Archive for the ‘Donald Trump’ Category

Donald Trump Has Put America in Legal Hell – Foreign Policy (blog)

President Donald Trumps attack on the federal judiciary last week came off to many as just the latest in his pattern of insults du jour, lobbed against anyone daring to defy the White Houses designs. The outcry, from congressional Democrats, law professors, and even, if Sen. Richard Blumenthal is to be believed, Supreme Court nominee Neil Gorsuch, was predictable. Gorsuch reportedly called the presidents remarks demoralizing and disheartening.

Underlying the ritual furor, though, is a set of deeper concerns. Constitutional experts worry that the presidents comments reveal an authoritarian chief executive who may prove unwilling to be checked or balanced by the judiciary. By scorning norms of comity and respect for a coequal branch of government, Trumps comments also strike at the bedrock of Americas global leadership, which is grounded in the rule of law. By disrespecting the court and spurning the authoritativeness of judicial interpretations of the U.S. Constitution, Trump has cast doubt on whether he will willingly submit to limitations on his power. For a nation that since World War II has argued that power should always be conferred and confined by law, Trumps latest remarks are damaging not just at home but around the world.

The president has said the following about the courts and judiciary over the last week in the context of two unfavorable rulings on his immigration ban: He called Seattle-based District Judge James Robart a so-called judge and dubbed his opinion in the immigration case ridiculous. He then tweeted that the judges terrible decision would be to blame if very bad and dangerous people poured into the country. He commented that even a bad high school student would understand that he, Trump, has the authority to limit entry to the United States. And ahead of a ruling by the 9th Circuit Court of Appeals, he remarked: If the U.S. does not win this case as it so obviously should, we can never have the security and safety to which we are entitled. Politics! The president called the 9th Circuits judicial proceedings disgraceful and described the courts as so political. In the wake of his insults, threats from Trump supporters directed at the judges involved in the case have led federal authorities to provide them with round-the-clock security protection.

Insulting courts is not the same as dissing, say, Nordstrom, Chicago, Mexico, BuzzFeed, the New York Times, or CNN. No matter how ill-considered and damaging, those aspersions are unquestionably protected by the First Amendment and comparable international legal protections. But the law treats certain types of invective toward the judiciary differently, recognizing that speech can dangerously undermine a branch of government whose authority vests in proceedings, opinions, and orders rather than in force. The judiciary can overturn the actions of Congress or the president yet must rely on enforcement powers controlled by the other branches to put its judgments into effect. That intricate interdependence is at the core of the rule of law, and the system has laws in place to insulate against efforts to subvert it.

In the United States, insult and defiance toward the court are addressed by laws of contempt, which can punish disrespectful and insulting comments made in a courtroom setting. The American Bar Association (ABA) has defined criminal contempt to include any conduct, verbal or non-verbal, that embarrasses or obstructs the court, derogates from the courts authority or dignity, [or] brings the administration of justice into disrepute. While the First Amendment has led U.S. courts to be more circumspect than those in Europe about punishing contempt of court that occurs out of a judges earshot, that, too, may qualify as contempt depending on the circumstances. Just last month, a New Orleans prosecutor was brought up on contempt charges for insolent, inappropriate and disrespectful text messages directed toward a judge. While no one has dared propose that Trump be held in contempt, were he not the president of the United States it is conceivable that one of the judges whom he has insulted could pursue a contempt order, which can lead to fines or jail time, in response to his statements indeed, experts have begun to debate whether and how a court judgment might be enforced against him. (Though of course, when contempt occurs out of earshot of the court, the accused is entitled to notice and a chance to defend himself.)

