Stocks of local interest
As Texas Chief Justice Nathan Hecht prepares to retire, he reflects on the court he helped changeNews that President-elect Donald Trump’s team wants to hack away at the forbidding tangle of U.S. bank regulation is welcome in the abstract. In practice, though, much will depend on the details. The goal should be simplifying financial oversight more broadly — not just defanging a tough watchdog. No doubt, the current system is unwieldy. At the federal level — excluding an array of separate state regulators — three entities oversee banks, two supervise markets, one aims to protect consumers and another defends against financial crimes. Many large institutions must submit to all of them. Senior managers of an average bank today spend some 42 percent of their time on compliance-related tasks. Worse, such fragmentation at times allows risks to fall through the cracks. Much of this system was designed decades ago for a simpler world. One glaring example is the separation of the Securities and Exchange Commission and the Commodity Futures Trading Commission. One was established 90 years ago to protect investors in securities such as stocks and bonds; the other was created 50 years ago to oversee commodities markets and related futures and options contracts. Today, when many financial companies trade in both markets, the two supervisors often overlap and don’t always properly communicate. In 2011, after the chaotic bankruptcy of derivatives broker MF Global Holdings Ltd., a congressional postmortem detailed how the commissions failed to coordinate their approach to the company’s deteriorating finances and disagreed about where to safeguard its customers’ money. Such bifurcation is anomalous by global standards, and policymakers have been talking about combining the two for decades. In a familiar tale, however, politics has taken precedence over common sense: The House Committee on Agriculture has been loath to cede its oversight of the CFTC, which attracts hefty campaign donations from financial companies. (The SEC is under the House Financial Services Committee.) If Trump wants a relatively clear-cut reform, this would be a good place to start. Merging the two commissions would help streamline the rules, reduce compliance costs and ease cooperation with regulators overseas. It would be an ambitious change but not a radical one: Both a former CFTC commissioner and a current SEC commissioner have endorsed the idea. Reforming banking oversight would be less straightforward. It’s true that the U.S. has too many regulators — including the Federal Reserve, the Treasury Department’s Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp. — in addition to state banking authorities. But this morass defies easy fixes; simply folding the FDIC into the Treasury Department, as the Trump team is considering, will likely create more problems than it solves. A better approach would be to create a single prudential authority charged with protecting the financial system. The new body could be overseen by a board that includes representatives from the Fed, the Treasury and the FDIC, while doing away with the OCC entirely. Ideally it would also oversee nonbank companies, such as asset managers, that play a significant role in the system. Such a regulator could focus more on essential risks than on box-checking exercises or turf wars. It would be less susceptible to influence by the companies it oversees and could (in theory) allow for streamlined compliance. It would also make clear where the buck stops when things go wrong. Such far-reaching reforms would require political skill and sustained effort, which were not hallmarks of Trump’s previous term. The ambition is laudable all the same. In regulation as in life, simplicity is a virtue. — Bloomberg News
Jimmy Carter in 2012 [Source: Reuters] Jimmy Carter, the earnest Georgia peanut farmer who as U.S. president struggled with a bad economy and the Iran hostage crisis but brokered peace between Israel and Egypt and later received the Nobel Peace Prize for his humanitarian work, died at his home in Plains, Georgia, on Sunday, the Carter Center said. He was 100. A Democrat, he served as president from January 1977 to January 1981 after defeating incumbent Republican President Gerald Ford in the 1976 U.S. election. Carter was swept from office four years later in an electoral landslide as voters embraced Republican challenger Ronald Reagan, the former actor and California governor. Carter lived longer after his term in office than any other U.S. president. Along the way, he earned a reputation as a better former president than he was a president – a status he readily acknowledged. His one-term presidency was marked by the highs of the 1978 Camp David accords between Israel and Egypt, bringing some stability to the Middle East. But it was dogged by an economy in