Source: Federal Bureau of Investigation (FBI) State Crime News
ST. LOUIS – A Pennsylvania man on Thursday admitted stealing $650,000 from investors in a sports betting fund.
Elijah A. Goshert, 48, pleaded guilty in U.S. District Court in St. Louis to three counts of wire fraud. He admitted defrauding investors from at least Feb. 1, 2017, through Nov. 15, 2023, by falsely claiming the Magellan Sports Fund used a “sophisticated computer algorithm” that substantially reduced betting risks. Goshert sent emails to investors falsely claiming that he’d used their money to make sports bets and false “investors performance” updates claiming that their investments were making substantial profits.
Goshert spent the vast majority of the victims’ investments on unauthorized expenses. He admitted stealing about $654,861 from at least 12 victims.
Goshert is scheduled to be sentenced January 22, 2025. Each wire fraud charge carries a potential penalty of up to 20 years in prison, a $250,000 fine, or both prison and a fine.
The FBI investigated the case. Assistant U.S. Attorney Derek Wiseman is prosecuting the case.
Source: Federal Bureau of Investigation (FBI) State Crime News
ST. LOUIS –U.S. District Judge Rodney W. Sippel on Thursday ordered a woman who fraudulently obtained five pandemic relief loans to repay $113,223 to the U.S. Small Business Administration and placed her on probation for five years.
Camille N. Foster, now 32, of St. Louis County, Missouri, obtained five Paycheck Protection Program (PPP) loans between May 2020 and November 2021 by submitting fraudulent loan applications on behalf of three businesses: Humble Hearts Home Healthcare LLC, Embellished Jewels LLC and Muse Me Boutique LLC. On the applications, she knowingly misrepresented the payroll and annual income of the businesses, which were not in operation at the time. She also submitted fraudulent tax forms with the applications. In a loan application for Muse Me Boutique, Foster used someone else’s name and Social Security number on the application, and signed that person’s name on the application without the person’s knowledge.
PPP loans were intended to help struggling small businesses during the COVID-19 pandemic, but Foster did not use the money for that purpose. She spent it on retail purchases, dining, cosmetic surgery, bill payments, travel, taxes and payments to others. She then submitted fraudulent applications for PPP loan forgiveness for many of the loans she received, claiming that she had spent most or all the money on payroll costs.
Foster, also known as Foster-Nunley, pleaded guilty in April to two counts of wire fraud.
The FBI investigated the case. Assistant U.S. Attorney Jonathan Clow prosecuted the case.
Source: Federal Bureau of Investigation (FBI) State Crime News
CONCORD – Ten defendants have been indicted in connection with a Methuen and Lawrence-based organization trafficking narcotics to New Hampshire, U.S Attorney Jane Young announces.
Today, law enforcement officers arrested seven defendants in New Hampshire and Massachusetts on charges of conspiracy to distribute controlled substances, namely, fentanyl, methamphetamine, cocaine, and crack cocaine. The defendants are scheduled to appear in federal court at various times this week and next week.
The following defendants have been indicted in connection with this drug trafficking organization:
Donaida Gonzalez, aka Yijana Rodriguez, age 52, of Methuen, MA; she is in custody.
Diana Bautista-Arias, aka Alba Cruz-Solano, age 43, of Lawrence, MA; she is in custody.
Eddy Balbuena-Gomez, age 30, of Lawrence, MA; he is in custody.
Redondo Dore, age 28, of Berlin, NH; he is in custody.
Trevor Mackenzie, age 33, of Rochester, NH; he is in custody.
Katie Curtis, age 38, of Rochester, NH; she is in custody.
Tabitha O’Brien, age 44, of Rochester, NH; she is in custody.
Craig Grant, age 41, of Somersworth, NH; he has not yet been arrested.
Jamie Bonner, age 42, of Somersworth, NH; she has not yet been arrested.
The charge of conspiracy to distribute or possess with intent to distribute controlled substances provides for a sentence of up to 20 years in prison. Michael Martinez and Redondo Dore are facing mandatory minimum penalties of 10 years based on their involvement in the conspiracy. Katie Curtis is also facing a mandatory minimum sentence of 5 years based on her involvement in the conspiracy. Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and statutes which govern the determination of a sentence in a criminal case.
Homeland Security Investigations led the investigation. The Federal Bureau of Investigation, the United States Marshal Service, the Strafford County Sheriff’s Office, the Massachusetts State Police, the Keene Police Department, the Salem Police Department, the Berlin Police Department, the Londonderry Police Department, the Nashua Police Department, the Concord Police Department, the New Hampshire State Police, the Lawrence Police Department, and the Methuen Police Department provided valuable assistance. Assistant U.S. Attorneys Aaron Gingrande and Jarad Hodes are prosecuting the case.
This prosecution is part of an Organized Crime Drug Enforcement Task Forces (OCDETF) investigation. OCDETF identifies, disrupts, and dismantles the highest-level drug traffickers, money launderers, gangs, and transnational criminal organizations that threaten the United States by using a prosecutor-led, intelligence-driven, multi-agency approach that leverages the strengths of federal, state, and local law enforcement agencies against criminal networks.
The details contained in the charging documents are allegations. The defendant is presumed innocent unless and until proven guilty beyond a reasonable doubt in a court of law.
Source: Federal Bureau of Investigation (FBI) State Crime News
CONCORD – After a 2-week trial,a Windham man was convicted by a federal petit jury, for wire fraud and money laundering in connection with his ownership of an information technology (IT) company that contracted with the United Way of Massachusetts Bay and Merrimack Valley (United Way) while being employed by United Way, United States Attorney Jane E. Young announces.
Imran Alrai, 50, was convicted of 12 counts of wire fraud and 6 counts of money laundering. United States District Court Judge Joseph Laplante ordered Alrai detained pending sentencing, which is scheduled for January 17, 2025.
“The jury’s swift verdicts in this case underscore the overwhelming evidence presented at trial of Mr. Alrai’s guilt,” said U.S. Attorney Jane E. Young. “Over the past two weeks, prosecutors skillfully untangled the web of the defendant’s deceit, highlighting for the jury how he used his position of trust to rig and maintain a major contract with United Way in favor of a company he owned and controlled. The United Way lost millions to the defendant – we hope the jury’s verdicts in this case is a step forward for their community.”
“Imran Alrai abused his position of trust with the United Way of Massachusetts Bay and Merrimack Valley to steal millions of dollars to which he knew he wasn’t entitled, money that was intended to help the less fortunate in our area. Instead, he used it to pay off his house, and increase his personal wealth,” said Jodi Cohen, Special Agent in Charge of the FBI Boston Division. “The FBI is grateful for the jury’s swift verdict, and we will not hesitate to investigate and bring to justice anyone engaged in such egregious financial fraud.”
Between 2012 and June 2018, Alrai, an IT professional at the United Way, obtained approximately $6.7 million in payments for IT services supposedly provided to United Way by an independent outside contractor, DigitalNet Technology Solutions, Inc. Alrai misrepresented material facts about DigitalNet and fraudulently concealed that he owned and controlled DigitalNet. In early 2013, Alrai rigged the bidding process for a major contract to provide managed IT services at the United Way so that DigitalNet was chosen. Alrai then gave fake references and false information about DigitalNet to United Way.
For the next five years, while serving as United Way’s Vice President for IT Services, Alrai steered additional IT work to DigitalNet, so that his company soon became United Way’s second-largest outside vendor, receiving more than $1 million annually. Alrai concealed his connection with DigitalNet from his colleagues. He routinely sent emails with attached invoices from a fictitious person to himself at United Way.
After the fraud came to light, in June 2018, officials at the United Way confronted Alrai and terminated him. Federal agents executed search and seizure warrants and seized incriminating documents and data from Alrai’s home office in Windham, as well as approximately $2.2 million in fraud proceeds in bank and investment accounts. During the scheme, Alrai wired $1.2 million in fraud proceeds to a DigitalNet bank account in Lahore, Pakistan.
According to expert testimony at the trial, United Way lost at least $3.5 million as a result of DigitalNet’s excessive billing, duplicate billing, and billing for services not delivered.
Homeland Security Investigations and the Federal Bureau of Investigation led the investigation. The Internal Revenue Service provided valuable assistance. Assistant U.S. Attorneys Charles L. Rombeau and John J. Kennedy are prosecuting the case.
Source: Federal Bureau of Investigation (FBI) State Crime Alerts (c)
PHILADELPHIA – United States Attorney Jacqueline C. Romero announced that Lee E. Moore, Jr., 36, of Sicklerville, New Jersey, was sentenced yesterday to three years of probation with six months of home detention and a $5,000 fine by United States Magistrate Judge Scott W. Reid, all arising from Moore smuggling mobile phones into the Federal Detention Center in Philadelphia (“FDC”) while he was employed as a correctional officer at the FDC.
From August 2016 to June 2023, Moore was a correctional officer at the FDC. During May-June 2020, Moore smuggled mobile phones into the FDC in exchange for payments from an inmate’s wife. In June 2020, Moore also approached a second inmate about smuggling in contraband or other special favors in exchange for payment.
“Correctional officers have a tough enough job without having to deal with inmates who have access to smuggled contraband,” said U.S. Attorney Romero. “Lee Moore put his fellow COs and the public at risk by smuggling cell phones into the FDC for a price. But the price for breaking his law enforcement oath is much higher: he’s lost his job and now has a federal conviction on his record.”
“When a corrections officer chooses greed over integrity, it undermines the hard work and dedication their colleagues put forward every day to ensure a safe environment inside our detention centers,” said Wayne A. Jacobs, Special Agent in Charge of FBI Philadelphia. “The FBI and our partners reaffirm our commitment to holding accountable those in the corrections system who abuse their positions of trust.”
The case was investigated by the Federal Bureau of Investigation, the Department of Justice’s Office of Inspector General, and the Federal Detention Center and was prosecuted by Assistant United States Attorney Vineet Gauri.
Source: Federal Bureau of Investigation (FBI) State Crime Alerts (c)
PHILADELPHIA – United States Attorney Jacqueline C. Romero announced that Jared Stanley, 32, of Lindenwold, New Jersey, entered a plea of guilty on Friday, October 11, 2024, before United States District Court Judge John F. Murphy to three counts of Hobbs Act robbery and one count of carrying, using, and brandishing a firearm during and in relation to a crime of violence, in connection with the armed robberies of three corner stores in Philadelphia’s Kensington section.
Stanley committed all three robberies during a two-week span in late January and early February of this year.
On January 21, 2024, the defendant entered the Birch Mini-Market, located at 2001 East Birch Street. He approached the counter, pointed a gun at the cashier, and demanded money. When the cashier didn’t understand him, Stanley started screaming at them. He repeatedly hit the cashier in the head with the gun, stole approximately $550 from the register, and fled.
On January 28, 2024, Stanley and an unidentified co-conspirator entered the Capricorno Grocery, located at 2000 East Orleans Street. Stanley walked to the employee area of the store, displayed a firearm, grabbed the employee by the shirt and forcibly pulled him away, pistol whipped him repeatedly, and stood guard over him while his accomplice went back to the register and stole approximately $500.
On February 2, 2024, Stanley and an unidentified co-conspirator entered Bonifacios Grocery, located at 3052 Frankford Avenue. They pushed an employee to the cash register, told him to get on the ground and then pistol whipped him in the head. Stanley and his accomplice then stole approximately $500 from the cash register and fled the store on foot.
Stanley is scheduled to be sentenced on January 29, 2025. He faces a mandatory minimum sentence of seven years in prison and a maximum possible sentence of life imprisonment, five years of supervised release, a $1,250,000 fine, and a $500 special assessment.
This case is part of Project Safe Neighborhoods (PSN), a program bringing together all levels of law enforcement and the communities they serve to reduce violent crime and gun violence, and to make our neighborhoods safer for everyone. On May 26, 2021, the department launched a violent crime reduction strategy strengthening PSN based on these core principles: fostering trust and legitimacy in our communities, supporting community-based organizations that help prevent violence from occurring in the first place, setting focused and strategic enforcement priorities, and measuring the results.
The case was investigated by the FBI and the Philadelphia Police Department and is being prosecuted by Assistant United States Attorney Robert E. Eckert.
Boussard & Gavaudan Holding Limited (the “Company”)
a closed-ended investment company incorporated with limited liability under the laws of Guernsey with registration number 45582
Legal Entity Identifier: 5493002XNM3W9D6DF327
Particulars of Cash Exit
In accordance with the circular to Shareholders dated 25 June 2024 (the “Circular“) and the Articles, the Company announces the particulars of the compulsory redemption of Shares to be effected pursuant to the Cash Exit on 1 November 2024.
Unless otherwise defined, capitalised terms used in this announcement shall have the same meaning as set out in the Circular. Shareholders should refer to the Circular for full details of the Cash Exit, including the timetable for the redemption and distribution of redemption proceeds.
The redemption price payable to each Shareholder pursuant to the Cash Exit will be an amount equal to the net asset value (NAV) per Share of the relevant class of Shares as at the close of business of the Calculation Date, being 31 October 2024. The redemption monies will be payable in the currency of each relevant class of Shares and will be paid to Shareholders within 14 Business Days of the Cash Redemption Date (being 1 November 2024), or as soon as practicable thereafter.
On each Business Day, the Company announces on its website the estimated net asset value of its Euro Shares and Sterling Shares as at the close of business of the preceding Business Day. This information is available here: https://www.bgholdingltd.com/p/14/financial-announcements.
In the event that the net asset values per Share calculated as at the close of business of 31 October 2024 were equal to their most recent estimates, the resulting redemption price per Share payable to holders of Euro Shares (ISIN: GG00B1FQG453) and holders of Sterling Shares (ISIN: GG00B39VMM07) under the Cash Exit would be €28.4353 and £25.5630, respectively.
These figures are hypothetical, non-indicative of the actual redemption price and non-binding. They are provided for illustration purposes only and no reliance should be placed on them. The actual redemption price will be equal to the net asset value as at 31 October 2024, which may differ from the most recent estimated net asset values per Share provided above.
For further information please contact: Boussard & Gavaudan Investment Management LLP Emmanuel Gavaudan +44 20 3751 5389
JTC Fund Solutions (Guernsey) Limited Secretary +44 (0) 1481 702400
The Company is established as a closed-ended investment company domiciled in Guernsey. The Company has been authorised by the Guernsey Financial Services Commission as an authorised closed-ended investment scheme. The Company is registered with the Dutch Authority for the Financial Markets as a collective investment scheme pursuant to article 2:73 in conjunction with 2:66 of the Dutch Financial Supervision Act (Wet op het financieel toezicht). The shares of the Company (the “Shares”) are listed on Euronext Amsterdam. The Shares are also listed on the Official List of the UK Listing Authority and admitted to trading on the London Stock Exchange plc’s main market for listed securities.
This is not an offer to sell or a solicitation of any offer to buy any securities in the United States or in any other jurisdiction. This announcement is not intended to and does not constitute, or form part of, any offer or invitation to purchase any securities or the solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, issuance or transfer of the securities referred to in this announcement in any jurisdiction in contravention of applicable law.
Neither the Company nor BG Master Fund ICAV have been, and neither will be, registered under the US Investment Company Act of 1940, as amended (the “Investment Company Act”). In addition the securities referenced in this announcement have not been and will not be registered under the US Securities Act of 1933, as amended (the “Securities Act”). Consequently any such securities may not be offered, sold or otherwise transferred within the United States or to, or for the account or benefit of, US persons except in accordance with the Securities Act or an exemption therefrom and under circumstances which will not require the issuer of such securities to register under the Investment Company Act. No public offering of any securities will be made in the United States. You should always bear in mind that:
all investment is subject to risk;
results in the past are no guarantee of future results;
the investment performance of BGHL may go down as well as up. You may not get back all of your original investment; and
if you are in any doubt about the contents of this communication or if you consider making an investment decision, you are advised to seek expert financial advice.
This communication is for information purposes only and the information contained in this communication should not be relied upon as a substitute for financial or other professional advice.
The OISTE Foundation, Gold Sponsor of the Vargas Llosa Chair at its IV Annual Conference “A Gathering for Culture in Freedom”
Geneva, Switzerland – October 18, 2024: WISeKey International Holding Ltd. (“WISeKey” or the “Company”) (SIX: WIHN, NASDAQ: WKEY), a global leader in cybersecurity, digital identity, and Internet of Things (IoT) innovations, today announced that, in collaboration with the OISTE Foundation, Gold Sponsor of the Vargas Llosa Chair at its IV Annual Conference “A Gathering for Culture in Freedom,” it reaffirms its commitment to defending human rights in the digital environment. Since its founding in 1998, the OISTE Foundation has focused its efforts on ensuring that human rights are respected both online and offline. As digital technologies advance, they also present challenges in terms of privacy, digital identity, and the misuse of surveillance tools, raising concerns about data protection and online violence.
