via Getty ImagesRudy Giuliani admitted to not having any evidence of election fraud after the 2020 presidential election despite repeatedly claiming he did, according to the Republican speaker of the Arizona state House."My recollection, he said, 'We've got lots of theories, we just don't have the evidence,'" Russell "Rusty" Bowers, the Arizona official, said in describing a conversation with then-President Donald Trump's personal attorney.Bowers, a Trump supporter, was testifying on Tuesday before the House January 6 select committee to recount his interactions with Giuliani and the Trump legal team surrounding the events of the last presidential election.He called the Trump team "a tragic parody" and compared them to the 1971 comedy "The Gang Who Couldn't Shoot Straight."Read Full Story A very real threat to the 2022 midtermsCouy Griffin, a central figure in a New Mexico county's refusal to certify recent election results based on debunked conspiracy theories about voting machines, has avoided more jail time for joining the mob that attacked the US Capitol.AP Photo/Gemunu AmarasingheThe House select committee's January 6 hearings have spotlighted the very real threat to future US elections, including the midterms coming up this November.That's the big takeaway from a story by Insider's Grace Panetta published Tuesday that looks at how a court had to intercede after New Mexico county commission initially refused to certify results from the state's June 7 primary."The election denial movement pushed by Trump and his allies that spurred so many to attack the Capitol on January 6 has now fanned out to county commissions, town halls, and polling places around the country, presenting wholly novel burdens on election officials and new threats to the health of American democracy," Grace wrote.Read Full StoryTrump is ready to abandon attorney John Eastman after he was criticized in committee hearings, report saysJohn Eastman at a pro-Trump rally on January 6, 2021.Jim Bourg/ReutersFormer President Donald Trump sees no reason to defend the conservative attorney John Eastman, Rolling Stone reported.The decision the outlet relayed came in light of the heavy scrutiny of Eastman in the Congressional Jan. 6 committee hearings, which detailed his role helping Trump try to overturn the 2020 election.Eastman wrote a memo detailing a last-ditch plan for Vice President Mike Pence to block Joe Biden's certification as president on January 6, 2021, at the Congressional proceeding which was interrupted by the Capitol riot.Citing two sources close to Trump, the outlet reported that the committee's focus on Eastman in its public hearings had bothered Trump, and that Trump has started distancing himself from the attorney.READ FULL STORYFull list of witness testifying on June 21Arizona House Speaker Rusty Bowers is among those scheduled to testify in the committee's June 21 hearing.AP Photo/Ross D. Franklin, FileInsider's Warren Rojas has a roster of those scheduled to appear in the committee's public hearings. See the full list below.Read Full StoryJan. 6 committee subpoenas filmmaker who interviewed Trump before and after the riotTrump speaks to supporters from the Ellipse near the White House on January 6, 2021, in Washington, DC.Brendan Smialowski/AFP via Getty ImagesThe January 6 committee sent a subpoena to Alex Holder, a documentary filmmaker who interviewed Trump before and after the Capitol riot, Politico's Playbook newsletter reported Tuesday.The existence of this footage had never been reported before, and Holder is expected to fully cooperate with the panel, Playbook reported.Holder also spent several months interviewing members of Trump's family, including his children Donald Trump Jr., Ivanka Trump, and Eric Trump, and his son-in-law Jared Kushner, Playbook reported.The subpoena asked Holder to provide any raw footage he might have from the Capitol riot and interviews with Trump, his family, and former Vice President Mike Pence, as well as any footage he has of discussions about voter fraud in the 2020 election.Trump boasts he's been impeached twice and screams 'nothing matters!' amid ongoing January 6 hearingsFormer President Donald Trump gives the keynote address at the Faith and Freedom Coalition during their annual conference on June 17, 2022, in Nashville, Tennessee.Seth Herald/Getty ImagesFormer President Donald Trump on Friday bragged that he was impeached twice, while recycling his false claims about the 2020 election and attacking former Vice President Mike Pence and former Attorney General William Barr.Delivering a speech to the Faith and Freedom Coalition in Nashville, the former president said Pence didn't have the courage to embrace his effort to overturn the election and mocked Barr for being "afraid" of getting impeached."What's wrong with being impeached? I got impeached twice and my poll numbers went up," Trump said.Read Full StoryGinni Thomas says she 'can't wait' to talk to Jan. 6 committee after it asks for interview over her efforts to overturn 2020 electionGinni ThomasChip Somodevilla/Getty ImagesGinni Thomas, the wife of Supreme Court Justice Clarence Thomas, said she "can't wait' to talk to the House January 6 commission after it asked to interview her over her efforts to overturn the 2020 election."I can't wait to clear up misconceptions. I look forward to talking to them," Thomas told the right-wing news site The Daily Caller. She did not say what those misconceptions might be.Her comments come after the House Select Committee investigating the Capitol riot announced that it had requested an interview with her. Rep. Bennie Thompson, the committee's chairman, said the panel wanted to talk to her "soon," Axios reported.Thomas faces scrutiny over her connections to former President Donald Trump's attempts to overturn the 2020 election. Read Full StoryEven on the day of the Capitol riot, Rudy Giuliani was still doubtful if Mike Pence had the power to overturn the election, says ex-Trump lawyerRudy Giuliani.Jacquelyn Martin/APEric Herschmann, a former Trump White House lawyer, revealed on Thursday that even on the morning of the Capitol riot, Rudy Giuliani was still debating whether then-Vice President Mike Pence had the power to overturn the votes in the 2020 election. Herschmann's testimony was aired on Thursday during the third of six public hearings organized by the January 6 committee investigating the Capitol riot. Thursday's session centered on the pressure exerted by the Trump camp in a bid to get Pence to overturn the vote.Herschmann said he received a call "out of the blue" from Giuliani on the morning of January 6, 2021, concerning what Pence's role would be that day."And, you know, he was asking me my view and analysis and then the practical implications of it," Herschmann said, who described the call as an "intellectual discussion." "And when we finished, he said, like, 'I believe that, you know, you're probably right.'" Read Full StoryMike Pence's former lawyer said he warned Trump's camp that overturning votes would lead to the 2020 election being 'decided in the streets'Then-US President Donald Trump arrives with then- Vice President Mike Pence for a "Make America Great Again" rally in Michigan on November 2, 2020.PhoPhoto by Brendan Smialowski / AFP via Getty ImagesA lawyer for former Vice President Mike Pence said that he strongly disagreed with conservative lawyer John Eastman about the Trump camp's plan to overturn the 2020 election result and warned Eastman that it might lead to violence in the streets.Testifying on Thursday before the January 6 panel investigating the Capitol riot, Greg Jacob said he had spoken to Eastman on January 5, 2021. During their conversation, Jacob said he expressed his "vociferous disagreement" with the plan for Pence to overturn the electoral vote on behalf of former President Donald Trump and send the votes back to their respective states. "Among other things, if the courts did not step in to resolve this, there was nobody else to resolve it," Jacob testified. Read Full StoryDemocracy on the brinkPeople arrive before a hearing of the House select committee investigating the Jan. 6, 2021, attack on the Capitol at the Capitol in Washington, Thursday, June 16, 2022.Drew Angerer/Pool Photo via APAmerican democracy was on the brink like no time ever before.That's the lede paragraph from Insider's Grace Panetta in her story that sums up the biggest takeaways from Thursday's historic and marathon third public hearing of the House select committee investigating the January 6, 2021, insurrection at the US Capitol.Grace writes that the two lead witnesses, Greg Jacob and Michael Luttig, were steeped in legal expertise and constitutional scholarship as they explained at a granular and methodical level why neither the Electoral Count Act nor the 12th Amendment permitted then-Vice President Mike Pence to unilaterally reject Electoral College votes for President-elect Joe Biden.Then-President Donald Trump and one of his personal legal advisors, John Eastman, were pushing the vice president to do exactly that in a break with all of US history. Read Full StoryMAGA world a "clear and present danger to American democracy"Michael Luttig, a retired federal judge who was an adviser to former Vice President Mike Pence, looks at Greg Jacob, former counsel to Vice President Mike Pence, as he testifies before the House select committee investigating the Jan. 6, 2021 attack on the Capitol at the Capitol in Washington, Thursday, June 16, 2022.J. Scott Applewhite/AP PhotoFormer President Donald Trump and his supporters remain a "clear and present danger to American democracy."Those were the startling words of Michael Luttig, a retired federal judge who has long been championed by Republicans. He made them near the end of Thursday's marathon House select committee hearing into the January 6, 2021, insurrection at the US Capitol.Luttig, who advised then-Vice President Mike Pence about his ceremonial role on January 6, also went on to say Trump world is being more than blunt about its plans to manipulate the results of the next election for the White House. "The former president and his allies are executing that blueprint for 2024 in open and plain view of the American public," Luttig testified, per Insider's Warren Rojas. Read Full Story'1 more relatively minor violation' of election law...please?Former Trump legal adviser John EastmanAP Photo/Susan WalshIt's perhaps one of the biggest bombshells to come out of Thursday's House select committee hearing on the Capitol insurrection: a Trump lawyer putting in writing a request to break the law.The no-no came from John Eastman, who sent an email at 11:44 p.m. on the night of January 6, 2021, repeated his demand that Vice President Mike Pence halt the proceedings to certify the 2020 election and send it back to the states for a period of 10 days."So now that the precedent has been set that the Electoral Count Act is not quite so sacrosanct as was previously claimed, I implore you to consider one more relatively minor violation and adjourn for 10 days to allow the legislatures to finish their investigations, as well as to allow a full forensic audit of the massive amount of illegal activity that has occurred here," Eastman wrote to Pence lawyer Greg Jacob.Insider's Jake Lahut writes that the Eastman email was sent after Jacob and the then-vice president's staff and family, had been sheltering in place in a secure location during the riot.Read Full StoryEastman asked Giuliani to be added to Trump's pardon listJohn Eastman appeared onstage with Rudy Giuliani at the pro-Trump rally that preceded the January 6 attack on the Capitol.Jim Bourg/ReutersThe House panel investigating the January 6, 2021, insurrection at the Capitol made some news on Thursday by disclosing evidence that conservative lawyer John Eastman wanted to get added to lame-duck President Donald Trump's pardon list.Eastman was pushing to overturn the 2020 election, and as Insider's Oma Seddiq reports, his efforts prompted an email to personal Trump lawyer Rudy Giuliani. "I've decided I should be on the pardon list, if that is still in the works," Eastman wrote  to Giuliani, according to Rep. Pete Aguilar, a lawmaker on the January 6 panel who read the email during Thursday's hearing. Eastman ultimately did not receive a pardon. Read Full StoryAides say Trump called Pence 'P-word' and 'wimp' on Jan. 6 callTrump and Pence at a White House event on July 13, 2020.AP Photo/Evan VucciThe language got pretty profane in the White House on the morning of January 6, 2021, Insider's Bryan Metzger reports.That's according to former aides who testified to the House select committee investigating the Capitol insurrection about a call then-President Donald Trump made to Mike Pence, his vice president."I remember hearing the word 'wimp'. Either he called him a wimp — I don't remember if he said, 'you are a wimp, you'll be a wimp' — wimp is the word I remember," said Nicholas Luna, a former assistant to Trump.Julie Radford, who served as Ivanka Trump's chief of staff, told the committee that Ivanka told her that the president "just had an upsetting conversation with the Vice President" in which he called Pence "the P-word."Read Full Story'Secret' MAGA back channel Jan. 6 investigators are teasing is also Oath Keepers' legal defenseStewart Rhodes, founder of the citizen militia group known as the Oath Keepers speaks during a rally outside the White House in Washington, on June 25, 2017.Susan Walsh/APThe House January 6 investigators keep on teasing how there'll soon be upcoming testimony that reveals secret coordination between Trumpworld and extremist groups.But as Insider's Laura Italiano points out in a new story, the Oath Keepers have long boasted of such a back channel.In fact, leader and founder Elmer Stewart Rhodes and other members of the pro-Trump militia are staking their seditious-conspiracy defense case on these yet-described communications with rally organizers.Read Full StoryCruz wanted the ex-judge testifying against Trump as a SCOTUS justiceRepublican Sen. Ted Cruz of Texas and retired Judge Michael Luttig.AP Photos/Manuel Balce Ceneta and Susan WalshThere's an interesting twist to the retired conservative federal Judge Michael Luttig testifying as a key witness in Thursday's January 6 committee hearing.Insider's Bryan Metzger dug up video from the 2016 GOP presidential primary debates showing Luttig was once named by Republican Sen. Ted Cruz of Texas as an ideal Supreme Court nominee.—bryan metzger (@metzgov) June 16, 2022 Bryan writes that it was "yet another example of just how much former President Donald Trump's efforts to overturn the 2020 presidential election results has divided the conservative legal world."Read Full Story   DOJ: House's 'failure' to share transcripts hurting Jan. 6 investigationsTrump supporters clash with police and security forces as people try to storm the Capitol on January 6, 2021 in Washington.Brent Stirton/Getty ImagesMore public tension is emerging between the Justice Department and the House panel investigating the January 6, 2021, insurrection at the US Capitol.Insider's Ryan Barber has the details on a new letter sent Wednesday from the top US attorney in Washington DC to the House panel. There, the DOJ official says that the House panel has complicated criminal cases with its 'failure' to turn over interview transcripts to prosecutions.DOJ is looking for access to more than 1,000 interviews the congressional panel has conducted during its months-long examination of the Capitol attack and former President Donald Trump's effort to overturn the 2020 election.Read Full StoryJudge Luttig: If Pence tossed valid electoral votes it would have been 'a revolution'Michael Luttig, a retired federal judge who was an adviser to former Vice President Mike Pence, testifies Thursday to the House select committee investigating the Jan. 6, 2021, attack on the Capitol.AP Photo/Susan WalshSome really powerful testimony to start Thursday's January 6 select committee hearing from former federal judge J. Michael Luttig.In his opening remarks, he told the panel investigating the insurrection at the US Capitol that Vice President Mike Pence overturning the 2020 election would've pushed the country into 'the first constitutional crisis since the founding of the republic.'"That declaration of Donald Trump as the next president would have launched America into what I believe would have been tantamount to a revolution within a constitutional crisis in America which in my view would have been the first constitutional crisis since the founding of the Republic," Luttig told lawmakers during a hearing Thursday. Read Full StoryFormer Pence counsel says 'the law is not a plaything' for presidentsVice President Mike PenceScott J. Applewhite/APMike Pence's former counsel Greg Jacob is a lead witness in Thursday's third public hearing for the House select committee investigating the January 6 insurrection at the US Capitol.In his written statement submitted before the hearing, Jacob called serving the vice president "the honor of a lifetime," while also warning that the rule of law is "not a plaything" for political leaders to bend per their whim."The law is not a plaything for presidents or judges to use to remake the world in their preferred image," he wrote. "Our Constitution and our laws form the strong edifice within which our heartfelt policy disagreements are to be debated and decided."Insider's Grace Panetta has more on Jacob's testimony and spells out why he was a key figure in rebuffing the intense pressure campaign and efforts to compel Pence to obstruct or meddle with the count. Read Full StoryJanuary 6 committee says it will 'soon' seek interview with Ginni ThomasConservative activist Ginni Thomas and January 6 committee chair Rep. Bennie Thompson of Mississippi.AP Photos/Susan Walsh and J. Scott ApplewhiteConservative activist Ginni Thomas, the wife of conservative Supreme Court Justice Clarence Thomas, should be expecting an interview request soon from the House select committee investigating the January 6 insurrection at the US Capitol."We think it's time that we, at some point, invite her to come talk to the committee," Rep. Bennie Thompson, the Democratic chair of the panel, told Axios' Andrew Solender. He added that the invitation would come "soon."Thomas has recently come under scrutiny for her role in seeking to overturn the 2020 election, including emailing Trump lawyer John Eastman and pressuring 29 state legislators in Arizona to overturn the state's 2020 election results.Read Full Story  Meet the former Trump attorney starring in the January 6 hearingEric Herschmann, former White House attorney, speaks with the House select committee investigating the Jan. 6 attack on the U.S. Capitol on June 13, 2022.(House Select Committee via APAnyone remember Eric Herschmann? The White House attorney burst into the national spotlight defending President Donald Trump during his first Senate impeachment trial way back in the early pre-pandemic days of 2020.Now he's back, but for a very different reason.That's the story that Oma Seddiq just delivered for Insider readers ahead of Thursday's House January 6 hearing profiling Herschmann. He's been in the news as video clips make the rounds of his testimony where he talks about warning Trump and his allies after the presidential election that there was no proof the race was rigged and stolen, and their efforts may be illegal. In addition to his colorful language, Herschmann has drawn notice because he gave his deposition in a room with a baseball bat hanging on the wall and the word "JUSTICE" inscribed on it in bold, white letters. Observers also have noted a large painting behind him of a panda, by the artist Rob Pruitt, is similar to one that appeared in the 2015 erotic drama "50 Shades of Grey."Read Full StoryNick Quested explains how it felt to testify before the January 6 committeeBritish filmmaker Nick Queste.....»»

