All posts tagged: funds

Former Star US Bond Manager Kenneth Leech Pleads Guilty to Obstructing ‘Cherry-Picking’ Probe

Former Star US Bond Manager Kenneth Leech Pleads Guilty to Obstructing ‘Cherry-Picking’ Probe

Published by Sam Flores

NEW YORK, June 12 (Reuters) – Kenneth Leech, ⁠a ⁠former star bond manager at ⁠Western Asset Management Co, pleaded guilty on Friday to obstructing a ​probe into alleged “cherry-picking,” the assigning of profitable trades to favored investors and losing trades to other ‌investors. Leech admitted to one count of ‌obstructing a U.S. Securities and Exchange Commission proceeding, averting a scheduled Monday trial in ⁠Manhattan federal ⁠court. The former co-chief investment officer of Wamco, as his former employer is ​known, had faced four fraud charges for allegedly orchestrating a more than $600 million cherry-picking scheme from January 2021 to October 2023. Those charges will be dropped. Prosecutors accused Leech of lying during sworn SEC testimony ​in March 2024, when he answered yes when asked if he had “an allocation in ⁠mind” ⁠when placing trades. Leech, 72, could ⁠face six ​to 12 months in prison under recommended federal sentencing guidelines, much less than if he ​were convicted of fraud. His ⁠lawyers declined to comment. A spokesperson for U.S. Attorney Jay Clayton in Manhattan had no immediate comment. Wamco …

Tech moguls claim China funds U.S. data center opposition : NPR

Tech moguls claim China funds U.S. data center opposition : NPR

Published by Sam Flores

Protesters hold signs in front the of the Utah State Capitol building to oppose the construction of the Stratos data center in Box Elder County on May 23, 2026 in Salt Lake City, Utah. Tech millionaires claim China is behind a wave of local opposition to U.S. data centers, while providing little direct evidence. Natalie Behring/Getty Images North America hide caption toggle caption Natalie Behring/Getty Images North America Speaking at an event titled “Harnessing American Power” last month, Interior Secretary Doug Burgum expressed dismay at what he saw as a new wave of local opposition to data centers in America. What’s more, he claimed, not everything was as it seemed. “It’s not organic and local, some of this is foreign-sourced dark money,” he told the crowd. He isn’t alone in his suspicions. Over on the podcast All-In, which is hosted by a group of tech multimillionaires who call each other “besties,” there was also talk of foreign influence, specifically from China. “It is starting to feel or seem like there might be a CCP-funded campaign,” …

Massive SpaceX IPO Demand Coming From Gulf Sovereign Wealth Funds

Massive SpaceX IPO Demand Coming From Gulf Sovereign Wealth Funds

Published by Jenni Sidey

One week ago, SpaceX kicked off its institutional roadshow, headlined by JPMorgan CEO Jamie Dimon, who hosted a nationwide “live interactive discussion” with private wealth clients. The latest signal of investor demand comes from the Gulf, where massive sovereign wealth funds are reportedly seeking allocations in the IPO ahead of its expected Friday debut, according to Bloomberg News. The report says Saudi Arabia’s Public Investment Fund and Kuwait Investment Authority have each placed orders for the IPO worth $1 billion to $5 billion, while the Qatar Investment Authority is also expected to make a significant commitment. The report continued: Entities based in the region are already prominent shareholders in Elon Musk’s rocket, satellite and AI firm, and many are sitting on large paper gains based on the billionaire’s targeted valuation of $1.8 trillion, the people said. It wasn’t immediately clear how much of the planned outlay is intended to prevent dilution of existing stakes after SpaceX’s listing. The interest from the Gulf is part of a broader rush into the deal from global institutional investors, …

U.S.-Iran strikes; Primaries; ICE funds; Bill Gates : NPR

U.S.-Iran strikes; Primaries; ICE funds; Bill Gates : NPR

Published by Sam Flores

Good morning. You’re reading the Up First newsletter. Subscribe here to get it delivered to your inbox, and listen to the Up First podcast for all the news you need to start your day. Today’s top stories The U.S. conducted strikes on Iran last night after an American helicopter was downed near the Strait of Hormuz on Monday. President Trump blamed Iran for the incident. Starting at 5 p.m., the U.S. strikes targeted “Iranian air defense, ground control stations, and surveillance radar sites near the Strait of Hormuz,” the U.S. Central Command said. CENTCOM described the action as a “proportional response to unjustified Iranian aggression,” and added that U.S. forces remain vigilant and ready to defend against any further Iranian threats. Trump said it was necessary to retaliate against Iran to uphold U.S. credibility. Iranian officials say they did not target the U.S. helicopter and suggested it went down in an accident. The troops on the downed helicopter were unharmed. President Trump speaks to the press before boarding Air Force One prior to departure from John F. Kennedy International …