This commitment resonates with the values promoted by the Vargas Llosa Chair, which, since its establishment in 2011, has fostered the study of contemporary literature and supported freedom of expression. Both institutions share a common mission: to defend democratic principles and promote a culture of freedom and respect, both in the literary and digital realms.
The OISTE Foundation is committed to finding feasible solutions for digital identity management as an essential component of a knowledge society. OISTE led a workshop titled “Matching the Speed of the Running Code: Public Awareness and Digital Identity Management,” aimed at raising public awareness among internet users about the risks of the current environment and the threats to individual privacy rights.
Trust among users is at the core of OISTE’s trust model, which strives for legitimacy that can only be achieved through documented consensus. As part of its adherence to OISTE Foundation’s trust model, the foundation aims to promote the security of electronic communications worldwide, ensuring compliance with regulations related to information protection. The company is a leading advocate for protecting individual privacy rights online while enabling individuals to maximize their use of the Internet.
About WISeKey WISeKey is a Swiss-based computer infrastructure company specializing in cybersecurity, digital identity, blockchain, Internet of Things (IoT) solutions, and post-quantum semiconductors. As a computer infrastructure company, WISeKey provides secure platforms for data and device management across industries like finance, healthcare, and government. It leverages its Public Key Infrastructure (PKI) to ensure encrypted communications and authentication, while also focusing on next-generation security through post-quantum cryptography.
WISeKey’s work with post-quantum semiconductors is aimed at future-proofing its security solutions against the threats posed by quantum computing. These advanced semiconductors support encryption that can withstand the computational power of quantum computers, ensuring the long-term security of connected devices and critical infrastructure. Combined with its expertise in blockchain and IoT, WISeKey’s post-quantum technologies provide a robust foundation for secure digital ecosystems at the hardware, software, and network levels.
Disclaimer This communication expressly or implicitly contains certain forward-looking statements concerning WISeKey International Holding Ltd and its business. Such statements involve certain known and unknown risks, uncertainties and other factors, which could cause the actual results, financial condition, performance or achievements of WISeKey International Holding Ltd to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. WISeKey International Holding Ltd is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.
This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and it does not constitute an offering prospectus within the meaning of the Swiss Financial Services Act (“FinSA”), the FinSa’s predecessor legislation or advertising within the meaning of the FinSA. Investors must rely on their own evaluation of WISeKey and its securities, including the merits and risks involved. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of WISeKey.
Press and InvestorContacts
WISeKey International Holding Ltd Company Contact: Carlos Moreira Chairman & CEO Tel: +41 22 594 3000 info@wisekey.com
WISeKey Investor Relations (US) The Equity Group Inc. Lena Cati Tel: +1 212 836-9611 / lcati@equityny.com Katie Murphy Tel: +1 212 836-9612 / kmurphy@equityny.com
Source: Federal Bureau of Investigation (FBI) State Crime Alerts (c)
PHILADELPHIA – United States Attorney Jacqueline C. Romero announced that Joseph Cole Barleta (aka “Joe Cole”), 41, of Philadelphia, Pennsylvania, entered a plea of guilty today before United States District Court Judge Mark A. Kearney on one count of racketeering conspiracy, in connection with his role in the operation of a fraudulent investment vehicle known as Complete Business Solutions Group Inc. d/b/a Par Funding (“Par Funding”), which is alleged to have generated over $100 million in illegal proceeds for Barleta and its other principals, to the detriment of Par Funding’s numerous investors, many who live in the Philadelphia region.
According to a second superseding indictment filed in February, Barleta and codefendants Joseph LaForte, James LaForte, and others, were part of an association-in-fact RICO enterprise that conspired to commit a number of predicate crimes, including crimes related to the fleecing of Par Funding’s many investors. Barleta’s admitted role in the conspiracy related to the securities and wire fraud components of the enterprise.
Joe LaForte and James LaForte pleaded guilty last month to racketeering conspiracy, securities fraud, and related crimes.
Joe LaForte is scheduled to be sentenced on January 13, 2025.
James LaForte and Joseph Cole Barleta are both scheduled to be sentenced on February 20, 2025.
Per the terms of Barleta’s plea agreement, the government is seeking a sentence of imprisonment of up to eight years, although the Court has discretion to impose a higher or lower sentence.
This case was investigated by the FBI, IRS Criminal Investigation, the Federal Deposit Insurance Corporation Office of Inspector General, and Pennsylvania State Police and is being prosecuted by Assistant United States Attorneys Matthew T. Newcomer, Samuel S. Dalke, Eric D. Gill, and Patrick J. Murray, as well as former Assistant United States Attorney Alexandra M. Lastowski. The SEC in Florida investigated and litigated the civil securities fraud charges, which formed the basis of a portion of the criminal prosecution.
Source: Federal Bureau of Investigation (FBI) State Crime Alerts (c)
PHILADELPHIA – United States Attorney Jacqueline C. Romero announced that Keenan Righter, 21, of New Castle, Delaware, was sentenced yesterday by United States District Court Chief Judge Mitchell S. Goldberg to 280 months in prison, five years of supervised release, restitution of $1,919, and a $500 assessment, in connection with two armed carjackings in Delaware County in January of 2023.
Righter was convicted by a jury in May of conspiracy, two counts of carjacking, and two counts of using or carrying a firearm during a crime of violence arising from his role in the two carjacking incidents. Codefendant Jamar Miller pleaded guilty to these offenses in March of 2023 and is awaiting sentencing.
On January 14, 2023, at approximately 9 p.m., Righter and others drove in Miller’s car to a Wawa on Route 322 in Upper Chichester Township, Delaware County. Righter and another male then ambushed a 23-year-old college student who was walking to his car after leaving the store. The men, each brandishing firearms and wearing masks to disguise their identities, demanded the victim’s vehicle at gunpoint. They pistol-whipped the victim in the back of the head and fled the scene in the victim’s car.
On January 24, 2023, at approximately 1:30 a.m., Righter and another male drove in Miller’s car to a Wawa on Edgmont Avenue in Brookhaven, Delaware County. Again, they wore masks and carried firearms as they carjacked a 33-year-old victim at gunpoint in the parking lot of the Wawa. The men pistol-whipped the victim multiple times in the head with a firearm as they stole his belongings and fled the scene in his car.
The defendant was apprehended after an intensive investigation by FBI Philadelphia’s Newtown Square Resident Agency, in conjunction with the Brookhaven and Upper Chichester Police Departments. Digital forensic evidence and more linked the defendant to both carjackings.
“Imagine the shock of being violently ambushed on a Wawa run, of all things,” said U.S. Attorney Romero. “Keenan Righter targeted and terrorized total strangers, just to steal their cars. Armed criminals who think they can victimize innocent people with impunity should take a good hard look at 21-year-old Mr. Righter’s 23-year prison sentence. Keep doing what you’re doing, and you’ll earn your own long stay in one of our federal facilities.”
“Such brazen and senseless acts, like the ones in this case, not only devastate the victims but our community at large,” said Wayne A. Jacobs, Special Agent in Charge of FBI Philadelphia. “This sentencing exemplifies the value of partnerships in combatting violent crime. Our office will continue to work alongside our local law enforcement partners and the U.S. Attorney’s Office to keep violent offenders off the streets and ensure our neighborhoods are a safer place to live.”
This case is part of Project Safe Neighborhoods (PSN), a program bringing together all levels of law enforcement and the communities they serve to reduce violent crime and gun violence, and to make our neighborhoods safer for everyone. On May 26, 2021, the department launched a violent crime reduction strategy strengthening PSN based on these core principles: fostering trust and legitimacy in our communities, supporting community-based organizations that help prevent violence from occurring in the first place, setting focused and strategic enforcement priorities, and measuring the results.
The case was investigated by the FBI, the Brookhaven Police Department, and Upper Chichester Police Department, and is being prosecuted by Special Assistant United States Attorneys Brian Doherty and Branwen McNabb O’Donnell.
Thank you for inviting me to speak today.1 I have participated in this conference for nearly 20 years and have often presented my research on monetary theory, banking, and payments. So, I believe this is the right audience to speak to regarding the role of centralized finance and the emergence of decentralized finance, or defi for short. Over the past few years, there has been a lot of attention and work on defi, which will be a major focus of my remarks. Many argue that defi will replace traditional centralized finance while others argue that it merely extends traditional finance methods and trading activities onto new platforms. It is in this sense that I want to address the question of whether centralized finance and defi are substitutes or complements to each other. Advances associated with defi have the potential to profoundly affect financial market trading. While I believe these advances could lead to efficiency gains, I recognize the significant value that has been delivered for centuries by financial intermediaries and through centralized financial markets. Before I share my views on the promise of these new technologies, let me tell you where I’m coming from on these issues. I am an economist, and so my first inclination is to think about the underlying economics driving an issue. But to understand the value proposition of defi, it is useful to first recall why centralized financial market trading arose in the first place. Centralized finance clearly provides benefits to people, but obviously also comes with some costs. I am going to take a few minutes to discuss those benefits and costs before turning to the question at hand. Let’s start with the economics of trading. Most financial trades are “pairwise” in that the seller of an object needs to find a buyer of that exact object. The problem is that it is often complicated, costly, and time-consuming to search for a buyer. This gives rise to the need for someone to step in and help buyers and sellers match in a faster and less costly manner. In short, there is a profit opportunity for someone to intermediate the trade. Another name for intermediaries is middlemen. Why would we pay a middleman? In their paper from nearly 40 years ago, Ariel Rubenstein and Asher Wolinsky described it eloquently: “What makes the middlemen’s activity possible is the time-consuming nature of the trade, which enables middlemen to extract surplus in return for shortening the time period that sellers and buyers have to wait for a transaction.”2 Let me contextualize the value of middlemen with an example I used for years when teaching money and banking. Suppose you had some extra income from saving and wanted to lend it out to earn interest. How would you do that? First, you would have to advertise that you had funds to lend. Then, you would have to wait for the right person who needed that exact amount of funds, which could be a long time. Once you met the right person, you would have to negotiate when repayment would occur. Next, you would need to know a lot of information about the person receiving your funds and the likelihood you would get repaid. This is needed to assess the risk of the transaction and the compensation you would need to give up your funds. You would also need a lot of legal advice to draw up a contract and stipulate how the contract would be enforced under a range of conditions. Finally, since you are the sole source of funding, you will bear the entire cost of a default. It should be clear that this would be a daunting exercise for most people and explains why they would turn to a middleman who specializes in this type of activity to do all this on their behalf. It is for these reasons that banks arose as early as in ancient Mesopotamia to carry out some of these functions.3 Similar issues arise when it comes to other ways of transferring resources from one person to another, as occurs from non-bank debt, equities and insurance contracts. Many point to trades of shares in the Dutch East India Trading Company in Amsterdam in the 1660s as the origins of the first modern stock exchange. Lloyds of London was founded as a means of pooling funds to share risk and return in the shipping industry, thus becoming the first insurance firm. The fact that similar arrangements still exist centuries later is a testament to the value of intermediation and centralized financial trading. However, these arrangements are not without drawbacks. An obvious drawback of intermediation from the perspective of those wishing to trade is that those middlemen must get paid. That is, there are transaction costs. Another drawback of intermediation is that you typically must turn over control of your assets, such as savings or stocks, to the intermediary for them to be traded. This creates a classic “principal-agent” problem whereby incentives between the principal—you—and the agent—the intermediary—may not be aligned. That can raise concerns about custody arrangements and recourse to regain control of one’s assets. Intermediation also requires recordkeeping arrangements that customers can trust accurately reflect their true holdings. In other words, centralized finance requires a substantial amount of trust. With all that in mind, let me turn to how and why technological innovations have given rise to defi. In a capitalist system, the existence of profits provides incentives for others to enter the market, offer a better product, and compete away any excess profits. This can be done by the creation of new financial firms that can provide the same or better service at a lower cost. Often that occurs through innovations and exploiting new technologies. Think about how the invention of the telegraph and the telephone revolutionized trading. More recently, the advent of the internet further advanced the ease and speed of financial trading. These are examples of how financial trading has evolved over time. And the next wave of innovations in financial market trading could be driven by technological advances that alleviate some potential drawbacks of the centralized approach. Often broad technological advances emanate from narrower efforts to design products or processes that solve specific problems. For example, one technology used to support portable home appliances like vacuum cleaners was originally developed to support the space program.4 Similarly, the development of crypto-assets led to the development of technologies that are fueling possibilities in defi. We don’t have enough time for me to cover the full history of crypto-assets, but I will focus on several key elements that have affected the evolution toward defi. An early crypto-asset—Bitcoin—was developed to function in a world in which trust among individuals did not exist. Rather than relying on intermediaries which require trust, Bitcoin relied on technology to facilitate trade. Bitcoin was also designed for privacy. No one would know who was buying or selling Bitcoin. This was achieved through cryptographic technology and private keys. In addition, it allowed individuals to maintain control of their crypto-assets throughout the entire trading process. That is, they no longer had to delegate control to others. Finally, all records were kept on a form of distributed ledger called a blockchain, which has design features that promote transparency and are censorship-proof. No individual or government could destroy the records of trades or take ownership of the objects traded. With that history in mind and before we delve into the question of whether defi and centralized finance are substitutes or complements, I think it is useful to carefully define some terms. This will make sure we’re all talking about the same things. As I described in a speech last year, I think of the crypto ecosystem as consisting of three parts:
a crypto-asset, which generally refers to any digital object traded using cryptographic techniques; technology that directly facilitates trading crypto-assets; this includes smart contracts and tokenization;5 and a database management protocol used to record trades and ownership of assets, commonly referred to as the blockchain, which includes both permissioned and permissionless distributed ledger technologies.
It is easy to see how the emergence of these technologies could lead one to think of defi as a substitute for centralized finance. For example, the technologies are allowing for individuals to trade assets without giving up control of those assets to an intermediary—a critical distinction with centralized finance. However, there are other uses emerging from these technologies that look more like complements to centralized finance. For example, distributed ledger technology, or DLT, may be an efficient and faster way to do recordkeeping in a 24/7 trading world. We already see several financial institutions experimenting with DLT for traditional repo trading that occurs 24/7. But before these ledgers can be used to facilitate transactions in traditional assets—like debt, equity, and real estate—these assets must be tokenized. Undertaking the process to tokenize assets and use distributed ledgers like blockchain can speed up transfers of assets and take advantage of another innovation: smart contracts. Rather than relying on each party to separately carry out the transaction, smart contracts can effectively combine multiple legs of a transaction into a single unified act executed by a smart contract. This can provide value as it can mitigate risks associated with settlement and counterparty risks by ensuring the buyer will not pay if the seller does not deliver. While these efforts are still in early stages, the functionality could expand to a broad set of financial activities. The bottom line is that things like DLT, tokenization, and smart contracts are just technologies for trading that can be used in defi or also to improve efficiency in centralized finance. That is why I see them as complements. Stablecoins are another important innovation in defi. Stablecoins were created in the crypto universe in hopes of providing a “safe” asset with a stable value for trading. Nearly all stablecoins are pegged to the U.S. dollar one-for-one. They provide an opportunity for buyers and sellers to transact in a decentralized fashion with the stablecoin used as the settlement instrument. Because they are effectively digital currency, stablecoins can reduce the need for payment intermediaries and thereby reduce costs of payments globally. But their safety is not assured. History is replete with cases in which synthetic dollars became subject to runs. Stablecoins thus face all of the same issues any substitute for genuine U.S. dollars faces. If appropriate guardrails can be erected to minimize run risk and mitigate other risks, such as their potential use in illicit finance, then stablecoins may have benefits in payments and by serving as a safe asset on a variety of new trading platforms. These technologies will almost certainly lead to efficiency gains over time, but as they develop, we should think carefully about their role in the broader financial landscape. Is it really possible to completely decentralize finance using these technologies? The answer is obviously “no.” Intermediation is still valuable for the average person, and we see this by the existence of trading exchanges in the crypto world. All these platforms involve giving custody of one’s crypto-assets to an intermediary, who conducts trades on behalf of the client. This reintroduces the need for trust in these platforms just as trust is needed in modern banking systems. Returning to the technologies behind defi, one must ask whether there are unique risks associated with the use of these technologies. If so, what is the nature of these risks? Are they contained to just those people directly engaging with the technologies, or could there be broader spillovers to society? For example, can these technologies increase the risk of inadvertently providing funds to bad actors? In centralized finance there are regulations that require banks to know who their clients are. Are similar rules and regulations needed around some of these new technologies? When it comes to our financial plumbing, which affects every person or business in one way or another, I think a balanced view of expeditious disruption and long-term sustainability is merited. So where does that leave us? Ultimately, I believe that advances in technology have the potential to drive efficiency gains in finance, just as technological innovation has done for centuries. While there are certain services emerging through defi that cannot be provided by centralized finance, the technological innovations stemming from defi are largely complementary to centralized finance. They have the potential to improve centralized finance, thereby increasing the significant value that financial intermediaries and centralized financial markets deliver. I look forward to seeing the continued evolution of financial technology and the benefits that evolution will bring to the households and businesses served by the financial system.
