The potential selection of a white man to head the New York Federal Reserve — the central bank’s second-most powerful job — has sparked a fierce backlash from Sen. Elizabeth Warren and other progressives, who are accusing the Fed of overlooking women and people of color.The expected pick is John Williams, a Ph.D. economist who currently heads the San Francisco Fed. Fueling the torrent of criticism is that Williams’ reserve bank oversees Wells Fargo, the giant lender that has been consumed by scandals, including the opening of possibly millions of fake customer accounts.The public battle has not only created a major controversy for the Fed, it has raised uncomfortable questions about whether Congress has enough oversight over the world’s most important central bank.“The New York Fed has never been led by a woman or a person of color, and that needs to change,” Sen. Kirsten Gillibrand (D-N.Y.) said in a statement. “It's unacceptable that this powerful position is virtually unchecked by Congress.”The conflict comes as the Fed is undergoing a major transformation, with a new chairman appointed by President Donald Trump and as many as four new board members on the way. But the issue of diversity has dogged the central bank for years, with only four of the 12 reserve bank presidents being either women or people of color. That criticism only intensified after Thomas Barkin, a white man from the private sector, was picked in December to lead the Richmond Fed. And Janet Yellen, the first woman to head the Federal Reserve, also became the first central bank chief in decades to be denied a second term, when Trump picked Jerome Powell to replace her in February.“This is a dangerous moment at the Fed because of the strength of populism in the United States,” a former Fed official said in an interview. “By design, it’s not a terribly democratic institution. The demographic makeup of the presidents and board members also puts them at risk because clearly — despite a professed desire to have more diversity — they haven’t succeeded very well.”The co-chairs of the New York Fed search committee, Freelancers Union executive director Sara Horowitz and private equity investor Glenn Hutchins, highlighted diversity as being of high importance, along with expertise in monetary policy, capital markets and crisis management. Williams, who has spent his career at the Fed, doesn’t have direct markets experience but already serves on the central bank’s interest rate-setting committee.The co-chairs said in a statement that they were “committed to identifying a diverse slate of potential candidates.“But others involved in the process were critical of their follow-through.“I haven't been a supporter of congressional intervention in the process for picking regional presidents, but I am increasingly frustrated at the lack of progress in expanding representation,” said Julia Coronado, president of MacroPolicy Perspectives, herself a former Fed staffer.“What started as an open, expansive process aimed at gathering feedback and casting as wide a net as possible seemed to get converted into a rushed and incomplete evaluation of a pretty impressive list of semi-finalists,” said Coronado, who serves on the New York Fed’s economic advisory panel.Warren said in a tweet last month, “Every past head [of the New York Fed] has been white, male & cozy with big banks. How about we try someone with a new perspective and background...?“Williams, under normal circumstances, might be considered a solid pick. One of his biggest proponents is Yellen herself, who elevated him to a top position during her own tenure as head of the San Francisco Fed.“John Williams is a distinguished economist who has made major contributions to monetary policy research and shown wise, good judgment in contributing to actual monetary policy decisions,” Yellen told POLITICO. “He’s been devoted to public service for his entire career and has been a strong leader of the San Francisco Fed.”But that endorsement is little comfort for his detractors, who disagree with Yellen, despite their support for the former Fed chief as a policymaker.“I’m judging John Williams based on the last several years of him being wrong about the levels of maximum employment and pushing for additional [interest rate hikes] prematurely because that mistake puts millions of jobs at risk,” said Shawn Sebastian, who co-leads the Fed Up coalition comprising advocacy groups and unions.Reserve bank heads aren’t appointed by the president. Instead, they are selected by the bank’s private board and approved by the Fed board of governors in Washington, who are presidential appointees confirmed by the Senate. Thus, this position is the most powerful one at the central bank that doesn’t go through the president. That there is no longer a filibuster on presidential nominations has also “completely changed the dynamic of the Federal Reserve,” said Ed Mills, an analyst at investment bank Raymond James.