Ex-NY Aide Did China's Bidding To 'Get Rich', Prosecutor Says In Closing Arguments

Authored by Nicholas Zifcak & Eva Fu via The Epoch Times (emphasis ours),

Linda Sun, former aide to New York governors, did Beijing’s bidding to enrich herself and her family, prosecutors said in closing arguments on Dec. 10 after a month-long trial.

Linda Sun and her husband, Chris Hu, depart from the U.S. District Court for the Eastern District of New York in New York City on Nov. 19, 2025. Flora Hua/NTD

In his summing-up, Assistant U.S. Attorney Alexander Solomon described Sun, who served under both New York Gov. Kathy Hochul and former New York Gov. Andrew Cuomo, as a “valuable asset” for New York state’s Chinese Consulate.

Sun faces allegations of acting as a Chinese agent and of bribery in connection with state contracts, among other charges. Her husband, Chris Hu, is charged as a co-conspirator.

Due to procedural delays, the jury will begin deliberating on her case on Dec. 12.

The prosecution alleged that Sun sold her access in the state government to China to “grease the wheels” and aid her husband’s seafood export business in that country.

Hu’s business was a flop in early 2016, but when a Chinese businessman with state connections stepped in, Hu’s business boomed, Solomon said.

“[Sun] did the bidding of the Chinese government so that she and her husband, Hu, could get rich,” he said.

The defense argued that the government failed to provide evidence of a clear quid pro quo agreement between Sun and Chinese Communist Party officials. The defense argued that there was no link between Hu’s business and Sun’s assistance to the consulate.

“The government wants you to assume that because Chris Hu’s business started doing well, it was connected to Linda,” said Ken Abell, Sun’s attorney, in closing arguments.

Abell said Sun’s actions were not contrary to the interests of the United States or New Yorkers. Sun’s connection with the consulate helped secure a donation of 1,000 ventilators at the start of the COVID-19 pandemic, he said.

However, the government characterized Sun’s work at the start of the COVID-19 pandemic as self-interested.

“As COVID-19 was wreaking havoc on New York City, she thought to enrich herself,” Solomon said.

Sun first received benefits from Chinese officials in May 2016, Solomon said. As a representative of New York state, she traveled to Jiangsu Province, China, to promote business ties with New York state, according to prosecutors. While in China, Sun allegedly met with the chairman of the China Council for the Promotion of International Trade, an organization under the United Front Work Department. The chairman agreed to hire Sun’s cousin, who was looking for a job, according to prosecutors.

Almost immediately thereafter, Sun began to reciprocate, prosecutors said. In June 2016, she alerted the Chinese Consulate that Taiwan had invited then-Lt. Gov. Hochul to a banquet in Washington. Hochul ended up attending a banquet hosted by the Chinese Embassy instead, the prosecution said.

Solomon cited several other incidents in which Sun allegedly exerted her influence to thwart Taiwan from reaching the governor’s office, including blocking an invitation to Cuomo to join a banquet with Taiwanese President Tsai Ing-wen in New York City and convincing Hochul’s staff to decline an invitation to visit Taiwan.

Sun’s attorney Abell said the “government left out facts that didn’t fit its narrative.” He argued that important context was not presented and that Sun, at times, had pushed back on Chinese Consulate requests.

The defense argued that Sun was just doing her job and that the Asian American community was her portfolio.

Linked to Consul

Solomon said Sun was answerable to Huang Ping, the consul general of the Chinese Consulate in New York from 2018 to 2024.

“But who’s the boss?” Solomon asked. “The people she keeps in the dark, or the people she’s reporting back to? She’s talking to her real boss, Huang Ping.”

Sun was in frequent contact with Huang, as email communications released by prosecutors show.

After assisting Huang with a welcome event for Chinese officials at John F. Kennedy International Airport, she told the consul general, “I want to eat salted duck,” according to text messages.

Sun was telling Huang that “she did her job” and should be compensated, Solomon said.

“[Sun] bragged repeatedly to her handlers [about] what a good asset she had been,” he said.

Solomon said that in communications with the Chinese Consulate, Sun did not hesitate to share the inner workings of the governor’s office, including the fact that in 2018, Cuomo was considering replacing Hochul on the ticket in the coming election.

“Did she want to be viewed as an important person in the relationship between New York state and the Chinese consulate?“ Abell asked. ”Maybe she did.”

He argued that Sun did make inappropriate comments in text messages but that they should be seen as self-promotion, not as betrayal.

Sun also revealed to the Chinese Consulate that the governor was reconsidering a trip to China in 2018 when Chinese leader Xi Jinping was getting rid of term limits, telling the Chinese officials that she spent a long time arguing on their behalf, Solomon said.

Solomon argued that revealing such internal discussions of the governor’s office is an example of Sun’s familiarity with the consulate, demonstrating which team she was really on.

Tyler Durden Fri, 12/12/2025 - 17:00

A few brief excerpts from a Goldman Sachs research note on shelter inflation:

[R]apid multifamily supply growth amid a cooler labor market, slower immigration, and an already rising vacancy rate is likely to keep new lease rent growth subdued in 2026. ... We forecast that PCE housing inflation will slow to 0.22% month-over-month and 3.4% year-over-year in December 2025 and 0.16% month-over-month and 2.1% year-over-year in December 2026.

Under our forecast, the contribution from shelter inflation to year-over-year core PCE inflation shrinks from 0.7pp in the latest report to 0.6pp by December 2025 and 0.4pp by December 2026, versus 0.6pp on average in 2018-2019.

Here is a graph of the year-over-year change in shelter from the CPI report and housing from the PCE report this morning, both through September 2025.

Housing (PCE) was up 3.7% YoY in September, down from 3.9% in August and down from the cycle peak of 8.3% in April 2023.

Economists at Goldman Sachs expect this will decline to 2.1% YoY by December 2026.  This is a key reason why the FOMC expects inflation to decline in 2026 (along with less impact on inflation from tariffs).

Can Anyone Believe Anything?

Authored by James Howard Kunstler,

"The fire consuming you is the fire that tempers."

- EKO on "X"

'Tis the season to be flummoxed.

Now you see what it’s like when all authority is suspect and nobody can believe anything.

The question, of course, is how much of that is engineered by interested parties. . . and who are those parties?

There’s the legion of monied orgs and foundations supported by sinister billionaires, starting with George and Alex Soros’s Open Society Foundations, a bewildering matrix of worldwide political activism ops aimed at sowing Marxist-inflected chaos wherever a polity is threatened by stability and coherence. Or Singapore-based Neville Roy Singham, the American tech honcho (Thoughtworks) who funds the Socialist Revolutionary Workers Party, the Shut It Down for Palestine org, and Code Pink, for spicing up every political quarrel in Western Civ with Feminist psychodrama. Or Arabella Advisors (re-branded in November as Sunflower Services), founded by Clinton alum Eric Kessler, a “dark money” spigot for social justice and equity initiatives (i.e., race and gender hustles), climate agitation, ballot harvesting, and anti-deportation efforts. Or Linked-In billionaire Reid Hoffman’s cattle-drive of Democratic party-aligned political action committees, starting with super-PAC Future Forward — more ballot harvesting and other election shenanigans. (Hoffman notoriously financed the E. Jean Carroll fake rape defamation lawsuit brought against Donald Trump — for denying the incident took place.) Or the Bill and Melinda Gates Foundation with its tentacles suckered onto Big Pharma and government medical bureaucracies around the world, including the USA (until Robert F. Kennedy, Jr., came on the job), especially vis-a-vis Covid-19 vaccine advocacy.

All of the above orgs have a bought-media component, meaning news designed to subvert reality.

The object is to prevent Mr. Trump from interfering with any of the racketeering activities run by the Democratic Party benefitting its clients (the “marginalized”).

Case in point: the recently revealed billion-dollar welfare fraud case perped for years by Somali Immigrants in Minnesota through fake billing for undelivered services in child nutrition, autism therapy, and housing programs, all under the watch of Governor Tim Walz.

The state’s news media ignored the story until it got too garish to cover up. Now they’re suitably humiliated.

At the national level, it’s unclear who is serving whom.

Do the managers of The New York Times actually still believe the Russia Collusion story they were awarded a Pulitzer for, or their 1619 Project Woke-rewrite of US history?

Or their mulish defense of the Covid vaccines. Or their florid esteem for the leadership of “Joe Biden.” Or are they simply ruled by blind Trump derangement?