Around the world, attacks by political leaders against the judiciary are treated as a serious incursion on the rule of law and a reflection of weakness in democratic systems. In 2015, South Africas chief justice, Mogoeng Mogoeng, took the matter head on, scheduling a meeting with President Jacob Zuma to discuss attacks by top African National Congress officials accusing provincial courts of being biased against the government and taking bribes. We want to meet with President Jacob Zuma over unfair attacks on the courts. Judges are open to criticism, but it should be fair, specific. General, gratuitous criticism is unacceptable, he stressed. Just last month, the prime minister of Guyana, Moses Nagamootoo, publicly scolded his own attorney general and minister of legal affairs for attacking the judiciary over a pending case testing presidential term limits, saying: Our government does not encourage attacks on the legislature and the judiciary. It is not governments policy or decision to besmirch the character of any judicial officer. Of note, in both cases the criticisms against the judiciary came from lower-ranked officials, making it possible for the head of state to step in and reject them. Not so when it comes to President Trump.

Trumps comments have not gone unnoticed around the world. The chair of Irelands bar council dubbed them sinister, commenting that we have an executive head of state attacking judges who are required to act independently without fear or favor because he disagrees with their interpretation of the law. Martin Solc, the president of the International Bar Association, representing 190 bar associations in 160 countries, said: The rule of law, the centuries-old legal principle that law should govern a nation, is something that is being chipped away at each time President Trump publicly attacks and disrespects a judge. It damages public confidence in the judicial system.

For the U.S. president to be accused on the international stage of so brazenly undercutting the rule of law threatens the countrys credibility as a promoter of legal norms around the world. In 2006, the ABA launched its World Justice Project, aiming to establish a broadly accepted definition for the rule of law globally. Both Republican and Democratic administrations have invested billions of dollars to strengthen the rule of law around the world, including more than $1 billion to build the judicial, corrections, and legal systems in Afghanistan. The premise behind these investments is that rule of law is the best defense to prevent countries from descending into bloodshed and corruption. Embassies around the world have rule of law advisors who work to build the legitimacy and expertise of local lawyers, judges, and lawmakers. All of this effort rests on the notion that, despite serious flaws, the American system of government and legal rule is among the worlds strongest and most stable. Whether American advisors can still, with a straight face, counsel international counterparts on respect for the judiciary in the face of Trumps remarks remains to be seen.

Rule of law as an underpinning of American power globally goes beyond international development, human rights, or nation-building efforts. Allies in Europe, Asia, and elsewhere want the friendship and protection of a powerful Washington because they trust the United States to uphold international norms that preserve their sovereignty and autonomy. The same cannot be said of Russia and China, whose assertions of power are generally greeted more warily. If the United States can no longer be trusted to be rule-bound at home, others will expect the same to be true abroad. Trumps comments about dismissing treaties and international instruments compound the problem.

The premise of rule of law is that rules and their means of enforcement must be stronger than the ability of any single individual, even a head of state, to thwart them. Rule of law was designed precisely to deal with the problem of Donald Trump: a ruler who would arrogate to himself an unfettered ability to remake society according to his will. The decision rendered by the 9th Circuit thus provides an important measure of assurance. At least for now Trump is being checked, like it or not.

But rule of law is not inviolable. If Trump can convince a significant portion of Americans that judges and the law dont merit respect, courts will find it harder to stop him. Already some customs officers have reportedly defied court orders in implementing the immigration ban. It is essential that standard-bearers for the rule of law unite and visibly resist the presidents incursions on the legitimacy of the judiciary.

The most worrying silence has come from those members of Congress who have failed to forcefully defend a coequal branch of government. This is both morally and strategically shortsighted. For now the president is going after the courts; but attacks on the credibility of Congress cannot be far behind.

For its part, the ABA, after a rocky start that involved pulling a report that warned of Trumps potential to become a libel bully, is beginning to find its voice in the Trump era. While the associations president criticized Trumps remarks about Judge Robart, the body should go further in uniting the legal profession across party lines to condemn attacks on judges and courts. U.S. Supreme Court Chief Justice John Roberts serves as chairman of the Judicial Conference, a highly influential body charged with promoting the role and needs of the federal judiciary. The Judicial Conference has in the past addressed attacks on judges and the need for security.

While avoiding partisanship, Roberts, in his role as chief justice, should use his authority to condemn statements and attitudes that threaten the legal system he oversees. His predecessor, Chief Justice William Rehnquist, did just that in 1996 when both the White House and Sen. Bob Dole suggested that a federal trial judge be impeached for leniency on drug cases. In a speech at American University, Chief Justice Rehnquist delivered a stirring defense of judicial independence that silenced talk of retaliation against the judge.