1. I would like to dedicate these remarks to an old friend and longtime participant of this conference, Paul Klein, who passed away unexpectedly two months ago. The views expressed here are my own and are not necessarily those of my colleagues on the Federal Reserve Board or the Federal Open Market Committee. Return to text 2. See Ariel Rubinstein and Asher Wolinsky, “Middlemen,” The Quarterly Journal of Economics 102 (August 1987): 581–93, https://academic.oup.com/qje/article-abstract/102/3/581/1887969. Return to text 3. See Benjamin Bromberg, “The origin of banking: religious finance in Babylonia (PDF),” The Journal of Economic History 2 (May 1942): 77–88. Return to text 4. See National Aeronautics and Space Administration, “Spinoff from a Moon Tool (PDF),” January 1, 1981. Return to text 5. See Christopher J. Waller, “Thoughts on the Crypto Ecosystem” (speech at Global Interdependence Center Conference: Digital Money, Decentralized Finance, and the Puzzle of Crypto, La Jolla, CA, February 10, 2023). Return to text
Source: Federal Bureau of Investigation (FBI) State Crime Alerts (c)
PHILADELPHIA – United States Attorney Jacqueline C. Romero announced that Carlton Rembert, 70, of Hampton, Virginia, was sentenced on October 11, 2024, by United States District Judge Joel H. Slomsky to 66 months’ imprisonment, five years of supervised release, $534,335 in restitution to the victims, and a $400 special assessment for his role in a scheme to defraud elderly incapacitated people of over $1 million.
Rembert’s late co-conspirator and sister, Gloria Byars, was a court-appointed guardian for over 100 incapacitated wards in Pennsylvania. Between 2012 and 2018, Byars, Rembert, and other co-conspirators stole the life savings from dozens of wards while Byars served as their court-appointed guardian. Byars pleaded guilty to conspiracy, wire fraud, money laundering, and tax fraud for her role in the fraud scheme. Rembert proceeded to trial in November 2023 and after a four-day trial, a jury found Rembert guilty of conspiracy, bank fraud, and wire fraud.
As guardian, Byars had unfettered access to wards’ property including bank accounts, pensions, real estate, retirement accounts, and other assets. Byars stole money from the wards’ bank accounts by writing unauthorized checks to companies she controlled, or to shell companies controlled by her co-conspirators, Rembert and Alesha Mitchell. Rembert and Mitchell assisted Byars in the theft by opening bank accounts in their home state of Virginia in the names of shell companies purporting to be medical services companies. Byars made the checks payable to her co-conspirators’ fake medical services companies, to make it appear that the elderly incapacitated ward incurred a legitimate medical expense.
After receiving dozens of checks from his sister, Rembert deposited over $695,000 in stolen ward checks into five separate shell business bank accounts he had opened. Rembert then withdrew over $388,000 in cash through 94 structured withdrawals. Rembert also obtained $217,082 in certified checks, sending the certified checks to Byars and keeping a share of the stolen ward money for himself. When confronted by law enforcement, Rembert lied to investigators, pretending that he provided services to the elderly and sick victims. Some of the victims’ families testified at Rembert’s trial, telling the court that they had never heard of Rembert’s sham medical companies, and that neither Rembert nor his companies provided any services for their loved ones.
Rembert and Byars spent the stolen ward money on personal expenses, including vacations, clothing and other retail purchases, restaurants, vehicles, gifts, and parties. In all, Byers, Rembert, and Mitchell stole well over $1 million from at least 120 incapacitated people in the Eastern District of Pennsylvania.
Alesha Mitchell is scheduled to be sentenced on October 24.
“Rembert and his co-conspirators had no qualms about ripping off these incapacitated victims and living it up on their stolen money,” said U.S. Attorney Romero. “The greed and callousness here are off the charts. It’s vile that criminals target the elderly and infirm specifically to take advantage of their vulnerability. My office and our partners will continue to do all we can to hold these crooks responsible and protect our elders from such greed, fraud, and abuse.”
“Elder fraud leaves a damaging impact on victims and our communities, and our office remains steadfast in pursuit of those who exploit this vulnerable population,” said Wayne A. Jacobs, Special Agent in Charge of FBI Philadelphia. “We encourage those who believe that they or a loved one are a victim of elder fraud to report it. Reporting elder fraud is not only a step towards justice, but it helps protect others from victimization.”
“Carlton Rembert, together with his co-conspirator Gloria Byars, abused the trust of the most vulnerable among us – individuals who have been incapacitated by age, illness, or both. What they did was truly heinous – and truly criminal. I applaud United States Attorney Romero for prosecuting these individuals, in one of the first guardianship fraud cases to be prosecuted. Unfortunately, this type of fraud is increasing, and it is important for law enforcement to send a clear signal that it will not be tolerated,” said Delaware County District Attorney Jack Stollsteimer.
“As a law enforcement community, it is our duty to hold individuals accountable who abuse their position of trust and steal from the people that are under their care,” said Amy MacNeely, Acting Special Agent in Charge of IRS Criminal Investigation. “We, along with our law enforcement partners and the Department of Justice, will continue to hold accountable those who exploit the most vulnerable among us.”
The case was investigated by the FBI, the Delaware County District Attorney’s Office Criminal Investigation Division, and IRS Criminal Investigation and is being prosecuted by Assistant United States Attorneys Tiwana Wright and Samuel Dalke.
Source: United States House of Representatives – Congresswoman Angie Craig (MN-02)
NBC News Investigation: “30% of the cameras in Border Patrol’s main surveillance system are broken, memo says
WASHINGTON, DC –Followingnews reportsthat nearly one-third of the surveillance cameras used by U.S. Customs and Border Protection along the southern border are not working, U.S. Representative Angie Craig renewed her call for a vote on the bipartisan border agreement.
In a letter to House Speaker Mike Johnson, Rep. Craig noted the bipartisan border deal negotiated earlier this year included $170 million for remote video surveillance towers and $47.5 million to update mobile surveillance systems along the southern border.
“The safety and security of our nation’s southern border is nothing to play politics with. I’ve stood ready to pass comprehensive border security policy and funding legislation and I know colleagues on both sides of the aisle are ready to vote for this bill,” wrote Rep. Craig.
Rep. Craig has been a leading voice for bipartisan border security reform –successfully urgingPresident Biden to take executive action to decrease illegal border crossings earlier this year.
Over a year ago, Rep. Craig visited the southern border with 17 Republicans and urged bipartisan action to keep communities safe.
Earlier this year, Rep. Craigjoinedthe Democrats for Border Security Task Force andled the House effortto secure federal funding to install fentanyl scanners at the southern border.
President Biden signed Rep. Craig’s bipartisanEND FENTANYL Actinto law in March to help stop the smuggling of illicit fentanyl through U.S. ports of entry.
Click hereto read Rep. Craig’s letter to Speaker Johnson.
(HARTFORD, CT) – Governor Ned Lamont, Senator Richard Blumenthal, Senator Chris Murphy, Congresswoman Rosa DeLauro, Congresswoman Jahana Hayes, Congressman John B. Larson, and Transportation Commissioner Garrett Eucalitto today announced that the Connecticut Department of Transportation (CTDOT) has been awarded a $125 million competitive grant from the U.S. Department of Transportation through President Joe Biden’s Bipartisan Infrastructure Law to support Phase 3 of the construction project reconfiguring the highway interchange that connects Interstate 91, Interstate 691, and Route 15 in Meriden.
This interchange is one of the most congested, outdated, and crash prone highway corridors in Connecticut, and the state leaders have been unified in working to secure federal funding that will enable the state to complete a major reconfiguration of this area.
CTDOT is currently constructing the second of the project’s three phases. The project’s overall goal is to reduce congestion and improve safety by eliminating dangerous weaving points, correcting roadway geometry, and adding multi-lane exits. Upon completion of Phase 3 in 2030, the project will see the replacement and rehabilitation of several bridges and the addition and extension of auxiliary lanes to reduce crashes and improve traffic flow.
Governor Lamont said, “This area of highway is one of the most heavily congested in Connecticut and our administration has made its reconfiguration a priority because it’s about time that we do something about the backups, crashes, and delays that this oddly designed section of roadway causes nearly every day. This is a major reconfiguration of a very heavily traveled area and it’s going to take some time to complete, but ultimately central Connecticut will benefit from finally easing the congestion on these highways. We’re able to execute this project thanks to the funding released by President Biden’s Bipartisan Infrastructure Law, and I applaud Connecticut’s outstanding Congressional delegation for not only helping to get this law passed but also working to ensure that our state benefits from it in a major way. I thank the Biden-Harris administration and the U.S. Department of Transportation for working with our administration to secure the funding for this important project.”
Senator Blumenthal said, “I am proud that a historic $125 million in federal funding will support the reconfiguration of one of Connecticut’s most congested interchanges. This redesign will provide relief to the countless motorists who pass through every day and provide much-needed infrastructure upgrades. I will continue fighting to deliver federal investments to Connecticut that make our roads and highways more safe and secure.”
Senator Murphy said, “Getting through the congestion on I-91, I-691, and Route 15 has become a daily headache for Connecticut drivers. This $125 million in federal dollars from the Bipartisan Infrastructure Law will help realign ramps, replace aging bridges, improve drainage, and support other long-needed infrastructure upgrades that streamline the flow of traffic, create good-paying jobs, and ensure a safer, smoother commute for thousands of people.”
Congresswoman DeLauro said, “This is another victory for Connecticut. When my fellow Congressional members and I worked on the Bipartisan Infrastructure Act, we understood the law’s potential to benefit communities throughout the state. With funding now in place for Phase 3 of the reconfiguration of Interstate 91, Interstate 691, and Route 15, we are generating well-paying jobs, fixing bridges, expanding traffic lanes on I-91, making our roads safer, and enhancing road conditions.”
Congresswoman Hayes said, “Reconfiguring the I-91, I-691, Route 15 interchange will reduce traffic and increase safety for drivers. I am delighted to see another federal investment awarded to move this project forward. Investing in modernizing infrastructure benefits communities, and I will continue to work with my Congressional colleagues to prioritize more projects that deliver for Connecticut.”
Congressman Larson said, “Connecticut has some of the most congested and dangerous highways and interchanges in America. I worked with the entire Connecticut Congressional delegation to pass the Bipartisan Infrastructure Law so we can cut down on traffic congestion, repair aging roads and bridges, and support good-paying union jobs. I applaud Governor Lamont and Commissioner Eucalitto for their ongoing commitment to improving our infrastructure and revitalizing our communities, and I look forward to continuing to work with them to support projects across the state, including the Greater Hartford area, that accomplish those goals.”
Commissioner Eucalitto said, “Improving safety is our number one priority at CTDOT and it is the number one goal of this project. Without federal support from the Bipartisan Infrastructure Law, projects like this can sit idle for decades while Connecticut pays the price. We are thankful to Governor Lamont and the state legislature for ensuring we had matching funds to secure this grant, appreciative of our Congressional delegation for its steadfast advocacy, and grateful to our partners at USDOT who allow us to dream big once again.”
The cost of the project’s first phase totaled $80 million and was entirely funded by the state. The second phase is supported by a combination of $50 million in state funding and $200 million federal funding from the Bipartisan Infrastructure Law. The third phase will be supported by the $125 million federal grant announced today, as well as additional state funding. Combined, the expenditure for all three phases is anticipated to be more than $500 million.
This project includes a project labor agreement with the building trades, providing good-paying jobs and workforce development training for the next generation of workers.
The first phase began in early 2023 and is aimed at repairing bridges, adding a lane of traffic to I-91, and making related road improvements. This includes:
Realigning and reconfiguring the ramp from I-691 eastbound to I-91 northbound (Exit 1A old Exit 11) to two lanes to meet traffic demand.
Bridge replacement due to the proposed ramp realignment.
Adding an auxiliary lane on I-91 northbound to relieve congestion and improve safety caused by a steep uphill grade.
This second phase began in June and includes:
Adding a new two-lane exit ramp from Route 15 northbound to I-91 northbound to reduce traffic congestion on the Exit 68 N-E ramp.
Closing the existing Exit 17 ramp from I-91 northbound to Route 15 northbound and re-routing traffic to Exit 16 to provide a two-lane exit ramp with a right-side traffic merge onto Route 15 northbound.
Reconfiguring the existing Exit 68W ramp from Route 15 northbound to I-691 westbound to two lanes.
Reconfiguring the acceleration and deceleration lanes to provide adequate traffic weaving distances to improve safety.
The third phase will include:
A new two-lane exit ramp from Route 15 southbound to I-91 southbound to reduce traffic congestion on the existing Exit 67 ramp.
A new two-lane I-91 southbound ramp to Route 15 southbound to reduce traffic congestion on the existing Exit 17 ramp.
Reconfiguring the ramp from I-691 eastbound to Route 15 southbound (Exit 10) to two lanes.
Reconfiguring the ramp from I-91 southbound to I-691 westbound (Exit 18) to two lanes.
Members of the public are encouraged to learn more about the project, get the latest updates, and subscribe to construction alerts by visiting the project’s website ati-91i-691route15interchange.com.
Source: The Conversation – UK – By Kieran Maguire, Senior Teacher in Accountancy and member of Football Industries Group, University of Liverpool
When the Premier League broke away from the rest of English football in 1992, its 22 clubs generated £205 million in its debut season, and the average player earned £2,050 a week. Thirty years later, despite having two fewer clubs, the league’s revenue had increased by 2,850% to £6.1 billion and the average player earned £93,000 a week.
At the heart of this extraordinary growth is an American revolution. In the Premier League’s inaugural season, football was still in recovery from the horrors of the stadium disasters at Hillsborough and Heysel. Owners tended to be from the local area and with a business background. The only foreign owner was Sam Hamman at Wimbledon, a Lebanese millionaire who bought the club on a whim having reportedly been much more interested in tennis. The season ended with Manchester United (under Alex Ferguson) winning the English game’s top league for the first time in 26 years.
Now, if the Texas-based Friedkin Group’s recent deal to buy Everton goes through, 11 of the 20 Premier League clubs will be controlled or part-owned by American investors. The US – long seen as football’s final frontier when it comes to the men’s game – suddenly can’t get enough of English “soccer”.
Four of the Premier League’s “big six” are American-owned – Manchester United, Liverpool, Arsenal and Chelsea – while a fifth, Manchester City, has a significant US minority shareholding. Aston Villa, Fulham, Bournemouth, Crystal Palace, West Ham and Ipswich Town also have varying degrees of American ownership.
And it’s not even just the glamour clubs at the top of the tree. American investment has also been significant lower down the football pyramid, led by the high-profile acquisition of then non-league Wrexham by Hollywood actors Ryan Reynolds and Rob McElhenny, and Birmingham City’s purchase by US investors including seven-time Super Bowl winner Tom Brady. American investment in football has reached places as geographically diverse as Carlisle and Crawley in England, and Aberdeen and Edinburgh in Scotland.
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Manchester United was the first Premier League club to come under American ownership – after a row about a horse.
In 2005, United was owned by a variety of investors including Irish businessmen and racehorse owners John Magnier and J.P. McManus. Their erstwhile friend Ferguson, the United manager, thought he co-owned the champion racehorse Rock of Gibraltar with them – a stallion worth millions in stud rights. They disagreed – and their bitter dispute was such that Magnier and McManus decided to sell their shares in the football club.
The Miami-based Glazer family – already involved in sport as owners of NFL franchise the Tampa Bay Buccaneers – had already been buying up small tranches of shares in United, but the sudden availability of the Irish shares allowed Malcolm Glazer to acquire a controlling stake for £790 million (around £1.5 billion at today’s prices).
The fact Glazer did not actually have sufficient funds to pay for these shares was a solvable problem. In the some-might-say commercially naive world of top-flight English football before the Premier League, Manchester United was a club without debt, paying its way without leveraging its position as one of the world’s most famous football clubs. Glazer saw the opportunity this presented and arranged a leveraged buy-out (LBO), whereby the football club borrowed more than £600 million secured on its own assets to, in effect, “buy itself” in 2005.