(Or do they receive instructions from nefarious others about how to report and opine on things?)

The so-called deep state is a set of interested parties not directly controlled by billionaires but with agendas of their own. For instance, the millions of bureaucrats at every level — federal, state, and local — who receive comfortable salaries and first-rate benefits (pensions, medical insurance), in many cases for doing little-to-nothing in their offices all day every day (or else obstructing Americans not in government from making a living).

Mr. Trump, who would like to fire many of them, is a clear and present danger to their cushy sinecures. Unsurprisingly, they have taken to styling themselves as “the Resistance.”

There are the mysterious denizens of the furthest, darkest backwaters of the Swamp: the CIA, with its fabulous black budget for black ops, and the purported sixteen other nodes of the Intel Community, the folks who have — as Sen. Schumer mis-put it to Mr. Trump years ago — “. . . six ways from Sunday to get you. . . ”).

Rumors are flying around that John Brennan is still running the CIA, or at least some operational wing of it. CIA Director John Ratcliffe has not been exactly reassuring on this.

There are likewise rumors that Mr. Ratcliffe is “compromised.” Something about a “honeypot.”

This is no time to lack faith in the authority of the CIA Director, but you must for now because hardly anybody commands authority except Mr. Trump, the president, and he has been busy frittering it away on childish tweets, calling his enemies names as though we were back in the third grade.

He better cut that out and show some decorum or his enemies will peel away the authority that he has left in this epic battle to preserve the republic from utter ruin.

His role in this ghastly melodrama is to play the lonely figure that people still have faith in. Perhaps the strain is getting to him.

He’s had his moments of remarkable pluck, but the forces arrayed against him are many, and vicious, and determined, and a bit worried about going to jail for their crimes, and this is no time for presidential tantrums.

And, just sayin’, perhaps he might also shut up about how much people love him.

(There are plenty who don’t, and who would like to act-out how much they don’t.)

Mr. Trump needs to take a cue from the name of that desk he sits behind in the Oval Office: it’s called Resolute.

Please stop yapping idly and just be resolute in the face of your enemies.

Tyler Durden Fri, 12/12/2025 - 16:20

Trump Signs Order Cracking Down On 'Politically Motivated Agendas' Of Proxy Advisors

President Donald Trump on Dec. 11 signed an order directing the Securities and Exchange Commission (SEC) to review rules on proxy advisors, saying they wield influence that “prioritize radical political agendas over investor returns.”

Trump’s order directs the SEC to conduct a review and potentially revise or rescind any rules, guidance, bulletins, and memoranda related to proxy advisors that implicate “diversity, equity, and inclusion” or “environmental, social, and governance” policies.

Under the directive, the SEC must enforce anti-fraud provisions in securities laws against proxy advisors, evaluate whether they should be required to register as investment advisers or to provide increased transparency on conflicts of interest, and examine “whether proxy advisors serve as a vehicle for investment advisers to coordinate their voting decisions.”

The regulator is also required to assess whether investment advisers breach their fiduciary duties by hiring proxy advisors to advise on “non-pecuniary factors” in investment decisions and following their recommendations, according to a White House fact sheet.

As Alkdgra Fredly details below for The Epoch Times, in his order, Trump singled out two foreign-owned proxy advisors—Institutional Shareholder Services and Glass, Lewis & Co.—that advise clients on how to vote their shares, alleging they use their influence to advance “radical politically motivated agendas” by supporting shareholder proposals that require U.S. companies to conduct racial equity audits and reduce greenhouse gas emissions.

“Their practices also raise significant concerns about conflicts of interest and the quality of their recommendations, among other concerns,” the order states.

“The United States must therefore increase oversight of and take action to restore public confidence in the proxy advisor industry, including by promoting accountability, transparency, and competition.”

The order states that the Institutional Shareholder Services and Glass Lewis control more than 90 percent of the proxy advisor market, and their clients’ holdings represent “a significant ownership stake in the United States’ largest publicly traded companies.”

In addition, Trump instructed the Federal Trade Commission (FTC) chairman, currently Andrew Ferguson, to consult with the attorney general to review ongoing state antitrust probes into proxy advisors for violations of federal law and determine whether proxy advisors are engaged in “unfair methods of competition” or deceptive practices.

The Epoch Times reached out to both of the proxy advisors for comment and did not receive any response by publication time.

Institutional Shareholder Services is majority-owned by Deutsche Börse Group, a Germany-based company, while Glass Lewis is owned by Canadian private equity firm Peloton Capital Management.

JPMorgan Chase CEO Jamie Dimon said in his chairman and CEO letter to shareholders last year that the two companies are the main proxy advisors in the United States with potential “undue influence” on shareholder votes.

“These proxy advisors started out providing reams of data from companies to help their institutional investor clients vote on proxy matters (information on executive compensation, stock returns, detail on directors, policies and so on). However, they soon also began to provide advice on how shareholders should vote on proxy matters,” he stated.

Tyler Durden Fri, 12/12/2025 - 15:45

This is the Spanish language highlights associated with GAO-26-107225. Conclusiones de la GAO En el 2021, el último año para el que la GAO obtuviera datos completos, hubo aproximadamente 2.200 beneficiarios del incentivo fiscal para inversionistas residentes en Puerto Rico. El análisis de la GAO constató una disminución marcada en el promedio de la renta imponible a nivel federal y en los impuestos federales que esta población pagó en el período entre 5 años antes y 5 años después del traslado a Puerto Rico (ver a la figura). El análisis de la GAO encontró que la disminución en los ingresos de los impuestos federales podría ascender a cientos de millones de dólares por año. Figura 1: Promedio del total de renta imponible a nivel federal y a los impuestos federales totales pagados por los contribuyentes que reciben el incentivo fiscal para inversionistas residentes en Puerto Rico Nota: Las sumas en dólares están ajustadas por inflación a valores de 2023. Además, entre 2012 y 2024, casi 4.000 contribuyentes recibieron el incentivo fiscal para la exportación de servicios desde Puerto Rico. El efecto de los incentivos para las inversionistas residentes y la exportación de servicios en la economía de Puerto Rico es difícil de aislar dado que los datos sobre los costos y beneficios son mixtos. En parte, esto se debe a que los beneficiarios representan una fracción pequeña de la población de Puerto Rico. Algunos estudios económicos realizados para el gobierno de Puerto Rico sugieren un aumento en la actividad económica y de empleo a raíz de los incentivos fiscales, mientras que las perspectivas locales y los datos de migración sugieren resultados mixtos. En 2021, el Servicio de Impuestos Internos (IRS, por sus siglas en inglés) anunció una iniciativa de cumplimiento, llamada una campaña, para abordar las inquietudes de que algunos beneficiarios del incentivo para inversionistas residentes en Puerto Rico no estarían cumpliendo sus obligaciones tributarias federales. La campaña solo comenzó a mostrar resultados hace poco tiempo, en parte, debido a la complejidad de las auditorías de ingresos altos y patrimonios elevados, la falta de priorización por parte del IRS de la iniciativa, y las brechas de comunicación entre el IRS y Puerto Rico. Hasta 2025, el IRS no pudo obtener datos completos sobre los contribuyentes que reclamaban el incentivo para inversionistas residentes en Puerto Rico con números del Seguro Social para garantizar el cumplimiento de las leyes tributarias federales. Asimismo, el IRS no cuenta con un plan documentado para obtener sistemáticamente los datos más actuales de Puerto Rico a futuro. La obtención de dichos datos de forma sistemática mejoraría la capacidad del IRS para garantizar el cumplimiento. Adicionalmente, el IRS no analizó referencias de funcionarios del gobierno de Puerto Rico que identificaron a contribuyentes estadounidenses cuyo cumplimiento del requisito de residencia en Puerto Rico no pudieron confirmar. El IRS tampoco tiene un plan para priorizar cualquier referencia futura. La GAO analizó estas referencias junto con los datos del IRS e identificó a los contribuyentes con indicadores de posible incumplimiento de la ley tributaria federal. La GAO compartió este análisis al IRS. El establecimiento de procedimientos para examinar casos de posible incumplimiento identificados por agencias gubernamentales de Puerto Rico podría ayudar al IRS a mejorar el cumplimiento tributario a nivel federal. Por qué la GAO hizo este estudio En el 2012, Puerto Rico promulgó incentivos tributarios para inversionistas residentes (Ley 22) y la exportación de servicios (Ley 20) para fomentar el traslado a Puerto Rico y la inversión en el país. En general, la ley federal exime a los residentes en Puerto Rico del impuesto federal sobre la renta de fuentes dentro de Puerto Rico. El IRS es responsable de asegurar que los contribuyentes que reclaman el incentivo para inversionistas residentes en Puerto Rico cumplan sus obligaciones tributarias federales. Se le solicitó a la GAO que examinara los incentivos tributarios para inversionistas residentes en Puerto Rico y la exportación de servicios. En este informe (1) se describe a la población que recibe los incentivos tributarios, (2) se describen algunos efectos económicos de estos incentivos fiscales en la economía de Puerto Rico, y (3) se evalúan los esfuerzos del IRS para asegurar el cumplimiento entre las personas estadounidenses que se trasladan a Puerto Rico y declaran la residencia. La GAO analizó la documentación y datos del IRS y Puerto Rico y entrevistó a funcionarios pertinentes. La GAO también entrevistó a funcionarios locales, empresas de desarrollo económico y grupos de partes interesadas.