“For the first time, if you are in the minority in the Senate, there’s a chance you have zero say over the makeup of the Fed,” Mills said.Since Congress has no direct say in the New York Fed selection, Warren, a leader of the Democratic Party's progressives, called last week for a Senate Banking Committee hearing featuring the co-chairs of the search committee as well as Williams, if he is selected.“Mr. Williams’ track record raises several questions, including about his fitness to supervise Wall Street banks given the San Francisco Fed’s inadequate supervision of Wells Fargo during its many consumer scandals,” Warren said in a statement.Williams' supporters say the Wells criticism is unfair, pointing to language within the 2010 Dodd-Frank Act that gives the Fed board in Washington, not reserve bank presidents, authority over regulation. His role is more managing the examiners who work under him than making supervisory decisions.Meanwhile, the consumer issues at Wells fall more under the purview of the CFPB and the Office of the Comptroller of the Currency, which conducts day-to-day-oversight of the bank, they say.Still, the New York Fed president is an important voice in developing regulatory policy, since most of the biggest banks are headquartered within that district.The top job at the New York Fed hasn’t been open for nearly a decade. After current President Bill Dudley announced he would retire mid-year, many Democrats and other Fed stakeholders were hoping the central bank would choose a woman or person of color to take his place at the institution, which has a permanent seat on the Fed’s interest rate-setting body.Given that the search committee repeatedly cited diversity as an important goal, Fed watchers were surprised that Williams ended up as the favored choice.A source familiar with the search process defended the result, saying the “obvious choices” who would both be qualified and bring gender or racial diversity generally didn’t want the job. It was seen as particularly important that the pick have a doctorate in economics, since Powell does not.Meanwhile, the source said, many female and minority candidates come out of banking, which wouldn't please progressives distrustful of Wall Street.But other observers were skeptical that every avenue had been considered.Fed Up responded to the suggestion that there were no such qualified candidates who would take the job by releasing a list of nine people they’d recommended to the New York Fed for the job.They include Sarah Bloom Raskin, a former Fed governor and onetime deputy Treasury secretary; Christina Romer, former chairwoman of the Council of Economic Advisers under President Barack Obama; William Spriggs, chief economist at the AFL-CIO; former Minneapolis Fed President Narayana Kocherlakota; and Karen Dynan, former senior economist at the White House Council of Economic Advisers and a former Treasury chief economist.Also on the list: Lisa Lynch, provost at Brandeis University who spent years on the board of the Boston Fed; Erica Groshen, former commissioner of the Bureau of Labor Statistics; Minneapolis Fed President Neel Kashkari; and Katharine Abraham, a former member of Obama’s Council of Economic Advisers.Kocherlakota argued in a Bloomberg View op-ed that the central bank too often tries to go for the safe choice, with too narrow a definition for who is qualified.“The various names that have leaked out of the far too secretive deliberations seem mainly comfortable, rather than challenging,” he wrote, with a note that he was not interested in the position. “That's no accident: the Fed has a long history of opting for comfort over challenge. In part, that's how we've ended up with more than a century of white male New York Fed presidents.”
Watkins is going to take over the title of President for Shell's (RDS.A) U.S. operations from Culpepper on Jan 1, 2019.
«Сделана в Неаполе, базируется в Турине, доступна по всему миру» — так сказано на главной странице сайта молодого графического дизайнера из Италии Сары Джирони Карневале (Sara Gironi Carnevale). Она стала всемирно известной благодаря своим острым и метким иллюстрациям. В ее портфолио есть и милые рисунки на тему Рождества и отдыха, и провокационные иллюстрации о том, что творится в мире. Лаконичность и необычный взгляд на вещи заставляют задержаться на каждом фото, задуматься и прислушаться к себе.