Despite the need to meet the high interest costs to fund the LBO, United continued winning trophies under Ferguson – including three Premier League titles in a row in 2007, 2008 and 2009, as well as a Champions League victory in 2008. Amid this success, the club felt that ticket prices were too low and set about increasing them, with matchday revenue increasing from £66 million in 2004/05 to over £101 million by 2007/08.
Commercial income was another area the Glazers were keen to increase. United set up offices in London and adopted a global approach to finding new official branding deals ranging from snacks to tractor and tyre suppliers – doubling revenues from this income source too.
But in this new, more aggressive world of “sweating the asset”, the debts lingered – and most United fans remained deeply suspicious of their American owners. (Following their father’s death in 2014, the club was co-owned by his six children, with brothers Avram and Joel Glazer becoming co-chairmen.)
Today, despite its partial listing on the New York Stock Exchange and the February 2024 sale of 27.7% of the club to British billionaire Sir Jim Ratcliffe for a reputed £1.25 billion, United still has borrowings of more than £546 million, having paid cumulative interest costs of £969 million since the takeover in 2005. But with the club now valued at US$6.55 billion (around £5bn), it represents a very smart investment for the Glazer family.
Indeed, while the prices being paid for football clubs across Europe have reached record levels, they are still seen as cheap investments compared with US sports’ leading franchises. Forbes’s annual list of the world’s most valuable sports teams has American football (NFL), baseball (MLB) and basketball (NBA) teams occupying the top ten positions, with only three Premier League clubs – Manchester United, Liverpool and Manchester City – in the top 50.
With NFL teams having an average franchise value of US$5.1 billion and NBA $3.9 billion, many English football clubs still look like a bargain from the other side of the pond.
The risk of relegation
The latest to join this US bandwagon, the Friedkin Group – a Texas-based portfolio of companies run by American businessman and film producer Dan Friedkin – is reported to have offered £400m to buy Everton, despite the club’s poor financial state.
“The Toffees” have been hit by loss of sponsorships as well as two sets of points deductions for breaching the Premier League’s financial rules, leading to revenue losses from lower league positions. While the new stadium being built at Liverpool’s Bramley-Moore dock has been yet another financial constraint, it will at least increase matchday income from the start of next season.
Everton’s new stadium at Bramley-Moore dock will open in time for the start of the 2025-26 season. Phil Silverman / Shutterstock
A wider reason for the relative bargain in valuations of European football clubs is the risk of relegation – something that is not part of the closed leagues of most US sports. While the threat of relegation (and promise of promotion) has always been an integral part of English and European football, the jeopardy this brings for supporters – and a club’s finances – does not exist in the NFL, NBA, Major League Soccer and similar competitions.
The Premier League, with its three relegation spots at the end of each season, has featured 51 different clubs since it launched in 1992. Only six clubs – Arsenal, Spurs, Chelsea, Manchester United, Liverpool and Everton – have been ever present, with Arsenal now approaching 100 years of consecutive top-flight football.
Other Premier League clubs have experienced the dramatic cost-benefit of relegation and promotion. Oldham Athletic, who were in the Premier League for its first two seasons, now languish in the fifth tier of the game, outside the English Football League (EFL). In contrast, Luton Town, who were in the fifth tier as recently as 2014, were promoted to the Premier League in 2023 – only to be relegated at the end of last season.
While it is difficult to compare football clubs with basketball and American football teams, the financial difference between having an open league, with relegation, and a closed league becomes apparent when you look at women’s football on both sides of the Atlantic.
Angel City, a women’s soccer team based in Los Angeles, only entered the National Women’s Soccer League (NWSL) in 2022 and is yet to win an NWSL trophy. But last month, the club was sold for US$250 million (£188m) to Disney’s CEO Bob Iger and TV journalist Willow Bay – the most expensive takeover in the history of women’s professional sport.
In comparison, Chelsea – seven-time winners of the English Women’s Super League and one of the most successful sides in Europe – valued its women’s team at £150 million ($US196m) earlier this summer. While there are a number of factors to this price differential, the confidence that Angel City will always be a member of the big league of US soccer clubs – and share very equally in its revenue – will have made its new owners very confident in the long-term soundness of their deal.
The story of Angel City FC, the most expensive team in women’s sport.
A further attraction for American investors is the potential to enter two markets – one mature (men’s football) and one effectively a start-up (the women’s game) – in a single purchase. In the US, the top men’s and women’s clubs are completely separate. But in Europe, most top-flight women’s teams are affiliated to men’s clubs – with the exception of eight-time Women’s Champions League winners Olympique Lyonnais Feminin, which split from the French men’s club when Korean-American businesswoman Michele Kang bought a majority stake in the women’s team in February 2024).
While interest in, and hence value of, the WSL is now growing fast, the women’s game in England is dwarfed by viewer ratings for the Premier League – the most watched sporting league in the world, viewed by an estimated 1.87 billion people every week across 189 countries.
These figures dwarf even the NFL which, while currently still the most valuable of all sporting leagues in terms of its broadcasting deals, must be looking at the growth of the Premier League with some jealousy. This may explain why some US franchise owners, such as Stan Kroenke, the Glazer family, Fenway Sports Group and Billy Foley, have subsequently purchased Premier League football clubs.
Ironically, for many spectators around the world, it is the intensity and competitiveness of most Premier League matches – brought on in part by the threat of relegation and prize of European qualification – that makes it so captivating. However, billionaire investors like guaranteed numbers and dislike risk – especially the degree of financial risk that exists in the Premier League and English Football League.
European not-so-Super League
In April 2021, 12 leading European clubs (six from England plus three each from Spain and Italy) announced the creation of the European Super League (ESL). This new mid-week competition was to be a high-revenue generating, closed competition with (eventually) 15 permanent teams and five annual additions qualifying from Europe. According to one of the driving forces behind the plan, Manchester United co-chairman Joel Glazer:
By bringing together the world’s greatest clubs and players to play each other throughout the season, the Super League will open a new chapter for European football, ensuring world-class competition and facilities, and increased financial support for the wider football pyramid.
The problem facing the Premier League’s “big six” clubs – and their ambitious owners – is there are currently only four slots available to play in the Champions League. So, their thinking went, why not take away the risk of not qualifying? However, the proposal was swiftly condemned by fans around Europe, together with football’s governing bodies and leagues – all of whom saw the ESL proposal as a threat to the quality and integrity of their domestic leagues. Following some large fan protests, including at Chelsea’s Stamford Bridge, Manchester City was the first club to withdraw – followed, within a couple of days, by the rest of the English clubs.
Under the terms of the ESL proposals, founding member clubs would have been guaranteed participation in the competition forever. Guaranteed participation means guaranteed revenues. The current financial gap between the “big six” and the other members of the Premier League, which in 2022/23 averaged £396 million, would have widened rapidly.
For example, these clubs would have been able to sell the broadcast rights for some of their ESL home fixtures direct to fans, instead of via a broadcaster. All of a sudden, that database of fans who have downloaded the official club app, or are on a mailing list, becomes far more valuable. These are the people most willing to watch their favourite team on a pay-per-view basis, further increasing revenues.
At the same time, a planned ESL wage cap would have stopped players taking all these increased revenues in the form of higher wages, allowing these clubs to become more profitable and their ownership even more lucrative.
American-owned Manchester United and Liverpool had previously tried to enhance the value of their investments during the COVID lockdowns era via ProjectBig Picture – proposals to reduce the size of the Premier League and scrap one of the two domestic cup competitions, thus freeing up time for the bigger clubs to arrange more lucrative tours and European matches against high-profile opposition.
Most importantly, Project Big Picture would have resulted in changing the governance of the domestic game. Under its proposals, the “big six” clubs would have enjoyed enhanced voting rights, and therefore been able to significantly influence how the domestic game was governed.
Any attempt to increase the concentration of power raises concerns of lower competitive balance, whereby fewer teams are in the running to win the title and fewer games are meaningful. This is a problem facing some other major European football leagues including France’s Ligue 1, where interest among broadcasters has dwindled amid the perceived dominance of Paris St-Germain.
So while to date, American-led attempts to change the structure of the Premier League have been foiled, it’s unlikely such ideas have gone away for good. The near-universal fear of fans – even those who welcome an injection of extra cash from a new billionaire owner – is that the spectacle of the league will only be diminished if such plans ever succeed.
And there is evidence from the women’s game that the US closed league format is coming under more pressure from football’s global forces. The NWSL recently announced it is removing the draft system that is designed (as with the NFL and NBA) to build in jeopardy and competitive balance when there is no risk of relegation.
Top US women’s football clubs are losing some of their leading players to other leagues, in part because European clubs are not bound by the same artificial rules of employment. In a truly global professional sport such as football, international competition will always tend to destabilise closed leagues.
Why do they keep buying these clubs?
Does this mean that American and other wealthy owners of Premier League clubs seeking to reduce their risks are ultimately fighting a losing battle? And if so, given the potential risks involved in owning a football club – both financial and even personal – why do they keep buying them?
The motivations are part-financial, part technological and, as has always been the case with sports ownership, part-vanity.
The American economy has grown far faster than that of the EU or UK in recent years. Consequently, there are many beneficiaries of this growth who have surplus cash, and here football becomes an attractive proposition. In fact, football clubs are more resilient to recessions than other industries, holding their value better as they are effectively monopoly suppliers for their fans who have brand loyalty that exists in few other industries.
From 1993 to 2018, a period during which the UK economy more than doubled, the total value of Premier League clubs grew 30 times larger. And many fans are tied to supporting one club, helping to make the biggest clubs more resilient to economic changes than other industries. While football, like many parts of the entertainment industry, was hit by lockdown during Covid, no clubs went out of business, despite the challenges of matches being played in empty stadiums.
Added to this, the exchange rates for US dollars have been very favourable until recently, making US investments in the UK and Europe cheaper for American investors.
So, while Manchester United fans would argue that the Glazer family have not been good for the club, United has been good for the Glazers. And Fenway Sports Group (FSG), who bought Liverpool for £300 million in 2010, have recouped almost all of that money in smaller share sales while remaining majority owners of Liverpool.
Despite this, the £2.5 billion price paid for Chelsea by the US Clearlake-Todd Boehly consortium in May 2022 took markets by surprise.
The sale – which came after the UK government froze the assets of the club’s Russian oligarch owner, Roman Abramovich, following the invasion of Ukraine – went through less than a year after Newcastle United had been sold by Sports Direct founder Mike Ashley to the Saudi Arabian Public Investment Fund for £305 million – approximately twice that club’s annual revenues. Yet Clearlake-Boehly were willing to pay over five times Chelsea’s annual revenues to acquire the club, even though it was in a precarious financial position.
Clearlake is a private equity group whose main aim is to make profits for their investors. But unlike most such investors, who tend to focus on cost-cutting, the Chelsea ownership came in with a high-spending strategy using new financial structuring ideas, such as offering longer player contracts to avoid falling foul of football’s profitability and sustainability rules (although this loophole has since been closed with Uefa, European football’s governing body, limiting contract lengths for financial regulation purposes to five years).
Chelsea’s location in the one of the most expensive areas of London, combined with its on-field success under Abramovich, all added to the attraction, of course. But there are other reasons why Clearlake, along with billionaire businessman Boehly, were willing to stump up so much for the club.
From Hollywood to the metaverse
While some British football fans may have viewed the Ted Lasso TV show as an enjoyable if slightly twee fictional account of American involvement in English soccer, it has enhanced the attraction of the sport in the US. So too Welcome To Wrexham – the fly-on-the-wall series covering the (to date) two promotions of Wales’s oldest football club under the unlikely Hollywood stewardship of Reynolds and McElhenney.
Welcome To Wrexham, season one trailer.
The growth in US interest in English football is reflected in the record-breaking Premier League media rights deal in 2022, with NBC Sports reportedly paying $2.7 billion (£2.06bn) for its latest six-year deal.
But as well as football offering one of increasingly few “live shared TV experiences” that carry lucrative advertising slots, there may also be more opportunity for more behind-the-scenes coverage of the Premier League – as has long been seen in US coverage of NBA games, for example, where players are interviewed in the locker room straight after games.
According to Manchester United’s latest annual report, the club now has a “global community of 1.1 billion fans and followers”. Such numbers mean its owners, and many others, are bullish about the potential of the metaverse in terms of offering a matchday experience that could be similar to attending a match, without physically travelling to Manchester.
Their neighbours Manchester City, part-owned by American private equity company Silverlake, broke new (virtual) ground by signing a metaverse deal with Sony in 2022. Virtual reality could give fans around the world the feeling of attending a live match, sitting next to their friends and singing along with the rest of the crowd (for a pay-per-view fee).
Some investors are even confident that advancements in Abba-style avatar technology could one day allow fans to watch live 3D simulations of Premier League matches in stadiums all over the world. Having first-mover advantage by being in the elite club of owners who can make use of such technology could prove ever more rewarding.
More immediately, there are some indications that competitive matches involving England’s top men’s football teams could soon take place in US or other venues. Boehly, Chelsea’s co-owner, has already suggested adopting some US sports staples such as an All-Star match to further boost revenues. Indeed, back in 2008, the Premier League tentatively discussed a “39th game” taking place overseas, but that idea was quickly shelved.
The American owners of Birmingham City were keen to play this season’s EFL League One match against Wrexham in the US, but again this proposal did not get far. Liverpool’s chairman Tom Werner says he is determined to see matches take place overseas, and recent changes to world governing body Fifa’s rulebook could make it easier for this proposal to succeed.
The potential benefits of hosting games overseas include higher matchday revenues, increased brand awareness, and enhanced broadcast rights. While there is likely to be significant opposition from local fans, at least American owners know they would not face the same hostility about rising matchday prices in the US as they have encountered in England.
When the Argentinian legend Lionel Messi signed for new MLS franchise Inter Miami in 2023, season ticket prices nearly doubled on his account. And while there is vocal opposition to higher ticket prices in England, this is not borne out in terms of lower attendances for matches against high-calibre opposition – as evidenced by Aston Villa charging up to £97 for last week’s Champions League meeting with Bayern Munich.
Villa’s director of operations, Chris Heck, defended the prices by saying that difficult decisions had to be made if the club was to be competitive.
Manchester United’s matchday revenue per EPL season (£m)
For much of the 2010s, with broadcast revenues increasing rapidly, many Premier League owners made little effort to stoke hostilities with their loyal fan bases by putting up ticket prices. Indeed, Manchester United generated little more from matchday income in the 2021-22 season, as football emerged from the pandemic, than the club had in 2010-11 (see chart above).
However, this uneasy truce between fans and owners has ceased. The relative flatlining of broadcast revenues since 2017, along with cost control rules that are starting to affect clubs’ ability to spend money on player signings and wages, has changed club appetites for dampened ticket prices. This has resulted in noticeable rises in individual ticket and season ticket prices by some clubs.
However, season ticket and other local “legacy” fans generate little money compared with the more lucrative overseas and tourist fans. They may only watch their favourite team live once a season, but when they visit, they are far more likely not only to pay higher matchday prices, but to spend more on merchandise, catering and other offerings from the club.
Today’s breed of commercially aware, profit-seeking US Premier League owners – pioneered by the Glazer family, who saw that “sweating the asset” meant more than watching football players sprinting hard – understand there is a lot more value to come from English football teams. The clubs’ loyal local supporters may not like it, but English football’s American-led revolution is not done yet.
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Kieran Maguire has taught courses and presented on football finance for the Professional Footballers Association, League Managers Association, FIFA and national football associations in Europe.
Christina Philippou is affiliated with the RAF FA, and Premier League education programs.
WOODS CROSS, Utah, Oct. 17, 2024 (GLOBE NEWSWIRE) — Sky Quarry Inc. (NASDAQ: SKYQ) (“Sky Quarry” or the “Company”), an integrated energy solutions company committed to revolutionizing the waste asphalt shingle recycling industry, today announced the Company will ring the closing bell at the Nasdaq MarketSite in Times Square, New York on Friday, October 25, 2024.
“We are honored to ring the closing bell to celebrate our recent listing on the Nasdaq Exchange,” said David Sealock, Chief Executive Officer, Co-Founder, and Chairman of Sky Quarry. “This celebration marks a significant milestone for the Company, its team members, and our shareholders as we continue our waste-to-energy mission of repurposing and upcycling millions of tons of asphalt shingle waste, diverting them from landfills. By leveraging our innovative technology, we plan to not only address a significant environmental challenge, but to also create economic opportunities that benefit the planet as well as our stakeholders. We look forward to everyone joining our bell ringing ceremony either in-person or via livestream.”
Mr. Sealock will be accompanied at the closing bell ceremony by Sky Quarry Co-Founder and VP Executive Marcus Laun and Chief Financial Officer Darryl Delwo.