Category: topSource: businessinsiderJun 28th, 2022

Jan. 6 live updates: Committee announces surprise hearing on Tuesday to reveal "recently obtained evidence"

The House select committee is investigating the Capitol riot and the role Donald Trump and his allies played in trying to overturn the 2020 election. Lawmakers listen as an image of a Trump campaign donation banner is shown behind them during a House January 6 committee hearing.Susan Walsh/AP The House committee investigating the Capitol riot is holding a surprise hearing at 1 pm EST Tuesday. Lawmakers will present "recently obtained evidence" and feature witnesses, whom they did not name. Congress is on recess, and the chair had earlier said there'd be no more hearings until July. Select committee announces surprise hearing.January 6 committee chair Rep. Bennie Thompson of Mississippi speaks to reporters following the committee’s fifth hearing on June 23, 2022.Brandon Bell/Getty ImagesThe Jan. 6 select committee announced it would hold a sixth hearing to start Tuesday at 1pm ET during the congressional recess and despite previous statements that it would hold its next hearings in July.A committee advisory said it would present "recently obtained evidence" and feature witnesses, whom it did not name.Read Full StoryJanuary 6 hearing takeaways: Pardon pleas, more Bill Barr, and a riveting account of how Trump turned to the Justice Department and a loyal lawyer to 'help legitimize his lies'TheBill Clark/CQ-Roll Call, Inc via Getty Images)Spanning more than two hours in the late afternoon, the House January 6 committee's fifth public hearing captured the drama that unfolded inside the Justice Department and White House as Trump looked to some of the country's most senior and important law enforcement officials to help him remain in power.READ FULL STORYMatt Gaetz 'personally' pushed for a pardon from Trump 'from the beginning of time up until today, for any and all things,' Trump officials testifyRepublican Rep. Matt Gaetz of Florida at the White House on May 8, 2020.Anna Moneymaker-Pool/Getty ImagesThe January 6 committee aired a series of video testimonies from former Trump administration officials detailing which Republican members of Congress sought pardons from former President Donald Trump at the end of his term as he and his allies exhausted different avenues to stay in power.Most prominently featured: Republican Rep. Matt Gaetz of Florida.According to various officials who spoke with the committee, Gaetz began pushing for a pardon well before other Republicans who were involved in the attempt to overturn the 2020 election."Mr. Gaetz was personally pushing for a pardon, and he was doing so since early December," said Cassidy Hutchinson, a former aide to White House Chief of Staff Mark Meadows, in testimony aired by the committee on Thursday.READ FULL STORYFox News cut away from the Jan. 6 hearing minutes before testimony by Trump aides about GOP lawmakers who sought pardonsPlaque at the entrance to Fox News headquarters in New YorkErik McGregor/LightRocket via Getty ImagesJust as former Department of Justice Officials were detailing how they threatened to resign en masse if former President Donald Trump went ahead with his efforts to overturn the 2020 election results, Fox News cut away to air its previously scheduled talk show, "The Five."CNN and MSNBC aired the hearings in full, which ended with Rep. Adam Kinzinger listing six GOP lawmakers whom Trump aides testified sought pardons in the administration's final weeks.Other than the first of the five hearings so far, Fox News has carried the proceedings without commercial breaks, save for recesses during the proceedings.READ FULL STORYDOJ officials threatened to resign if Jeffrey Clark was appointed Attorney GeneralJeff ClarkYuri Gripas-Pool/Getty ImagesTop officials at the US Department of Justice threatened to resign if former President Donald Trump succeeded in making loyalist Jeff Clark the acting Attorney General, per testimony before the January 6 committee on Thursday.Richard Donoghue, former acting deputy attorney general, said that the pledge to resign was made on a phone call in the wake of reports that Trump was considering installing Clark, who at the time was promoting unfounded conspiracy theories about the 2020 election."They would resign en masse if the president made that change," Donoghue told the committee. "All without hesitation said they would resign."At least six GOP members of Congress sought pardons after January 6, 2021, per testimony from a former White House aideRep. Marjorie Taylor Greene, R-Ga., joined from left by Rep. Louie Gohmert, R-Texas, and Rep. Matt Gaetz, R-Fla., speaks at a news conference about the treatment of people being held in the District of Columbia jail who are charged with crimes in the Jan. 6 insurrection, at the Capitol in Washington, Tuesday, Dec. 7, 2021.J. Scott Applewhite/APCassidy Hutchinson, a former aide to former White House Chief of Staff Mark Meadows, testified Wednesday before the January 6 House panel that at least six House members asked the White House for a pardon following the Capitol siege.According to Hutchinson, Republican Reps. Matt Gaetz of Florida, Marjorie Taylor Greene of Georgia, Mo Brooks of Alabama, Andy Biggs of Arizona, Louie Gohmert of Texas, and Scott Perry of Pennsylvania requested pardons.The former White House aide added that GOP Rep. Jim Jordan of Ohio asked for an "update on whether the White House is going to pardon members of Congress" but did not personally ask for one.Keep Reading Trump suggested sending letter to states alleging 2020 election fraud, a former acting Attorney General Jeff Rosen testifiedFormer acting Attorney General Jeff Rosen has already testified about Trump's efforts to pressure DOJ.Yuri Gripas-Pool/Getty ImagesFormer acting Attorney General Jeff Rosen said on Thursday that then-President Donald Trump suggested that the Justice Department send letters to state legislatures in Georgia and other states alleging that there was voter fraud in the 2020 presidential election despite knowing there was no such evidence.Rosen told lawmakers on the House select committee investigating the January 6 insurrection that during Trump's final days in office, the former president and his campaign suggested several strategies for the Justice Department to overturn the presidential election results. These tactics included filing a lawsuit with the Supreme Court, making public statements, and holding a press conference."The Justice Department declined all of those requests that I was just referencing because we did not think they were appropriate based on the facts and the law, as we understood," Rosen said.Read MoreA former Trump DOJ official testified that former President Donald Trump urged him and other officials to 'just say the election was corrupt'Notes from Richard Donoghue displayed at the January 6 committee's hearing on June 23, 2022.Screenshot / C-SPANThe January 6 committee on Thursday displayed scans of notes taken by Richard Donoghue, then the acting deputy attorney general serving out the final days of the Trump administration.One note, displayed as Republican Rep. Adam Kinzinger of Illinois led the committee's questioning, included an apparent plea from then-President Donald Trump to "just say the election was corrupt" and "leave the rest to me and the [Republican] congressmen."Read Full StoryBill Barr says he's 'not sure we would have had a transition at all' to Biden if DOJ hadn't investigated Trump's baseless voter fraud claimsFormer Attorney General Bill Barr and former President Donald TrumpDrew Angerer/Getty ImagesFormer Attorney General William Barr said he was "not sure we would have had a transition at all" if the Justice Department had not investigated Donald Trump's claims of widespread voter fraud and found them baseless.In a closed-door deposition, Barr suggested to the House committee investigating the January 6 attack that Trump might not have left office voluntarily if DOJ had not proactively examined the election fraud claims ahead of Joe Biden's inauguration. Read Full Story'You would be committing a felony'Eric Herschmann spoke to the Jan. 6 committee on Thursday.Senate Television via APFormer White House attorney Eric Herschmann told the committee that he brutally mocked a plan from a Trump loyalist to hijack control of the Justice Department in a last-ditch effort to overturn the 2020 election."And when he finished discussing what he planned on doing, I said, 'good, fucking, excuse me, f-ing, a-hole, congratulations you just admitted that your first step or act you would take as attorney general would be committing a felony and violating rule 6c," Herschmann told the panel, per an excerpt of his previously private deposition that was released on Thursday.Read Full Story  Fast times in the CapitolActor Sean Penn and DC Metropolitan Police Department officer Daniel Hodges at the January 6 committee hearing on Capitol Hill on June 23, 2022.AP Photo/Jacquelyn MartinSean Penn is in the House.The actor and well known Hollywood activist made an unexpected appearance at the fifth hearing of the House select committee investigating the January 6 insurrection. "I'm just here to observe — just another citizen," Penn told a CNN reporter. "I think we all saw what happened on January 6 and now we're looking to see if justice comes on the other side of it."Read Full StoryLiz Cheney is mailing instructions to Democrats on how to change parties and vote for her in Wyoming's GOP primaryU.S. Rep. Liz Cheney (R-WY) Vice Chairwoman of the Select Committee to Investigate the January 6th Attack on the U.S. Capitol, delivers remarks during a hearing on the January 6th investigation on June 9, 2022.Win McNamee/Getty ImagesAs Rep. Liz Cheney faces a tough reelection battle in Wyoming, she's turning to Democrats in her home state to help her chances in the August 16 Republican primary.Cheney's campaign has mailed instructions to Wyoming Democrats on how to change their party affiliation to vote for the incumbent congresswoman, The New York Times reported on Thursday. Under Wyoming law, voters must be registered as a Democrat or a Republican in order to vote in that party's primary election. Read Full StoryFeds search home of former top Trump DOJ officialJeff ClarkYuri Gripas-Pool/Getty ImagesWe've got a major development that surfaced Thursday into what appears to be a widening federal investigation into Donald Trump's bid to overturn the 2020 presidential election.Federal investigators on Wednesday searched the Northern Virginia home of Jeff Clark, a former top Justice Department official who became the go-to Trump ally trying to push DOJ into backing the then-president's baseless claims about voter fraud.ABC News first reported this, and a DOJ spokesperson has since confirmed to Insider's Ryan Barber that law enforcement activity did indeed happen in the Washington DC suburb where Clark lives. The spokesperson wouldn't comment on the nature of the activity or about any specific indiviuals.Expect to hear Clark's name a couple times or more during Thursday's House select committee hearing as the panel examines Trump's efforts to use DOJ in his bid to stop Joe Biden from being sworn in as the country's 46th president.Read Full Story#unprecedentedA trailer for a documentary that centers on Trump and January 6 was released by Discovery Plus.Seth Herald/Getty ImagesHere's something that doesn't show up on the internet very often: a 30-second trailer for a new three-part documentary taking people behind the scenes of Donald Trump's presidency and the January 6 insurrection.But that's exactly what landed online late Wednesday via Discovery+, which shows footage of the new series titled "Unprecedented." The clip features Trump and his adult children Ivanka, Donald Trump Jr., and Eric Trump and closes with the ex-president himself agreeing to discuss the riot at the US Capitol. —discovery+ (@discoveryplus) June 23, 2022House January 6 investigators have the documentary footage too, courtesy of a subpoena that Politico reported about. And Trump allies were apparently in the dark about the filming, with one texting Rolling Stone: "what the fuck is this?"Read Full Story Hearings to resume at 3 p.m. ET Thursday with testimony expected from former DOJ officialsFormer Acting Attorney General Jeffrey Rosen.Yuri Gripas-Pool/Getty ImagesThe January 6 commission's fifth hearing is expected to start at 3 p.m. Thursday, with testimony expected from former Trump-administration Justice Department officials. They are:Jeffrey Rosen, former acting attorney generalRichard Donoghue, former acting deputy attorney generalSteven Engel, former assistant attorney general for the Office of Legal CounselRosen served as acting attorney general in the final weeks of Trump's presidency. He previously told the committee how he came under persistent pressure from Trump to have the DOJ back Trump's efforts to overturn the 2020 election, as Insider's C. Ryan Barber reported.Toward the end of his presidency, Trump considered ousting Rosen and installing Jeffrey Clark, a supporter of the bogus voter-fraud claims, in his place, but ultimately decided not to after officials threatened to resign if he went through.Analysis: Trump shot himself in the foot by opposing a bipartisan Jan. 6 commission because now he has no allies to defend him in scathing public hearingsLawmakers listen as an image of a Trump campaign donation banner is shown behind them during a House January 6 committee hearing.Susan Walsh/APAs the House's January 6 committee lays out in devastating detail Donald Trump's effort to overturn his defeat in the 2020 election, the former president is turning his anger on House Minority Leader Kevin McCarthy. Trump has complained about McCarthy's decision to boycott the panel, with the former president telling the Punchbowl newsletter on Wednesday: "Republicans don't have a voice. They don't even have anything to say."But Trump has no one but himself to blame for the situation, one of his Republican critics pointed out, as he was the one who opposed the formation of a bipartisan commission equally split between Republicans and Democrats to investigate the riot. Read Full StoryTrump is hate-watching every Jan. 6 hearing and almost screams at the TV because he feels nobody is defending him, report saysDonald TrumpJoe Raedle/Getty ImagesFormer President Donald Trump is hate-watching the January 6 committee hearings, incensed because he believes nobody is defending him, according to The Washington Post.Trump is at "the point of about to scream at the TV" as he tunes in to each hearing, one unnamed close advisor told the paper. Another in his circle, also unnamed, told the paper that Trump continually complains that "there's no one to defend me" at the hearings, which