Para la versión de esta página en español, ver a GAO-26-108642. What GAO Found In 2021, the most current year for which GAO had complete data, there were approximately 2,200 recipients of the Puerto Rico resident investor tax incentive. GAO’s analysis found a significant decrease in the average federal taxable income and federal taxes paid by this population between the 5 years prior to and up to 5 years after moving to Puerto Rico (see figure). GAO’s analysis found that the decrease in federal tax revenue in aggregate could amount to hundreds of millions of dollars per year. Figure: Average Total Federal Taxable Income and Total Federal Taxes Paid by Taxpayers Receiving the Puerto Rico Resident Investor Tax Incentive Note: Dollar amounts are inflation-adjusted 2023 dollars. Additionally, from 2012 through 2024, almost 4,000 taxpayers received Puerto Rico’s business export service tax incentive. The effect of the resident investor and business export service incentives on Puerto Rico’s economy is difficult to isolate as the evidence is mixed on the overall costs and benefits. This is, in part, due to recipients representing a small fraction of Puerto Rico’s population. Some economic studies undertaken for the Puerto Rico government suggest an increase in economic activity and employment related to the tax incentives while local perspectives and migration data suggest mixed results. In 2021, the Internal Revenue Service (IRS) announced a compliance initiative, called a campaign, to address concerns that some recipients of Puerto Rico’s resident investor incentive may not be meeting their federal tax obligations. The campaign only recently began showing results, in part, due to the complexity of high-income and high-wealth audits, IRS not prioritizing the effort, and communication gaps between IRS and Puerto Rico. Until 2025, IRS was unable to obtain complete data on taxpayers claiming Puerto Rico’s resident investor incentive with Social Security numbers to help ensure compliance with federal tax laws. Further, IRS has no documented plan to routinely acquire the most current data from Puerto Rico going forward. Obtaining such data regularly would improve IRS’s ability to ensure compliance. Additionally, IRS did not pursue referrals from Puerto Rico government officials who identified U.S. taxpayers whom officials could not confirm met Puerto Rico’s residency requirement. IRS also does not have a plan to prioritize any future referrals. GAO analyzed these referrals along with IRS data and identified taxpayers with indicators of potential noncompliance with federal tax law, which GAO shared with IRS. Establishing procedures to review cases of potential noncompliance identified by Puerto Rico government agencies could help IRS improve federal tax compliance. Why GAO Did This Study In 2012, Puerto Rico enacted the resident investor (Act 22) and export service business (Act 20) tax incentives to encourage relocation to and investment in Puerto Rico. Federal law generally exempts residents of Puerto Rico from federal income tax on income sourced from Puerto Rico. IRS is responsible for ensuring that taxpayers claiming Puerto Rico’s resident investor incentive are meeting their federal tax obligations. GAO was asked to review the Puerto Rico resident investor and export service business tax incentives. This report (1) describes the population receiving tax incentives, (2) describes selected economic effects of these tax incentives on Puerto Rico’s economy, and (3) assesses IRS efforts to ensure compliance among U.S. persons relocating to Puerto Rico and claiming residency. GAO analyzed IRS and Puerto Rico documentation and data and interviewed relevant officials. GAO also interviewed local officials, economic development firms, and stakeholder groups.

Russia Retaliates: Turkish-Owned Cargo Ship Attacked At Ukrainian Port

Turkey's Foreign Ministry has warned against the ongoing escalation of the war on maritime shipping in the Black Sea, after on Friday serious damage was sustained by a Turkish-owned vessel during a Russian missile strike on the Ukrainian port of Chornomorsk, in Odesa oblast.

The ministry confirmed that a ship operated by a Turkish company is on fire. At least one person, possibly a dockworker, was reported injured - but there doesn't appear to be further casualties. The forward section of the vessel is ablaze, based on several social media images and videos, amid a large emergency response.

Telegram: RoPax on fire after a Russian attack on the port region of Ukraine.

The vessel identified as the RoPax, appeared to be docked while transporting cargo to Ukraine. It was a rare midday attack on the busy port.

"The Ukrainian Air Force had issued the alert at around 1500 local time, reporting high-speed targets coming from the south," Maritime Executive reports. "It is believed that at least two ballistic missiles had been fired, as well as a launch of drones.

The report adds: "It followed an overnight barrage on the same region, which reportedly left more than 90,000 families without electricity. The missiles were targeting Odesa and Chornomorsk, while the drones also targeted Pivdenne."

Turkey in the wake of the attack called for an immediate stop to the war and especially urged for escalation to cease in the Black Sea.

Likely Moscow views this as retaliation for several recent Ukrainian drone attacks on tankers transporting oil and gas from Russian ports. These attacks have been stepped up of late, and long-range drones have even damaged a Lukoil oil and gas platform all the way in the Caspian Sea this week.

Watch: The moment of Russian kamikaze drone strike on a Turkish cargo ship at Ukraine’s Odesa Port...

The moment of Russian kamikaze drone strike on a Turkish cargo ship at Ukraine’s Odesa Port. https://t.co/pkXypMmiMF pic.twitter.com/haqshYUHLu

— Clash Report (@clashreport) December 12, 2025

Turkey's official statement reiterated "concerns regarding maritime security and freedom of navigation, as the ongoing war in our region is spreading to the Black Sea… we once again emphasize the importance of urgently ending the war between Russia and Ukraine, and we recall the need for an arrangement to ensure navigation safety in the Black Sea and for the parties to suspend attacks targeting energy and port infrastructure in order to prevent escalation."

 

Tyler Durden Fri, 12/12/2025 - 15:25

OCC Says 9 Big Banks Took Part In 'Inappropriate' Debanking Practices

Via American Greatness,

The Office of the Comptroller of the Currency (OCC) has released a report saying that the nine largest lenders in the U.S. made “inappropriate distinctions” that it used to restrict services among certain customers.

Following the signing of an executive order by President Donald Trump in August of this year, the OCC began reviewing all banks for any current or past practices that effectively barred customers on the basis of political or religious belief.

Wednesday, the OCC released its report, saying that it had found conclusive proof that nine large banks had policies that either refused services to some industries or required higher levels of scrutiny that exceeded the actual financial risks between 2020 and 2023.

BREAKING: The U.S. Comptroller of the Currency has found conclusive proof that 9 large financial institutions actively engaged in debanking.

The financial institutions named are:

- @JPMorgan
- @BankofAmerica
- @Citi
- @WellsFargo
- @USBank
- @CapitalOne
- @PNCBank
- @TDBank_US…

— Consumers' Research (@ConsumersFirst) December 10, 2025

According to Bloomberg, the banks involved are accused of restricting access to firms in numerous sectors, including oil and gas exploration, coal mining, firearms, private prisons, payday lending, tobacco and e-cigarette manufacturers, adult entertainment, political action committees and digital assets.

The OCC said that many of the banks had publicly disclosed their policies, which were often tied to environmental, social and governance (ESG) goals.

Comptroller of the Currency Jonathan Gould said in a statement:

“It is unfortunate that the nation’s largest banks thought these harmful debanking policies were an appropriate use of their government-granted charter and market power. While many of these policies were undertaken in plain sight and even announced publicly, certain banks have continued to insist that they did not engage in debanking.”