Management will also take part in a Behind the Bell interview from the Nasdaq MarketSite after the closing bell ceremony, which will be available here once published.
Company management will also be in New York City from October 24 – 25, 2024 for investor meetings and in-person media interviews. Interested parties should contact MZ Group at 949-491-8235 or SKYQ@mzgroup.us to schedule a meeting or interview.
For more information about Sky Quarry, please visit skyquarry.com.
About Sky Quarry Inc.
Sky Quarry Inc. (NASDAQ:SKYQ) and its subsidiaries are, collectively, an oil production, refining, and a development-stage environmental remediation company formed to deploy technologies to facilitate the recycling of waste asphalt shingles and remediation of oil-saturated sands and soils. Our waste-to-energy mission is to repurpose and upcycle millions of tons of asphalt shingle waste, diverting them from landfills. By doing so, we can contribute to improved waste management, promote resource efficiency, conserve natural resources, and reduce environmental impact. For more information, please visit skyquarry.com.
Forward-Looking Statements
This press release may include ”forward-looking statements.” All statements pertaining to our future financial and/or operating results, future events, or future developments may constitute forward-looking statements. The statements may be identified by words such as “expect,” “look forward to,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “estimate,” “will,” “project,” or words of similar meaning. Such statements are based on the current expectations and certain assumptions of our management, of which many are beyond our control. These are subject to a number of risks, uncertainties, and factors, including but not limited to those described in our disclosures. Should one or more of these risks or uncertainties materialize or should underlying expectations not occur or assumptions prove incorrect, actual results, performance, or our achievements may (negatively or positively) vary materially from those described explicitly or implicitly in the relevant forward-looking statement. We neither intend, nor assume any obligation, to update or revise these forward-looking statements in light of developments which differ from those anticipated. You are urged to carefully review and consider any cautionary statements and the Company’s other disclosures, including the statements made under the heading “Risk Factors” and elsewhere in the offering statement filed with the SEC. Forward-looking statements speak only as of the date of the document in which they are contained.
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.
VANCOUVER, British Columbia, Oct. 17, 2024 (GLOBE NEWSWIRE) — Westhaven Gold Corp. (TSX-V:WHN) (“Westhaven” or the “Company”) is pleased to announce the closing of its previously announced brokered private placement (the “Offering“) for aggregate gross proceeds of C$6,000,004.50, which includes the full exercise of the agent’s option for proceeds of C$1,000,002.50. Under the Offering, the Company sold the following:
10,000,000 units of the Company (each, a “Unit”) at a price of C$0.15 per Unit for gross proceeds of C$1,500,000 from the sale of Units;
5,714,300 common shares of the Company that qualify as “flow-through shares” within the meaning of subsection 66(15) of the Income Tax Act (Canada) (each, a “Traditional FT Share”) at a price of C$0.175 per Traditional FT Share for gross proceeds of C$1,000,002.50 from the sale of Traditional FT Shares; and
15,909,100 flow-through units of the Company (each, a “Charity FT Unit”, and collectively with the Units and Traditional FT Shares, the “Offered Securities”) at a price of C$0.22 per Charity FT Unit for gross proceeds of C$3,500,002 from the sale of Charity FT Units.
In connection with the Offering, Rob McEwen made a strategic investment of C$1.5 million. Following the completion of the Offering, Mr. McEwen owns approximately 5.3% of the issued and outstanding common shares of the Company. Mr. McEwen is the founder and former Chairman of Goldcorp, is currently the Executive Chairman and largest shareholder of McEwen Mining Inc. and is a member of the Mining Hall of Fame.
Each Unit consists of one common share of the Company (each, a “Unit Share”) and one half of one common share purchase warrant (each whole warrant, a “Warrant”). Each Charity FT Unit consists of one common share of the Company that quality as a “flow-through share” within the meaning of subsection 66(15) of the Income Tax Act (Canada) (a “Charity FT Unit Share”) and one half of one Warrant, which will also qualify as a “flow-through share” for the purposes of the Income Tax Act (Canada). Each Warrant entitles the holder to purchase one common share of the Company (each, a “Warrant Share”) at a price of C$0.22 per Warrant Share at any time on or before October 17, 2026.
Red Cloud Securities Inc. (the “Agent”) acted as sole agent and bookrunner in connection with the Offering. In consideration for their services, the Agent received a cash commission of C$346,867.77 and 1,815,564 broker warrants (the “Broker Warrants”), with each such Broker Warrant exercisable for one common share of the Company (a “Broker Share”) at a price of C$0.15 per Broker Share at any time on or before October 17, 2026.
Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 – Prospectus Exemptions (“NI 45-106”), the Units and Charity FT Units (the “LIFE Securities”), representing gross proceeds of C$5,000,002.00, were sold to purchasers in the provinces of Alberta, British Columbia, Manitoba, Ontario, and Saskatchewan (the “Canadian Selling Jurisdictions”), the United States and certain offshore jurisdictions pursuant to the listed issuer financing exemption under Part 5A of NI 45-106 (the “Listed Issuer Financing Exemption”). The Unit Shares, Charity FT Unit Shares and Warrants that were issued, and the Warrant Shares that may be issued upon due exercise of the Warrants, pursuant to the sale of the LIFE Securities will be immediately freely tradeable under applicable Canadian securities legislation if sold to purchasers resident in Canada. The Traditional FT Shares sold pursuant to the Offering were offered by way of the “accredited investor” exemption under NI 45-106 in the Canadian Selling Jurisdictions and Quebec. The Traditional FT Shares are subject to a hold period under Canadian securities laws ending on February 18, 2025.
The Company intends to use the net proceeds from the sale of Units for working capital and general corporate purposes. The gross proceeds from the sale and issuance of the Traditional FT Shares and the Charity FT Units will be used to incur “Canadian exploration expenses” on the Company’s mineral projects in British Columbia and will qualify as “flow-through mining expenditures”, as both terms are defined in the Income Tax Act (Canada) (collectively, “Qualifying Expenditures”), which will be incurred on or before December 31, 2025 and renounced to the subscribers of the Offering with an effective date no later than December 31, 2024 in an aggregate amount not less than the gross proceeds raised from the sale of the Traditional FT Shares and Charity FT Units. In addition, with respect to British Columbia resident subscribers or those who are eligible individuals under the Income Tax Act (British Columbia), the Qualifying Expenditures will be eligible for the 20% BC mining flow-through share tax credit.
The securities offered have not been, nor will they be, registered under the U.S. Securities Act of 1933, as amended, or any state securities law, and may not be offered, sold or delivered, directly or indirectly, within the United States, or to or for the account or benefit of U.S. persons, absent registration or an exemption from such registration requirements. This news release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of securities in any state in the United States in which such offer, solicitation or sale would be unlawful.
On behalf of the Board of Directors
WESTHAVEN GOLD CORP.
“Gareth Thomas”
Gareth Thomas, President, CEO & Director
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
About Westhaven Gold Corp.
Westhaven is a gold-focused exploration company advancing the high-grade discovery on the Shovelnose project in Canada’s newest gold district, the Spences Bridge Gold Belt. Westhaven controls ~60,950 hectares (609.5 square kilometres) with four gold properties spread along this underexplored belt. The Shovelnose property is situated off a major highway, near power, rail, large producing mines, and within commuting distance from the city of Merritt, which translates into low-cost exploration. Westhaven trades on the TSX Venture Exchange under the ticker symbol WHN. For further information, please call 604-681-5558 or visit Westhaven’s website at http://www.westhavengold.com
Forward Looking Statements:
This press release contains “forward-looking information” within the meaning of applicable Canadian and United States securities laws, which is based upon the Company’s current internal expectations, estimates, projections, assumptions and beliefs. The forward-looking information included in this press release are made only as of the date of this press release. Such forward-looking statements and forward-looking information include, but are not limited to, statements concerning the Company’s expectations with respect to the Offering, including the use of proceeds of the Offering. Forward-looking statements or forward-looking information relate to future events and future performance and include statements regarding the expectations and beliefs of management based on information currently available to the Company. Such forward-looking statements and forward-looking information often, but not always, can be identified by the use of words such as “plans”, “expects”, “potential”, “is expected”, “anticipated”, “is targeted”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.
Forward-looking information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and other factors include, among others, and without limitation: the Company will not be able to raise sufficient funds to complete its planned exploration program; that the Company will not derive the expected benefits from its current program; the Company may not use the proceeds of the Offering as currently contemplated; the Company may fail to find a commercially viable deposit at any of its mineral properties; the Company’s plans may be adversely affected by the Company’s reliance on historical data compiled by previous parties involved with its mineral properties; mineral exploration and development are inherently risky industries; the mineral exploration industry is intensely competitive; additional financing may not be available to the Company when required or, if available, the terms of such financing may not be favourable to the Company; fluctuations in the demand for gold or gold prices generally; the Company may not be able to identify, negotiate or finance any future acquisitions successfully, or to integrate such acquisitions with its current business; the Company’s exploration activities are dependent upon the grant of appropriate licenses, concessions, leases, permits and regulatory consents, which may be withdrawn or not granted; the Company’s operations could be adversely affected by possible future government legislation, policies and controls or by changes in applicable laws and regulations; there is no guarantee that title to the properties in which the Company has a material interest will not be challenged or impugned; the Company faces various risks associated with mining exploration that are not insurable or may be the subject of insurance which is not commercially feasible for the Company; the volatility of global capital markets over the past several years has generally made the raising of capital more difficult; inflationary cost pressures may escalate the Company’s operating costs; compliance with environmental regulations can be costly; social and environmental activism can negatively impact exploration, development and mining activities; the success of the Company is largely dependent on the performance of its directors and officers; the Company’s operations may be adversely affected by First Nations land claims; the Company and/or its directors and officers may be subject to a variety of legal proceedings, the results of which may have a material adverse effect on the Company’s business; the Company may be adversely affected if potential conflicts of interests involving its directors and officers are not resolved in favour of the Company; the Company’s future profitability may depend upon the world market prices of gold; dilution from future equity financing could negatively impact holders of the Company’s securities; failure to adequately meet infrastructure requirements could have a material adverse effect on the Company’s business; the Company’s projects now or in the future may be adversely affected by risks outside the control of the Company; the Company is subject to various risks associated with climate change, the Company is subject to general global risks arising from epidemic diseases, the ongoing conflicts in Ukraine and the Middle East, rising inflation and interest rates and the impact they will have on the Company’s operations, supply chains, ability to access mining projects or procure equipment, supplies, contractors and other personnel on a timely basis or at all is uncertain; as well as other risk factors in the Company’s other public filings available at http://www.sedarplus.ca. Readers are cautioned that this list of risk factors should not be construed as exhaustive. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. The Company cannot guarantee future results, performance, or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information. The Company undertakes no duty to update any of the forward-looking information to conform such information to actual results or to changes in the Company’s expectations, except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.
Source: United States House of Representatives – Congressman Morgan Griffith (R-VA)
U.S. Department of Agriculture (USDA) Rural Development has awarded Pembroke Telephone Cooperative a $10 million loan. The funding will support the deployment of a fiber-to-the-premises network benefiting Craig, Giles and Montgomery Counties. U.S. Congressman Morgan Griffith (R-VA) issued the following statement:
“Investments in broadband infrastructure prepare rural communities for access to high-speed internet.
“This USDA Rural Development loan for $10 million helps Pembroke Telephone Cooperative deliver reliable broadband to individuals, businesses and farms in the rural communities they serve.”
BACKGROUND
The funding is made available through the USDA Rural Development Broadband Reconnect Program, which furnishes loans and grants to provide funds for the costs of construction, improvement, or acquisition of facilities and equipment needed to provide broadband service in eligible rural areas.
In 2022, Pembroke Telephone Cooperative received a USDA Rural Development loan guarantee of $5 million to construct fiber-to-the-premises facilities.
Congressman Griffith has advocated for greater access to broadband in the Ninth District, recently speaking in a Communications & Technology Subcommittee hearing with an official from the National Telecommunications and Information Administration (NTIA) as well as monitoring and encouraging approval of Virginia’s Broadband Equity, Access and Deployment (BEAD) program submitted by Governor Youngkin.
GREENSBORO – A New York man was sentenced yesterday in Greensboro, North Carolina, to 35 years in prison after pleading to robbery, firearm, and intimidation charges related to an attempted murder stemming from conduct in the Middle District of North Carolina and the Southern District of New York, announced United States Attorney Sandra J. Hairston of the Middle District of North Carolina (MDNC).
RYAN LEWIS LITTLE, age 40, of New York, was sentenced to a 420-month term of imprisonment and 5 years supervised release by the Honorable William L. Osteen, Jr., United States District Judge in the United States District Court for the MDNC. In addition to prison time, LITTLE was ordered to pay restitution in the amount of $56,970.75.
LITTLE pleaded guilty on May 10, 2024, to interference with commerce by robbery, in violation of 18 U.S.C. § 1951(a), and retaliating against a witness by attempted murder, in violation of 18 U.S.C. § 1513(a)(1)(B), for conduct occurring in the MDNC. On June 20, 2024, he pleaded guilty to a separate charge for interference with commerce by robbery, in violation of 18 U.S.C. § 1951(a), and possession of a firearm in furtherance of a crime of violence, in violation of 18 U.S.C. § 924(c), for incidents occurring in the Southern District of New York.
According to court records, on April 8, 2022, at approximately 7:00 PM, Greensboro Police Department (GPD) officers responded to a report of attempted armed robbery at the Chemistry Nightclub Food Truck located in the parking lot of 2901 Spring Garden Street, Greensboro, NC. The food truck employee reported that an armed man attempted to rob the food truck at gunpoint. Footage from the food truck’s surveillance cameras showed a man (later identified as LITTLE) walking up the steps of the food truck, pulling out a silver handgun, pointing it at the food truck employee and asking, “Where is the money?” The employee told LITTLE that there was no money. LITTLE then pushed the victim and ran from the food truck.
The Chemistry Nightclub Food Truck attempted robbery was one in a series of robberies that law enforcement officers had been investigating since March 2022. A witness, Victim-1, spoke with law enforcement as part of the ongoing investigation. In retaliation for speaking with the officers, on the morning of April 12, 2022, LITTLE shot Victim-1 in the face. He then fled North Carolina.
On April 20, 2022, at approximately 10:30 pm, New York Police Department (NYPD) officers arrived at the scene of a reported robbery at a restaurant. An employee stated that a man entered the restaurant, brandished a silver firearm partially concealed beneath a newspaper, and took approximately $1,500 from the cash register. The employee followed the suspect to a nearby park. While canvassing the area, officers saw LITTLE emerge from the bushes and attempt to flee the area. Officers chased him and he was apprehended moments later with approximately $1,100 cash on him. Officers traced the path LITTLE had fled and recovered a loaded silver pistol. After his arrest, a witness approached the NYPD officers and told them that shortly after robbing the restaurant LITTLE attempted to carjack him.
The case was investigated by the Greensboro Police Department, Federal Bureau of Investigation, Bureau of Alcohol Tobacco, and Firearms, and New York Police Department. The case was prosecuted by MDNC Assistant United States Attorneys Nicole DuPré and Lindsey Freeman, SDNY Assistant United States Attorney Jonathan Bodansky, and former MDNC Assistant United States Attorney Tanner Kroeger.
HARRISBURG – The United States Attorney’s Office for the Middle District of Pennsylvania announced that Brayan Garcia-Vazquez, age 24, of Havelock, North Carolina, was indicted on October 16, 2024, by a federal grand jury on one count of production of child pornography.
According to United States Attorney Gerard M. Karam, the indictment alleges that Garcia-Vazquez took video of himself engaging in sexual intercourse with a minor victim on April 5, 2023, in Cumberland County, Pennsylvania.
The case is being investigated by the Department of Homeland Security Investigations. Assistant U.S. Attorney Michael Scalera is prosecuting the case.
This case was brought as part of Project Safe Childhood, a nationwide initiative launched in May 2006 by the Department of Justice to combat the growing epidemic of child sexual exploitation and abuse. Led by the United States Attorneys’ Offices and the Criminal Division’s Child Exploitation and Obscenity Section, Project Safe Childhood marshals federal, state, and local resources to locate, apprehend, and prosecute individuals who sexually exploit children, and to identify and rescue victims. For more information about Project Safe Childhood, please visit http://www.usdoj.gov/psc.
The maximum penalty under federal law for this offense is thirty years imprisonment, a term of supervised release following imprisonment, and a fine. A sentence following a finding of guilt is imposed by the Judge after consideration of the applicable federal sentencing statutes and the Federal Sentencing Guidelines.
Indictments are only allegations. All persons charged are presumed to be innocent unless and until found guilty in court.
