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Army of lobbyists helped water down banking regulations

Published Wed, 25 Dec 2024 17:57:23 GMT

WASHINGTON (AP) — It seemed like a good idea at the time: Red-state Democrats facing grim reelection prospects would join forces with Republicans to slash bank regulations — demonstrating a willingness to work with President Donald Trump while bucking many in their party. That unlikely coalition voted in 2018 to roll back portions of a far-reaching 2010 law intended to prevent a future financial crisis. But those changes are now are being blamed for contributing to the recent collapse of Silicon Valley Bank and Signature Bank that prompted a federal rescue and stoked anxiety about a broader banking contagion.The rollback was was leveraged with a lobbying campaign that cost tens of millions of dollars and drew an army of hundreds of lobbyists into the effort. It also was seeded with ample campaign contributions.The episode offers a fresh reminder of the power that bankers wield in Washington, where the industry spends prodigiously to fight regulation and often hires former members of...

Asian stocks rise ahead of Fed’s next interest rate decision

Published Wed, 25 Dec 2024 17:57:23 GMT

BEIJING (AP) — Asian stock markets followed Wall Street higher on Tuesday ahead of a Federal Reserve decision on another possible interest rate hike amid worries about global banks.Shanghai, Hong Kong and Seoul advanced. Japanese markets were closed for a holiday. Oil prices declined.Wall Street’s benchmark S&P 500 index rose 0.9% on Monday after U.S., European and Japanese central banks announced measures to ease strains on the financial system, including lending more dollars if necessary.The collapse of two U.S. banks and the takeover of troubled Credit Suisse have heightened fears other lenders might crack under the strain of repeated rate hikes to cool economic activity and inflation that is near multi-decade highs.Traders expect the Fed to go ahead with another rate hike Wednesday but think it might be held to 0.25 percentage points, down from the 0.5 points previously expected.“Can the Federal Reserve really continue to hike rates in the face of a banking crisis?R...

You Paid For It: East St. Louis residents upset over neighborhood mess

Published Wed, 25 Dec 2024 17:57:23 GMT

EAST ST. LOUIS, Ill. - Residents in East St. Louis are upset over a multi-million dollar project that was supposed to make their neighborhood better, but instead made it worse.The city paid the contractor part of the $3.4 million to fix up the neighborhood by paving streets, redoing sidewalks, and driveways. However, after weeks on the job, the contractor left the streets, sidewalks, and driveways unfinished. It’s a nightmare for residents along North 24th Street."And they took up all the side wall. Took up the curb, and people can’t get halfway in or out," said Willis Jenkins, an East St. Louis resident. "How do you give a $2 million contract and nobody follow up with what’s going on. The only thing I could say is if I could get $2 million and not do the work I would do. Somebody dropped the ball. This is uncalled for, at least put the sidewalks in.”The project started with a budget of $2 million. The city added more money to it, bringing it to $3.4 million. FOX 2 was told that the...

Avs wallop unrecognizable Chicago Blackhawks, 5-0, with Cale Makar out with lower-body injury

Published Wed, 25 Dec 2024 17:57:23 GMT

The Chicago Blackhawks look unrecognizable, even from the team that delivered a gut check to Colorado’s season in January. The Avalanche have looked unbeatable since then.Against a shell of the Blackhawks’ former selves, the Avs sailed to a 5-0 win Monday night at Ball Arena behind Alexandar Georgiev’s 26-save shutout, his fifth of the season.“Definitely pretty confident right now, and we know some of the opponents are fighting for their jobs and maybe don’t have much to lose,” Georgiev said. “It’s important for us to approach every game like an important one and not let it slide.”Colorado (41-22-6) was gasping to stay above .500 and keep up in the playoff race after a 3-2 loss Jan. 12 at United Center. It was the end of a 1-6-1 stretch coming out of the holiday break. At the 40-game mark, the Avs were 20-17-3.They have the best record in the NHL (21-5-3) since that day, punctuated by their current six-game win streak.“Espe...

Former corrections officer in Los Angeles sentenced to 10 years for sexual assault of female detainee in COVID-19 isolation 

Published Wed, 25 Dec 2024 17:57:23 GMT

A former corrections officers with the Federal Bureau of Prisons was sentenced Monday to 10 years in prison for sexually assaulting a female detainee who was quarantined due to COVID-19, officials with the United States Department of Justice announced.  The assault occurred in 2020 when the former BOP officer, identified as 49-year-old Jose Viera, a resident of Monterey Park, worked at the Metropolitan Detention Center-Los Angeles. Viera was assigned to supervise incarcerated women who were in isolation as a result of COVID-19 exposure and infection.  “During the morning of December 20, 2020, Viera entered the cell of the victim, who was in isolation from COVID-19, as he had done on previous occasions to bring her break,” a U.S. DOJ news release stated. “Instead, Viera laid down next to the victim in her bed, sandwiching her between his body and the wall. Then, he sexually assaulted her. Viera committed this assault despite knowing that the victim did not consent and that ...