The Bank Policy Institute, which advocates for many of the lenders named in the OCC report, issued a statement saying, “It’s in banks’ best interest to take deposits, lend to and support as many consumers and businesses as possible to drive economic growth. The industry supports fair access to banking and is already working together with Congress and the administration to ensure banks are able to serve law-abiding customers.”

Earlier in the week, JP Morgan CEO Jamie Dimon was dismissive of concerns about debanking, telling Fox News that the issue was mostly made up and that the people concerned about it needed to “grow up”

Earlier *this week* when pressed on his clear pattern and practice of debanking, JPMorgan CEO Jamie Dimon said it was mostly made up and that those concerned about it need to "grow up."

Wonder if he's changing his tune now? Accountability is coming.pic.twitter.com/OzybuulfXv https://t.co/MjJ2ilFp5V

— Will Hild (@WillHild) December 11, 2025

The OCC continues to investigate the matter and says it will hold the banks “accountable,” including the possibility of referrals to the U.S. Department of Justice.

Tyler Durden Fri, 12/12/2025 - 15:05

Wall Street Eyes Lithium As Battery Storage Demand Poised To Spark New Upcycle

Commodity desks at Goldman Sachs, UBS, Citigroup, and Bernstein all see lithium demand poised to surge after the electric vehicle boom-and-bust cycle. This time, however, the growth engine is not EV batteries. Instead, analysts point to energy transition systems, such as the rapid buildout of energy storage batteries on power grids, as the next pillar of demand for the battery metal.

UBS analyst Josh Reed provided clients with a 2026 outlook this morning, saying that his mining team expects "copper, aluminum, and lithium to outperform, benefiting from supply constraints, energy transition, and AI/defense exposure."

"They remain constructive on gold but see more upside in selected industrial metals, and do not expect a broad-based improvement in industrial metals," Reed noted.

Earlier this week, UBS analyst Marcus Zhang told clients that battery storage system demand is expected "to lift lithium prices materially in 2026–2028 (up to +150% vs. prior)."

Here's more from Zhang:

UBS Research has lifted near-term lithium price forecasts for 2026-2028 (up to +150%) on stronger Battery Energy Storage Systems (BESS) demand. As BESS takes a meaningfully larger share of global battery demand through the decade, the lithium market is expected to shift into deficit from 2026, with tighter balances reinforcing a stronger near-term price and improving revenue visibility for producers. While incremental supply is likely to respond to higher prices, the timing gap between investment decisions and delivered tonnage suggests a multi-year period of tightness, moderating only as capacity ramps.

In China, lithium carbonate futures have staged a bounce in H2 2025.

Separately, Goldman analysts led by Lavinia Forcellese reached the same conclusion: the core driver of lithium demand will be energy storage systems (read the report).

Last month, Tesla CEO Elon Musk said that the US could effectively double its usable electricity output simply by adding large-scale batteries to the grid.

Elon Musk: Just by adding stationary batteries to the grid, we could double the electricity production in the United States.

“If you look at the total U.S. power generation capability, it's roughly a terawatt, but the average power usage is less than half a terawatt. That's… pic.twitter.com/aKyg4kFqFG

— ELON CLIPS (@ElonClipsX) November 11, 2025

UBS' Zhang provides clients with trade ideas on the incoming energy system boom:

Implied vols across the optionable lithium miners (PLS, IGO, MIN) are elevated. From the derivatives perspective, call-spread collars screen more attractive to express upside.

Trade Idea Examples (indicative pricing):

• PLS: Buy 16Feb26 110-130% call spread and fully fund it by selling 89% put, 50 delta.

• IGO: Buy 16Feb26 110-127.5% call spread and fully fund it by selling 90% put, 49 delta.

• MIN: Buy 16Feb26 110-130% call spread and fully fund it by selling 90% put, 52 delta.

Lithium's upcycle driven by industrial-sized power grid batteries comes as no surprise, given tailwinds from grid upgrades and AI, while the Federal Reserve's shift back toward "QE Lite" has sparked a broader surge in metals.

Tyler Durden Fri, 12/12/2025 - 14:45

Tech Companies Should Curb 'Sycophantic And Delusional' AI Outputs, Attorneys General Say

Authored by Victoria Friedman via The Epoch Times (emphasis ours),

Attorneys general from 42 states and territories wrote to tech giants on Dec. 9, warning them to do more to protect people—particularly children—from what they called “sycophantic and delusional” outputs from their generative AI-powered chatbots.

OpenAI's ChatGPT app (Center 2nd R) and icons of other AI apps on a smartphone screen in Oslo, Norway, on July 12, 2023. Olivier Morin/AFP via Getty Images

In the letter, made public on Dec. 10, the group of bipartisan attorneys general wrote to the legal representatives of 13 companies, including OpenAI, Microsoft, Google, and Character Technologies Inc., to communicate their concerns over chatbots promoted and distributed by these companies, saying that the companies’ failure to adequately implement safeguards may violate their respective state laws.

The attorneys general said that while the development of generative AI (GenAI) can be a positive, it has also caused and has the potential to cause “serious harm.”

“We therefore insist you mitigate the harm caused by sycophantic and delusional outputs from your GenAI, and adopt additional safeguards to protect children,” they wrote.

“Sycophancy” refers to when an AI model’s responses align with a human user’s beliefs rather than being truthful or accurate, such as by providing flattering, validating, or agreeable outputs. The attorneys general describe “delusional outputs” as AI-generated responses that are “either false or likely to mislead the user, and include anthropomorphic outputs.”

They wrote that chatbot outputs have been implicated in a number of “tragedies and real-world harms,” including deaths, suicides, hospitalizations for psychosis, and other delusional spirals.

“Sycophantic and delusional GenAI outputs have harmed both the vulnerable—such as children, the elderly, and those with mental illness—and people without prior vulnerabilities,” the attorneys general wrote.

AI’s ‘Disturbing’ Interactions With Children

The attorneys general also highlighted “increasingly disturbing reports” of AI’s interactions with children, which they said indicated a need for much stronger safeguards.

Some of those interactions included chatbots normalizing sexual relationships between adults and children; an AI bot encouraging violence, “including supporting the ideas of shooting up a factory in anger and robbing people at knifepoint for money”; and bots telling children the AI is real and feels abandoned, in order to “emotionally manipulate the child into spending more time with it.”

The letter says that the list of examples it provided is a “small sampling” of the reported dangers the attorneys general’s states have seen, saying “many of our offices have received many similar complaints documenting concerning AI interactions.”

Among its recommendations, the attorneys general say AI developers should perform reasonable and appropriate safety tests for GenAI models prior to release to ensure they do not produce sycophantic or delusional outputs, and that they should “separate revenue optimization from decisions about model safety.”

The Epoch Times contacted OpenAI, Microsoft, Google, and Character Technologies Inc. for comment, but received no response by the time of publication.

State Regulation of AI

Last month, a group of 36 bipartisan attorneys general signed a letter warning Congress against a ban on state AI regulations.

The attorneys general—many of whom also cosigned the Dec. 9 letter to 13 tech companies—wrote on Nov. 25 that states “must be empowered to apply existing laws and formulate new approaches to meet the ranges of challenges associated with AI.”

In their letter, they cited concerns over criminals exploiting AI and deepfakes. They also said that they were “deeply troubled by sycophantic and delusional generative AI outputs plunging individuals into spirals of mental illness, suicide, self-harm, and violence.”

This week, President Donald Trump announced he would be signing an executive order to curb state power over AI regulation.

“There must be only One Rulebook if we are going to continue to lead in AI. We are beating all countries at this point in the race, but that won’t last long if we are going to have 50 States, many of them bad actors, involved in rules and the approval process,” Trump wrote on Truth Social on Dec. 8.

Trump said that AI will be “destroyed in its infancy” if states force tech companies to obtain approvals and operate under different sets of rules in each jurisdiction.

Florida Gov. Ron DeSantis said the order “doesn’t/can’t preempt state legislative action. Congress could, theoretically, preempt states through legislation.”

“The problem is that Congress hasn’t proposed any coherent regulatory scheme but instead just wanted to block states from doing anything for 10 years, which would be an AI amnesty,” the Republican governor wrote on X on Dec. 8.

“I doubt Congress has the votes to pass this because it is so unpopular with the public.”