End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF’s Executive Board for discussion and decision.
IMF has reached staff-level agreement with Benin on the Fifth Review of Benin’s EFF/ECF and the Second Review of the Resilience and Sustainability Facility (RSF).
There are signs of economic transformation in Benin, with higher value-added goods’ exports and momentum in information technology and tourism.
The authorities recently submitted to Parliament a draft 2025 budget that targets compliance with the West African Economic and Monetary Union (WAEMU) fiscal deficit norm of 3 percent of GDP, with significant increases in social spending.
Washington, DC: An International Monetary Fund (IMF) team led by Constant Lonkeng visited Cotonou during October 8–17, 2024 to hold discussions on the Fifth Review of Benin’s economic program under the Extended Fund Facility (EFF) and Extended Credit Facility (ECF) and the Second Review of the Resilience and Sustainability Facility (RSF) arrangement.
At the end of the mission, Mr. Lonkeng issued the following statement:
“IMF staff and Beninese authorities have reached a staff-level agreement on policies to complete the Fifth Review of Benin’s 42-month blended EFF/ECF and the Second Review of the RSF. Subject to approval by the IMF Executive Board, Benin will receive a disbursement of SDR 31.2 million (about $42 million) under the ECF and EFF arrangements and up to SDR 39.6 million (about $53 million) under the RSF arrangement, bringing the total disbursement under the EFF/ECF to SDR 431 million (about $576 million).
“There are signs of economic transformation in Benin, with higher value-added goods’ exports and momentum in information technology and tourism. Economic activity is estimated to have expanded by 6.5 percent year-over-year in the first half of this year; growth is expected to remain strong in the near-term. The balance of payments has deteriorated temporarily, due to large investments, including related to the special economic zone (SEZ). It is expected to recover gradually as the transformation of local commodities at the SEZ boosts exports.
“Program performance has been strong—all quantitative targets for end-June 2024 were met, with fiscal consolidation well underway, supported by robust tax collection.
“The authorities recently submitted to Parliament the 2025 draft budget which targets compliance with the WAEMU overall deficit norm of 3 percent of GDP. Fiscal consolidation is set to be revenue-based (drawing on the Medium-Term Revenue Strategy), with significant increases in social spending (education, health, and social protection). Updating regularly and fully operationalizing the social registry will improve the targeting of expanded social assistance programs.
“The mission discussed next steps in strengthening Benin’s anti-corruption framework further, complementing the recently operationalized anti-corruption agency, as well as mechanisms to safeguard hard-won macroeconomic gains over the political cycle.
“The authorities are advancing their climate finance agenda following the climate finance roundtable that took place in Cotonou in July. They have mainstreamed climate change in the draft 2025 budget. The mission discussed next steps in advancing water tariff reform and a fuel subsidy reform that accounts for the specificities of Benin’s local fuel market.
“The mission met with Senior Minister of Economy and Finance Wadagni, Senior Minister of Development and Government Action Bio Tchane, National Director of the BCEAO (the regional central bank) Assilamehoo, and other senior government officials. The team also met with the Head of Opposition, the Finance Commission of the National Assembly in Porto Novo, the civil society, university students, the association of women entrepreneurs and a farmers’ association, the donor community, and other stakeholders.
“The IMF team would like to thank the authorities and various stakeholders for their warm hospitality and open and constructive dialogue.”
As the anchor tenant at 1001 Boylston St., CarGurus debuts state-of-the-art space designed to maximize connectivity, collaboration, and innovation
BOSTON, Oct. 17, 2024 (GLOBE NEWSWIRE) — CarGurus, Inc. (Nasdaq: CARG), the No. 1 visited digital auto platform for shopping, buying, and selling new and used vehicles1, today marked the opening of its new global headquarters in Boston’s Back Bay neighborhood. Located at 1001 Boylston Street, the new office underscores CarGurus’ commitment to the Boston region with a world-class space designed for the needs of today’s flexible workplace, balancing versatile collaboration areas with a variety of workspaces that support individual work preferences.
“After nearly 20 years in Cambridge, CarGurus’ move to this inspiring new space represents a meaningful chapter in our growth story in the region,” said Jason Trevisan, CarGurus Chief Executive Officer. “Our best-in-class work environment enhances opportunities for deeper collaboration and connectivity, all in service of our mission to help people reach their destination. This mission comes to life through our focus on delivering an exceptional experience to our employees, driving innovations that benefit our dealer and consumer customers, and supporting the communities in which we live and work.”
The new global headquarters features approximately 225,000 sq. ft. of workspace anchoring the dynamic mixed-use project known as Lyrik. It unites nearly 1,000 employees who previously occupied two separate offices in Cambridge. The move reinforces CarGurus’ commitment to continued growth in the region, where the company is recognized for its award-winning workplace culture and focus on community impact through volunteer efforts and purpose-driven charitable giving.
“Massachusetts is the best state in the country to live, work, grow a business, and build a future — and that’s in large part because of the incredible, innovative companies that call our state home, like CarGurus,” said Massachusetts Governor Maura Healey. “We’re thrilled to celebrate the grand opening of their global headquarters in Boston today, and we’re grateful for their commitment to their employees, their customers, our communities, and our economy.”
“It is very exciting to see the CarGurus logo in the Boston skyline atop its new headquarters,” said Massachusetts Secretary of Economic Development Yvonne Hao. “I look forward to seeing the company continuing to invest in the region’s growth and innovation while entering a new chapter as it expands here as part of Team Massachusetts.”
An Office Designed with Flexibility, Collaboration, and Sustainability at the Forefront Designed by IA Interior Architects, the CarGurus headquarters was created with a hybrid work culture in mind, offering spaces that support all types of meeting scenarios and individual work modes. The result is a dynamic collaboration hub comprised of 10 floors offering 900 choice work points, 30 collaborative spaces, and central social spaces, all with flexibility baked into the design to support changing needs.
Amenities are distributed throughout the office floors to encourage interaction and include a multi-story reception area, tech bar, barista bar, multiple training spaces, all-hands meeting areas, video production suite, and dining area. The workspace also offers two libraries for quiet focus work, several balconies/terraces, and exclusive access to a penthouse gathering space with two large roof decks equipped with seating for individual or group work.
Designed for LEED Gold certification, design features prioritize sustainability and a connection to nature. Views of the Boston skyline and natural light are maximized for all occupants, along with the addition of wood textures, natural materials, and greenery throughout the space.
To learn more about working at CarGurus and view open roles, please visit careers.cargurus.com.
About CarGurus, Inc.
CarGurus (Nasdaq: CARG) is a multinational, online automotive platform for buying and selling vehicles that is building upon its industry-leading listings marketplace with both digital retail solutions and the CarOffer online wholesale platform. The CarGurus platform gives consumers the confidence to purchase and/or sell a vehicle either online or in-person, and it gives dealerships the power to accurately price, effectively market, instantly acquire and quickly sell vehicles, all with a nationwide reach. The company uses proprietary technology, search algorithms and data analytics to bring trust, transparency, and competitive pricing to the automotive shopping experience. CarGurus is the most visited automotive shopping site in the U.S.1
CarGurus also operates online marketplaces under the CarGurus brand in Canada and the United Kingdom. In the United States and the United Kingdom, CarGurus also operates the Autolist and PistonHeads online marketplaces, respectively, as independent brands.
CarGurus® is a registered trademark of CarGurus, Inc., and CarOffer® is a registered trademark of CarOffer, LLC. All other product names, trademarks and registered trademarks are the property of their respective owners.
1Similarweb: Traffic Insights (Cars.com, Autotrader.com, TrueCar.com), Q2 2024, U.S.
Media Contact: Maggie Meluzio Director, Public Relations & External Communications pr@cargurus.com
Source: United States House of Representatives – Representative Mike Quigley (IL-05)
U.S. Representatives Mike Quigley (D-IL-05), Jesus “Chuy” García (D-IL-04), Danny Davis (D-IL-07) and U.S. Senators Dick Durbin (D-IL) and Tammy Duckworth (D-IL), announcedthat the Illinois Department of Transportation will receive$15,805,600 in federal funding from the U.S. Department of Transportation (DOT) for improvements to the Chicago Transit Authority’s (CTA) Forest Park Branch. This track modernization project will lead to increased service reliability, speed, and environmental resiliency.
“When public transportation is unreliable or inefficient, it disrupts the daily lives of countless Chicagoans. We have the solutions to keep things moving, and now it’s time to put them into practice. Today’s funding is a positive development. It will assist us in transforming an area burdened by congestion and delays and finally establish an environment that allows commuters to reach their destinations safely and on time,” said Rep. Quigley.
“Robust and reliable public transit is crucial for Chicagoans,” said SenatorDurbin. “Today’s announced funding will allow for an efficient travel alternative in an area where congestion makes getting around more difficult. I’ll keep working with Senator Duckworth and members of the Illinois Delegation to do all that we can to help improve transit development and access for all Chicagoans.”
“No matter their zip code, Chicagoans deserve efficient public transit to get to school, get to work and more easily move throughout the city,” SenatorDuckworth said. “I’m proud to see today’s funding go toward modernizing the CTA’s Forest Park operations, including increasing service reliability, speed and protecting against the effects of climate change. I’ll keep working with Senator Durbin and the Illinois delegation to ensure that our communities are receiving the much-needed federal resources they deserve.”
“As a Member of the Transportation and Infrastructure Committee and co-founder of the Future of Transportation Caucus, investing in reliable, accessible public transit is one of my top priorities,” said Rep. García. “The funds announced today by DOT and the improvements to CTA’s Forest Park Branch will contribute to improving service for Chicagoans and easing congestion in the area.”
“Investing in our public transit infrastructure is crucial to ensuring that Chicago remains a vibrant, accessible city for all its residents. This funding for the CTA’s Forest Park Branch will not only improve service and efficiency but also promote sustainability and economic growth across our communities. I am proud to work alongside my colleagues in securing these essential federal resources that will benefit the people of Chicago and the surrounding areas,” said Rep. Davis.
“From day one, my administration has prioritized the modernization of our state’s existing infrastructure and transportation system,” said Governor JB Pritzker. “Thanks to the Congestion Relief Program and the support from our federal, state, and local partners, we’re ready to build on our progress. With this funding, the I-290/IL 53 Bus on Shoulder Project will upgrade existing infrastructure to make daily commutes on one of our busiest corridors faster and cleaner for Illinoisans.”
“This latest federal award is another example of the tremendous teamwork happening to improve the Interstate 290 corridor across all modes of transportation,” said Illinois Transportation Secretary Omer Osman. “Under the leadership of Gov. Pritzker, IDOT has been working closely with our federal and local partners to strengthen the safety and reliability of this crucial travel and freight artery for the region, improving the quality of life for everyone who lives along I-290 and relies on it.”
“This is a win for all involved. Thanks to the support of the Illinois Congressional Delegation, with this critical funding CTA can advance all necessary investigations and design documents for a complete modernization of the Forest Park Branch Blue Line,” said CTA President Dorval R. Carter, Jr. “These funds will help expedite our efforts to completely rebuild this branch of the Blue Line, which is largely original and dates back to 1958, and will allow us to focus our efforts on securing the funding needed to perform the work, which in turn will provide thousands of commuters with a safer, faster and more reliable transit– all while helping ease the congestion that impacts those living and working along this corridor.”
Quigley and his colleagues have previously pushed for federal funding for CTA improvement projects, having secured $746 million for the CTA Red Line Extension Project.
Governor Kathy Hochul today announced that 6 gigawatts (GW) of distributed solar have been installed across New York, marking the early achievement of the State’s Climate Leadership and Community Protection Act statutory goal a year ahead of schedule. The solar power generation, which benefits homes, business owners and off-takers of community solar projects, is enough to power more than a million homes, underscoring New York’s leadership in growing one of the strongest distributed solar markets in the nation.
“Today we celebrate the early achievement of New York’s 6-GW milepost, which brings us one step closer to a reliable and resilient zero-emission grid,” Governor Kathy Hochul said. “Distributed solar is at the heart of reducing greenhouse gas emissions, expanding the availability of renewable energy, and delivering substantial benefits for our health, our environment, and our economy.”
New York State Energy Research and Development Authority (NYSERDA) President and CEO Doreen M. Harris made the announcement at a distributed solar project in the Town of New Scotland. The project, developed by New Leaf Energy and owned by Generate Capital, includes a 5.7-megawatt solar array that will produce 6.7 million kilowatt-hours of solar energy annually, enough to power nearly one thousand homes. The project participates in the Solar for All pilot program with utility partner National Grid where the energy harnessed by this project benefits low-income households.
New York State Energy Research and Development Authority President and CEO Doreen M. Harris said, “As the top community solar market in the nation, New York State has provided a replicable model for others to deliver clean, low-cost renewable energy to more consumers. Our public-private partnerships are the catalysts which have helped us to achieve our 6-GW goal well ahead of target, trailblazing New York’s path to an equitable energy transition.”
With the achievement of New York’s 6-GW goal—which is underpinned by support from the State’s signature $3.3 billion NY Sun initiative—distributed solar is generating enough energy to power more than a million homes and businesses across the state, including those in disadvantaged communities. The expeditious achievement of the 6-GW goal has also generated approximately $9.2 billion in private investment across New York.
To date, solar projects in New York have created more than 14,000 solar jobs statewide, from engineering and design to installation. In addition, New York requires all solar projects more than 1 megawatt (MW) in size to pay prevailing wages, further supporting the opportunity to advance family sustaining clean energy jobs across New York.
In anticipation of the success, three years ago Governor Hochul directed NYSERDA and the Department of Public Service to expand the goal to 10 GW by 2030. With 6 GW now complete, New York continues to be ahead of schedule for reaching the expanded 10-GW goal with almost 3.4 GW already in development.
New York State Public Service Commission Chair Rory M. Christian said, “Hitting this 6 GW milestone is an important accomplishment, and all involved in this endeavor deserve a round of applause. This is further evidence that distributed solar is a critically important piece of the equation and, through Governor Hochul’s leadership, we are well on our way to creating a clean energy economy.”
New York Power Authority President and CEO Justin E. Driscoll said, “Today’s milestone is a testament to the power of strong partnerships in advancing distributed solar projects across New York State. As we work together to expand the deployment of solar energy, NYPA is committed to working with municipalities, school districts, and state entities to build a portfolio of projects that reduce greenhouse gas emissions and provide energy savings for our customers.”
Generate Capital Investments Managing Director Peggy Flannery said, “Customers and consumers are asking for access to clean energy, and New York state is listening. We’re very excited to have helped New York reach six gigawatts of solar and deliver the benefits of clean energy to the community. Generate operates 69 projects and counting in New York, and this celebration is another proof point of our successful efforts in serving developers, customers, and local communities and accelerating the clean energy transition.”
New Leaf Energy Director of Policy and Business Development Sam Jasinski said, “New Leaf is honored to be celebrating this impressive milestone with the many State and local agencies, towns, fellow industry members, and utilities that made it happen. It shows real progress towards meeting New York’s nation-leading clean energy goals. And while we’re incredibly proud of the work and partnerships that have led to this achievement, we’re more excited that it can be repeated and multiplied. With the State’s continued leadership, we’re confident we can get to 10 GW and beyond.”
New York is the national leader in community solar deployments, allowing renters, low-income residents, and others who cannot install their own panels to benefit from solar energy. In 2023, New York ranked first in the nation in total installed community solar capacity. Last year was also the state’s most productive year ever for solar installations, with 885 MW of capacity installed.
Through NY-Sun, New York is making it much easier for low-income households to benefit from solar projects through the first of its kind Solar for All pilot program. The Solar for All program, which is administered through NYSERDA, allows solar project developers to partner with National Grid to provide additional bill savings to low-income customers in their Energy Affordability Program (EAP). The Public Service Commission has approved an order to replicate NYSERDA’s Solar for All pilot program statewide, including solar projects in National Grid, ConEdison, Orange and Rockland, New York State Electric and Gas, Central Hudson Gas & Electric, and Rochester Gas and Electric utility territories.
The statewide Solar for All program delivers an electric bill credit to EAP customers. The long-term program design is driving continued community solar and storage growth and directs the benefits of that growth to New York State’s low-income residents.
Building on this effort, in April 2024, NYSERDA was selected to receive nearly $250 million from the United States Environmental Protection Agency (EPA) Solar for All program to enhance New York State’s existing portfolio of highly successful and effective solar deployment, technical assistance, and workforce development programs for the benefit of over 6.8 million residents that live in low-income households and disadvantaged communities. As part of the grant funding, the New York State Housing and Community Renewal, the New York City Department of Environmental Protection, and New York City Housing Preservation and Development, will also implement new programs that target specific barriers to solar deployment for this population.