have attracted huge amounts of media coverage.Per The Post, Trump's anger centers on House Minority Leader Kevin McCarthy, who boycotted the committee at its formation, passing up the chance to put pro-Trump figures on the panel.Read Full StoryDOJ issued subpoenas to alleged fake Trump electors and a Trump campaign official, reports sayA general view shows a House January 6 committee hearing on Capitol Hill on June 9, 2022.Mandel Ngan/POOL/AFP via Getty ImagesThe Justice Department expanded its investigation into the Capitol riot after issuing subpoenas to a would-be Trump elector in Georgia and a Trump campaign official who worked in Arizona and New Mexico, The Washington Post and The New York Times reported Wednesday.Arizona, Georgia, and New Mexico are among the seven battleground states where a failed effort to overturn the election took place by appointing pro-Trump electors.The news comes after Rep. Adam Schiff said the House select committee investigating the January 6 insurrection obtained evidence that former President Donald Trump was involved in the aforementioned scheme.Read Full StoryTrump aides didn't know someone was filming Trump on January 6 until the House committee got the footage: reportsPresident Donald Trump listens as Jared Kushner speaks in the Oval Office of the White House on September 11, 2020.Andrew Harnik/AP PhotoAides to Donald Trump had no idea a documentary maker filmed the former president on January 6, 2021, until the House committee investigating that day subpoenaed the footage, reports said. The existence of the footage by UK documentarian Alex Holder was first reported by Politico on Tuesday.The outlet said that Holder complied with the House committee request and handed over several months of footage of Trump up to and including January 6. The New York Times reported that many top Trump advisors were surprised by news of the project, which was known to only a small circle of close Trump aides.Read Full StoryIvanka Trump claimed to believe Trump's false voter-fraud theories but later told Jan. 6 panel she didn't, report saysIvanka Trump.Drew Angerer/Getty ImagesIvanka Trump claimed to believe former President Donald Trump's false voter-fraud theories in a December 2020 interview, directly contradicting her testimony to congressional investigators earlier this year, a new report says.In April 2022, Trump had told the House committee investigating the Capitol riot that she had "accepted" former Attorney General Bill Barr's assessment that Donald Trump's claims of election fraud were wrong.But according to The New York Times, Ivanka Trump told the documentary filmmaker Alex Holder on December 10, 2020 — nine days after Barr made the assessment that supposedly swayed her — that she supported her father's efforts to challenge the 2020 election results.She said Trump should "continue to fight" the 2020 election results because Americans were questioning the "sanctity of our elections."Read Full StoryElection worker testifies that conspiracy theorists tried to citizen's arrest her grandmother after lies from Trump, GiulianiWandrea "Shaye" Moss, a former Georgia election worker, is comforted by her mother Ruby Freeman, right, during the House January 6 committee's hearing.AP Photo/Jacquelyn MartinA Georgia election worker testified that her grandmother faced a citizen's arrest by a group of election deniers who tried pushing their way into her house due to election lies told by former President Donald Trump and former personal lawyer Rudy Giuliani.Wandrea "Shaye" Moss, an election worker in Fulton County, Georgia, told lawmakers during a January 6 select committee hearing that she and her mother Ruby Freeman, who worked as a short-term election worker in 2020, were among the workers counting ballots at State Farm Arena in Atlanta. When Giuliani and Trump accused those workers of orchestrating election fraud, Moss said her family faced death threats and were pushed out of town, living in Airbnbs for two months around January 6 at the FBI's recommendation.Moss said she endured racist harassment as well, adding that a group of people influenced by the election conspiracies showed up to her grandmother's house and tried to perform a citizen's arrest.Read Full StoryWhere's Pat Cipollone?Former White House Counsel Pat CipolloneAlex Wong/Getty ImagesPaging Pat Cipollone.The former White House counsel under then-President Donald Trump is now front and center as a top witness the House committee investigating the January 6 insurrection still wants to hear from.That's according to Rep. Liz Cheney, who publicly called Tuesday for Cipollone to testify about evidence the committee has collected showing that he "tried to do what was right" as  Trump pushed to overturn the 2020 election.Cheney also noted that the House panel is also "certain" Trump doesn't want Cipollone to testify. His previous job as Trump's top White House attorney could complicate the matter, though as Insider's Ryan Barber points out in his story, Bill Barr did participate in its investigation.Read Full StorySexualized texts, a break-in and doxxingsGeorgia Secretary of State Brad Raffensperger is sworn in to testify on Tuesday before the House select committee investigating the January 6 attack on the US Capitol.Jacquelyn Martin/AP PhotoTuesday's House select committee featured jaw-dropping testimony from election officials who detailed the threats they faced after refusing to go along with then President Donald Trump's bid to overturn the 2020 election results.One big dose of it came from Georgia Secretary of State Brad Raffensperger, who explained how he received texts from all over the US and eventually his wife became a target of harassment too. "My wife started getting the texts and hers typically came in as sexualized texts, which were disgusting," Raffensperger said during his testimony before the January 6 committee. "You have to understand that Trish and I met in high school and we have been married over 40 years now. They started going after her I think to probably put pressure on me: 'Why don't you just quit and walk away?'" Raffensperger also testified about Trump supporters who broke into the home of his daughter-in-law, a widow with two children. And he said his phone and email were doxxed, meaning that someone had posted the number and email publicly so that people would message him. Read Full StoryDeath threatsWandrea ArShaye “Shaye” Moss, a former Georgia election worker, is sworn in before January 6 committee on June 21, 2022.Kevin Dietsch/Getty ImagesA Black former Georgia election worker delivered stark testimony on Tuesday about the racist and deadly threats that came when President Donald Trump publicly attacked her and her mother amid his drive to overturn the 2020 election results.Insider's Bryan Metzger has more on the remarks from Wandrea ArShaye "Shaye" Moss, a veteran election official in Fulton County who ended up on the receiving end of myriad threats after Rudy Giuliani specifically named her and her mom when speaking to the Georgia state Senate."They included threats, a lot of threats wishing death upon me," Moss said. "Telling me that, you know, I'll be in jail with my mother, and saying things like, 'Be glad it's 2020 and not 1920.'" Read Full Story'We were just kind of useful idiots'Former President Donald Trump speaks during a rally in Delaware, Ohio, on April 23, 2022.Drew Angerer/Getty Images"We were just kind of useful idiots, or rubes at that point."That's a quote from former Donald Trump 2020 campaign staffer Robert Sinner describing to the House January 6 investigators his displeasure with a scheme to overturn now-President Joe Biden's 2020 victory in Georgia.Sinner's remarks were broadcast in a video recording shown during Tuesday's select committee hearing, Insider's John Dorman reports.Read Full Story Suspicious package found outside House hearing roomThe House panel investigating the January 6 insurrection.Photo by Jabin Botsford-Pool/Getty ImagesThe House select committee investigating the January 6 insurrection kept on going Tuesday despite a suspicious package being found right outside the hearing room where the panel was meeting.Insider's Lauren Frias reported that the US Capitol Police officials did issue an all-clear about an hour after first sending out its alert. The police advised staff and visitors on the premises to stay away from the area during the incident. A Fox News producer tweeted that the package appeared to be an unattended backpack on top of a walker outside of the House building.Read Full Story'Do not give that to him'Republican Sen. Ron Johnson of Wisconsin and former Vice President Mike Pence.Drew Angerer and Erin Schaff-Pool/Getty ImagesGOP Sen. Ron Johnson sought to deliver a slate of "alternate" electors to then-Vice President Mike Pence ahead of the counting of votes during a Joint Session of Congress on January 6, 2021.That's according to a series of eye-catching text messages first displayed by the January 6 committee on Tuesday, Insider's Bryan Metzger reported."Johnson needs to hand something to VPOTUS please advise," Sean Riley, Johnson's chief of staff, wrote of the materials that were related to "alternate" electors from two contested Midwestern states that Democratic nominee Joe Biden had narrowly carried: Michigan and Wisconsin. "What is it?" replied Chris Hodgson, a legislative aide to Pence."Alternate slate of elector for MI and WI because archivist didn't receive them," Riley replied."Do not give that to him," Hodgson replied.Read Full StoryRudy admitted to not having election fraud evidenceRudy Giuliani, former lawyer for President Donald Trump.William B. Plowman/NBC/NBC Newswire/NBCUniversal via Getty ImagesRudy Giuliani admitted to not having any evidence of election fraud after the 2020 presidential election despite repeatedly claiming he did, according to the Republican speaker of the Arizona state House."My recollection, he said, 'We've got lots of theories, we just don't have the evidence,'" Russell "Rusty" Bowers, the Arizona official, said in describing a conversation with then-President Donald Trump's personal attorney.Bowers, a Trump supporter, was testifying on Tuesday before the House January 6 select committee to recount his interactions with Giuliani and the Trump legal team surrounding the events of the last presidential election.He called the Trump team "a tragic parody" and compared them to the 1971 comedy "The Gang Who Couldn't Shoot Straight."Read Full Story A very real threat to the 2022 midtermsCouy Griffin, a central figure in a New Mexico county's refusal to certify recent election results based on debunked conspiracy theories about voting machines, has avoided more jail time for joining the mob that attacked the US Capitol.AP Photo/Gemunu AmarasingheThe House select committee's January 6 hearings have spotlighted the very real threat to future US elections, including the midterms coming up this November.That's the big takeaway from a story by Insider's Grace Panetta published Tuesday that looks at how a court had to intercede after New Mexico county commission initially refused to certify results from the state's June 7 primary."The election denial movement pushed by Trump and his allies that spurred so many to attack the Capitol on January 6 has now fanned out to county commissions, town halls, and polling places around the country, presenting wholly novel burdens on election officials and new threats to the health of American democracy," Grace wrote.Read Full StoryTrump is ready to abandon attorney John Eastman after he was criticized in committee hearings, report saysJohn Eastman at a pro-Trump rally on January 6, 2021.Jim Bourg/ReutersFormer President Donald Trump sees no reason to defend the conservative attorney John Eastman, Rolling Stone reported.The decision the outlet relayed came in light of the heavy scrutiny of Eastman in the Congressional Jan. 6 committee hearings, which detailed his role helping Trump try to overturn the 2020 election.Eastman wrote a memo detailing a last-ditch plan for Vice President Mike Pence to block Joe Biden's certification as president on January 6, 2021, at the Congressional proceeding which was interrupted by the Capitol riot.Citing two sources close to Trump, the outlet reported that the committee's focus on Eastman in its public hearings had bothered Trump, and that Trump has started distancing himself from the attorney.READ FULL STORYFull list of witness testifying on June 21Arizona House Speaker Rusty Bowers is among those scheduled to testify in the committee's June 21 hearing.AP Photo/Ross D. Franklin, FileInsider's Warren Rojas has a roster of those scheduled to appear in the committee's public hearings. See the full list below.Read Full StoryJan. 