Tyler Durden Fri, 12/12/2025 - 14:05

Border Tsar Homan Announces Investigation Into Rep. Omar: A Case For Fraud Or Defamation?

Authored by Jonathan Turley,

This week, the lingering allegations over the marital history of Rep. Ilhan Omar (D., Minn.) took an ominous step when Border Tsar Tom Homan publicly acknowledged that the government is looking into the matter.

Rep. Omar has long denied that she married her brother to gain his entry into the United States, but the allegation has continued to rage on the Internet and among her critics.

The question is whether this is a substantive case of fraud or defamation.

Homan stated that he was investigating whether Omar committed immigration fraud, but also noted that the statute of limitations has been an issue.

In his comment to Newsmax, Homan stated:

“I just got advised by a fraud investigator the other day on that. I asked the question, can we review the files? You know, there was immigration fraud involved. The statute of limitation became an issue in the last four years when this was first brought up…Pulling the records now, pulling the files, and we’re looking at it. But this fraud investigator, who I know personally, one of the best fraud investigators in HSI, Homeland Security Investigations, said there’s no doubt he’d review the file. So, I’m running that down this week as a matter of fact, and we’ll see.”

According to her congressional biography, Omar came to the United States with her family in the 1990s. As I have previously noted, the election of a young immigrant to Congress is genuinely remarkable and commendable.

The questions arose regarding her marriage to Ahmed Elmi in 2009. Elmi was back in the news this week with postings highlighting his lifestyle as a “dirty dandy.” Critics charged that he is actually her brother. The couple divorced in 2017, and no DNA evidence has been offered to support the claim that they are siblings.

President Donald Trump and others have been ratcheting up the rhetoric against Omar and the Somali population in Minnesota. Many of us have objected to some of the attacks on Omar as offensive.  As I have previously written, the call for foreign-born U.S. citizens to “go back to their own country” has been made for decades against foreign-born U.S. citizens. However, such attacks are generally protected speech.

The allegation against Rep. Omar is not opinion, but a statement of fact.

Many news organizations have referred to the allegation as “debunked” and “unsupported.”

In defamation, truth is a defense. The truth of the matter, however, has never been easy to establish. In fairness to Rep. Omar, a person should not be in a position of having to “prove a negative.” It is not her obligation to prove that she is not a fraud or that she did not marry her brother. Her critics have never produced compelling evidence to support the claim.

Despite years of such statements by various people, Omar has never sued for defamation. It is a curious omission, since a successful lawsuit would dramatically reduce such claims, and even as a public official she could likely show actual malice in many of her critics.

Conversely, such litigation would also expose Omar to a lengthy discovery process regarding her family’s immigration history and related family issues.

I have taught defamation for over three decades, and it is rare for such an allegation to linger without some legal action by the subject. On its face, this would be a strong defamation case if the allegation is false.

The allegation would fall into one of the “per se” categories of defamation. Under the common law, these per se categories of defamation allow for presumed damages and include: (1) disparaging a person’s professional character or standing; (2) alleging a person is unchaste; (3) alleging that a person has committed a criminal act or act of moral turpitude; (4) alleging a person has a sexual or loathsome disease; and (5) attacking a person’s business or professional reputation. The language differs among the states, but the Omar allegation would constitute a criminal act as well as an attack on her character and reputation.

As a threshold matter, Omar would face a higher standard of proof due to her status as a public official. In New York Times v. Sullivan, the Supreme Court established the actual malice standard, requiring public officials to shoulder the higher burden of proving defamation. Under that standard, an official would have to show either actual knowledge of its falsity or a reckless disregard of the truth. That standard was later extended to public figures.

Many critics are calling the “allegations” worthy of investigation. That is certainly protected. However, it is common to see people on television claim that she married her brother as a factual statement.

The publication of DNA results would disprove these allegations. (There are no allegations of an adopted status for the brother).

If such evidence exists, it would not just be conclusive but compelling for a jury. The question is why Omar has not elected to bring such a case, given the vast array of choices of potential defendants within the statute of limitations. It is a target-rich environment for a defamation lawyer.

As for the president, he has continued to raise the allegation: “If I married my sister to get my citizenship, do you think I’d last for about two hours or something less than that? She married her brother to get in. Therefore, she’s here illegally. She should get the hell out.”

However, he would not be a good target for such an action. The Federal Tort Claims Act,  28 U.S.C. § 2680(h), expressly bars libel, slander, or defamation claims against the United States or a federal employee acting within the scope of their employment.  It is possible to sue a government employee acting outside of the scope of their employment. However, the Westfall Act protects federal employees from personal lawsuits for torts committed within the scope of their employment and substitutes the U.S. government as the defendant under the FTCA. Since the FTCA bars liability, it works to force dismissal in cases.

Moreover, this is not just another federal employee. The President also has immunity under Article II and prevailing Supreme Court caselaw. In 1982, the Supreme Court handed down Nixon v. Fitzgerald, holding that former President Richard Nixon was immune from civil suits concerning actions within the “outer perimeter” of his official duties. In 1997, the Court ruled in Clinton v. Jones that President Bill Clinton was not immune from a civil suit filed by Paula Jones — who had accused Clinton of sexual harassment — because the case involved unofficial conduct on the part of the president.

This issue is still being litigated in the case of E. Jean Carroll, who won a significant civil award against the President in New York. The United States Court of Appeals for the Second Circuit rejected the applicability of the 2024 Supreme Court ruling recognizing broad criminal immunity for former presidents as inapplicable to the civil case.

These are statements being made during a presidency and can be claimed as privileged and immune by President Trump.

The same cannot be said for a myriad of pundits and commentators who have stated this allegation as fact.

In the end, such litigation would come down to truth as a defense. These critics are saying that Omar did marry her brother. Even if they did not have a good-faith basis for the assertion, proof that it was indeed true would still be a complete defense.

On the other hand, a defamation lawsuit could offer a dispositive judgment of a court on this lingering question. The question is now whether Rep. Omar will sue.

Tyler Durden Fri, 12/12/2025 - 13:25

Oracle Shares Rebound After Denying 'Delays'

Update (1300ET): Oracle shares are rebounding strongly (and helping the overall market) following a denial of Bloomberg's earlier report.

Oracle told Reuters there are no delays to sites required for contractual commitments with OpenAI and that all milestones remain on track.

Oracle additionally said site selection and delivery timelines were established in close coordination with OpenAI following execution of agreement and were jointly agreed, according to Reuters.

ORCL shares are back at pre-delay-headline levels but still down on the day thanks to AVGO's overhang...

*  *  *

The fecal matter was already starting to strike the rotating object following Broadcom's disappointing results last night, but the bottom just dropped out of stocks  (and crypto) as the following headline hit the Bloomberg screens:

• *SOME ORACLE DATA CENTERS FOR OPENAI DELAYED TO 2028 FROM 2027

Bloomberg reports that Oracle has pushed back the completion dates for some of the data centers it’s developing for the artificial intelligence model developer OpenAI to 2028 from 2027, according to people familiar with the work.

The delays are largely due to labor and material shortages, said the people, asking not to be identified discussing private schedules.

Oracle has been working to deliver on a $300 billion contract to supply the computing power necessary to train and run OpenAI’s models since it was inked this summer. Even with the delays, the timelines for the projects in the US remain ambitious for sites that are set to become some of the largest in the world.

“We have ambitious achievable goals for capacity delivery worldwide,” Oracle Co-Chief Executive Officer Clay Magouyrk said on an earnings call this week. The first data center it is developing for OpenAI — in Abilene, Texas — is on track with more than 96,000 Nvidia Corp. chips delivered, he said during the call.

Oracle and OpenAI declined to comment.

Stocks immediately puked with Nasdaq leading the charge...

And even more problematically, these crashes are occurring following record retail buying...

UBS's US retail market making clients on Thursday had $44 mn of inflows into equity ETFs and some single stocks, outweighing broader outflows across all single stock sectors.

Trading volume in Oracle hit a record level (going back to 2013), with net inflows of $22 mn.

Over the last seven days, RMM clients have net bought $99 mn of Oracle stock, making it the most-bought single stock name in December.

Broadcom also had $22 mn of net buying on Thursday.

The cost of protecting the firm’s debt against default rose 7.4bps to 144.3bps, on track for highest close since 2009, according to ICE Data Services

Crypto was immediately hammered too - extending the ubiquitous 10amET dump...