Nick Reiner seeks funds for defense from money slain parents left him

Nick Reiner seeks funds for defense from money slain parents left him

Published by Sam Flores

Nick Reiner, who is accused of killing his parents — acclaimed director Rob Reiner and film producer Michele Reiner — is asking a Los Angeles court to release funds from a trust his parents established for him, to pay for his legal defense. A petition filed by Reiner’s civil attorneys in a Los Angeles County court on Monday says that trustees overseeing the funds have denied them to him without legal justification, and the 32-year-old defendant needs them. “Time is of the essence,” he told the trustee earlier this year. In December 2025, Reiner was arrested on suspicion of murdering his parents days after the beloved Hollywood power couple was found slain at their Brentwood home. Family friends told The Times that Rob and Nick got into an argument at Conan O’Brien’s holiday party just hours before the couple’s murder. Many party guests noticed Nick acting strangely, the friends said. Nick Reiner, who has struggled with addiction for years, was living in a guesthouse on his parents’ property, a family friend said, and his mother …

Social Security funds could run short by 2032 : NPR

Social Security funds could run short by 2032 : NPR

Published by Sam Flores

Social Security is expected to run short of cash in less than seven years. Lawmakers need to adjust benefits or taxes before that to avoid an automatic cut in monthly benefits. Kevin Dietsch/Getty Images North America hide caption toggle caption Kevin Dietsch/Getty Images North America A trust fund that helps pay Social Security benefits for more than 60 million retirees and family members is expected to run out of money in 2032. Unless Congress makes changes by then, seniors will see an automatic cut in their monthly benefits of 22%, according to a report released Tuesday by Social Security Trustees. “The Trustees recommend that lawmakers address the projected trust fund shortfalls in a timely way to phase in necessary changes gradually and give workers and beneficiaries time to adjust,” the report says. The forecast shows the trust fund will be exhausted three months earlier than was predicted last year. Social Security’s finances are challenged by a falling birth rate, reduced immigration and the tax cut passed by the Republican Congress last year. Those moves are …

Murrell spent SNP funds while on luxury getaway with Sturgeon

Murrell spent SNP funds while on luxury getaway with Sturgeon

Published by Sam Flores

Peter Murrell embezzled hundreds of pounds from the SNP during a luxury getaway with Nicola Sturgeon, The Telegraph can disclose. The then SNP leader and her husband were seen at the five-star Isle of Eriska Hotel and Spa on the west coast of Scotland in the middle of August 2021. Court documents show that on the Saturday of the weekend trip Murrell, the SNP’s former chief executive, spent £330.04 on Amazon using money embezzled from the SNP. They included £269.99 on a Gosky “spotting scope”, commonly used for bird watching and wildlife viewing, complete with carrying case and a smartphone adaptor. He also spent more than £60 on two bottles of Tobermory gin as part of the same transaction. The brand is part of the hotel’s gin menu, raising the prospect that Murrell purchased the spirit after sampling it during their stay. That afternoon Murrell and Ms Sturgeon were seen by other guests enjoying a champagne afternoon tea on the terrace of the hotel, one of Scotland’s most exclusive and expensive destinations. Nicola Sturgeon and …

Trump delivers boost to coal worth hundreds of millions, including wartime authority funds

Trump delivers boost to coal worth hundreds of millions, including wartime authority funds

Published by Sam Flores

The Trump administration is putting hundreds of millions of federal dollars toward coal, one of the president’s favorite energy sources. President Trump announced the move during Thursday remarks in the Oval Office, saying his administration is “taking historic action to bring down the price of energy and the cost of living for all Americans with… Source link

Former NRA CEO must pay .3 million for misappropriating the organization’s funds, court rules

Former NRA CEO must pay $4.3 million for misappropriating the organization’s funds, court rules

Published by Sam Flores

A New York appellate court has upheld a $4.3 million judgment against former National Rifle Association CEO Wayne LaPierre, who was found liable in a civil corruption case for misappropriating the organization’s funds. Subscribe to read this story ad-free Get unlimited access to ad-free articles and exclusive content. The five-judge panel also upheld a 10-year ban prohibiting LaPierre from serving as an officer or director of the NRA, rejecting his contention that the restriction violated his First Amendment rights. “He remains a member of the NRA and is not precluded from making any public statements or involving himself in fundraising or other outreach,” the panel said. “Neither does the monetary restitution amount constitute a fine. Instead, it serves the remedial purpose of reimbursing the NRA for the losses LaPierre caused, making it compensatory in nature.” In a statement to NBC News, Kent Correll, an attorney for LaPierre, said, “We’ve already won the most important parts of this case. We intend to seek further review, and we are confident that we’ll prevail fully in the end.” …

White House will dump 0M of public funds into costly, unreliable coal again

White House will dump $700M of public funds into costly, unreliable coal again

Published by skeptic

The White House is announcing another waste of taxpayer dollars today, spending $700M to try to revive a dead energy source, saddling Americans with more pollution and infrastructure that is destined to go unused in short order. Here’s the thing: coal is dead, and everyone knows it. In the early 2000s, coal accounted for about half of US electricity generation. In 2024, it accounted for 15%. Both use and capacity have been dropping for a long time. This change didn’t happen because coal was outlawed, it happened because it’s a terrible energy source. It’s deadly, it’s unreliable, and it’s costly (and rapidly getting more costly). Advertisement – scroll for more content It’s not just the absolute worst energy source all things considered, it’s the worst energy source by most individual metrics, too. So the US has been rapidly backing away from coal for decades, and other countries are doing so too. Utilities are dropping coal from their portfolio because it doesn’t make sense to keep it. But that hasn’t stopped the enemies of America from …