recession, persistent unpopularity and the embarrassment of the Iran hostage crisis that consumed his final 444 days in office. In recent years, Carter had experienced several health issues including melanoma that spread to his liver and brain. Carter decided to receive hospice care in February 2023 instead of undergoing additional medical intervention. His wife, Rosalynn Carter, died on Nov. 19, 2023, at age 96. He looked frail when he attended her memorial service and funeral in a wheelchair. Carter left office profoundly unpopular but worked energetically for decades on humanitarian causes. He was awarded the Nobel Peace Prize in 2002 in recognition of his “untiring effort to find peaceful solutions to international conflicts, to advance democracy and human rights, and to promote economic and social development.” Carter had been a centrist as governor of Georgia with populist tendencies when he moved into the White House as the 39th U.S. president. He was a Washington outsider at a time when America was still reeling from the Watergate scandal that led Republican Richard Nixon to resign as president in 1974 and elevated Ford from vice president. Asked to assess his presidency, Carter said in a 1991 documentary: “The biggest failure we had was a political failure. I never was able to convince the American people that I was a forceful and strong leader. Despite his difficulties in office, Carter had few rivals for accomplishments as a former president. He gained global acclaim as a tireless human rights advocate, a voice for the disenfranchised and a leader in the fight against hunger and poverty, winning the respect that eluded him in the White House. Carter won the Nobel Peace Prize in 2002 for his efforts to promote human rights and resolve conflicts around the world, from Ethiopia and Eritrea to Bosnia and Haiti. His Carter Center in Atlanta sent international election-monitoring delegations to polls around the world.America's Worst Mayor Tiffany Henyard has a MELTDOWN as entire town votes her out of one of her jobs By EMMA RICHTER FOR DAILYMAIL.COM Published: 21:38, 4 December 2024 | Updated: 22:57, 4 December 2024 e-mail 51 View comments Embattled Illinois Mayor Tiffany Henyard had an epic meltdown as the entire town voted her out of one of her positions. Henyard, dubbed America's so-called 'worst mayor', lost the Democratic nomination for Thornton Township supervisor on Tuesday night - a position she's held since 2022. The township's Democratic party held an intense caucus meeting in place of a primary election for the first time in three decades after state senator and Henyard's opponent Napoleon Harris chose to do so. The Dalton mayor, dressed in hot pink pants and a black winter coat, was seen yelling at Harris - who holds the right to decide whether a nominee is determined through a primary or caucus - and other political members inside a gymnasium as residents stood behind her. 'Let the people come in. Let them come in. Let the people come to vote,' Henyard shouted, referring to her claims that her supporters were locked out of the event, Abc 7 Chicago reported. Harris then responded: 'You know what, the motion has been second. All in favor of Napoleon Harris being nominated for the April 1st consolidated Thornton Township say aye!' Henyard continued to shout at him as the community quickly joined in on a collective 'aye', stood up and clapped their hands in praise. She continued to stand there appearing to shrug off the township's decision before someone told her: 'Get out of here' as the classic 60s pop song 'Na Na Hey Hey Kiss Him Goodbye' played in the background. Dalton Mayor Tiffany Henyard was seen having a massive meltdown on Tuesday night after she was voted out of her position as Thornton Township supervisor Just before entering the building for the caucus meeting, Henyard told a reporter she would be 'victorious' and 'they can't beat me' As she exited the caucus meeting, Henyard was bombarded by press and a large group of residents as she continued to throw a fit. Although she declined to talk to reporters after the decision was made, Henyard did speak to WGN's Jenna Barnes before entering the building, claiming she would be 'victorious'. 'They can't beat me. If they could beat me, then they would have went to the polls,' she told the reporter. Henyard remained extremely confident even after she was asked what she would do if she lost the Democratic party's nomination. 'What do you mean? I will be victorious [Tuesday] night. Our people are here. They're not gonna go nowhere,' she said, adding that 'The show will go on.' Many were pleased to get rid of Henyard as the township supervisor as Democratic Thornton Township Trustee Nominee Chris Gonzalez said: 'We want to get the township back on track, back where we feel it should be and the only way we can do that is make a change.' A Thornton Township resident, Deborah Jordan, told the outlet she was 'enthused' about what happened at the meeting. 