6 committee subpoenas filmmaker who interviewed Trump before and after the riotTrump speaks to supporters from the Ellipse near the White House on January 6, 2021, in Washington, DC.Brendan Smialowski/AFP via Getty ImagesThe January 6 committee sent a subpoena to Alex Holder, a documentary filmmaker who interviewed Trump before and after the Capitol riot, Politico's Playbook newsletter reported Tuesday.The existence of this footage had never been reported before, and Holder is expected to fully cooperate with the panel, Playbook reported.Holder also spent several months interviewing members of Trump's family, including his children Donald Trump Jr., Ivanka Trump, and Eric Trump, and his son-in-law Jared Kushner, Playbook reported.The subpoena asked Holder to provide any raw footage he might have from the Capitol riot and interviews with Trump, his family, and former Vice President Mike Pence, as well as any footage he has of discussions about voter fraud in the 2020 election.Trump boasts he's been impeached twice and screams 'nothing matters!' amid ongoing January 6 hearingsFormer President Donald Trump gives the keynote address at the Faith and Freedom Coalition during their annual conference on June 17, 2022, in Nashville, Tennessee.Seth Herald/Getty ImagesFormer President Donald Trump on Friday bragged that he was impeached twice, while recycling his false claims about the 2020 election and attacking former Vice President Mike Pence and former Attorney General William Barr.Delivering a speech to the Faith and Freedom Coalition in Nashville, the former president said Pence didn't have the courage to embrace his effort to overturn the election and mocked Barr for being "afraid" of getting impeached."What's wrong with being impeached? I got impeached twice and my poll numbers went up," Trump said.Read Full StoryGinni Thomas says she 'can't wait' to talk to Jan. 6 committee after it asks for interview over her efforts to overturn 2020 electionGinni ThomasChip Somodevilla/Getty ImagesGinni Thomas, the wife of Supreme Court Justice Clarence Thomas, said she "can't wait' to talk to the House January 6 commission after it asked to interview her over her efforts to overturn the 2020 election."I can't wait to clear up misconceptions. I look forward to talking to them," Thomas told the right-wing news site The Daily Caller. She did not say what those misconceptions might be.Her comments come after the House Select Committee investigating the Capitol riot announced that it had requested an interview with her. Rep. Bennie Thompson, the committee's chairman, said the panel wanted to talk to her "soon," Axios reported.Thomas faces scrutiny over her connections to former President Donald Trump's attempts to overturn the 2020 election. Read Full StoryEven on the day of the Capitol riot, Rudy Giuliani was still doubtful if Mike Pence had the power to overturn the election, says ex-Trump lawyerRudy Giuliani.Jacquelyn Martin/APEric Herschmann, a former Trump White House lawyer, revealed on Thursday that even on the morning of the Capitol riot, Rudy Giuliani was still debating whether then-Vice President Mike Pence had the power to overturn the votes in the 2020 election. Herschmann's testimony was aired on Thursday during the third of six public hearings organized by the January 6 committee investigating the Capitol riot. Thursday's session centered on the pressure exerted by the Trump camp in a bid to get Pence to overturn the vote.Herschmann said he received a call "out of the blue" from Giuliani on the morning of January 6, 2021, concerning what Pence's role would be that day."And, you know, he was asking me my view and analysis and then the practical implications of it," Herschmann said, who described the call as an "intellectual discussion." "And when we finished, he said, like, 'I believe that, you know, you're probably right.'" Read Full StoryMike Pence's former lawyer said he warned Trump's camp that overturning votes would lead to the 2020 election being 'decided in the streets'Then-US President Donald Trump arrives with then- Vice President Mike Pence for a "Make America Great Again" rally in Michigan on November 2, 2020.PhoPhoto by Brendan Smialowski / AFP via Getty ImagesA lawyer for former Vice President Mike Pence said that he strongly disagreed with conservative lawyer John Eastman about the Trump camp's plan to overturn the 2020 election result and warned Eastman that it might lead to violence in the streets.Testifying on Thursday before the January 6 panel investigating the Capitol riot, Greg Jacob said he had spoken to Eastman on January 5, 2021. During their conversation, Jacob said he expressed his "vociferous disagreement" with the plan for Pence to overturn the electoral vote on behalf of former President Donald Trump and send the votes back to their respective states. "Among other things, if the courts did not step in to resolve this, there was nobody else to resolve it," Jacob testified. Read Full StoryDemocracy on the brinkPeople arrive before a hearing of the House select committee investigating the Jan. 6, 2021, attack on the Capitol at the Capitol in Washington, Thursday, June 16, 2022.Drew Angerer/Pool Photo via APAmerican democracy was on the brink like no time ever before.That's the lede paragraph from Insider's Grace Panetta in her story that sums up the biggest takeaways from Thursday's historic and marathon third public hearing of the House select committee investigating the January 6, 2021, insurrection at the US Capitol.Grace writes that the two lead witnesses, Greg Jacob and Michael Luttig, were steeped in legal expertise and constitutional scholarship as they explained at a granular and methodical level why neither the Electoral Count Act nor the 12th Amendment permitted then-Vice President Mike Pence to unilaterally reject Electoral College votes for President-elect Joe Biden.Then-President Donald Trump and one of his personal legal advisors, John Eastman, were pushing the vice president to do exactly that in a break with all of US history. Read Full StoryMAGA world a "clear and present danger to American democracy"Michael Luttig, a retired federal judge who was an adviser to former Vice President Mike Pence, looks at Greg Jacob, former counsel to Vice President Mike Pence, as he testifies before the House select committee investigating the Jan. 6, 2021 attack on the Capitol at the Capitol in Washington, Thursday, June 16, 2022.J. Scott Applewhite/AP PhotoFormer President Donald Trump and his supporters remain a "clear and present danger to American democracy."Those were the startling words of Michael Luttig, a retired federal judge who has long been championed by Republicans. He made them near the end of Thursday's marathon House select committee hearing into the January 6, 2021, insurrection at the US Capitol.Luttig, who advised then-Vice President Mike Pence about his ceremonial role on January 6, also went on to say Trump world is being more than blunt about its plans to manipulate the results of the next election for the White House. "The former president and his allies are executing that blueprint for 2024 in open and plain view of the American public," Luttig testified, per Insider's Warren Rojas. Read Full Story'1 more relatively minor violation' of election law...please?Former Trump legal adviser John EastmanAP Photo/Susan WalshIt's perhaps one of the biggest bombshells to come out of Thursday's House select committee hearing on the Capitol insurrection: a Trump lawyer putting in writing a request to break the law.The no-no came from John Eastman, who sent an email at 11:44 p.m. on the night of January 6, 2021, repeated his demand that Vice President Mike Pence halt the proceedings to certify the 2020 election and send it back to the states for a period of 10 days."So now that the precedent has been set that the Electoral Count Act is not quite so sacrosanct as was previously claimed, I implore you to consider one more relatively minor violation and adjourn for 10 days to allow the legislatures to finish their investigations, as well as to allow a full forensic audit of the massive amount of illegal activity that has occurred here," Eastman wrote to Pence lawyer Greg Jacob.Insider's Jake Lahut writes that the Eastman email was sent after Jacob and the then-vice president's staff and family, had been sheltering in place in a secure location during the riot.Read Full StoryEastman asked Giuliani to be added to Trump's pardon listJohn Eastman appeared onstage with Rudy Giuliani at the pro-Trump rally that preceded the January 6 attack on the Capitol.Jim Bourg/ReutersThe House panel investigating the January 6, 2021, insurrection at the Capitol made some news on Thursday by disclosing evidence that conservative lawyer John Eastman wanted to get added to lame-duck President Donald Trump's pardon list.Eastman was pushing to overturn the 2020 election, and as Insider's Oma Seddiq reports, his efforts prompted an email to personal Trump lawyer Rudy Giuliani. "I've decided I should be on the pardon list, if that is still in the works," Eastman wrote  to Giuliani, according to Rep. Pete Aguilar, a lawmaker on the January 6 panel who read the email during Thursday's hearing. Eastman ultimately did not receive a pardon. Read Full StoryAides say Trump called Pence 'P-word' and 'wimp' on Jan. 6 callTrump and Pence at a White House event on July 13, 2020.AP Photo/Evan VucciThe language got pretty profane in the White House on the morning of January 6, 2021, Insider's Bryan Metzger reports.That's according to former aides who testified to the House select committee investigating the Capitol insurrection about a call then-President Donald Trump made to Mike Pence, his vice president."I remember hearing the word 'wimp'. Either he called him a wimp — I don't remember if he said, 'you are a wimp, you'll be a wimp' — wimp is the word I remember," said Nicholas Luna, a former assistant to Trump.Julie Radford, who served as Ivanka Trump's chief of staff, told the committee that Ivanka told her that the president "just had an upsetting conversation with the Vice President" in which he called Pence "the P-word."Read Full Story'Secret' MAGA back channel Jan. 6 investigators are teasing is also Oath Keepers' legal defenseStewart Rhodes, founder of the citizen militia group known as the Oath Keepers speaks during a rally outside the White House in Washington, on June 25, 2017.Susan Walsh/APThe House January 6 investigators keep on teasing how there'll soon be upcoming testimony that reveals secret coordination between Trumpworld and extremist groups.But as Insider's Laura Italiano points out in a new story, the Oath Keepers have long boasted of such a back channel.In fact, leader and founder Elmer Stewart Rhodes and other members of the pro-Trump militia are staking their seditious-conspiracy defense case on these yet-described communications with rally organizers.Read Full StoryCruz wanted the ex-judge testifying against Trump as a SCOTUS justiceRepublican Sen. Ted Cruz of Texas and retired Judge Michael Luttig.AP Photos/Manuel Balce Ceneta and Susan WalshThere's an interesting twist to the retired conservative federal Judge Michael Luttig testifying as a key witness in Thursday's January 6 committee hearing.Insider's Bryan Metzger dug up video from the 2016 GOP presidential primary debates showing Luttig was once named by Republican Sen. Ted Cruz of Texas as an ideal Supreme Court nominee.—bryan metzger (@metzgov) June 16, 2022 Bryan writes that it was "yet another example of just how much former President Donald Trump's efforts to overturn the 2020 presidential election results has divided the conservative legal world."Read Full Story   DOJ: House's 'failure' to share transcripts hurting Jan. 6 investigationsTrump supporters clash with police and security forces as people try to storm the Capitol on January 6, 2021 in Washington.Brent Stirton/Getty ImagesMore public tension is emerging between the Justice Department and the House panel investigating the January 6, 2021, insurrection at the US Capitol.Insider's Ryan Barber has the details on a new letter sent Wednesday from the top US attorney in Washington DC to the House panel. There, the DOJ official says that the House panel has complicated criminal cases with its 'failure' to turn over interview transcripts to prosecutions.DOJ is looking for access to more than 1,000 interviews the congressional panel has conducted during its months-long examination of the Capitol attack and former President Donald Trump's effort to overturn the 2020 election.Read Full StoryJudge Luttig: If Pence tossed valid electoral votes it would have been 'a revolution'Michael Luttig, a retired federal judge who was an adviser to former Vice President Mike Pence, testifies Thursday to the House select committee investigating the Jan. 6, 2021, attack on the Capitol.AP Photo/Susan WalshSome really powerful testimony to start Thursday's January 6 select committee hearing from former federal judge J. Michael Luttig.In his opening remarks, he told the panel investigating the insurrection at the US Capitol that Vice President Mike Pence overturning the 2020 election would've pushed the country into 'the first constitutional crisis since the founding of the republic.'"That declaration of Donald Trump as the next president would have launched America into what I believe would have been tantamount to a revolution within a constitutional crisis in America which in my view would have been the first constitutional crisis since the founding of the Republic," Luttig told lawmakers during a hearing Thursday. Read Full StoryFormer Pence counsel says 'the law is not a plaything' for presidentsVice President Mike PenceScott J. Applewhite/APMike Pence's former counsel Greg Jacob is a lead witness in Thursday's third public hearing for the House select committee investigating the January 6 insurrection at the US Capitol.In his written statement submitted before the hearing, Jacob called serving the vice president "the honor of a lifetime," while also warning that the rule of law is "not a plaything" for political leaders to bend per their whim."The law is not a plaything for presidents or judges to use to remake the world in their preferred image," he wrote. "Our Constitution and our laws form the strong edifice within which our heartfelt policy disagreements are to be debated and decided."Insider's Grace Panetta has more on Jacob's testimony and spells out why he was a key figure in rebuffing the intense pressure campaign and efforts to compel Pence to obstruct or meddle with the count. Read Full StoryJanuary 6 committee says it will 'soon' seek interview with Ginni ThomasConservative activist Ginni Thomas and January 6 committee chair Rep. Bennie Thompson of Mississippi.AP Photos/Susan Walsh and J. Scott ApplewhiteConservative activist Ginni Thomas, the wife of conservative Supreme Court Justice Clarence Thomas, should be expecting an interview request soon from the House select committee investigating the January 6 insurrection at the US Capitol."We think it's time that we, at some point, invite her to come talk to the committee," Rep. Bennie Thompson, the Democratic chair of the panel, told Axios' Andrew Solender. He added that the invitation would come "soon."Thomas has recently come under scrutiny for her role in seeking to overturn the 2020 election, including emailing Trump lawyer John Eastman and pressuring 29 state legislators in Arizona to overturn the state's 2020 election results.Read Full Story  Meet the former Trump attorney starring in the January 6 hearingEric Herschmann, former White House attorney, speaks with the House select committee investigating the Jan. 6 attack on the U.S. Capitol on June 13, 2022.(House Select Committee via APAnyone remember Eric Herschmann? The White House attorney burst into the national spotlight defending President Donald Trump during his first Senate impeachment trial way back in the early pre-pandemic days of 2020.Now he's back, but for a very different reason.That's the story that Oma Seddiq just delivered for Insider readers ahead of Thursday's House January 6 hearing profiling Herschmann. He's been in the news as video clips make the rounds of his testimony where he talks about warning Trump and his allies after the presidential election that there was no proof the race was rigged and stolen, and their efforts may be illegal. In addition to his colorful language, Herschmann has drawn notice because he gave his deposition in a room with a baseball bat hanging on the wall and the word "JUSTICE" inscribed on it in bold, white letters. Observers also have noted a large painting behind him of a panda, by the artist Rob Pruitt, is similar to one that appeared in the 2015 erotic drama "50 Shades of Grey."Read Full StoryNick Quested explains how it felt to testify before the January 6 committeeBritish filmmaker Nick Queste.....»»