Another storm takes aim at rain-soaked Southern California; strong winds forecast

Published Wed, 25 Dec 2024 17:57:23 GMT

There’s no other way to put it. Another storm is about to hit Southern California.This latest storm is forecast to bring heavy rain, mountain snow, and potentially damaging wind gusts beginning late Monday night through Wednesday. What is an atmospheric river? The National Weather Service has issued a Flood Watch for a wide swath of Southern California from the Mexico border to San Luis Obispo County and the southern half of California’s Central Valley. Winter storm warnings have been issued for mountains in Riverside and San Bernardino Counties.NWS is forecasting one to three inches of rain for coastal areas and valleys through Wednesday with 3-6” possible in the lower mountains and foothills.“Snow levels will be particularly low, starting at 6,000 feet but dropping to 3,500 to 4,000 feet by Wednesday morning,” said KTLA weather anchor Kacey Montoya.Flood, wind, and winter storm advisories for the storm moving into Southern California. March 20, 2023. (KTLA)Peak wind gusts will r...

Man arrested for threatening Bell Gardens High School had stolen guns, ammunition, police say

Published Wed, 25 Dec 2024 17:57:23 GMT

The man accused of making a social media threat against Bell Gardens High School was arrested with stolen guns and a large cache of ammunition, according to police.Rene Alvizo, 21, a resident of Bell Gardens, faces charges of making terrorist threats, possession of stolen property, and grand theft of a firearm.On Sunday, authorities became aware of a social media post that included a video showing a weapon and the high school, and were "able to identify the suspect that had made the threat,” the Bell Gardens Police Department said in a news release.Bell Gardens Police display a booking photo of Rene Alviso and the weapons and ammunition allegedly found inside suitcase. March 20, 2023. (KTLA) Police guard Bell Gardens High School a day after two adults were arrested for making threats against the school and possessing weapons and ammunition. March. 20, 2023.Bell Gardens High School. (KTLA)A photo of the weapons, ammunition and body armor police allegedly found inside a suitcase belon...

Anti-trans rant at California Cheesecake Factory caught on video

Published Wed, 25 Dec 2024 17:57:23 GMT

A transgender woman enjoying her meal at The Cheesecake Factory in San Francisco's Union Square was faced with an anti-trans rant from a fellow diner, and she caught it all on a TikTok livestream. Lilly Contino is a full-time content creator living in San Francisco. She was dining at the Union Square Cheesecake Factory on Geary Street on March 9 when she began live streaming to her TikTok followers. "Everything was pretty normal until a woman with a walker entered the restaurant. She sat down a couple of tables nearby, definitely within earshot, no more than 5-10 feet from me," Contino told KTLA sister station, KRON.Video shared to Lilly Contino's TIkTok (Photo courtesy of Lilly Contino)At first, the interaction seemed innocuous; the woman told Contino several jokes before offering to show off a scar on her stomach from a recent surgery. When Contino refused to take a look, the woman said, "I'll show you if I want to show you, son." When Contino heard the pointed misgendering, she s...

Uber passenger hit, killed on I-580 freeway off-ramp

Published Wed, 25 Dec 2024 17:57:23 GMT

LIVERMORE, Calif. (KRON) – One person is dead and another is seriously injured after they were hit on Interstate-580 in Livermore late Sunday night. California Highway Patrol is investigating the accident.A CHP officer told KRON4 this happened after one of the pedestrians was dropped off because of a fight with their Uber driver. They say they still don’t know where the second pedestrian came from.KRON ON is streaming news live now.embed-container { position: relative; padding-bottom: 56.25%; height: 0; overflow: hidden; max-width: 100%; } .embed-container iframe, .embed-container object, .embed-container embed { position: absolute; top: 0; left: 0; width: 100%; height: 100%; }The crash happened around 9:30 p.m. CHP says it started with a fight between an Uber driver and a passenger.The driver felt unsafe, called 9-1-1 and pulled over. The driver asked the person to get out of the car.“I heard that the passenger climbed out of the window. That’s not confirmed,” said CHP Officer Tyle...

South Korea to restore Japan’s trade status to improve ties

Published Wed, 25 Dec 2024 17:57:23 GMT

SEOUL, South Korea (AP) — South Korean President Yoon Suk Yeol said Tuesday his government will move to restore Japan’s preferential trade status as he pushes to resolve history and trade disputes with Japan despite domestic opposition.In lengthy, televised comments during a Cabinet Council meeting, Yoon defended his moves, saying that leaving ties with Japan as fraught as they are would be neglecting his duty because greater bilateral cooperation is vital to resolve diverse challenges facing Seoul.“I thought it would be like neglecting my duty as president if I had also incited hostile nationalism and anti-Japan sentiments to use them for domestic politics while leaving behind the current, grave international political situation,” Yoon said. He said the need to boost ties with Japan has grown because of North Korea’s advancing nuclear program, the intensifying U.S.-China strategic rivalry and global supply chain challenges. South Korea and Japan have deep economic and cultural ties...