The U.S. system of rule of law is being shock-tested by a president who does not believe the rules should apply to him. It falls to Congress, the legal profession, and the judiciary itself to prove that our system of government is stronger than the will of any one man. If that doesnt prove true here in the United States, its hard to imagine it will continue to mean anything anywhere else.

Photo credit:CHIP SOMODEVILLA/Getty Images

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Donald Trump Has Put America in Legal Hell - Foreign Policy (blog)

The Chair of the Federal Reserve Just Fact-Shamed Donald Trump – Vanity Fair

Janet Yellen, who doesnt have time for this amateur-hour presidency.

By Chip Somodevilla/Getty Images.

When it comes to the economy, its becoming uncomfortably apparent that in many cases, self-described incredible businessman Donald Trump either has no idea what hes talking about or hes lying. Last week, we learned that he called erstwhile national security adviser Mike Flynn at 3 A.M. with questions about how the dollar works. Over the weekend, it was National Economic Council director Gary Cohn who had to explain that the administrations big infrastructure plan will actually cost money. Todays revelation comes courtesy of Federal Reserve chair Janet Yellen, whose testimony before Congress might as well have simply been Donald Trump is full of sh*t. Per CNBC:

During testimony before Congress, the central bank leader was asked if businesses have access to capital. Senator Elizabeth Warren of Massachusetts asked Yellen specifically about remarks from Trump alleging that banks are not lending because of financial reforms adopted after the 2008 financial crisis. Yellen said commercial and industrial lending specifically surged after the crisis, rising 75 percent since 2010, the year Dodd-Frank was passed.

Theyre lending, Yellen said in response to an earlier question from Senator Sherrod Brown, an Ohio Democrat. Their price-to-book ratios are substantially higher than the ratio of banks headquartered in other areas, and they're gaining market share, and they remain quite profitable.

Yellen also told Brown, Lending has expanded overall by the banking system, and also to small businesses, and, in response to a question about how U.S. banks are doing relative to their competitors abroad, she said, U.S. banks are generally considered quite strong relative to their counterparts. They've built up quite a bit of capital, partly as a result of our insistence that they do so.

That insistence, of course, came via Dodd-Frank, which Trump recently knee-capped by way of an executive order. Dodd-Frank, Trump explained on the morning that he signed the order, had imposed onerous requirements on his friends, he said, preventing them from borrowing the money they need for their nice businesses. He knew this, he said, because JPMorgan C.E.O. Jamie Dimon had told him so.

Yellen, you may recall, was subject to claims by Trump during his campaign that she was in cahoots with Barack Obama to create a false stock market to make the president look good. So its certainly conceivable that todays fact-checking exercise wont be well-received.

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Goldman Sachs gently tells 100 investment bankers that maybe investment banking isnt for them

Within the financial services industry, there exists a very small subset of people who would sign up for the crushing hours, abusive colleagues, and often tedious work even if they werent being paid gobs of money. They just love it that much! Everyone else, though, mostly does it for the money. And when that money largely comes from bonuses (as opposed to base pay), having your boss write down a number, slide it across the table, and see that it says zero has got to hurt. Sadly, 100 Goldman Sachs employees know what were talking about. Per Bloomberg:

Goldman Sachs Group Inc. didnt pay 2016 bonuses to about 100 bankers who advise on takeovers and underwrite securities offerings, signaling to a bigger crowd of underperformers that theyre probably better off elsewhere, according to people with knowledge of the matter.

The move is more draconian than in past years, when many dealmakers who failed to impress their bosses still got something, said the people who asked not to be identified discussing the firms compensation practices. The number of employees denied a bonus in recent weeks is higher than a year ago--eliminating whats typically a major component of their pay.