Category: dealsSource: nytJun 27th, 2022

The Federal Bureau Of Tweets: Twitter Is Hiring An Alarming Number Of FBI Agents

The Federal Bureau Of Tweets: Twitter Is Hiring An Alarming Number Of FBI Agents Authored by Alan MacLeod via Mint Press News, Twitter has been on a recruitment drive of late, hiring a host of former feds and spies. Studying a number of employment and recruitment websites, MintPress has ascertained that the social media giant has, in recent years, recruited dozens of individuals from the national security state to work in the fields of security, trust, safety and content. Chief amongst these is the Federal Bureau of Investigation. The FBI is generally known as a domestic security and intelligence force. However, it has recently expanded its remit into cyberspace. “The FBI’s investigative authority is the broadest of all federal law enforcement agencies,” the “About” section of its website informs readers. “The FBI has divided its investigations into a number of programs, such as domestic and international terrorism, foreign counterintelligence [and] cyber crime,” it adds. For example, in 2019, Dawn Burton (the former director of Washington operations for Lockheed Martin) was poached from her job as senior innovation advisor to the director at the FBI to become senior director of strategy and operations for legal, public policy, trust and safety at Twitter. The following year, Karen Walsh went straight from 21 years at the bureau to become director of corporate resilience at the silicon valley giant. Twitter’s deputy general counsel and vice president of legal, Jim Baker, also spent four years at the FBI between 2014 and 2018, where his resumé notes he rose to the role of senior strategic advisor. Meanwhile, Mark Jaroszewski ended his 21-year posting as a supervisory special agent in the Bay Area to take up a position at Twitter, rising to become director of corporate security and risk. And Douglas Turner spent 14 years as a senior special agent and SWAT Team leader before being recruited to serve in Twitter’s corporate and executive security services. Previously, Turner had also spent seven years as a secret service special agent with the Department of Homeland Security. When asked to comment by MintPress, former FBI agent and whistleblower Coleen Rowley said that she was “not surprised at all” to see FBI agents now working for the very tech companies the agency polices, stating that there now exists a “revolving door” between the FBI and the areas they are trying to regulate. This created a serious conflict of interests in her mind, as many agents have one eye on post-retirement jobs. “The truth is that at the FBI 50% of all the normal conversations that people had were about how you were going to make money after retirement,” she said. Many former FBI officials hold influential roles within Twitter. For instance, in 2020, Matthew W. left a 15-year career as an intelligence program manager at the FBI to take up the post of senior director of product trust at Twitter. Patrick G., a 23-year FBI supervisory special agent, is now head of corporate security. And Twitter’s director of insider risk and security investigations, Bruce A., was headhunted from his role as a supervisory special agent at the bureau. His resumé notes that at the FBI he held “[v]arious intelligence and law enforcement roles in the US, Africa, Europe, and the Middle East” and was a “human intelligence and counterintelligence regional specialist.” (On employment sites such as LinkedIn, many users choose not to reveal their full names.) Meanwhile, between 2007 and 2021 Jeff Carlton built up a distinguished career in the United States Marine Corps, rising to become a senior intelligence analyst. Between 2014 and 2017, his LinkedIn profile notes, he worked for both the CIA and FBI, authored dozens of official reports, some of which were read by President Barack Obama. Carlton describes his role as a “problem-solver” and claims to have worked in many “dynamic, high-pressure environments” such as Iraq and Korea. In May 2021, he left official service to become a senior program manager at Twitter, responsible for dealing with the company’s “highest-profile trust and safety escalations.” Other former FBI staff are employed by Twitter, such as Cherrelle Y. as a policy domain specialist and Laura D. as a senior analyst in global risk intelligence. Many of those listed above were active in the FBI’s public outreach programs, a practice sold as a community trust-building initiative. According to Rowley, however, these also function as “ways for officials to meet the important people that would give them jobs after retirement.” “It basically inserts a huge conflict of interest,” she told MintPress. “It warps and perverts the criminal investigative work that agents do when they are still working as agents because they anticipate getting lucrative jobs after retiring or leaving the FBI.” Rowley – who in 2002 was named, along with two other whistleblowers, as Time magazine’s Person of the Year – was skeptical that there was anything seriously nefarious about the hiring of so many FBI agents, suggesting that Twitter could be using them as sources of information and intelligence. She stated: Retired agents often maintained good relationships and networks with current agents. So they can call up their old buddy and find out stuff… There were certainly instances of retired agents for example trying to find out if there was an investigation of so and so. And if you are working for a company, that company is going to like that influence.” Rowley also suggested that hiring people from various three-letter agencies gave them a credibility boost. “These [tech] companies are using the mythical aura of the FBI. They can point to somebody and say ‘oh, you can trust us; our CEO or CFO is FBI,’” she explained. Twitter certainly has endorsed the FBI as a credible actor, allowing the organization to play a part in regulating the global dissemination of information on its platform. In September 2020, it put out a statement thanking the federal agency. “We wish to express our gratitude to the FBI’s Foreign Influence Task Force for their close collaboration and continued support of our work to protect the public conversation at this critical time,” the statement read. One month later, the company announced that the FBI was feeding it intelligence and that it was complying with their requests for deletion of accounts. “Based on intel provided by the FBI, last night we removed approximately 130 accounts that appeared to originate in Iran. They were attempting to disrupt the public conversation during the first 2020 U.S. Presidential Debate,” Twitter’s safety team wrote. Yet the evidence they supplied of this supposed threat to American democracy was notably weak. All four of the messages from this Iranian operation that Twitter itself shared showed that none of them garnered any likes or retweets whatsoever, meaning that essentially nobody saw them. This was, in other words, a completely routine cleanup operation of insignificant troll accounts. Yet the announcement allowed Twitter to present the FBI as on the side of democracy and place the idea into the public psyche that the election was under threat from foreign actors. Based on intel provided by the @FBI, last night we removed approximately 130 accounts that appeared to originate in Iran. They were attempting to disrupt the public conversation during the first 2020 US Presidential Debate. — Twitter Safety (@TwitterSafety) October 1, 2020 Iran has been a favorite Twitter target in the past. In 2009, at the behest of the U.S. government, it postponed routine maintenance of the site, which would have required taking it offline. This was because an anti-government protest movement in Tehran was using the app to communicate and the U.S. did not want the demonstrations’ regime-change potential to be stymied. A carnival of spooks The FBI is far from the only state security agency filling Twitter’s ranks. Shortly after leaving a 10-year career as a CIA analyst, Michael Scott Robinson was hired to become a senior policy manager for site integrity, trust and safety. The California-based app has also recruited heavily from the Atlantic Council, a NATO cutout organization that serves as the military alliance’s think tank. The council is sponsored by NATO, led by senior NATO generals and regularly plays out regime-change scenarios in enemy states, such as China. The Atlantic Council has been associated with many of the most egregious fake news plants of the last few years. It published a series of lurid reports alleging that virtually every political group in Europe challenging the status quo – from the Labour Party under Jeremy Corbyn and UKIP in Great Britain to PODEMOS and Vox in Spain and Syriza and Golden Dawn in Greece – were all secretly “the Kremlin’s Trojan Horses.” Atlantic Council employee Michael Weiss was also very likely the creator of the shadowy organization PropOrNot, a group that anonymously published a list of fake-news websites that regularly peddled Kremlin disinformation. Included in this list was virtually every anti-war alternative media outlet one could think of – from MintPress to Truthout, TruthDig and The Black Agenda Report. Also included were pro-Trump websites like The Drudge Report, and liberatarian ventures like Antiwar.com and The Ron Paul Institute. PropOrNot’s list was immediately heralded in the corporate press, and was the basis for a wholescale algorithm shift at Google and other big tech platforms, a shift that saw traffic to alternative media sites crash overnight, never to recover. Thus, the allegation of a huge (Russian) state-sponsored attempt to influence the media was itself an intelligence op by the U.S. national security state. In 2020, Kanishk Karan left his job as a research associate at the Atlantic Council’s Digital Forensics Research (DFR) Lab to join Twitter as information integrity and safety specialist – essentially helping to control what Twitter sees as legitimate information and nefarious disinformation. Another DFR Lab graduate turned Twitter employee is Daniel Weimert, who is now a senior public policy associate for Russia – a key target of the Atlantic Council. Meanwhile, Sarah Oh is simultaneously an Atlantic Council DFR Lab non-resident senior fellow and a Twitter advisor, her social media bio noting she works on “high risk trust and safety issues.” In 2019, Twitter also hired Greg Andersen straight from NATO to work on cybercrime policy. There is sparse information on what Andersen did at NATO, but, alarmingly, his own LinkedIn profile stated simply that he worked on “psychological operations” for the military alliance. After MintPress highlighted this fact in an article in April, he removed all mention of “psychological operations” from his profile, claiming now to have merely worked as a NATO “researcher.” Andersen left Twitter in the summer of last year to work as a product policy manager for the popular video platform TikTok. Twitter also directly employs active army officers. In 2019, Gordon Macmillan, the head of editorial for the entire Europe, Middle East and Africa region was revealed to be an officer in the British Army’s notorious 77th Brigade – a unit dedicated to online warfare and psychological operations. This bombshell news was steadfastly ignored across the media. Positions of power and control With nearly 400 million global users, there is no doubt that Twitter has grown to become a platform large and influential enough to necessitate extensive security measures, as actors of all stripes attempt to use the service to influence public opinion and political actions. There is also no doubt that there is a limited pool of people qualified in these sorts of fields. But recruiting largely from the U.S. national security state fundamentally undermines claims Twitter makes about its neutrality. The U.S. government is the source of some of the largest and most extensive influence operations in the world. As far back as 2011, The Guardian reported on the existence of a massive, worldwide U.S. military online influence campaign in which it had designed software that allowed its personnel to “secretly manipulate social media sites by using fake online personas to influence internet conversations and spread pro-American propaganda.” The program boasts that the background of these personas is so convincing that psychological operations soldiers can be sure to work “without fear of being discovered by sophisticated adversaries.” Yet Twitter appears to be recruiting from the source of the problem. These former national security state officials are not being employed in politically neutral departments such as sales or customer service, but in security, trust and content, meaning that some hold considerable sway over what messages and information are promoted, and what is suppressed, demoted or deleted. It could be said that poachers-turned-gamekeepers often play a crucial role in safety and protection, as they know how bad actors think and operate. But there exists little evidence that any of these national security state operatives have changed their stances. Twitter is not hiring whistleblowers or dissidents. It appears, then, that some of these people are essentially doing the same job they were doing before, but now in the private sector. And few are even acknowledging that there is anything wrong with moving from big government to big tech, as if the U.S. national security state and the fourth estate are allies, rather than adversaries. That Twitter is already working so closely with the FBI and other agencies makes it easy for them to recruit from the federal pool. As Rowley said, “over a period of time these people will be totally in sync with the mindset of Twitter and other social media platforms. So from the company’s standpoint, they are not hiring somebody new. They already know this person. They know where they stand on things.” Is there a problem? Some might ask “What is the problem with Twitter actively recruiting from the FBI, CIA and other three-letter agencies?” They, after all, are experts in studying online disinformation and propaganda. One is optical. If a Russian-owned social media app’s trust, security and content moderation was run by former KGB or FSB agents and still insisted it was a politically neutral platform, the entire world would laugh. But apart from this, the huge influx of security state personnel into Twitter’s decision-making ranks means that the company will start to view every problem in the same manner as the U.S. government does – and act accordingly. “In terms of their outlooks on the world and on the question of misinformation and internet security, you couldn’t get a better field of professionals who are almost inherently going to be more in tune with the government’s perspective,” Rowley said. Thus, when policing the platform for disinformation and influence campaigns, the former FBI and CIA agents and Atlantic Council fellows only ever seem to find them emanating from enemy states and never from the U.S. government itself. This is because their backgrounds and outlooks condition them to consider Washington to be a unique force for good. This one-sided view of disinformation can be seen by studying the reports Twitter has published on state-linked information operations. The entire list of countries it has identified as engaging in these campaigns are as follows: Russia (in 7 reports), Iran (in 5 reports), China (4 reports), Saudi Arabia (4 reports), Venezuela (3 reports), Egypt (2 reports), Cuba, Serbia, Bangladesh, the UAE, Ecuador, Ghana, Nigeria, Honduras, Indonesia, Turkey, Thailand, Armenia, Spain, Tanzania, Mexico and Uganda. One cannot help noticing that this list correlates quite closely to a hit list of U.S. government adversaries. All countries carry out disinfo campaigns to a certain extent. But these “former” spooks and feds are unlikely to point the finger at their former colleagues or sister organizations or investigate their operations. The Cold (cyber)war Twitter has mirrored U.S. hostility towards states like Russia, China, Iran and Cuba, attempting to suppress the reach and influence of their state media by adding warning messages to the tweets of journalists and accounts affiliated with those governments. “State-affiliated media is defined as outlets where the state exercises control over editorial content through financial resources, direct or indirect political pressures, and/or control over production and distribution,” it noted. In a rather bizarre addendum, it explained that it would not be doing the same to state-affiliated media or personalities from other countries, least of all the U.S. “State-financed media organizations with editorial independence, like the BBC in the U.K. or NPR in the U.S. for example, are not defined as state-affiliated media for the purposes of this policy,” it wrote. It did not explain how it decided that Cuban, Russian, Chinese or Iranian journalists did not have editorial independence, but British and American ones did – this was taken for granted. The effect of the action has been a throttling of ideas and narratives from enemy states and an amplification of those coming from Western state media. As the U.S. ramps up tensions with Beijing, so too has Twitter aggressively shut down pro-China voices on its platform. In 2020, it banned 170,000 accounts it said were “spreading geopolitical narratives favorable to the Communist Party of China,” such as praising its handling of the Covid-19 pandemic or expressing opposition to the Hong Kong protests, both of which are majority views in China. Importantly, the Silicon Valley company did not claim that these accounts were controlled by the government; merely sharing these opinions was grounds enough for deletion. The group behind Twitter’s decision to ban those Chinese accounts was the Australian Strategic Policy Institute (ASPI), a deeply controversial think tank funded by the Pentagon, the State Department and a host of weapons manufacturers. ASPI has constantly peddled conspiracy theories about China and called for ramping up tensions with the Asian nation. ASPI - The Gov’t-Funded Conspiracist Think Tank Now Controlling Your Social Media Feed Perhaps most notable, however, was Twitter’s announcement last year that it was deleting dozens of accounts for the new violation of “undermining faith in the NATO alliance.” The statement was widely ridiculed online by users. But few noted that the decision was based upon a partnership with the Stanford Internet Observatory, a counter-disinformation think tank filled with former spooks and state officials and headed by an individual who is on the advisory board of NATO’s Collective Cybersecurity Center of Excellence. That Twitter is working so closely with organizations that are clearly intelligence industry catspaws should concern all users. Not just Twitter While some might be alarmed that Twitter is cultivating such an intimate relationship with the FBI and other groups belonging to the secret state, it is perhaps unfair to single it out, as many social media platforms are doing the same. Facebook, for example, has entered into a formal partnership with the Atlantic Council’s Digital Forensics Research Lab, whereby the latter holds significant influence over 2.9 billion users’ news feeds, helping to decide what content to promote and what content to suppress. The NATO cutout organization now serves as Facebook’s “eyes and ears,” according to a Facebook press release. Anti-war and anti-establishment voices across the world have reported massive drops in traffic on the platform. The social media giant also hired former NATO Press Secretary Ben Nimmo to be its head of intelligence. Nimmo subsequently used his power to attempt to swing the election in Nicaragua away from the leftist Sandinista Party and towards the far-right, pro-U.S. candidate, deleting hundreds of left-wing voices in the week of the election, claiming they were engaging in “inauthentic behavior.” When these individuals (including some well-known personalities) poured onto Twitter, recording video messages proving they were not bots, Twitter deleted those accounts too, in what one commentator called a Silicon Valley “double tap strike.” An April MintPress study revealed how TikTok, too, has been filling its organization with alumni of the Atlantic Council, NATO, the CIA and the State Department. As with Twitter, these new TikTok employees largely work in highly politically sensitive fields such as trust, safety, security and content moderation, meaning these state operatives hold influence over the direction of the company and what content is promoted and what is demoted. Likewise, in 2017, content aggregation site Reddit plucked Jessica Ashooh from the Atlantic Council’s Middle East Strategy Task Force to become its new director of policy, despite the fact that she had few relevant qualifications or experience in the field. Jessica Ashooh: The Taming of Reddit and the National Security State Plant Tabbed to Do It In corporate media too, we have seen a widespread infiltration of former security officials into the upper echelons of news organizations. So normalized is the penetration of the national security state into the media that is supposed to be holding it to account, that few reacted in 2015 when Dawn Scalici left her job as national intelligence manager for the Western hemisphere at the Director of National Intelligence to become the global business director of international news conglomerate Thomson Reuters. Scalici, a 33-year CIA veteran who had worked her way up to become a director in the organization, was open about what her role was. In a blog post on the Reuters website, she wrote that she was there to “meet the disparate needs of the U.S. Government” – a statement that is at odds with even the most basic journalistic concepts of impartiality and holding the powerful to account. Meanwhile, cable news outlets routinely employ a wide range of “former” agents and mandarins as trusted personalities and experts. These include former CIA Directors John Brennan (NBC, MSNBC) and Michael Hayden (CNN), ex-Director of National Intelligence James Clapper (CNN), and former Homeland Security Advisor Frances Townsend (CBS). And news for so many Americans comes delivered through ex-CIA interns like Anderson Cooper (CNN), CIA-applicants like Tucker Carlson (Fox), or by Mika Brzezinski (MSNBC), the daughter of a powerful national security advisor. The FBI has its own former agents on TV as well, with talking heads such as James Gagliano (Fox), Asha Rangappa (CNN) and Frank Figliuzzi (NBC, MSNBC) becoming household names. In short, then, the national security state once used to infiltrate the media. Today, however, the national security state is the media. Social media holds enormous influence in today’s society. While this article is not alleging that anyone mentioned is a bad actor or does not genuinely care about the spread of disinformation, it is highlighting a glaring conflict of interest. Through its agencies, the U.S. government regularly plants fake news and false information. Therefore, social media hiring individuals straight from the FBI, CIA, NATO and other groups to work on regulating disinformation is a fundamentally flawed practice. One of media’s primary functions is to serve as a fourth estate; a force that works to hold the government and its agencies to account. Yet instead of doing that, increasingly it is collaborating with them. Such are these increasing interlocking connections that it is becoming increasingly difficult to see where big government ends and big media begins. Tyler Durden Thu, 06/23/2022 - 22:20.....»»