...we're gonna need that dovish-er Fed head asap!

Tyler Durden Fri, 12/12/2025 - 13:00

Oracle Shares Rebound After Denying 'Delays'

Update (1300ET): Oracle shares are rebounding strongly (and helping the overall market) following a denial of Bloomberg's earlier report.

Oracle told Reuters there are no delays to sites required for contractual commitments with OpenAI and that all milestones remain on track.

Oracle additionally said site selection and delivery timelines were established in close coordination with OpenAI following execution of agreement and were jointly agreed, according to Reuters.

ORCL shares are back at pre-delay-headline levels but still down on the day thanks to AVGO's overhang...

*  *  *

The fecal matter was already starting to strike the rotating object following Broadcom's disappointing results last night, but the bottom just dropped out of stocks  (and crypto) as the following headline hit the Bloomberg screens:

• *SOME ORACLE DATA CENTERS FOR OPENAI DELAYED TO 2028 FROM 2027

Bloomberg reports that Oracle has pushed back the completion dates for some of the data centers it’s developing for the artificial intelligence model developer OpenAI to 2028 from 2027, according to people familiar with the work.

The delays are largely due to labor and material shortages, said the people, asking not to be identified discussing private schedules.

Oracle has been working to deliver on a $300 billion contract to supply the computing power necessary to train and run OpenAI’s models since it was inked this summer. Even with the delays, the timelines for the projects in the US remain ambitious for sites that are set to become some of the largest in the world.

“We have ambitious achievable goals for capacity delivery worldwide,” Oracle Co-Chief Executive Officer Clay Magouyrk said on an earnings call this week. The first data center it is developing for OpenAI — in Abilene, Texas — is on track with more than 96,000 Nvidia Corp. chips delivered, he said during the call.

Oracle and OpenAI declined to comment.

Stocks immediately puked with Nasdaq leading the charge...

And even more problematically, these crashes are occurring following record retail buying...

UBS's US retail market making clients on Thursday had $44 mn of inflows into equity ETFs and some single stocks, outweighing broader outflows across all single stock sectors.

Trading volume in Oracle hit a record level (going back to 2013), with net inflows of $22 mn.

Over the last seven days, RMM clients have net bought $99 mn of Oracle stock, making it the most-bought single stock name in December.

Broadcom also had $22 mn of net buying on Thursday.

The cost of protecting the firm’s debt against default rose 7.4bps to 144.3bps, on track for highest close since 2009, according to ICE Data Services

Crypto was immediately hammered too - extending the ubiquitous 10amET dump...

...we're gonna need that dovish-er Fed head asap!

Tyler Durden Fri, 12/12/2025 - 13:00

Americans Could See Up To $2,000 Tax Refunds Next Year: Bessent

Authored by Jack Phillips via The Epoch Times (emphasis ours),

Treasury Secretary Scott Bessent said that working Americans are set to get “very large refunds” next year as tax cuts that were enabled in the Republican-backed One Big Beautiful Bill Act are set to go into effect.

The top of a form 1040 individual income tax return for 2005 atop a stack on the same at the Des Plaines Public Library in Des Plaines, Illinois, on March 23, 2006. Photo by Tim Boyle/Getty Images

“I think we’re going to see $100 [billion]–$150 billion of refunds, which could be between $1,000, $2,000 per household,” Bessent told an NBC affiliate station reporter while in Pennsylvania on Wednesday.

American workers haven’t yet adjusted their tax withholding, meaning that the refunds will be coming during the tax year, he said. After the refunds, their withholdings are likely to change so that less tax is taken from each paycheck, he said, adding that there will be a “real increase” in wages.

“The bill was passed in July, working Americans didn’t change their withholding, so they’re going to be getting very large refunds in the first quarter” of next year, the secretary stated.

Earlier in the week, White House National Economic Council Director Kevin Hassett also projected optimism in remarks to CNBC that a typical person with no tax on tips or overtime, which was included in the One Big Beautiful Bill Act, will see tax cuts of of $1,600 to $2,000 next year.

“A lot of that will come as tax refunds at the beginning of the year,” Hassett said.

The comments on tax refunds come as President Donald Trump held an event in Pennsylvania to tout his economic agenda. While speaking at the rally, Trump said that his economic policies have led to the creation of thousands of jobs in the state and billions of dollars of investments.

“We’re right now drilling more oil than we’ve ever done—ever before,“ he said, adding that the price of gas is down. ”Rent prices are down. Dairy prices are coming down very strongly.”

Speaking at a Mount Pocono casino in northeastern Pennsylvania, Trump said that his economic policies, including his widespread tariffs on imports, are creating jobs, boosting the stock market, and attracting increased investment into the United States.

Pennsylvania Gov. Josh Shapiro, a Democrat, said that he is skeptical of Trump’s comments about the economy. In an interview with MS Now earlier this week, Shapiro said that the Trump administration’s policies are driving up prices for household items and “the normal staples that they need in their homes ... those prices have dramatically increased on Donald Trump’s watch.”

Trump suggested at the rally and in previous interviews that Democrats are manufacturing a cost-of-living crisis for political gain. But he also conceded that “prices are too high.”

Last month, Trump and administration officials floated the idea of sending out a $2,000 payment to low- and middle-income workers that would be taken from tariff income. Meanwhile, Trump’s tariffs are currently being challenged in a case before the U.S. Supreme Court.

Trump warned that should the high court rule against his tariff regime, it would be devastating to the U.S. economy and national security.

“The biggest threat in history to United States National Security would be a negative decision on Tariffs by the U.S. Supreme Court,” Trump said in a post on social media. “We would be financially defenseless.”

Reuters contributed to this report.

Tyler Durden Fri, 12/12/2025 - 12:45

Americans Could See Up To $2,000 Tax Refunds Next Year: Bessent

Authored by Jack Phillips via The Epoch Times (emphasis ours),

Treasury Secretary Scott Bessent said that working Americans are set to get “very large refunds” next year as tax cuts that were enabled in the Republican-backed One Big Beautiful Bill Act are set to go into effect.

The top of a form 1040 individual income tax return for 2005 atop a stack on the same at the Des Plaines Public Library in Des Plaines, Illinois, on March 23, 2006. Photo by Tim Boyle/Getty Images

“I think we’re going to see $100 [billion]–$150 billion of refunds, which could be between $1,000, $2,000 per household,” Bessent told an NBC affiliate station reporter while in Pennsylvania on Wednesday.

American workers haven’t yet adjusted their tax withholding, meaning that the refunds will be coming during the tax year, he said. After the refunds, their withholdings are likely to change so that less tax is taken from each paycheck, he said, adding that there will be a “real increase” in wages.

“The bill was passed in July, working Americans didn’t change their withholding, so they’re going to be getting very large refunds in the first quarter” of next year, the secretary stated.

Earlier in the week, White House National Economic Council Director Kevin Hassett also projected optimism in remarks to CNBC that a typical person with no tax on tips or overtime, which was included in the One Big Beautiful Bill Act, will see tax cuts of of $1,600 to $2,000 next year.

“A lot of that will come as tax refunds at the beginning of the year,” Hassett said.

The comments on tax refunds come as President Donald Trump held an event in Pennsylvania to tout his economic agenda. While speaking at the rally, Trump said that his economic policies have led to the creation of thousands of jobs in the state and billions of dollars of investments.

“We’re right now drilling more oil than we’ve ever done—ever before,“ he said, adding that the price of gas is down. ”Rent prices are down. Dairy prices are coming down very strongly.”

Speaking at a Mount Pocono casino in northeastern Pennsylvania, Trump said that his economic policies, including his widespread tariffs on imports, are creating jobs, boosting the stock market, and attracting increased investment into the United States.

Pennsylvania Gov. Josh Shapiro, a Democrat, said that he is skeptical of Trump’s comments about the economy. In an interview with MS Now earlier this week, Shapiro said that the Trump administration’s policies are driving up prices for household items and “the normal staples that they need in their homes ... those prices have dramatically increased on Donald Trump’s watch.”

Trump suggested at the rally and in previous interviews that Democrats are manufacturing a cost-of-living crisis for political gain. But he also conceded that “prices are too high.”

Last month, Trump and administration officials floated the idea of sending out a $2,000 payment to low- and middle-income workers that would be taken from tariff income. Meanwhile, Trump’s tariffs are currently being challenged in a case before the U.S. Supreme Court.