Keith Raniere, the co-founder and leader of a secretive self-help cult called NXIVM who was run out of Arkansas when Bill Clinton was governor has been arrested by the FBI in Mexico and charged with sex trafficking. Raniere fled to Mexico last November after U.S. authorities began interviewing "witnesses and victims" linked to NXIVM, however finding him proved elusive after Raniere began using "end-to-end encrypted email and stopped using his phone." Shortly before Raniere was arraigned in a Texas courtroom, the FBI raided the Saratoga County, NY home of NXIVM co-founder, Nancy Salzman - who was alleged to be storing large amounts of cash at her residence, brought over the border following NXIVM training sessions in Mexico. While NXIVM describes itself as a self-help business that has helped thousands of people "reach their potential" through various courses, the women’s-only "inner sanctum" led by Raniere is known as 'DOS', which whistleblower Frank Parlato - a Buffalo-area businessman who worked for the cult, says stands for “dominus obsequious sororium" - Latin for “master over the slave women”. Once they are a member - or “slave” - they are allegedly encouraged to recruit new women into their “slave pods”, stop dating, and be on call 24 hours a day to their “master”. DOS reportedly required female members to give their recruiter - or "master," naked pictures or other compromising material which could be used as blackmail before being branded with Raniere's initials below the hip using a cauterizing iron. Sarah Edmondson, one of the participants, said she had been told she would get a small tattoo as part of the initiation. But she was not prepared for what came next. Each woman was told to undress and lie on a massage table, while three others restrained her legs and shoulders. According to one of them, their “master,” a top Nxivm official named Lauren Salzman, instructed them to say: “Master, please brand me, it would be an honor.” A female doctor proceeded to use a cauterizing device to sear a two-inch-square symbol below each woman’s hip, a procedure that took 20 to 30 minutes. For hours, muffled screams and the smell of burning tissue filled the room. “I wept the whole time,” Ms. Edmondson recalled. “I disassociated out of my body.” -New York Times Of note, Smallville actress Allison Mack who played Chloe Sullivan is (or was) allegedly a "master" in the cult, and required to obey orders from Raniere - including finding women to sleep with him. Mack would require that prospective "slaves" place compromising collateral into a Dropbox account -- one of whom was India Oxenberg, the daughterr of Dynasty actress Catherine Oxenberg - who met with prosecutors in New York and presented evidence against Raniere. NXIVM Funding and the Clinton connection As Rolling Stone reported in November, "In 2010, Vanity Fair published "The Heiresses and the Cult," a detailed account of Seagram heiresses Sara and Clare Bronfman's immersion in NXIVM; the sisters reportedly gave up approximately $150 million of their trust fund to help fund the alleged cult." And in a 2007 article by the New York Post entitled "Hillary's $30,000 fans are her "cult" following," journalist Charles Hurt notes that Raniere was run out of Arkansas after Bill Clinton's then-attorney general, Winston Bryant, charged the cult leader and two others with fraud and business deception. While Raniere paid fines in both New York and Arkansas in the case, over a decade later NXIVM executives proceeded to donate $29,900 to Hillary Clinton's presidential 2006 campaign - and at least three NXIVM officials are "invitation-only" members of the Clinton Global Initiative. On March 14 and April 13, records show, more than a dozen contributions poured into Clinton’s coffers from NXIVM, an executive and group-awareness training organization led by Brooklyn-born Keith Raniere, 47. Most were from first-time political donors, each giving the $2,300 maximum. Three of the March and April Clinton pledges came from Raniere’s most high-profile followers: Seagram heiresses Clare and Sara Bronfman, and Pamela Cafritz, daughter of D.C. A-listers Buffy and Bill Cafritz. Hillary isn’t the only Clinton NXIVM officials are attracted to. At least three of them – group President Nancy Salzman and the Bronfman sisters – are members of Bill’s charitable organization, the Clinton Global Initiative. Membership is by invitation only and requires at least a $15,000 donation per person for one year. -New York Post Prosecutors say Raniere was uncooperative when immigration officials arrested him in Mexico - while women he was staying with "chased the car in which the defendant was being transported in their own car at high speed." Raniere is expected to be transferred to New York authorities following Tuesday's Texas court appearance. During their request that he be held without bond, federal prosecutors said he "has spent his life profiting from his pyramid schemes and has otherwise received financial backing from independently wealthy women." He faces a mandatory minimum of 15 years in prison if convicted of the sex trafficking chrages, according to federal prosecutors - who say he poses a "significant risk of flight" due to his "access to vast resources," and his "long-standing history of systematically exploiting women through coercive practices for his own financial and sexual benefit." What is it with Clinton supporters and cults?
Tiffany Haddish recently shared a story about an actress biting Beyoncé. Here's a look at who fans are guessing may be the culprit.