Category: blogSource: zerohedgeJun 23rd, 2022

These 44 pitch decks helped fintechs disrupting trading, investing, and banking raise millions in funding

Looking for examples of real fintech pitch decks? Check out pitch decks that Qolo, Lance, and other startups used to raise money from VCs. Check out these pitch decks for examples of fintech founders sold their vision.Yulia Reznikov/Getty Images Insider has been tracking the next wave of hot new startups that are blending finance and tech.  Check out these pitch decks to see how fintech founders sold their vision. See more stories on Insider's business page. Fintech funding has been on a tear.In 2021, fintech funding hit a record $132 billion globally, according to CB Insights, more than double 2020's mark.Insider has been tracking the next wave of hot new startups that are blending finance and tech. Check out these pitch decks to see how fintech founders are selling their vision and nabbing big bucks in the process. You'll see new financial tech geared at freelancers, fresh twists on digital banking, and innovation aimed at streamlining customer onboarding. New twists on digital bankingZach Bruhnke, cofounder and CEO of HMBradleyHMBradleyConsumers are getting used to the idea of branch-less banking, a trend that startup digital-only banks like Chime, N26, and Varo have benefited from. The majority of these fintechs target those who are underbanked, and rely on usage of their debit cards to make money off interchange. But fellow startup HMBradley has a different business model. "Our thesis going in was that we don't swipe our debit cards all that often, and we don't think the customer base that we're focusing on does either," Zach Bruhnke, cofounder and CEO of HMBradley, told Insider. "A lot of our customer base uses credit cards on a daily basis."Instead, the startup is aiming to build clientele with stable deposits. As a result, the bank is offering interest-rate tiers depending on how much a customer saves of their direct deposit.Notably, the rate tiers are dependent on the percentage of savings, not the net amount. "We'll pay you more when you save more of what comes in," Bruhnke said. "We didn't want to segment customers by how much money they had. So it was always going to be about a percentage of income. That was really important to us."Check out the 14-page pitch deck fintech HMBradley, a neobank offering interest rates as high as 3%, used to raise an $18.25 million Series APersonal finance is only a text awayYinon Ravid, the chief executive and cofounder of Albert.AlbertThe COVID-19 pandemic has underscored the growing preference of mobile banking as customers get comfortable managing their finances online.The financial app Albert has seen a similar jump in activity. Currently counting more than six million members, deposits in Albert's savings offering doubled from the start of the pandemic in March 2020 to May of this year, from $350 million to $700 million, according to new numbers released by the company. Founded in 2015, Albert offers automated budgeting and savings tools alongside guided investment portfolios. It's looked to differentiate itself through personalized features, like the ability for customers to text human financial experts.Budgeting and saving features are free on Albert. But for more tailored financial advice, customers pay a subscription fee that's a pay-what-you-can model, between $4 and $14 a month. And Albert's now banking on a new tool to bring together its investing, savings, and budgeting tools.Fintech Albert used this 10-page pitch deck to raise a $100 million Series C from General Atlantic and CapitalG 'A bank for immigrants'Priyank Singh and Rohit Mittal are the cofounders of Stilt.StiltRohit Mittal remembers the difficulties he faced when he first arrived in the United States a decade ago as a master's student at Columbia University.As an immigrant from India, Mittal had no credit score in the US and had difficulty integrating into the financial system. Mittal even struggled to get approved to rent an apartment and couch-surfed until he found a roommate willing to offer him space in his apartment in the New York neighborhood Morningside Heights.That roommate was Priyank Singh, who would go on to become Mittal's cofounder when the two started Stilt, a financial-technology company designed to address the problems Mittal faced when he arrived in the US.Stilt, which calls itself "a bank for immigrants," does not require a social security number or credit history to access its offerings, including unsecured personal loans.Instead of relying on traditional metrics like a credit score, Stilt uses data such as education and employment to predict an individual's future income stability and cash flow before issuing a loan. Stilt has seen its loan volume grow by 500% in the past 12 months, and the startup has loaned to immigrants from 160 countries since its launch. Here are the 15 slides Stilt, which calls itself 'a bank for immigrants,' used to raise a $14 million Series AAn IRA for alternativesHenry Yoshida is the co-founder and CEO of retirement fintech startup Rocket Dollar.Rocket DollarFintech startup Rocket Dollar, which helps users invest their individual retirement account (IRA) dollars into alternative assets, just raised $8 million for its Series A round, the company announced on Thursday.Park West Asset Management led the round, with participation from investors including Hyphen Capital, which focuses on backing Asian American entrepreneurs, and crypto exchange Kraken's venture arm. Co-founded in 2018 by CEO Henry Yoshida, CTO Rick Dude, and VP of marketing Thomas Young, Rocket Dollar now has over $350 million in assets under management on its platform. Yoshida sold his first startup, a roboadvisor called Honest Dollar, to Goldman Sachs' investment management division for an estimated $20 million.Yoshida told Insider that while ultra-high net worth investors have been investing self-directed retirement account dollars into alternative assets like real estate, private equity, and cryptocurrency, average investors have not historically been able to access the same opportunities to invest IRA dollars in alternative assets through traditional platforms.Here's the 34-page pitch deck a fintech that helps users invest their retirement savings in crypto and real estate assets used to nab $8 millionA trading app for activismAntoine Argouges, CEO and founder of TulipshareTulipshareAn up-and-coming fintech is taking aim at some of the world's largest corporations by empowering retail investors to push for social and environmental change by pooling their shareholder rights.London-based Tulipshare lets individuals in the UK invest as little as one pound in publicly-traded company stocks. The upstart combines individuals' shareholder rights with other like-minded investors to advocate for environmental, social, and corporate governance change at firms like JPMorgan, Apple, and Amazon.The goal is to achieve a higher number of shares to maximize the number of votes that can be submitted at shareholder meetings. Already a regulated broker-dealer in the UK, Tulipshare recently applied for registration as a broker-dealer in the US. "If you ask your friends and family if they've ever voted on shareholder resolutions, the answer will probably be close to zero," CEO and founder Antoine Argouges told Insider. "I started Tulipshare to utilize shareholder rights to bring about positive corporate change that has an impact on people's lives and our planet — what's more powerful than money to change the system we live in?"Check out the 14-page pitch deck from Tulipshare, a trading app that lets users pool their shareholder votes for activism campaignsDigital tools for independent financial advisorsJason Wenk, founder and CEO of AltruistAltruistJason Wenk started his career at Morgan Stanley in investment research over 20 years ago. Now, he's running a company that is hoping to broaden access to financial advice for less-wealthy individuals. The startup raised $50 million in Series B funding led by Insight Partners with participation from investors Vanguard and Venrock. The round brings the Los Angeles-based startup's total funding to just under $67 million.Founded in 2018, Altruist is a digital brokerage built for independent financial advisors, intended to be an "all-in-one" platform that unites custodial functions, portfolio accounting, and a client-facing portal. It allows advisors to open accounts, invest, build models, report, trade (including fractional shares), and bill clients through an interface that can advisors time by eliminating mundane operational tasks.Altruist aims to make personalized financial advice less expensive, more efficient, and more inclusive through the platform, which is designed for registered investment advisors (RIAs), a growing segment of the wealth management industry. Here's the pitch deck for Altruist, a wealth tech challenging custodians Fidelity and Charles Schwab, that raised $50 million from Vanguard and InsightRethinking debt collection Jason Saltzman, founder and CEO of ReliefReliefFor lenders, debt collection is largely automated. But for people who owe money on their credit cards, it can be a confusing and stressful process.  Relief is looking to change that. Its app automates the credit-card debt collection process for users, negotiating with lenders and collectors to settle outstanding balances on their behalf. The fintech just launched and closed a $2 million seed round led by Collaborative Ventures. Relief's fundraising experience was a bit different to most. Its pitch deck, which it shared with one investor via Google Slides, went viral. It set out to raise a $1 million seed round, but ended up doubling that and giving some investors money back to make room for others.Check out a 15-page pitch deck that went viral and helped a credit-card debt collection startup land a $2 million seed roundHelping small banks lendTKCollateralEdgeFor large corporations with a track record of tapping the credit markets, taking out debt is a well-structured and clear process handled by the nation's biggest investment banks and teams of accountants. But smaller, middle-market companies — typically those with annual revenues ranging up to $1 billion — are typically served by regional and community banks that don't always have the capacity to adequately measure the risk of loans or price them competitively. Per the National Center for the Middle Market, 200,000 companies fall into this range, accounting for roughly 33% of US private sector GDP and employment.Dallas-based fintech CollateralEdge works with these banks — typically those with between $1 billion and $50 billion in assets — to help analyze and price slices of commercial and industrial loans that previously might have gone unserved by smaller lenders.On October 20th, CollateralEdge announced a $3.5 million seed round led by Dallas venture fund Perot Jain with participation from Kneeland Youngblood (a founder of the healthcare-focused private-equity firm Pharos Capital) and other individual investors.Here's the 10-page deck CollateralEdge, a fintech streamlining how small banks lend to businesses, used to raise a $3.5 million seed roundA new way to assess creditworthinessPinwheel founders Curtis Lee, Kurt Lin, and Anish Basu.PinwheelGrowing up, Kurt Lin never saw his father get frustrated. A "traditional, stoic figure," Lin said his father immigrated to the United States in the 1970s. Becoming part of the financial system proved even more difficult than assimilating into a new culture.Lin recalled visiting bank after bank with his father as a child, watching as his father's applications for a mortgage were denied due to his lack of credit history. "That was the first time in my life I really saw him crack," Lin told Insider. "The system doesn't work for a lot of people — including my dad," he added. Lin would find a solution to his father's problem years later while working with Anish Basu, and Curtis Lee on an automated health savings account. The trio realized the payroll data integrations they were working on could be the basis of a product that would help lenders work with consumers without strong credit histories."That's when the lightbulb hit," said Lin, Pinwheel's CEO.In 2018, Lin, Basu, and Lee founded Pinwheel, an application-programming interface that shares payroll data to help both fintechs and traditional lenders serve consumers with limited or poor credit, who have historically struggled to access financial products. Here's the 9-page deck that Pinwheel, a fintech helping lenders tap into payroll data to serve consumers with little to no credit, used to raise a $50 million Series BAn alternative auto lenderTricolorAn alternative auto lender that caters to thin- and no-credit Hispanic borrowers is planning a national expansion after scoring a $90 million investment from BlackRock-managed funds. Tricolor is a Dallas-based auto lender that is a community development financial institution. It uses a proprietary artificial-intelligence engine that decisions each customer based on more than 100 data points, such as proof of income. Half of Tricolor's customers have a FICO score, and less than 12% have scores above 650, yet the average customer has lived in the US for 15 years, according to the deck.A 2017 survey by the Federal Deposit Insurance Corporation found 31.5% of Hispanic households had no mainstream credit compared to 14.4% of white households. "For decades, the deck has been stacked against low income or credit invisible Hispanics in the United States when it comes to the purchase and financing of a used vehicle," Daniel Chu, founder and CEO of Tricolor, said in a statement announcing the raise.An auto lender that caters to underbanked Hispanics used this 25-page deck to raise $90 million from BlackRock investors A new way to access credit The TomoCredit teamTomoCreditKristy Kim knows first-hand the challenge of obtaining credit in the US without an established credit history. Kim, who came to the US from South Korea, couldn't initially get access to credit despite having a job in investment banking after graduating college. "I was in my early twenties, I had a good income, my job was in investment banking but I could not get approved for anything," Kim told Insider. "Many young professionals like me, we deserve an opportunity to be considered but just because we didn't have a Fico, we weren't given a chance to even apply," she added.Kim started TomoCredit in 2018 to help others like herself gain access to consumer credit. TomoCredit spent three years building an internal algorithm to underwrite customers based on cash flow, rather than a credit score.TomoCredit, a fintech that lends to thin- and no-credit borrowers, used this 17-page pitch deck to raise its $10 million Series AHelping streamline how debts are repaidMethod Financial cofounders Jose Bethancourt and Marco del Carmen.Method FinancialWhen Jose Bethancourt graduated from the University of Texas at Austin in May 2019, he faced the same question that confronts over 43 million Americans: How would he repay his student loans?The problem led Bethancourt on a nearly two-year journey that culminated in the creation of a startup aimed at making it easier for consumers to more seamlessly pay off all kinds of debt.  Initially, Bethancourt and fellow UT grad Marco del Carmen built GradJoy, an app that helped users better understand how to manage student loan repayment and other financial habits. GradJoy was accepted into Y Combinator in the summer of 2019. But the duo quickly realized the real benefit to users would be helping them move money to make payments instead of simply offering recommendations."When we started GradJoy, we thought, 'Oh, we'll just give advice — we don't think people are comfortable with us touching their student loans,' and then we realized that people were saying, 'Hey, just move the money — if you think I should pay extra, then I'll pay extra.' So that's kind of the movement that we've seen, just, everybody's more comfortable with fintechs doing what's best for them," Bethancourt told Insider. Here is the 11-slide pitch deck Method Financial, a Y Combinator-backed fintech making debt repayment easier, used to raise $2.5 million in pre-seed fundingQuantum computing made easyQC Ware CEO Matt Johnson.QC WareEven though banks and hedge funds are still several years out from adding quantum computing to their tech arsenals, that hasn't stopped Wall Street giants from investing time and money into the emerging technology class. And momentum for QC Ware, a startup looking to cut the time and resources it takes to use quantum computing, is accelerating. The fintech secured a $25 million Series B on September 29 co-led by Koch Disruptive Technologies and Covestro with participation from D.E. Shaw, Citi, and Samsung Ventures.QC Ware, founded in 2014, builds quantum algorithms for the likes of Goldman Sachs (which led the fintech's Series A), Airbus, and BMW Group. The algorithms, which are effectively code bases that include quantum processing elements, can run on any of the four main public-cloud providers.Quantum computing allows companies to do complex calculations faster than traditional computers by using a form of physics that runs on quantum bits as opposed to the traditional 1s and 0s that computers use. This is especially helpful in banking for risk analytics or algorithmic trading, where executing calculations milliseconds faster than the competition can give firms a leg up. Here's the 20-page deck QC Ware, a fintech making quantum computing more accessible, used to raised its $25 million Series BSimplifying quant modelsKirat Singh and Mark Higgins, Beacon's cofounders.BeaconA fintech that helps financial institutions use quantitative models to streamline their businesses and improve risk management is catching the attention, and capital, of some of the country's biggest investment managers.Beacon Platform, founded in 2014, is a fintech that builds applications and tools to help banks, asset managers, and trading firms quickly integrate quantitative models that can help with analyzing risk, ensuring compliance, and improving operational efficiency. The company raised its Series C on Wednesday, scoring a $56 million investment led by Warburg Pincus with support from Blackstone Innovations Investments, PIMCO, and Global Atlantic. Blackstone, PIMCO, and Global Atlantic are also users of Beacon's tech, as are the Commonwealth Bank of Australia and Shell New Energies, a division of Royal