Clean solar energy reduces the need for fossil fuel-based power generation while producing less harmful emissions, resulting in cleaner air and improved public health.
New York Solar Energy Industries Association Executive Director Noah Ginsburgh said, “New York has achieved its 2025 rooftop and community solar goal ahead of schedule and under budget, and we’re just getting started. Distributed solar projects are lowering New Yorkers’ electric bills, providing tax revenue to local governments, and employing thousands of workers across the Empire State. NYSEIA congratulates Governor Hochul, the legislature, NYSERDA, the Public Service Commission, the solar industry, and all New Yorkers on this important milestone.”
Coalition for Community Solar Access Northeast Regional Director Kate Daniel said, “The Coalition for Community Solar Access (CCSA) congratulates the Empire State on reaching this impressive milestone. We are tremendously proud of the large role community solar has played in achieving the first Climate Act requirement ahead of schedule. The 6 GW of rooftop and community solar operating today in New York means direct bill savings for millions of customers, good-paying jobs and economic benefits to host communities, and millions of tons of reduced greenhouse gas emissions. We look forward to continued growth in New York’s community solar programs to help New York on its way to the remaining Climate Act goals.”
State SenatorKevin Parker said, “The installation of six gigawatts of distributed solar energy is a giant step to meeting the state’s renewable energy goals and a major win for clean energy development, the environment and New York’s disadvantaged communities. I applaud Governor Hochul and NYSERDA for taking strong action to ensure New York is a national leader in solar energy production and making tremendous progress toward the goals under the CLCPA.”
State Senator Neil Breslin said, “This program spreads the economic opportunities of solar power beyond corporate investors to local homeowners, property owners and small businesses. It is an increasingly important part of the clean energy mix New York State, and our nation, needs to leverage.”
Assemblymember Patricia Fahy said, “Meeting New York’s ambitious climate mandates under the nation-leading CLCPA is not a question of if – but when. Today’s announcement showcases New York’s commitment to responsibly building out solar energy to help us transition to clean energy and reduce emissions that are driving costly extreme-weather events for too many communities across the state. Climate change is the transcendent threat of our time, and we are already paying for it. I couldn’t be prouder to see the Town of New Scotland right here in the 109th District leading the way to ensure that New York’s clean energy future is bright, affordable, and within reach.”
New Scotland Town Supervisor Douglas LaGrange said, “As a Climate Smart Community, the Town of New Scotland is proud to have been a part of seeing this project come to fruition. We are equally proud that we can do our part to help reach Governor Hochul’s goals for renewable energy in New York State.”
New York League of Conservation Voters President Julie Tighe said, “The state reaching its goal of 6GW of installed distributed solar is an important reminder that, with strong leaders like Governor Hochul and NYSERDA President Dorreen Harris, we are capable of tackling difficult challenges. And as the climate crisis grows more urgent by the day, there is no more important challenge than transitioning to a clean energy economy, which is why we must increase the pace of our renewable energy development and double down on our efforts to meet all of our CLCPA obligations, including by continuing to increase the distributed solar goal as we exceed initial targets.”
Vote Solar Northeast Director Elena Weissmann said, “Distributed solar is a key component of NY’s decarbonization mandate, and promises cleaner air, good jobs, and lower energy bills for New Yorkers. As we celebrate this remarkable milestone – a year ahead of schedule – we must seize this opportunity to double down on what’s working so well. This moment is a testament to the power of distributed solar and a call to accelerate deployment of solar for our homes and communities, so that communities across the State can harness the benefits of a clean energy future.”
National Grid’s Chief Operating Officer for Electric Brian Gemmell said, “Today’s announcement is an important next step in our ongoing efforts to build a smarter, stronger, cleaner electric grid that delivers reliable power for all New Yorkers. Greater access to renewable generation resources like solar power not only advances the state’s clean energy goals, but also helps secure long-term economic stability. We appreciate the partnership of Governor Hochul, NYSERDA, and all the other stakeholders who share our commitment to ensuring a safe, reliable, and accessible energy future.”
New York State’s Nation-Leading Climate Plan
New York State’s climate agenda calls for an orderly and just transition that creates family-sustaining jobs, continues to foster a green economy across all sectors and ensures that at least 35 percent, with a goal of 40 percent of the benefits of clean energy investments are directed to disadvantaged communities. Guided by some of the nation’s most aggressive climate and clean energy initiatives, New York is advancing a suite of efforts – including the New York Cap-and-Invest program (NYCI) and other complementary policies – to reduce greenhouse gas emissions 40 percent by 2030 and 85 percent by 2050 from 1990 levels. New York is also on a path to achieving a zero-emission electricity sector by 2040, including 70 percent renewable energy generation by 2030, and economy wide carbon neutrality by mid-century. A cornerstone of this transition is New York’s unprecedented clean energy investments, including more than $28 billion in 61 large-scale renewable and transmission projects across the State, $6.8 billion to reduce building emissions, $3.3 billion to scale up solar, nearly $3 billion for clean transportation initiatives and over $2 billion in NY Green Bank commitments. These and other investments are supporting more than 170,000 jobs in New York’s clean energy sector as of 2022 and over 3,000 percent growth in the distributed solar sector since 2011. To reduce greenhouse gas emissions and improve air quality, New York also adopted zero-emission vehicle regulations, including requiring all new passenger cars and light-duty trucks sold in the State be zero emission by 2035. Partnerships are continuing to advance New York’s climate action with more than 400 registered and more than 130 certified Climate Smart Communities, nearly 500 Clean Energy Communities, and the State’s largest community air monitoring initiative in 10 disadvantaged communities across the State to help target air pollution and combat climate change.
Governor Kathy Hochul today announced new data that shows reported gun violence in New York State is at its lowest point since the state started tracking this data in 2006. Shooting incidents with injury declined 26 percent through September 2024 compared to the same nine-month period last year, as reported by the 28 police departments outside of New York City that participate in New York State’s Gun Involved Violence Elimination initiative. A total of 170 fewer individuals were injured by gun violence in Gun Involved Violence Elimination initiative communities, with significant decreases in shooting incidents with injury reported in Niagara Falls, Rochester, Syracuse, Troy, Utica and on Long Island. Since taking office, Governor Hochul has secured record-level funding for local law enforcement and district attorneys’ offices, from $30 million during State Fiscal Year 2022 to $392 million in the current fiscal year. At the same time, the New York State Police budget has increased by 30 percent, allowing the agency to hire and train additional troopers, and significantly expand its support to local law enforcement agencies to address major crimes, gun violence and retail theft. Additionally, Governor Hochul directed state landmarks to be lit purple in honor of Domestic Violence Awareness Month.
“Public safety is my number one priority, and New York is leading the nation with proven initiatives that are making communities safer,” Governor Hochul said. “Our record investments in law enforcement and in critical programs like the GIVE initiative are making a real difference in every corner of our state, and my administration will continue fighting to keep New Yorkers safe.”
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The 26 percent decline reflects 476 shooting incidents with injury from January 1 through September 30, 2024, compared to 646 incidents from January 1, through September 30, 2023, and represents the fewest reported since the state began tracking this data in 2006. At that time, only 17 police departments reported this data and received state funding to reduce gun and violent crime. The Gun Involved Violence Elimination initiative (GIVE) provides nearly $36 million to 28 police departments, as well as district attorneys’ offices, probation departments and sheriffs’ offices, in 21 counties outside of New York City. The following police departments reported particularly significant declines:
Utica: 52 percent
Troy: 48 percent
Niagara Falls: 40 percent
Rochester: 38 percent
Nassau County, Hempstead, Suffolk County (Long Island): 36 percent
Syracuse: 29 percent
Shooting incidents with injury, shooting victims and shooting homicide data for each of the 28 police departments participating in GIVE are available on the State Division of Criminal Justice Services (DCJS) website. In addition, the 476 shooting incidents with injury reported by these 28 police departments are the fewest reported since 2006.
In addition to the collective decrease in gun violence in GIVE communities, the New York City Police Department reported a nearly 9 percent (723 v. 791) decrease in shooting incidents through Oct. 13, 2024.
Overall crime outside of New York City also has declined. The 57 counties outside of the five boroughs collectively reported a 9 percent decrease in index crime during the first five months of 2024, the most recent data available, when compared to the same time in 2023. There are seven index crime categories that are used to gauge overall crime trends: murder, rape, robbery, aggravated assault, burglary, larceny and motor vehicle theft. The most significant declines were reported in motor vehicle theft (-27 percent), followed by rape (-14 percent), and murder (-12 percent) when comparing January 1, through May 31, 2024, to that five-month period last year. The NYPD also reported a 2 percent decrease in crime complaints through Oct. 13, 2024.
Earlier this month, Governor Hochul also announced another record-level state investment to further improve public safety: $35 million to strengthen the law enforcement response to intimate partner abuse and domestic violence and better address the needs of survivors. DCJS will administer $5 million to the five New York City District Attorneys’ Offices, and $23 million to law enforcement agencies and service providers in 20 counties outside of the five boroughs to implement the Statewide Targeted Reduction in Intimate Partner Violence (STRIVE) initiative. Up to $7 million will allow the State to provide training and technical assistance, risk assessment tools, and investigative support to participating agencies and improve the domestic violence reduction efforts of state agencies.
STRIVE is modeled after GIVE and plans developed by participating counties must use evidence-based strategies and ensure that community members and programs that serve victims and survivors are actively involved in strategy selection and implementation. One or more of the following strategies must be used: domestic violence high-risk team model, lethality assessment program or intimate partner violence intervention.
Our record investments in law enforcement and in critical programs like the GIVE initiative are making a real difference in every corner of our state”
Governor Kathy Hochul
New York State Division of Criminal Justice Services Commissioner Rosanna Rosado said, “These reductions in gun violence show that our evidence-based approaches like our street outreach programs, our GIVE Initiative, hot-spots policing and Crime Prevention Through Environmental Design are effective. I’d like to thank Governor Hochul, our community partners and law enforcement across the state for investing in our communities and for the work they do to improve public safety for all New Yorkers.”
New York State Police Superintendent Steven G. James said, “Over the years, law enforcement has learned that we are most effective when we work together. Combating gun violence is no small matter and we are fighting this battle on many fronts along with our local, state, and federal partners. The decrease in numbers shows progress is being made and I thank Governor Hochul for her continued support of these integral efforts to tackle gun violence.”
New York State Office for the Prevention of Domestic Violence Executive Director Kelli Owens said, “Today’s announcement comes as we mark Purple Thursday here in New York, a day to show support for survivors during Domestic Violence Awareness Month. The color purple has long been a symbol of peace, courage, survival, honor, and dedication to ending violence. Thank you, Governor Hochul, for standing with survivors and for your continued efforts in finding innovative, effective ways to combat domestic violence and keep all New Yorker’s safe.”
New York State Office of Victim Services Director Bea Hanson said, “We at OVS are proud of the work we do to help prevent violence and to support victims and survivors of crime and their families, including funding victim assistance programs in communities across the state and reimbursing eligible individuals affected by crime for out-of-pocket expenses such as medical care, counseling, lost wages and funeral arrangements. It is great news that our state’s gun violence numbers are decreasing, and we thank Governor Hochul for her successful leadership and her steadfast commitment to supporting survivors.”
NYS Troopers PBA President Charles W. Murphy said, “On this day on which we celebrate the 215th New York State Police Graduation, the New York State Troopers PBA appreciates Governor Hochul’s funding of two additional police academies so that we increase our membership numbers to respond to the needs of all New Yorkers.”
NYC PBA President Patrick Hendry said, “The road to a safer New York starts with strong support for police officers on the streets. We look forward to continuing to work with Governor Hochul and all of our state partners to tackle the challenges facing New York City police officers.”
New York State Police Investigators Association President Tim Dymond said, “We appreciate Governor Hochul’s support for the New York State Police. The additional funding and resources that she has provided over the last two years have made a positive impact on our members and their ability to do their jobs. We look forward to continue working with her and her staff on improving recruitment and finding a solution to retain our most senior experienced members. Together we are making progress on these issues and ensuring that the New York State Police remains as the top law enforcement agency in the country.”
Since Governor Hochul took office, funding for the State Police has increased by $264 million (30 percent) to support additional staffing and an increase in police services. The agency’s budget for FY 2025 is $1.14 billion. This funding supports the hiring and training of nearly 1,000 new Troopers and allows the State Police to address major crime and support local police agencies. This includes $25 million to target and retail theft, and expansion of Community Stabilization Units, which use a multi-pronged approach to interdicting illegal firearms and provide local police agencies with resources to proactively address surges in crime. Other programs that are part of the Governor’s comprehensive plan to improve public safety include:
$21 million for the SNUG Street Outreach program, which uses a public health approach to address gun violence by identifying the source, interrupting transmission, and treating individuals, families and communities affected by violence. Community-based organizations and hospitals operate the program in 14 communities and employ nearly 200 outreach workers, social workers and case managers. Outreach workers are credible messengers who have lost loved ones to violence or have prior justice system involvement. They respond to shootings to prevent retaliation, detect conflicts and resolve them peacefully before they lead to additional violence. Social workers and case managers work with individuals affected by community violence, including friends and family. DCJS also supports New York City’s violence interruption efforts, providing $5 million for its Crisis Management System (CMS) so it can bring those programs to scale.
$18 million for the state’s unique network of Crime Analysis Centers, which analyze, compile and distribute information, intelligence and data to local law enforcement agencies statewide. No other state has anything similar and the centers — operated in partnership with local law enforcement agencies in 10 counties and New York City — are hubs of state and local efforts to deter, investigate and solve crimes. Last year alone, staff handled more than 90,000 requests for assistance, helping agencies solve everything from retail theft to murders.
Up to $20 million for Project RISE, a unique funding model that convenes community stakeholders to respond to gun violence, invest in solutions, sustain positive programs and empower communities. In its first year, the initiative supported 99 organizations, including 74 small, grassroots programs, many of which had never received state support for their work. Programs and services funded by RISE include academic support, employment services, mentoring and delinquency/violence prevention.
$10.4 million for the Supervision Against Violent Engagement (SAVE) program, overseen by the State Department of Corrections and Community Supervision. The program uses enhanced supervision, including active GPS monitoring; intelligence and data gathering; and cross-jurisdictional cooperation to prevent gun violence, violent crime and domestic violence among the most high-risk individuals returning to Albany, Buffalo, Rochester and Syracuse.
Governor Hochul also directed landmarks to be lit purple in honor of Domestic Violence Awareness Month. The landmarks to be lit include:
Canada’s small- and medium-sized businesses create good-paying jobs, keep main streets flourishing across the country, and deliver the dream of entrepreneurship.
October 17, 2024 – Hamilton, Ontario
Canada’s small- and medium-sized businesses create good-paying jobs, keep main streets flourishing across the country, and deliver the dream of entrepreneurship. It is essential that these businesses thrive so they can continue being the bedrock of our communities and our economy.
Small businesses pay fees to process credit card transactions, with the largest component being the interchange fee paid to credit card-issuing financial institutions, such as banks. That is why the federal government negotiated and finalized new agreements with Visa and Mastercard, which also protect reward points offered to Canadians.
Today in Hamilton, the Honourable Filomena Tassi, Minister responsible for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), announced that new credit card fee reductions for small business owners will come into effect this Saturday, October 19, 2024. For qualifying small businesses, Visa and Mastercard have agreed to:
reduce domestic consumer credit interchange fees for in-store transactions to an annual weighted average interchange rate of 0.95 per cent;
reduce domestic consumer credit interchange fees for online transactions by 10 basis points, resulting in reductions of up to 7 per cent; and,
provide free access to online fraud and cyber security resources to help small businesses grow their online sales while preventing fraud and chargebacks.
More than 90 per cent of businesses that accept credit cards will receive lower rates and see interchange fees reduced by up to 27 per cent. These fee reductions will save eligible small businesses about $1 billion over five years.
Reduced credit card transaction fees will save small businesses thousands of dollars every year. For example, if a store processes $300,000 in credit card payments, they currently pay nearly $4,000 in annual interchange fees. With these new agreements, the store could save $1,080 in fees every year. The federal government expects all members of the credit card industry, including payment processors, to pass these savings on directly to small businesses.
Second, the federal government announced a revised Code of Conduct for the Payment Card Industry in Canada to protect over 1 million businesses that accept credit card and debit card payments from customers. Starting on October 30, 2024, the revised Code will help businesses compare prices and offers from different payment processors, and shorten the complaint handling response time by nearly 80 per cent to just 20 business days. All major payment card network operators in Canada have agreed to the terms of the revised Code. Certain obligations requiring complex or technical system changes will come into effect by April 30, 2025.