'I am so enthused about what took place this evening. Just to see everyone so happy and delighted. That does mean change,' Jordan said. A large crowd of residents packed into a gymnasium as many joyfully nominated state Senator Napoleon Harris instead of Henyard Another woman said that Henyard's conduct at the meeting was disrespectful. 'She came late, and then she had an attitude because they couldn't get in,' she told CBS News. Meanwhile, Keith Price, an ally of Henyard, said what happened on Tuesday was 'fraud'. 'This is the biggest --- this is fraud. This is criminal... [We had] hundreds of people that were not allowed in to be part of the process,' he told WGN9 . Price added that the meeting was 'the biggest form of voter suppression I've ever seen in my life.' Some of Henyard's supporters also voiced their opinion on how the night went, as one woman said: 'I think it's unfair I don't get a chance to make a decision on who I want where. I wanted to vote for Tiffany.' In response, Henyard said: 'I will be suing everyone tomorrow. This is illegal. Illegal.' An attorney representing Harris told Abc 7 Chicago the claims that Henyard's supporters were not let in are false, adding that many people arrived early to get a spot in the gym. Henyard has been shrouded in controversy including getting evicted from her home for owing over $3,300 in rent payments. Henyard claims that her supporters were denied entry into the meeting, but an attorney representing Harris said many people arrived early to get a spot in the gym She also threw an $85,000 party for her town in September even though she has been cut off from spending by the state for sinking her town into debt. The event cost about $50,000 in taxpayers' money to cover performances and more than $35,000 on activities, equipment and staff. In August, the Illinois State Comptroller cut off funding to Dolton after Henyard failed to hand over finance reports for the use of about $135,000. Susana Mendoza, the comptroller, threatened to fine the town $78,600 if Henyard does not turn over the reports. The self-proclaimed 'Super Mayor' has a history of absurd spending habits that involve the misuse of the town's funding - plunging the small town $5million in debt. The Democrat was elected in 2021 and is Dolton's first female mayor. Back in October, the unpopular mayor was booed out of a town meeting before suing the other officials for hosting it without her. After arriving at the village board meeting an hour late, Henyard was met with outraged residents, WGN previously reported. Despite the meeting's location being moved to the local park district facilities after Illinois Attorney General Kwame Raoul’s Office found Dolton had violated the state’s Open Meetings Act, Henyard tried to hold a separate board meeting at Village Hall, according to WLS. Henyard was served with another lawsuit during a Thornton Township town hall meeting in October - one of many legal filings against her Eventually, she made her way to the park district building and announced that she was vetoing everything the board had already voted on. 'I just want to come here and lay the law down as it relates to what's going on in our village, where we are, and where we're going,' Henyard said. Village trustees voted to address Dolton’s deficit - which is estimated at $2.8 million this year - and approved steps to stop several high-profile vehicle leases. The next day, Henyard was served with another lawsuit during a Thornton Township town hall meeting, reported NBC Chicago. She told the audience 'I get sued all the time,' as the documents were handed over to her. Henyard then filed a lawsuit against several village trustees, the village clerk, administrator and the Dolton Park District over the chaotic meeting, reported Fox 32. Henyard claims that she instructed Village Administrator Keith Freeman to ensure the meeting followed the Attorney General's guidelines, but Freeman refused to communicate. Illinois Share or comment on this article: America's Worst Mayor Tiffany Henyard has a MELTDOWN as entire town votes her out of one of her jobs e-mail Add comment