Trump warned that should the high court rule against his tariff regime, it would be devastating to the U.S. economy and national security.

“The biggest threat in history to United States National Security would be a negative decision on Tariffs by the U.S. Supreme Court,” Trump said in a post on social media. “We would be financially defenseless.”

Reuters contributed to this report.

Tyler Durden Fri, 12/12/2025 - 12:45

Russian Central Bank Sues Euroclear As EU Tries To Ram Through Assets Seizure

In what could prove a well-timed preemptive attack and shot across the bow, Russia’s Central Bank (CBR) announced Friday it has initiated legal action against Euroclear, one of Europe's largest securities depositories, which is holding 185 billion euros ($217 billion) of Russia’s frozen sovereign assets.

The CBR has filed a lawsuit against the Belgium-based bank in the Moscow Arbitration Court over "illegal actions" - just as European Union leadership is making a move to approve a plan to fund the Ukrainian government for the next years by using income from the Russian assets immobilized under EU sanctions.

"Euroclear’s actions caused harm to the Bank of Russia by preventing it from managing the funds and securities that belong to it," the Russian Central Bank said in the statement. The lawsuit seeks compensation for losses as a result of Euroclear indefinitely blocking access to the funds.

Euroclear headquarters building, via Associated Press

The RCB has also separately condemned wider EU plans to use Russian assets to aid Ukraine as "illegal, contrary to international law" as they violate "the principles of sovereign immunity of assets."

This is the first time in the entire frozen Russian asset saga that the bank has publicly commented on this issue. This lack of official condemnation until now is perhaps due to each side knowing greater tit-for-tat repercussions could unfold - or a point of no return could be reached if things unravel.

The European Central Bank has also long cautioned that if Europeans start grabbing other nations' money, it could undermine confidence in the euro currency. To review, the assets were frozen shortly after the Russian invasion of Ukraine:

In 2022, Western countries froze assets belonging to Russia’s central bank totaling about 260 billion euros. Most of these funds — roughly 190 billion euros — are held in accounts at the Belgian depository Euroclear. Euroclear earns profits from the frozen Russian assets, but in 2024, those proceeds were directed toward financing Ukraine. Over the past three years, European leaders have repeatedly discussed the possibility of confiscating Russia’s frozen assets.

Currently EU member states are rapidly advancing a plan ahead of a key summit next week. European Commission President Ursula von der Leyen is seeking to use a loophole to prevent a lone member or two from having an effective veto (especially Hungary), based on invoking emergency powers to sanction the frozen assets on a permanent basis, instead of holding the funds based on current six-month renewals, which requires unanimous agreement from all member states.

The plan would see €90 billion (roughly $104.71 billion) released over the next two years. Von der Leyen's scheme would allow for the plan to pass merely with a qualified majority, and so couldn't be derailed by just a lone veto. Nations like Germany and Spain have already signaled their support. 

But Belgium fears immediate negative repercussions from Russia, which could deeply hurt its economy, and so wants guarantees ahead of any EU vote that all members would help absorb the impact. So with the Russian lawsuit, Moscow is sending its message to Belgium loud and clear. 

BREAKING: "Belgium does not want a quick emergency law for Euroclear funds, no matter how hard the EU presses"->

"European sources confirm to De Tijd that a plan to expedite the emergency law's approval exists, but that no date has yet been set for a vote. The reason? Belgium… pic.twitter.com/7h68AdrGWU

— Pieter Cleppe (@pietercleppe) December 10, 2025

Von der Leyen has acknowledged the issue, posting on X: "Belgium’s particular situation regarding the use of the frozen Russian assets is undeniable and must be addressed in such a way that all European states bear the same risk."  She added: "We agreed to continue our discussions with the aim of reaching a consensus at the European Council meeting on December 18."

The United States does not agree with these actions, and this will likely to give political strength to Belgium's objections to going along with EU leadership in the face of Russian legal pressures.

Tyler Durden Fri, 12/12/2025 - 12:25

Russian Central Bank Sues Euroclear As EU Tries To Ram Through Assets Seizure

In what could prove a well-timed preemptive attack and shot across the bow, Russia’s Central Bank (CBR) announced Friday it has initiated legal action against Euroclear, one of Europe's largest securities depositories, which is holding 185 billion euros ($217 billion) of Russia’s frozen sovereign assets.

The CBR has filed a lawsuit against the Belgium-based bank in the Moscow Arbitration Court over "illegal actions" - just as European Union leadership is making a move to approve a plan to fund the Ukrainian government for the next years by using income from the Russian assets immobilized under EU sanctions.

"Euroclear’s actions caused harm to the Bank of Russia by preventing it from managing the funds and securities that belong to it," the Russian Central Bank said in the statement. The lawsuit seeks compensation for losses as a result of Euroclear indefinitely blocking access to the funds.

Euroclear headquarters building, via Associated Press

The RCB has also separately condemned wider EU plans to use Russian assets to aid Ukraine as "illegal, contrary to international law" as they violate "the principles of sovereign immunity of assets."

This is the first time in the entire frozen Russian asset saga that the bank has publicly commented on this issue. This lack of official condemnation until now is perhaps due to each side knowing greater tit-for-tat repercussions could unfold - or a point of no return could be reached if things unravel.

The European Central Bank has also long cautioned that if Europeans start grabbing other nations' money, it could undermine confidence in the euro currency. To review, the assets were frozen shortly after the Russian invasion of Ukraine:

In 2022, Western countries froze assets belonging to Russia’s central bank totaling about 260 billion euros. Most of these funds — roughly 190 billion euros — are held in accounts at the Belgian depository Euroclear. Euroclear earns profits from the frozen Russian assets, but in 2024, those proceeds were directed toward financing Ukraine. Over the past three years, European leaders have repeatedly discussed the possibility of confiscating Russia’s frozen assets.

Currently EU member states are rapidly advancing a plan ahead of a key summit next week. European Commission President Ursula von der Leyen is seeking to use a loophole to prevent a lone member or two from having an effective veto (especially Hungary), based on invoking emergency powers to sanction the frozen assets on a permanent basis, instead of holding the funds based on current six-month renewals, which requires unanimous agreement from all member states.

The plan would see €90 billion (roughly $104.71 billion) released over the next two years. Von der Leyen's scheme would allow for the plan to pass merely with a qualified majority, and so couldn't be derailed by just a lone veto. Nations like Germany and Spain have already signaled their support. 

But Belgium fears immediate negative repercussions from Russia, which could deeply hurt its economy, and so wants guarantees ahead of any EU vote that all members would help absorb the impact. So with the Russian lawsuit, Moscow is sending its message to Belgium loud and clear. 

BREAKING: "Belgium does not want a quick emergency law for Euroclear funds, no matter how hard the EU presses"->

"European sources confirm to De Tijd that a plan to expedite the emergency law's approval exists, but that no date has yet been set for a vote. The reason? Belgium… pic.twitter.com/7h68AdrGWU

— Pieter Cleppe (@pietercleppe) December 10, 2025

Von der Leyen has acknowledged the issue, posting on X: "Belgium’s particular situation regarding the use of the frozen Russian assets is undeniable and must be addressed in such a way that all European states bear the same risk."  She added: "We agreed to continue our discussions with the aim of reaching a consensus at the European Council meeting on December 18."

The United States does not agree with these actions, and this will likely to give political strength to Belgium's objections to going along with EU leadership in the face of Russian legal pressures.

Tyler Durden Fri, 12/12/2025 - 12:25

The Majority Leader of the House of Representatives announces bills that will be considered under suspension of the rules in that chamber. CBO estimates the effects of those bills on direct spending and revenues.

What To Know About Trump's New 'Gold Card' Visa Program

Authored by Savannah Hulsey Pointer via The Epoch Times,

Applications opened on Dec. 10 for the Trump administration’s new Gold Card program that expedites visas for wealthy individuals.

The program, initiated by President Donald Trump, will fast-track those whom the administration believes will be an asset to the United States economy.

Here’s what to know about the program.

How the Program Works

The program, which will be administered by the U.S. Department of Commerce, will offer expedited permanent residency for noncitizens if they donate $1 million to the country, pass a background check, and pay a $15,000 processing fee to the Department of Homeland Security.

The program accepts individual applicants and includes a corporate component. Businesses that wish to participate in the program would be required to donate $2 million to the United States and pay the $15,000 processing fee.