Tyson Foods (TSN) is planning to divest its pizza crust business to bolster focus on its profitable protein-packed offerings.
One day after setting the all-time record with her first win of the season, Sara Takanashi extended it in Sunday's ski jumping finale with her 55th World Cup…
Cambridge women power to victory on ThamesSend Niall an email or tweet @niallmcveigh 5.57pm GMT “Every other race I’ve done here, I’ve felt so nervous, but I felt really calm,” says Cambridge cox Hugo Ramambason. “We wanted to get a good start, keep moving, and earn the right to win the race. Last year was real tough, but the attitude in the squad has been so good.” 5.56pm GMT For those wondering about the orange flares set off at Hammersmith Bridge, it appears to be a protest by environmental societies from both universities:TIME’S UP: DIVEST NOW! Students take action at #TheBoatRace2018 #BoatRace2018 to demand that Oxford and Cambridge divest their multi-billion pound endowments from fossil fuels. This is a CLIMATE EMERGENCY #OxbridgeDivest pic.twitter.com/k8NJ2Hm98C Continue reading...
Barbie has always been an icon in American culture. This year, 19 new Barbies were released to celebrate inspiring female sheroes.
'Boom For Real' Offers A Rare Look At A Teenage Basquiat And The Late-70s New York Art Scene
Sara Driver's new film is as much about the young Jean-Michel Basquiat as it is the chaotic, exuberant, DIY art scene he embodied.
Kevin de León’s Senate campaign is testing the muscle—and the limits—of the progressive wing of the Democratic Party.
Soho theatre, London The standup critiques virtue-signalling modern culture in a thoughtful set argued with a light touch‘Do you guys remember truth?” Sara Schaefer is over from America to discuss life in the eye of the post-truth, pre-apocalypse, Trumped-up maelstrom. She uses the past to illuminate the present, both publicly (pining for a time when public figures were still susceptible to shame) and privately. Schaefer was raised a zealous Christian, and her nostalgia for moral absolutes is not unrelated, she implies, to her flight from the religious certainties of her youth.It’s a thoughtful show that becomes a lot more effective, comedy-wise, as it progresses. As Schaefer acknowledges, it starts slowly: “I’m just taking my time. I’m making it this uncomfortable on purpose.” Awkward pauses yawn between jokes; she kills the first big laugh, five minutes in, by letting it lapse into enveloping silence. Later, she apologises, citing jetlag and an anxiety attack the night before. Certainly, she’s a different performer by the halfway mark, when her critique of confrontational, virtue-signalling modern culture begins to coalesce. Continue reading...
An exhibition on the global refugee crisis by renowned Chinese artist and activist Ai Weiwei has arrived in the Middle East for the first time. The exhibition is one of many held in Qatar, aiming to inspire young artists seeking to create art that focuses on social and political issues. Al Jazeera's Sara Khairat reports from Doha. - Subscribe to our channel: http://aje.io/AJSubscribe - Follow us on Twitter: https://twitter.com/AJEnglish - Find us on Facebook: https://www.facebook.com/aljazeera - Check our website: https://www.aljazeera.com/
One London worker’s room rented from Citiside turned out to be a health hazard, but he faces a battle to get out of his contractWhen Alex Cannan moved to London to take up a new job, he found a room to rent for £145 a week on Spareroom.com. It was advertised by an individual called Sara, but when he applied he found himself dealing with a letting agent, Citiside, which confirmed the room was available to view.On arrival at the agency, he was informed that the room had already been let, but was shown photos of a similar room that came with a regular cleaning service. “I was told it was not available for viewing and that if I asked them to reserve it before I made a decision I would have to pay a £500 holding deposit, which was non-refundable after three days,” Cannan says. “Foolishly, I was pressured into taking it based on the photos. When I moved in I found the room was filthy and covered in black mould, and the cleaning rota had not been updated for three weeks.” Continue reading...
A recent MarTechNews article suggested that marketers are suffering from “InfoObesity,” gorging on an inconsumable amount of data that is not just unwieldy but can become dysfunctional. Sara Spivey, CMO of Bazaarvoice, provides insight into what marketers can do to combat InfoObesity.