Dutch Shell, among others.The fintech provides a shortcut for firms looking to use quantitative modelling and data science across various aspects of their businesses, a process that can often take considerable resources if done solo.Here's the 20-page pitch deck Beacon, a fintech helping Wall Street better analyze risk and data, used to raise $56 million from Warburg Pincus, Blackstone, and PIMCOA new data feed for bond tradingMark Lennihan/APFor years, the only way investors could figure out the going price of a corporate bond was calling up a dealer on the phone. The rise of electronic trading has streamlined that process, but data can still be hard to come by sometimes. A startup founded by a former Goldman Sachs exec has big plans to change that. BondCliQ is a fintech that provides a data feed of pre-trade pricing quotes for the corporate bond market. Founded by Chris White, the creator of Goldman Sachs' defunct corporate-bond-trading system, BondCliQ strives to bring transparency to a market that has traditionally kept such data close to the vest. Banks, which typically serve as the dealers of corporate bonds, have historically kept pre-trade quotes hidden from other dealers to maintain a competitive advantage.But tech advancements and the rise of electronic marketplaces have shifted power dynamics into the hands of buy-side firms, like hedge funds and asset managers. The investors are now able to get a fuller picture of the market by aggregating price quotes directly from dealers or via vendors.Here's the 9-page pitch deck that BondCliQ, a fintech looking to bring more data and transparency to bond trading, used to raise its Series AFraud prevention for lenders and insurersFiordaliso/Getty ImagesOnboarding new customers with ease is key for any financial institution or retailer. The more friction you add, the more likely consumers are to abandon the entire process.But preventing fraud is also a priority, and that's where Neuro-ID comes in. The startup analyzes what it calls "digital body language," or, the way users scroll, type, and tap. Using that data, Neuro-ID can identify fraudulent users before they create an account. It's built for banks, lenders, insurers, and e-commerce players."The train has left the station for digital transformation, but there's a massive opportunity to try to replicate all those communications that we used to have when we did business in-person, all those tells that we would get verbally and non-verbally on whether or not someone was trustworthy," Neuro-ID CEO Jack Alton told Insider.Founded in 2014, the startup's pitch is twofold: Neuro-ID can save companies money by identifying fraud early, and help increase user conversion by making the onboarding process more seamless. In December Neuro-ID closed a $7 million Series A, co-led by Fin VC and TTV Capital, with participation from Canapi Ventures. With 30 employees, Neuro-ID is using the fresh funding to grow its team and create additional tools to be more self-serving for customers.Here's the 11-slide pitch deck a startup that analyzes consumers' digital behavior to fight fraud used to raise a $7 million Series AAI-powered tools to spot phony online reviews FakespotMarketplaces like Amazon and eBay host millions of third-party sellers, and their algorithms will often boost items in search based on consumer sentiment, which is largely based on reviews. But many third-party sellers use fake reviews often bought from click farms to boost their items, some of which are counterfeit or misrepresented to consumers.That's where Fakespot comes in. With its Chrome extension, it warns users of sellers using potentially fake reviews to boost sales and can identify fraudulent sellers. Fakespot is currently compatible with Amazon, BestBuy, eBay, Sephora, Steam, and Walmart."There are promotional reviews written by humans and bot-generated reviews written by robots or review farms," Fakespot founder and CEO Saoud Khalifah told Insider. "Our AI system has been built to detect both categories with very high accuracy."Fakespot's AI learns via reviews data available on marketplace websites, and uses natural-language processing to identify if reviews are genuine. Fakespot also looks at things like whether the number of positive reviews are plausible given how long a seller has been active.Fakespot, a startup that helps shoppers detect robot-generated reviews and phony sellers on Amazon and Shopify, used this pitch deck to nab a $4 million Series AHelping fintechs manage dataProper Finance co-founders Travis Gibson (left) and Kyle MaloneyProper FinanceAs the flow of data becomes evermore crucial for fintechs, from the strappy startup to the established powerhouse, a thorny issue in the back office is becoming increasingly complex.Even though fintechs are known for their sleek front ends, the back end is often quite the opposite. Behind that streamlined interface can be a mosaic of different partner integrations — be it with banks, payments players and networks, or software vendors — with a channel of data running between them. Two people who know that better than the average are Kyle Maloney and Travis Gibson, two former employees of Marqeta, a fintech that provides other fintechs with payments processing and card issuance. "Take an established neobank for example. They'll likely have one or two card issuers, two to three bank partners, ACH processing for direct deposits and payouts, mobile check deposits, peer-to-peer payments, and lending," Gibson told Insider. Here's the 12-page pitch deck a startup helping fintechs manage their data used to score a $4.3 million seed from investors like Redpoint Ventures and Y CombinatorE-commerce focused business bankingMichael Rangel, cofounder and CEO, and Tyler McIntyre, cofounder and CTO of Novo.Kristelle Boulos PhotographyBusiness banking is a hot market in fintech. And it seems investors can't get enough.Novo, the digital banking fintech aimed at small e-commerce businesses, raised a $40.7 million Series A led by Valar Ventures in June. Since its launch in 2018, Novo has signed up 100,000 small businesses. Beyond bank accounts, it offers expense management, a corporate card, and integrates with e-commerce infrastructure players like Shopify, Stripe, and Wise.Founded in 2018, Novo was based in New York City, but has since moved its headquarters to Miami. Here's the 12-page pitch deck e-commerce banking startup Novo used to raise its $40 million Series AShopify for embedded financeProductfy CEO and founder, Duy VoProductfyProductfy is looking to break into embedded finance by becoming the Shopify of back-end banking services.Embedded finance — integrating banking services in non-financial settings — has taken hold in the e-commerce world. But Productfy is going after a different kind of customer in churches, universities, and nonprofits.The San Jose, Calif.-based upstart aims to help non-finance companies offer their own banking products. Productfy can help customers launch finance features in as little as a week and without additional engineering resources or background knowledge of banking compliance or legal requirements, Productfy founder and CEO Duy Vo told Insider. "You don't need an engineer to stand up Shopify, right? You can be someone who's just creating art and you can use Shopify to build your own online store," Vo said, adding that Productfy is looking to take that user experience and replicate it for banking services.Here's the 15-page pitch deck Productfy, a fintech looking to be the Shopify of embedded finance, used to nab a $16 million Series ADeploying algorithms and automation to small-business financingJustin Straight and Bernard Worthy, LoanWell co-foundersLoanWellBernard Worthy and Justin Straight, the founders of LoanWell, want to break down barriers to financing for small and medium-size businesses — and they've got algorithms and automation in their tech arsenals that they hope will do it.Worthy, the company's CEO, and Straight, its chief operating and financial officer, are powering community-focused lenders to fill a gap in the SMB financing world by boosting access to loans under $100,000. And the upstart is known for catching the attention, and dollars, of mission-driven investors. LoanWell closed a $3 million seed financing round in December led by Impact America Fund with participation from SoftBank's SB Opportunity Fund and Collab Capital.LoanWell automates the financing process — from underwriting and origination, to money movement and servicing — which shaves down an up-to-90-day process to 30 days or even same-day with some LoanWell lenders, Worthy said. SMBs rely on these loans to process quickly after two years of financial uncertainty. But the pandemic illustrated how time-consuming and expensive SMB financing can be, highlighted by efforts like the federal government's Paycheck Protection Program.Community banks, once the lifeline to capital for many local businesses, continue to shutter. And demands for smaller loan amounts remain largely unmet. More than half of business-loan applicants sought $100,000 or less, according to 2018 data from the Federal Reserve. But the average small-business bank loan was closer to six times that amount, according to the latest data from a now discontinued Federal Reserve survey.Here's the 14-page pitch deck LoanWell used to raise $3 million from investors like SoftBank.Branded cards for SMBsJennifer Glaspie-Lundstrom is the cofounder and CEO of Tandym.TandymJennifer Glaspie-Lundstrom is no stranger to the private-label credit-card business. As a former Capital One exec, she worked in both the card giant's co-brand partnerships division and its tech organization during her seven years at the company.Now, Glaspie-Lundstrom is hoping to use that experience to innovate a sector that was initially created in malls decades ago.Glaspie-Lundstrom is the cofounder and CEO of Tandym, which offers private-label digital credit cards to merchants. Store and private-label credit cards aren't a new concept, but Tandym is targeting small- and medium-sized merchants with less than $1 billion in annual revenue. Glaspie-Lundstrom said that group often struggles to offer private-label credit due to the expense of working with legacy players."What you have is this example of a very valuable product type that merchants love and their customers love, but a huge, untapped market that has heretofore been unserved, and so that's what we're doing with Tandym," Glaspi-Lundstrom told Insider.A former Capital One exec used this deck to raise $60 million for a startup helping SMBs launch their own branded credit cardsCatering to 'micro businesses'Stefanie Sample is the founder and CEO of FundidFundidStartups aiming to simplify the often-complex world of corporate cards have boomed in recent years.Business-finance management startup Brex was last valued at $12.3 billion after raising $300 million last year. Startup card provider Ramp announced an $8.1 billion valuation in March after growing its revenue nearly 10x in 2021. Divvy, a small business card provider, was acquired by Bill.com in May 2021 for approximately $2.5 billion.But despite how hot the market has gotten, Stefanie Sample said she ended up working in the space by accident. Sample is the founder and CEO of Fundid, a new fintech that provides credit and lending products to small businesses.This May, Fundid announced a $3.25 million seed round led by Nevcaut Ventures. Additional investors include the Artemis Fund and Builders and Backers. The funding announcement capped off the company's first year: Sample introduced the Fundid concept in April 2021, launched its website in May, and began raising capital in August."I never meant to do Fundid," Sample told Insider. "I never meant to do something that was venture-backed."Read the 12-page deck used by Fundid, a fintech offering credit and lending tools for 'micro businesses'Embedded payments for SMBsThe Highnote teamHighnoteBranded cards have long been a way for merchants with the appropriate bank relationships to create additional revenue and build customer loyalty. The rise of embedded payments, or the ability to shop and pay in a seamless experience within a single app, has broadened the number of companies looking to launch branded cards.Highnote is a startup that helps small to mid-sized merchants roll out their own debit and pre-paid digital cards. The fintech emerged from stealth on Tuesday to announce it raised $54 million in seed and Series A funding.Here's the 12-page deck Highnote, a startup helping SMBs embed payments, used to raise $54 million in seed and Series A fundingHelping small businesses manage their taxesComplYant's founder Shiloh Jackson wants to help people be present in their bookkeeping.ComplYantAfter 14 years in tax accounting, Shiloh Johnson had formed a core philosophy around corporate accounting: everyone deserves to understand their business's money and business owners need to be present in their bookkeeping process.She wanted to help small businesses understand "this is why you need to do what you're doing and why you have to change the way you think about tax and be present in your bookkeeping process," she told Insider. The Los Angeles native wanted small businesses to not only understand business tax no matter their size but also to find the tools they needed to prepare their taxes in one spot. So Johnson developed a software platform that provides just that.The 13-page pitch deck ComplYant used to nab $4 million that details the tax startup's plan to be Turbotax, Quickbooks, and Xero rolled into one for small business ownersAutomating accounting ops for SMBsDecimal CEO Matt Tait.DecimalSmall- and medium-sized businesses can rely on any number of payroll, expense management, bill pay, and corporate-card startups promising to automate parts of their financial workflow. Smaller firms have adopted this corporate-financial software en masse, boosting growth throughout the pandemic for relatively new entrants like Ramp and massive, industry stalwarts like Intuit. But it's no easy task to connect all of those tools into one, seamless process. And while accounting operations might be far from where many startup founders want to focus their time, having efficient back-end finances does mean time — and capital — freed up to spend elsewhere. For Decimal CEO Matt Tait, there's ample opportunity in "the boring stuff you have to do to survive as a company," he told Insider. Launched in 2020, Decimal provides a back-end tech layer that small- and medium-sized businesses can use to integrate their accounting and business-management software tools in one place.On Wednesday, Decimal announced a $9 million seed fundraising round led by Minneapolis-based Arthur Ventures, alongside Service Providers Capital and other angel investors. See the 13-page pitch deck for Decimal, a startup automating accounting ops for small businessesInvoice financing for SMBsStacey Abrams and Lara Hodgson, Now co-foundersNowAbout a decade ago, politician Stacey Abrams and entrepreneur Lara Hodgson were forced to fold their startup because of a kink in the supply chain — but not in the traditional sense.Nourish, which made spill-proof bottled water for children, had grown quickly from selling to small retailers to national ones. And while that may sound like a feather in the small business' cap, there was a hang-up."It was taking longer and longer to get paid, and as you can imagine, you deliver the product and then you wait and you wait, but meanwhile you have to pay your employees and you have to pay your vendors," Hodgson told Insider. "Waiting to get paid was constraining our ability to grow."While it's not unusual for small businesses to grapple with working capital issues, the dust was still settling from the Great Recession. Abrams and Hodgson couldn't secure a line of credit or use financing tools like factoring to solve their problem. The two entrepreneurs were forced to close Nourish in 2012, but along the way they recognized a disconnect in the system.  "Why are we the ones borrowing money, when in fact we're the lender here because every time you send an invoice to a customer, you've essentially extended a free loan to that customer by letting them pay later," Hodgson said. "And the only reason why we were going to need to possibly borrow money was because we had just given ours away for free to Whole Foods," she added.Check out the 7-page deck that Now, Stacey Abrams' fintech that wants to help small businesses 'grow fearlessly', used to raise $29 millionCheckout made easyRyan Breslow.Ryan BreslowAmazon has long dominated e-commerce with its one-click checkout flows, offering easier ways for consumers to shop online than its small-business competitors.Bolt gives small merchants tools to offer the same easy checkouts so they can compete with the likes of Amazon.The startup raised its $393 million Series D to continue adding its one-click checkout feature to merchants' own websites in October.Bolt markets to merchants themselves. But a big part of Bolt's pitch is its growing network of consumers — currently over 5.6 million — that use its features across multiple Bolt merchant customers. Roughly 5% of Bolt's transactions were network-driven in May, meaning users that signed up for a Bolt account on another retailer's website used it elsewhere. The network effects were even more pronounced in verticals like furniture, where 49% of transactions were driven by the Bolt network."The network effect is now unleashed with Bolt in full fury, and that triggered the raise," Bolt's founder and CEO Ryan Breslow told Insider.Here's the 12-page deck that one-click checkout Bolt used to outline its network of 5.6 million consumers and raise its Series DPayments infrastructure for fintechsQolo CEO and co-founder Patricia MontesiQoloThree years ago, Patricia Montesi realized there was a disconnect in the payments world. "A lot of new economy companies or fintech companies were looking to mesh up a lot of payment modalities that they weren't able to," Montesi, CEO and co-founder of Qolo, told Insider.Integrating various payment capabilities often meant tapping several different providers that had specializations in one product or service, she added, like debit card issuance or cross-border payments. "The way people were getting around that was that they were creating this spider web of fintech," she said, adding that "at the end of it all, they had this mess of suppliers and integrations and bank accounts."The 20-year payments veteran rounded up a group of three other co-founders — who together had more than a century of combined industry experience — to start Qolo, a business-to-business fintech that sought out to bundle back-end payment rails for other fintechs.Here's the 11-slide pitch deck a startup that provides payments infrastructure for other fintechs used to raise a $15 million Series ABetter use of payroll dataAtomic's Head of Markets, Lindsay DavisAtomicEmployees at companies large and small know the importance — and limitations — of how firms manage their payrolls. A new crop of startups are building the API pipes that connect companies and their employees to offer a greater level of visibility and flexibility when it comes to payroll data and employee verification. On Thursday, one of those names, Atomic, announced a $40 million Series B fundraising round co-led by Mercato Partners and Greylock, alongside Core Innovation Capital, Portage, and ATX Capital. The round follows Atomic's Series A round announced in October, when the startup raised a $22 million Series A from investors including Core Innovation Capital, Portage, and Greylock.Payroll startup Atomic just raised a $40 million Series B. Here's an internal deck detailing the fintech's approach to the red-hot payments space.Saving on vendor invoicesHoward Katzenberg, Glean's CEO and cofounderGleanWhen it comes to high-flying tech startups, headlines and investors typically tend to focus on industry "disruption" and the total addressable market a company is hoping to reach. Expense cutting as a way to boost growth typically isn't part of the conversation early on, and finance teams are viewed as cost centers relative to sales teams. But one fast-growing area of business payments has turned its focus to managing those costs. Startups like Ramp and established names like Bill.com have made their name offering automated expense-management systems. Now, one new fintech competitor, Glean, is looking to take that further by offering both automated payment services and tailored line-item accounts-payable insights driven by machine-learning models. Glean's CFO and founder, Howard Katzenberg, told Insider that the genesis of Glean was driven by his own personal experience managing the finance teams of startups, including mortgage lender Better.com, which Katzenberg left in 2019, and online small-business lender OnDeck. "As a CFO of high-growth companies, I spent a lot of time focused on revenue and I had amazing dashboards in real time where I could see what is going on top of the funnel, what's going on with conversion rates, what's going on in terms of pricing and attrition," Katzenberg told Insider. See the 15-slide pitch deck Glean, a startup using machine learning to find savings in vendor invoices, used to raise $10.8 million in seed fundingReal-estate management made easyAgora founders Noam Kahan, CTO, Bar Mor, CEO, and Lior Dolinski, CPOAgoraFor alternative asset managers of any type, the operations underpinning sales and investor communications are a crucial but often overlooked part of the business. Fund managers love to make bets on markets, not coordinate hundreds of wire transfers to clients each quarter or organize customer-relationship-management databases.Within the $10.6 trillion global market for professionally managed real-estate investing, that's where Tel Aviv and New York-based startup Agora hopes to make its mark.Founded in 2019, Agora offers a set of back-office, investor relations, and sales software tools that real-estate investment managers can plug into their workflows. On Wednesday, Agora announced a $9 million seed round, led by Israel-based venture firm Aleph, with participation from River Park Ventures and Maccabee Ventures. The funding comes on the heels of an October 2020 pre-seed fund raise worth $890,000, in which Maccabee also participated.Here's the 15-slide pitch deck that Agora, a startup helping real-estate investors manage communications and sales with their clients, used to raise a $9 million seed roundAccess to commercial real-estate investing LEX Markets cofounders and co-CEOs Drew Sterrett and Jesse Daugherty.LEX MarketsDrew Sterrett was structuring real-estate deals while working in private equity when he realized the inefficiencies that existed in the market. Only high-net worth individuals or accredited investors could participate in commercial real-estate deals. If they ever wanted to leave a partnership or sell their stake in a property, it was difficult to find another investor to replace them. Owners also struggled to sell minority stakes in their properties and didn't have many good options to recapitalize an asset if necessary.In short, the market had a high barrier to entry despite the fact it didn't always have enough participants to get deals done quickly. "Most investors don't have access to high-quality commercial real-estate investments. How do we have the oldest and largest asset class in the world and one of the largest wealth creators with no public and liquid market?" Sterrett told Insider. "It sort of seems like a no-brainer, and that this should have existed 50 or 60 years ago."This 15-page pitch deck helped LEX Markets, a startup making investing in commercial real estate more accessible, raise $15 millionInsurance goes digitalJamie Hale, CEO and cofounder of LadderLadderFintechs looking to transform how insurance policies are underwritten, issued, and experienced by customers have grown as new technology driven by digital trends and artificial intelligence shape the market. And while verticals like auto, homeowner's, and renter's insurance have seen their fair share of innovation from forward-thinking fintechs, one company has taken on the massive life-insurance market. Founded in 2017, Ladder uses a tech-driven approach to offer life insurance with a digital, end-to-end service that it says is more flexible, faster, and cost-effective than incumbent players.Life, annuity, and accident and health insurance within the US comprise a big chunk of the broader market. In 2020, premiums written on those policies totaled some $767 billion, compared to $144 billion for auto policies and $97 billion for homeowner's insurance.Here's the 12-page deck that Ladder, a startup disrupting the 'crown jewel' of the insurance market, used to nab $100 millionData science for commercial insuranceTanner Hackett, founder and CEO of CounterpartCounterpartThere's been no shortage of funds flowing into insurance-technology companies over the past few years. Private-market funding to insurtechs soared to $15.4 billion in 2021, a 90% increase compared to 2020. Some of the most well-known consumer insurtech names — from Oscar (which focuses on health insurance) to Metromile (which focuses on auto) — launched on the public markets last year, only to fall over time or be acquired as investors questioned the sustainability of their business models. In the commercial arena, however, the head of one insurtech company thinks there is still room to grow — especially for those catering to small businesses operating in an entirely new, pandemic-defined environment. "The bigger opportunity is in commercial lines," Tanner Hackett, the CEO of management liability insurer Counterpart, told Insider."Everywhere I poke, I'm like, 'Oh my goodness, we're still in 1.0, and all the other businesses I've built were on version three.' Insurance is still in 1.0, still managing from spreadsheets and PDFs," added Hackett, who also previously co-founded Button, which focuses on mobile marketing. See the 8-page pitch deck Counterpart, a startup disrupting commercial insurance with data science, used to raise a $30 million Series BSmarter insurance for multifamily propertiesItai Ben-Zaken, cofounder and CEO of Honeycomb.HoneycombA veteran of the online-insurance world is looking to revolutionize the way the industry prices risk for commercial properties with the help of artificial intelligence.Insurance companies typically send inspectors to properties before issuing policies to better understand how the building is maintained and identify potential risks or issues with it. It's a process that can be time-consuming, expensive, and inefficient, making it hard to justify for smaller commercial properties, like apartment and condo buildings.Insurtech Honeycomb is looking to fix that by using AI to analyze a combination of third-party data and photos submitted by customers through the startup's app to quickly identify any potential risks at a property and more accurately price policies."That whole physical inspection thing had really good things in it, but it wasn't really something that is scalable and, it's also expensive," Itai Ben-Zaken, Honeycomb's cofounder and CEO, told Insider. "The best way to see a property right now is Google street view. Google street view is usually two years old."Here's the 10-page Series A pitch deck used by Honeycomb, a startup that wants to revolutionize the $26 billion market for multifamily property insuranceHelping freelancers with their taxesJaideep Singh is the CEO and co-founder of FlyFin, an AI-driven tax preparation software program for freelancers.FlyFinSome people, particularly those with families or freelancing businesses, spend days searching for receipts for tax season, making tax preparation a time consuming and, at times, taxing experience. That's why in 2020 Jaideep Singh founded FlyFin, an artificial-intelligence tax preparation program for freelancers that helps people, as he puts it, "fly through their finances." FlyFin is set up to connect to a person's bank accounts, allowing the AI program to help users monitor for certain expenses that can be claimed on their taxes like business expenditures, the interest on mortgages, property taxes, or whatever else that might apply. "For most individuals, people have expenses distributed over multiple financial institutions. So we built an AI platform that is able to look at expenses, understand the individual, understand your profession, understand the freelance population at large, and start the categorization," Singh told Insider.Check out the 7-page pitch deck a startup helping freelancers manage their taxes used to nab $8 million in fundingDigital banking for freelancersJGalione/Getty ImagesLance is a new digital bank hoping to simplify the life of those workers by offering what it calls an "active" approach to business banking. "We found that every time we sat down with the existing tools and resources of our accountants and QuickBooks and spreadsheets, we just ended up getting tangled up in the whole experience of it," Lance cofounder and CEO Oona Rokyta told Insider. Lance offers subaccounts for personal salaries, withholdings, and savings to which freelancers can automatically allocate funds according to custom preset levels. It also offers an expense balance that's connected to automated tax withholdings.In May, Lance announced the closing of a $2.8 million seed round that saw participation from Barclays, BDMI, Great Oaks Capital, Imagination Capital, Techstars, DFJ Frontier, and others.Here's the 21-page pitch deck Lance, a digital bank for freelancers, used to raise a $2.8 million seed round from investors including BarclaysSoftware for managing freelancersWorksome cofounder and CEO Morten Petersen.WorksomeThe way people work has fundamentally changed over the past year, with more flexibility and many workers opting to freelance to maintain their work-from-home lifestyles.But managing a freelance or contractor workforce is often an administrative headache for employers. Worksome is a startup looking to eliminate all the extra work required for employers to adapt to more flexible working norms.Worksome started as a freelancer marketplace automating the process of matching qualified workers with the right jobs. But the team ultimately pivoted to a full suite of workforce management software, automating administrative burdens required to hire, pay, and account for contract workers.In May, Worksome closed a $13 million Series A backed by European angel investor Tommy Ahlers and Danish firm Lind & Risør.Here's the 21-slide pitch deck used by a startup that helps firms like Carlsberg and Deloitte manage freelancersPayments and operations support HoneyBook cofounders Dror Shimoni, Oz Alon, and Naama Alon.HoneyBookWhile countless small businesses have been harmed by the pandemic, self-employment and entrepreneurship have found ways to blossom as Americans started new ventures.Half of the US population may be freelance by 2027, according to a study commissioned by remote-work hiring platform Upwork. HoneyBook, a fintech startup that provides payment and operations support for freelancers, in May raised $155 million in funding and achieved unicorn status with its $1 billion-plus valuation.Durable Capital Partners led the Series D funding with other new investors including renowned hedge fund Tiger Global, Battery Ventures, Zeev Ventures, and 01 Advisors. Citi Ventures, Citigroup's startup investment arm that also backs fintech robo-advisor Betterment, participated as an existing investor in the round alongside Norwest Venture partners. The latest round brings the company's fundraising total to $227 million to date.Here's the 21-page pitch deck a Citi-backed fintech for freelancers used to raise $155 million from investors like hedge fund Tiger GlobalPay-as-you-go compliance for banks, fintechs, and crypto startupsNeepa Patel, Themis' founder and CEOThemisWhen Themis founder and CEO Neepa Patel set out to build a new compliance tool for banks, fintech startups, and crypto companies, she tapped into her own experience managing risk at some of the nation's biggest financial firms. Having worked as a bank regulator at the Office of the Comptroller of the Currency and in compliance at Morgan Stanley, Deutsche Bank, and the enterprise blockchain company R3, Patel was well-placed to assess the shortcomings in financial compliance software. But Patel, who left the corporate world to begin work on Themis in 2020, drew on more than just her own experience and frustrations to build the startup."It's not just me building a tool based on my personal pain points. I reached out to regulators. I reached out to bank compliance officers and members in the fintech community just to make sure that we're building it exactly how they do their work," Patel told Insider. "That was the biggest problem: No one built a tool that was reflective of how people do their work."Check out the 9-page pitch deck Themis, which offers pay-as-you-go compliance for banks, fintechs, and crypto startups, used to raise $9 million in seed fundingConnecting startups and investorsHum Capital cofounder and CEO Blair SilverbergHum CapitalBlair Silverberg is no stranger to fundraising.For six years, Silverberg was a venture capitalist at Draper Fisher Jurvetson and Private Credit Investments making bets on startups."I was meeting with thousands of founders in person each year, watching them one at a time go through this friction where they're meeting a ton of investors, and the investors are all asking the same questions," Silverberg told Insider. He switched gears about three years ago, moving to the opposite side of the metaphorical table, to start Hum Capital, which uses artificial intelligence to match investors with startups looking to fundraise.On August 31, the New York-based fintech announced its $9 million Series A. The round was led by Future Ventures with participation from Webb Investment Network, Wavemaker Partners, and Partech. This 11-page pitch deck helped Hum Capital, a fintech using AI to match investors with startups, raise a $9 million Series A.Helping LatAm startups get up to speedKamino cofounders Gut Fragoso, Rodrigo Perenha, Benjamin Gleason, and Gonzalo ParejoKaminoThere's more venture capital flowing into Latin America than ever before, but getting the funds in founders' hands is not exactly a simple process.In 2021, investors funneled $15.3 billion into Latin American companies, more than tripling the previous record of $4.9 billion in 2019. Fintech and e-commerce sectors drove funding, accounting for 39% and 25% of total funding, respectively.  However, for many startup founders in the region who have successfully sold their ideas and gotten investors on board, there's a patchwork of corporate structuring that's needed to access the funds, according to Benjamin Gleason, who was the chief financial officer at Groupon LatAm prior to cofounding Brazil-based fintech Kamino.It's a process Gleason and his three fellow Kamino cofounders have been through before as entrepreneurs and startup execs themselves. Most often, startups have to set up offshore financial accounts outside of Brazil, which "entails creating a Cayman [Islands] holding company, a Delaware LLC, and then connecting it to a local entity here and also opening US bank accounts for the Cayman entity, which is not trivial from a KYC perspective," said Gleason, who founded open-banking fintech Guiabolso in Sao Paulo. His partner, Gonzalo Parejo, experienced the same toils when he founded insurtech Bidu."Pretty much any international investor will usually ask for that," Gleason said, adding that investors typically cite liability issues."It's just a massive amount of bureaucracy, complexity, a lot of time from the founders. All of this just to get the money from the investor that wants to give them the money," he added.Here's the 8-page pitch deck Kamino, a fintech helping LatAm startups with everything from financing to corporate credit cards, used to raise a $6.1M pre-seed roundThe back-end tech for beautyDanielle Cohen-Shohet, CEO and founder of GlossGeniusGlossGeniusDanielle Cohen-Shohet might have started as a Goldman Sachs investment analyst, but at her core she was always a coder.After about three years at Goldman Sachs, Cohen-Shohet left the world of traditional finance to code her way into starting her own company in 2016. "There was a period of time where I did nothing, but eat, sleep, and code for a few weeks," Cohen-Shohet told Insider. Her technical edge and knowledge of the point-of-sale payment space led her to launch a software company focused on providing behind-the-scenes tech for beauty and wellness small businesses.Cohen-Shohet launched GlossGenius in 2017 to provide payments tech for hair stylists, nail technicians, blow-out bars, and other small businesses in the space.Here's the 11-page deck GlossGenius, a startup that provides back-end tech for the beauty industry, used to raise $16 millionRead the original article on Business Insider.....»»

Category: personnelSource: nytJun 22nd, 2022