Kingsview Wealth Management LLC purchased a new position in FirstEnergy Corp. ( NYSE:FE – Free Report ) in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 5,386 shares of the utilities provider’s stock, valued at approximately $239,000. Other large investors also recently made changes to their positions in the company. Assenagon Asset Management S.A. raised its holdings in FirstEnergy by 1,417.3% in the 3rd quarter. Assenagon Asset Management S.A. now owns 743,303 shares of the utilities provider’s stock worth $32,965,000 after acquiring an additional 694,313 shares during the period. Allspring Global Investments Holdings LLC increased its stake in shares of FirstEnergy by 5.3% in the third quarter. Allspring Global Investments Holdings LLC now owns 9,098,472 shares of the utilities provider’s stock worth $403,517,000 after purchasing an additional 457,231 shares during the period. Point72 Asset Management L.P. acquired a new position in shares of FirstEnergy during the 2nd quarter worth about $14,933,000. Los Angeles Capital Management LLC boosted its stake in FirstEnergy by 1,178.5% during the 2nd quarter. Los Angeles Capital Management LLC now owns 286,824 shares of the utilities provider’s stock valued at $10,977,000 after purchasing an additional 264,389 shares during the period. Finally, International Assets Investment Management LLC grew its holdings in FirstEnergy by 4,445.0% in the 3rd quarter. International Assets Investment Management LLC now owns 219,434 shares of the utilities provider’s stock valued at $9,732,000 after buying an additional 214,606 shares during the last quarter. Institutional investors own 89.41% of the company’s stock. Analyst Ratings Changes FE has been the subject of a number of research analyst reports. Seaport Res Ptn cut FirstEnergy from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 31st. KeyCorp increased their price target on shares of FirstEnergy from $47.00 to $48.00 and gave the company an “overweight” rating in a report on Tuesday, October 22nd. Scotiabank boosted their price objective on shares of FirstEnergy from $40.00 to $45.00 and gave the stock a “sector perform” rating in a report on Tuesday, August 20th. Morgan Stanley reduced their target price on shares of FirstEnergy from $52.00 to $50.00 and set an “overweight” rating for the company in a research note on Friday, November 22nd. Finally, Argus upgraded FirstEnergy from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a research note on Friday, September 20th. One analyst has rated the stock with a sell rating, eight have given a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $45.91. FirstEnergy Price Performance FirstEnergy stock opened at $42.58 on Friday. The business has a 50 day simple moving average of $42.74 and a 200 day simple moving average of $41.52. The company has a debt-to-equity ratio of 1.58, a current ratio of 0.56 and a quick ratio of 0.46. The company has a market capitalization of $24.54 billion, a PE ratio of 27.47, a price-to-earnings-growth ratio of 2.30 and a beta of 0.51. FirstEnergy Corp. has a one year low of $35.41 and a one year high of $44.97. FirstEnergy ( NYSE:FE – Get Free Report ) last issued its quarterly earnings data on Tuesday, October 29th. The utilities provider reported $0.85 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.90 by ($0.05). FirstEnergy had a net margin of 6.64% and a return on equity of 11.38%. The company had revenue of $3.73 billion for the quarter, compared to the consensus estimate of $3.96 billion. During the same period in the previous year, the business posted $0.88 earnings per share. The firm’s revenue was up 6.9% compared to the same quarter last year. On average, sell-side analysts forecast that FirstEnergy Corp. will post 2.67 EPS for the current fiscal year. FirstEnergy Dividend Announcement The company also recently announced a quarterly dividend, which will be paid on Sunday, December 1st. Stockholders of record on Thursday, November 7th will be paid a $0.425 dividend. This represents a $1.70 dividend on an annualized basis and a dividend yield of 3.99%. The ex-dividend date of this dividend is Thursday, November 7th. FirstEnergy’s dividend payout ratio (DPR) is currently 109.68%. FirstEnergy Company Profile ( Free Report ) FirstEnergy Corp., through its subsidiaries, generates, transmits, and distributes electricity in the United States. It operates through Regulated Distribution and Regulated Transmission segments. The company owns and operates coal-fired, nuclear, hydroelectric, wind, and solar power generating facilities. See Also Receive News & Ratings for FirstEnergy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for FirstEnergy and related companies with MarketBeat.com's FREE daily email newsletter .The Airport Zone Police in Visakhapatnam have arrested Venu Bhaskara Reddy, a key member of a criminal gang led by Joy Jamina, which targeted wealthy married men in an extortion scheme. According to the police, Venu Bhaskara Reddy cohabited with Jamima and directly participated in attacks on victims. Jamima, aged 27, lured affluent men through social media with promises of love and marriage. Once she gained their trust, she would invite them to secluded locations, where her gang would drug them, take compromising photographs, and extort large sums of money under the threat of releasing the images online. The police had been tracking Reddy for some time as he had been evading capture. He was apprehended following a coordinated operation involving multiple police teams.