In addition, the federal government announced the payment amounts for the new Canada Carbon Rebate for Small Businesses, which will deliver over $2.5 billion to about 600,000 Canadian businesses before the end of this year. The Canada Carbon Rebate for Small Businesses will deliver up to $4,010 to a business with 10 employees in Ontario, $59,100 to a business with 50 employees in Alberta, and $576,844 to a business with 499 employees in Saskatchewan. Small businesses in Manitoba, New Brunswick, Nova Scotia, Prince Edward Island, and Newfoundland and Labrador will also receive payments.
The government is taking action to help small businesses start up, grow, and thrive by reducing the costs of running a business. These reduced credit card fees for small business owners build on the government’s lowering of the small business tax rate to 9 per cent—which is already saving small businesses $6.6 billion every single year.
Katherine Cuplinskas Deputy Director of Communications Office of the Deputy Prime Minister and Minister of Finance Katherine.Cuplinskas@fin.gc.ca
Source: United States Senator for Massachusetts – Elizabeth Warren
October 17, 2024
“We strongly encourage you to cement your legacy by addressing one of the most pressing economic issues of our time.”
Text of Letter (PDF)
Washington, D.C. – Today, U.S. Senator Elizabeth Warren (D-Mass.) and Representative Jamaal Bowman (D-N.Y.) led a letter with over 30 lawmakers to President Joe Biden praising him for his actions to confront the housing crisis and proposing additional executive actions to lower the cost of housing.
“Under your leadership, the Biden-Harris Administration has taken important steps to protect renters from predatory corporate landlords and to make home purchases and refinancing more affordable,” wrote the lawmakers. “But there is even more that can be done using executive agencies’ existing statutory authority.”
The lawmakers recommend the Administration and federal agencies take the following actions:
Price Gouging Protections: In order to safeguard tenants from rising rents at the hands of corporate landlord who have been caught price gouging their tenants, FHFA can condition all Fannie Mae and Freddie Mac multifamily loans on a set of price gouging protections, source of income protections, anti-eviction regulations, and habitability and accessibility improvements.
Tackling Junk Fees: To address the hidden junk fees that can create thousands of dollars in additional costs for renters and homeowners, the Federal Trade Commission (FTC) should finalize its proposed rule to ban junk fees and continue to investigate unfair and deceptive practices by corporate landlords. Additionally, the Consumer Financial Protection Bureau (CFPB) should address anticompetitive closing costs and junk fees, lowering closing costs for home mortgages and making homeownership more accessible.
Lowering Credit Report Costs: As the Fair Isaac Corporation (FICO) enjoys a near monopoly in the credit scoring market, the Department of Justice (DOJ) should investigate whether the company is violating antitrust law, and the CFPB should explore potential remedies to exploding credit reporting costs, including a cap on fees that credit reporting agencies can charge and interoperability requirements that would allow consumers to move their credit scores without new fees.
Promoting Housing Development on Federal Property: Federal agencies can work to reform Title V of the McKinney-Vento Homeless Assistance program, so that federal property can more easily be leased by affordable housing providers who are serving people experiencing homelessness.
Right now, the United States is facing a severe affordable housing crisis, with an estimated gap of 7.3 million housing units affordable and available to the lowest-income households.
Already, the Biden-Harris Administration has taken bold steps to protect tenants from predatory corporate landlords, including the Blueprint for a Renters Bill of Rights, rent-hike protections in Low-Income Housing Tax Credit properties, and support for anti-price-gouging measures in properties owned by corporate landlords. The Administration has also worked to increase housing supply, including through grants to incentivize the production of affordable housing and more.
“We strongly encourage you to cement your legacy by addressing one of the most pressing economic issues of our time and take swift action to create more housing and lower housing costs for Americans everywhere,” concluded the lawmakers.
The letter is also signed by Senators Richard Blumenthal (D-Conn.), Cory Booker (D-N.J.), Edward J. Markey (D-Mass.), Christopher Murphy (D-Conn.), Bernard Sanders (I-Vt.), Peter Welch (D-Vt.), and Representatives Alma Adams (D-N.C.), Becca Balint (D-Vt.), Cori Bush (D-Mo.), André Carson (D-Ind.), Greg Casar (D-Texas), Sheila Cherfilus-McCormick (D-Fla.), Jesús G. “Chuy” García (D-Ill.), Sylvia R. Garcia (D-Texas), Raúl M. Grijalva (D-Ariz.), Pramila Jayapal (D-Wash.), Ro Khanna (D-Calif.), Barbara Lee (D-Calif.), Summer Lee (D-Pa.), James P. McGovern (D-Mass.), Alexandria Ocasio-Cortez (D-N.Y.), Ayanna Pressley (D-Mass.), Katie Porter (D-Calif.), Delia C. Ramirez (D-Ill.), Jamie Raskin (D-Md.), Mark Takano (D-Calif.), Shri Thanedar (D-Mich.), Rashida Tlaib (D-Mich.), Nydia Velázquez (D-N.Y.), Bonnie Watson Coleman (D-N.J.), and Nikema Williams (D-Ga.).
This letter was endorsed by the Tenant Union Federation, National Housing Law Project, National Low Income Housing Coalition, National Homelessness Law Center, and Americans for Financial Reform.
Senator Warren has long led the fight to make housing more affordable for families and has held companies accountable for their role in exacerbating housing costs:
In September 2024, Senators Warren (D-Mass.) and other lawmakers demanded answers from corporate landlords in Massachusetts allegedly using rent-hiking algorithms.
In August 2024, Senators Warren (D-Mass.) and Catherine Cortez Masto (D-Nev.), sent letters to each of the 11 Federal Home Loan Banks (FHLBanks) urging them to contribute at least 20% of their net income to affordable housing and other critical community grant programs.
In July 2024, Senators Warren and Raphael Warnock (D-Ga.), and Representative Emanuel Cleaver (D-Mo.) reintroduced the American Housing and Economic Mobility Act, the landmark legislation to tackle the housing crisis, bring down costs for renters and buyers, and help working families everywhere find a decent place to live at a decent price.
In July 2024, Senator Warren and Representative Sara Jacobs led Senator Tim Kaine, Senator Jon Ossoff, Representative Ro Khanna, and Representative James Moylan in calling out the Department of Defense (DoD) for failing to protect military families living in military housing operated by private companies under the Military Housing Privatization Initiative (MHPI).
In June 2024, Senator Warren sent a letter to the Federal Housing Finance Agency (FHFA) urging the agency to address our country’s affordable housing crisis by reforming the broken Federal Home Loan Bank (FHLB) System.
In May 2024, Senator Warren reintroduced the Public Housing Emergency Response Act to address the estimated $70 billion backlog of maintenance and repairs in our nation’s public housing, which would allow tenants to live in safe conditions and ensure that, as we fight to end the housing crisis by expanding the supply of affordable housing, we are not losing existing units to disrepair.
In April 2024, at a hearing of the Senate Banking, Housing, and Urban Affairs Committee, U.S. Senator Warren called out the Federal Home Loan Banks (FHLBs) for failing to deliver on their mission to provide affordable housing as the country faces a housing crisis.
In January 2024, Senator Warren, John Hickenlooper, Jacky Rosen, and Sheldon Whitehouse sent a letter to Federal Reserve (Fed) Chair Jerome Powell, calling on the Fed to reverse its troubling interest rate hikes that have driven mortgage rates to 20-year highs and have put affordable housing out of reach for too many Americans.
In March 2023, Senators Elizabeth Warren, Ed Markey, Tina Smith, and Bernie Sanders sent a letter to Jonathan Kanter, Assistant Attorney General of the Antitrust Division at the Department of Justice (DOJ) calling for the DOJ to investigate YieldStar following new findings from their investigation of RealPage’s YieldStar product.
In January 2023, Senator Warren, and Representative Jamaal Bowman led a letter with 48 lawmakers, urging President Biden to use every tool he has to address rent inflation, end corporate price gouging in the rental market, and ensure that renters and people experiencing homelessness across this country are stably housed this winter.
In November 2022, Senators Warren, Tina Smith (D-Minn.), Bernie Sanders (I-Vt.) and Edward J. Markey (D-Mass.) sent a letter to RealPage CEO Dana Jones, expressing concern about RealPage’s algorithmic pricing software, YieldStar, and its role in driving rising rents and exacerbating inflation.
In August 2022, at a Senate Banking, Housing, and Urban Affairs (BHUA) Committee hearing, Senator Warren called out corporate landlords’ growing role in the rental market and emphasized the need for a Tenant Protection Bureau to hold corporate landlords accountable and protect renters from extreme rent hikes, illegal eviction, and other predatory practices.
In May 2022, Senators Warren and Reed sent a letter to Secretary of the Department of Housing and Urban Development (HUD), Marcia Fudge, calling on HUD to preserve homeownership affordability for American families as Wall Street firms expand their activity in the housing market.
In March 2022, at a BHUA Committee hearing, Senator Warren called out Wall Street’s role in worsening the housing affordability crisis for seniors by buying up manufactured home communities
In February 2022, Senator Warren called out private equity firms and other big investors for exacerbating inflation and locking families out of affordable housing opportunities.
In January 2022, Senator Warren sent letters to the CEOs of three private equity-backed firms—Progress Residential, American Homes 4 Rent, and Invitation Homes —calling out their growing activity in the housing market that has resulted in rent hikes and unaffordable homes for first-time buyers.
In August 2021, during a hearing exchange with Senator Warren, a Department of Housing and Urban Development nominee committed to consider changes that facilitate sales of distressed homes to homeowners, not private equity firms.
In July 2021, Senator Warren called on large corporate landlords to avoid needless evictions as the CDC eviction moratorium neared expiration.
In May 2021, at a hearing, Senator Warren made the case for her American Housing and Economic Mobility Act, which would create a new housing innovation grant program to reduce exclusionary local zoning laws.
On April 2021, Senator Warren and Representative Emanuel Cleaver, II (D-Mo.) reintroduced the American Housing and Economic Mobility Act to bring down the costs for renters and buyers, level the playing field so working families can find a decent place to live at a decent price, reduce exclusionary zoning laws, and take a step towards addressing the effects of decades of housing discrimination on communities of color.
In May 2019, Senator Warren and then-Representative Dave Loebsack (D-Iowa) wrote to the private equity firms behind some of the country’s largest manufactured housing communities to request information about their use of predatory practices to boost profits in the communities they own.
Source: United States Senator for Kentucky Mitch McConnell
WASHINGTON, D.C. – U.S. Senate Republican Leader Mitch McConnell (R-KY) announced today the U.S. Department of Transportation (DOT) will provide $33,780,304 in federal funding to Paducah and Louisville (P&L) Transportation to support several infrastructure projects along its 280-mile main line between Louisville and Paducah, Kentucky; including upgrades to signals and track infrastructure, installation of a wheel truing machine, and rehabilitation of five rail bridges in Hardin and Muhlenberg Counties.
DOT awarded this grant as part of the Infrastructure for Rebuilding America (INFRA) program, which awards competitive grants for freight and highway projects. Senator McConnell helped secure $3.2 billion for the INFRA program in the bipartisan Infrastructure Investment and Jobs Act, which passed Congress with the Senator’s support and was signed into law by the President. Senator McConnell also wrote to the Secretary of Transportation in support of P&L Transportation’s grant application.
The P&L main rail line connects with four major railroads in North America, transporting equipment for Kentucky’s military installations, materials used for manufacturing, and other freight vital to interstate commerce.
“As a transportation and logistics hub, Kentucky keeps millions of American goods and people on the move. From strengthening our regional economy to facilitating interstate commerce nationwide, our rail infrastructure – and investments to sustain it – has benefits that ripple across the entire country. Projects like this one are precisely the reason I supported the bipartisan infrastructure law, which has delivered billions for Kentucky’s roads, ports, railroads, and waterways. I look forward to watching this much-needed investment spur development along the entire P&L corridor,” said Senator McConnell.
“P&L is excited to continue our work to rebuild critical freight railroad infrastructure. This project will benefit all Kentuckians by keeping employers in the Commonwealth connected to markets around the world. I want to especially thank Senator McConnell for all of his hard work to ensure that Kentucky infrastructure projects receive their fair share of funding. These projects and the funding announced today would not be possible without his support,” said Chairman, President, and CEO of P&L Transportation Tom Greene.
Source: United States House of Representatives – Representative Susan Wild (PA-07)
Today, U.S. Congresswoman Susan Wild (D-PA-07) and U.S. Senators Bob Casey (D-PA) and John Fetterman (D-PA) announced a critical first step in a major federal investment to help the semiconductor manufacturer Infinera build a new plant in Bethlehem, PA. This investment, made possible by the CHIPS and Science Act, would support the expansion and modernization of a new Advanced Test and Packaging (ATP) facility creating good-paying jobs in the Lehigh Valley and increasing Infinera’s capacity to manufacture semiconductors, which are vital to national security and American supply chain resilience.
“By supporting the construction of a new Advanced Test and Packaging Facility right here in Bethlehem, this grant will not only create hundreds of new jobs in our community, but it will revitalize our local semiconductor industry and address key national security concerns,” said Congresswomen Wild. “I was proud to help secure this funding for Infinera, to support our national security and intelligence communities and bolster our local economy and manufacturing ecosystem. I will continue to advocate for our community to receive federal resources, promote Made in America policies, and protect our nation from foreign adversaries.”
“I fought to pass the CHIPS and Science Act to ensure that Pennsylvania workers can continue leading the world in building the technology of tomorrow. This agreement is another critical step to deliver jobs and dollars to our Commonwealth, while protecting our Nation’s national and economic security,” said Senator Casey. “Infinera is emblematic of the future of the Lehigh Valley and I will keep fighting to bring manufacturing jobs to Pennsylvania.”
“This is exactly what ‘Making Stuff Here’ in America and Pennsylvania looks like. Thanks to the Biden-Harris Administration’s implementation of the CHIPS Act, we’ll be seeing hundreds of good-paying jobs brought to Bethlehem. The Lehigh Valley has a rich history of innovation––it’s where the first facility to mass-produce transistors was built. By investing in companies like Infinera, we’re standing up to global competitors and building on American legacies,” said Senator Fetterman.
The preliminary agreement between the U.S. Department of Commerce and Infinera Corporation would provide major investments to Infinera plants in Pennsylvania and California. Infinera is a semiconductor and telecommunications equipment manufacturer that has operated for over 20 years. The proposed CHIPS funding would support the construction of a new Advanced Test and Packaging (ATP) facility in Bethlehem, Pennsylvania, and would be expected, with the California facility, to increase Infinera’s existing domestic manufacturing capacity by an estimated factor of 10.
Senator Casey and Congresswoman Wild have long advocated for semiconductor manufacturing investments in Pennsylvania. Earlier this year both Casey and Wild urged the U.S. Department of Commerce to support the construction of a new Infinera manufacturing plant in Pennsylvania., Additionally, Casey and Wild visited Infinera to see the high-tech manufacturing already happening in the Commonwealth.
Congresswoman Wild and Senator Casey are fighting to bring jobs and economic investment back to Pennsylvania. The Members worked to pass the CHIPS and Science Act to produce semiconductors in the United States, reducing the U.S. reliance on foreign adversaries, including China, for critical technology manufacturing. In addition to the CHIPS Act, Casey and Wild worked to pass Infrastructure Investment and Jobs Act and Inflation Reduction Act—two pieces of landmark legislation that have brought thousands of jobs and billions of dollars to Pennsylvania.
[BOISE] – Attorney General Raúl Labrador has announced investigators with his Idaho Internet Crimes Against Children (ICAC) Task Force arrested fifty-four-year-old Brandon Taro on Tuesday, October 15th, 2024, for four (4) counts of possession of child sexual exploitation material and one (1) count of distribution of child sexual exploitation material after a search warrant was served at his residence. “I am grateful for the hard work of our investigators and prosecutors, and for the dedication of our partner ICAC agencies across the state,” said Attorney General Labrador. “Protecting kids from sexual abuse and exploitation is a top priority for all of us. Our children deserve to be safe from these horrible crimes and predators.” Agencies that assisted the ICAC Task Force were the Meridian Police Department and Homeland Security Investigations. Anyone with information regarding the exploitation of children is encouraged to contact local police, the Attorney General’s ICAC Unit at 208-947-8700, or the National Center for Missing and Exploited Children at 1-800-843-5678. The Attorney General’s ICAC Unit works with the Idaho ICAC Task Force, a coalition of federal, state, and local law enforcement agencies, to investigate and prosecute individuals who use the internet to criminally exploit children. Parents, educators, and law enforcement officials can find more information and helpful resources at the ICAC website, ICACIdaho.org.