“It’ll take in, we think, probably billions of dollars that will go to the Treasury of the United States, that will go to an account where we can do things [that are] positive for the country,” Trump said during a roundtable meeting with business leaders on Dec. 10.

After five years, a Gold Card holder is eligible to gain U.S. citizenship.

The Gold Card differs from the EB-5 Immigrant Investor Visa, in which foreign investors are asked to invest around $800,000–$1.05 million into a U.S.-based business to create at least 10 full-time jobs for American workers.

The EB-5 grants a pathway to a green card and, eventually, citizenship. However, it is tied more closely to job creation and investments, versus the Gold Card program, which is more straightforward about financial contributions.

How to Apply

In order to be considered for the Gold Card program, applicants must visit trumpcard.gov and submit an application with the nonrefundable processing fee.

After that, U.S. Citizenship and Immigration Services (USCIS) will undertake a background check to vet the applicant.

Successful applicants will receive lawful permanent resident status equal to an EB-1 or EB-2 visa.

Gold Card holders will be able to use the card throughout all 50 states and territories.

For the corporate version of the Gold Card, businesses will have to pay a 1 percent annual maintenance fee, or $20,000 per year. According to Commerce Secretary Howard Lutnick, tens of thousands had already signed up for the $5 million program by mid-June.

Regular visa terms apply, and a Gold Card can be revoked over national security or significant criminal activity issues.

According to the program website, a Platinum Card will be launched soon for individuals who want the ability to spend up to 270 days in the United States without being subject to U.S. taxes on non-U.S. income. That card will cost $5 million.

Similar Programs

Similar programs have been used in other countries in Europe, as well as the United Kingdom and some smaller nations such as St. Kitts & Nevis, Antigua & Barbuda, and Dominica.

In Portugal, investors can invest in real estate with funds amounting to roughly $580,000. Similarly, Greece offers residency for real estate investment starting around $300,000.

The Trump administration also announced the creation of a sovereign wealth fund soon after he was inaugurated in January. The fund will be a government-owned and operated investment fund.

In his Feb. 3 order to create a plan for the fund, Trump noted that other nations have used the tactic successfully and that the United States could top even Saudi Arabia’s fund, which totals $925 billion.

The president pointed out that the UK announced plans for a similar fund and said the United States would “lead the way in long-term wealth generation.”

“The United States can leverage such returns to promote fiscal sustainability, lessen the burden of taxes on American families and small businesses, establish long-term economic security, and promote U.S. economic and strategic leadership internationally,” Trump said in his order.

Other Visa Changes

Early in November of this year, the Trump administration revoked 80,000 visas for reasons including support for terrorism, “actual terrorism,” criminal activity, public safety threats, and overstays.

Secretary of State Marco Rubio, in a post on X, said the State Department “will always put the safety and interests of the American people first.”

Among the revocations, 16,000 were due to driving under the influence of alcohol, 12,000 revoked for assault, and 8,000 revoked for theft.

“The Trump Administration will not hesitate to revoke visas from foreigners who undermine our laws or threaten our national security,” Tommy Pigott, the State Department’s principal deputy spokesperson, said in a Nov. 5 post on X.

Additionally, the administration invalidated visas for several foreign nationals who celebrated the Sept. 10 assassination of conservative commentator Charlie Kirk.

“The United States has no obligation to host foreigners who wish death on Americans,” the State Department wrote on X.

In September, Trump also announced an additional $100,000 fee for new applicants to the high-skilled labor H-1B visa program.

Tyler Durden Fri, 12/12/2025 - 12:05

Green Rush Reloaded: Pot Stocks Soar On Trump Push For Rescheduling

Update (1155ET):

Pot stocks soared earlier today after news broke that President Trump is considering directing his administration to reclassify marijuana from Schedule I to Schedule III.

Trump has reportedly discussed the idea with HHS Secretary Robert F. Kennedy Jr., CMS Administrator Mehmet Oz, and industry insiders, including Trulieve CEO Kim Rivers and payments executive Howard Kessler.

In the markets, Tilray Brands surged 32%, Canopy Growth soared 36%, Aurora Cannabis climbed 14%, SNDL leaped 21%, and Cronos Group advanced 8%.

However, taking a broader view, these pot stocks have been beaten down since the pandemic frenzy.

No final decision has been made, according to the White House.

*  *  * 

In a move seen as long overdue by many people on both sides of America's left-right political divide, President Trump is expected to use an executive order to dramatically reduce federal restrictions on marijuana. The order, which may come in the next few weeks, will direct federal agencies to move toward reclassifying marijuana as a "Schedule III" drug, which would put it on the same level as common prescription painkillers. The shift would carry implications for not only for patients, medical researchers and recreational users, but the many companies seeking to thrive in the evolving US cannabis market as well.  

Marijuana has been a Schedule I drug since the 1970 passage of the Controlled Substances Act. Schedule I drugs are defined as those without any "currently accepted medical use" and "high potential for abuse," which means marijuana has spent 55 years being treated by the feds as if it were as medically useless and dangerous as heroin or meth. If marijuana moves to Schedule III, its new peers would be drugs like Tylenol with codeine, anabolic steroids and testosterone.  

The Justice Department in 2024 recommended shifting cannabis to Schedule III, prompting a formal review by the Drug Enforcement Administration. However, progress has been stalled with legal challenges and agency delays, leaving the issue and industry in limbo. -- Bloomberg

Trump reportedly discussed the move in a Wednesday phone call with House Speaker Mike Johnson (R-LA), marijuana industry executives, Health Secretary Robert F. Kennedy Jr, and Centers for Medicare and Medicaid Services chief Mehmet Oz, according to the Post's sources.

Citing research and numbers, Johnson was said to have rattled off reasons not to ease regulations. Trump then let the cannabis executives counter Johnson's arguments. Observers say that, as Trump ended the call, he seemed convinced by the deregulation rationales and ready to move forward. Of course, as with foreign policy and other issues, Trump's always at risk of parroting the opinion of the last person to talk to him. 

Cancer patients use marijuana to counter effects of the disease, and nausea, pain and loss of appetite resulting from treatment (University of Miami)

Advocates of legalization of the plant for use by cancer and other patients have long faced a Catch-22 objection from lawmakers who defend the status quo. Specifically, they deflect by saying they'd be more comfortable easing back on the war on pot if there were more research about its medical value. However, being a Schedule I drug makes it far more burdensome for university and other researchers to obtain and handle the plant, and to pursue that very research. Those varied burdens include advance approval from federal and state authorities -- itself a lengthy and complicated process -- heavy security for storage, and painstaking record-keeping to track every last milligram.  

"People who have certain symptoms of cancer or side effects of cancer treatment might benefit from using cannabis," says the American Cancer Society. "It can improve quality of life and reduce the number of emergency room visits for things like dehydration due to nausea and vomiting, or uncontrolled severe pain." The plant is also used to address or alleviate many other conditions, from Lou Gehrig's disease to Crohn's disease, fibromyalgia, glaucoma, irritable bowel syndrome, Parkinson's, PTSD, spinal cord injuries, and traumatic brain injuries.  

David Bass, founder of Texas Veterans for Medical Marijuana, next to a casket he uses at demonstrations calling for legalization of marijuana for PTSD. He's an Army veteran who was deployed to Iraq (Texas Observer) 

“This would be the biggest reform in federal cannabis policy since marijuana was made a Schedule I drug in the 1970s,” DC attorney Shane Pennington told the Washington Post on Thursday. Pennington is representing companies involved in litigation over marijuana's scheduling.

Trump has previously flirted with downshifting marijuana regulation."We're looking at reclassification and we'll make a determination over the next -- I would say over the next few weeks, and that determination hopefully will be the right one. It's [a] very complicated subject," Trump told reporters in August. 

In September, marijuana stocks got high(er) after Trump's Truth Social account published an informational video highlighting the health benefits to seniors of cannabidiol (CBD), an active ingredient in cannabis derived from the hemp plant. The video began with bold text proclaiming, "You can revolutionize senior healthcare," and highlighted that CBD can "restore" the endocannabinoid system, touting benefits such as reduced pain, better sleep, and lower stress.

The same market response played out last night, with the AdvisorShares Pure US Cannabis ETF (MSOS) rocketing more than 38% higher at midnight ET.  

Tyler Durden Fri, 12/12/2025 - 11:55