For bankers and traders at a well-capitalized and profitable firm, getting no bonus is a dreaded scarlet letter--usually a strong hint that theyre no longer wanted and should start hunting for another job. Around the industry, its known as getting blanked, or receiving a goose egg, a bagel, or a doughnut.

In happier news, for everyone else at the firm, the banks stock hit a record high today.

Banks consider slapping a hazard label on the Trump Administration

You know that guy in the White House who is prone to flashes of anger in which he violates decades of diplomatic protocol, lashes out at world leaders (including longtime allies), and crosses 100-foot high ethical lines when it comes to his children and businesses? Oh, and who also wreaks havoc with things like hastily signed executive orders barring thousands of people from entering the country? And whose inner circle, on top of that, may just be collapsing? All that is starting to worry banks just a bit:

U.S. and U.K. banks are considering adding to their risk disclosures or beefing up particular sections in their annual reports due later this month, according to people familiar with the drafting of the documents. Theyd likely cite the incoming new administration as a potential source of heightened uncertainty, but stop short of mentioning Trump by name, they said.

Although banks stand to benefit from higher interest rates and Trumps pledge to relax rules, heightened volatility could affect trading, and a slowdown in global commerce may curtail dealmaking as the president turns his attention to trade policies with China and Mexico. Bank stocks have been on a bull run in recent weeks, but some money managers say investors have ignored emerging political risks.

Credit Suisse looks on the bright side

The Swiss financial services giant reported a fourth-quarter loss of 2.35 billion francs ($2.34 billion) today and said it plans to lighten its load by 6,500 employees by the end of the year. But its super excited about having paid the U.S. government $5.3 billion for an investigation into the bank's sale of toxic mortgage securities during the financial crisis. C.E.O. Tidjane Thiam told Bloomberg TV that the settlement was a game-changer for us [because] it leaves us in a more comfortable position to look today at our capital planning.

Companies now worrying if theyre doing enough for white men

Welcome to Donald Trumps America, wherein white men are apparently getting the short end of the stick in the workplace:

Executives say they are looking critically at how they go about their work, hearing from white men the same way youd hear from a woman or someone whos L.G.B.T., especially if they feel theyre missing out on career development or other workplace opportunities, says Janese Murray, vice president of diversity and inclusion at energy giant Exelon Corp.

Elsewhere!

Trumps Stew of Uncertainties Puts Hedge-Fund Managers on Alert (W.S.J.)

Putins Central Banker Purges 100 Banks a Year in Epic Crackdown (Bloomberg)

Yellen Sees More Rate Hikes Ahead If Economy Stays on Course (Bloomberg)

Could Apple, now valued at over $700 billion, become the worlds first trillion-dollar tech company? (VF Hive)

Andrew Ross Sorkin says Stephen Schwarzmans lavish birthday party cost nowhere near $20 million (it was probably only $10 million) (NYT, NYP)

New office sensors track when you leave your desk (Bloomberg)

Starting this summer, for $600, couples can get married at Taco Bells flagship in Vegas (CNBC)

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The Chair of the Federal Reserve Just Fact-Shamed Donald Trump - Vanity Fair

Michael Flynn’s resignation proves some Washington rules still apply to Donald Trump – Washington Post

President Trump's national security adviser Michael Flynn resigned Feb. 13 after revelations that he had discussed sanctions on Russia with the Russian ambassador to the U.S. prior to Trump taking office. (Reuters)

Michael Flynn'sresignation as Donald Trump's national security adviser late Monday night proves that even for this most unorthodox of presidents, some of the old rules of Washington politics still apply.

Flynn and the broader Trump administration had been on defense for the last five days in the wake of a Washington Post report that Flynn had discussed recently-imposed economic sanctions with Russian Ambassador Sergey Kislyak, despite repeatedly denying having done so. Flynn denied it on the record to The Post and, more damaging for him, to Vice President Pence, who went on a Sunday show to assert that the sanctions had never come up in Flynn's conversations with the Russians.

Talk of Flynn's future dominated this weekend's political talk shows. The Post, New York Times and Wall Street Journal all ran stories raising questions about Flynn's ability to survive. White House counselor Kellyanne Conway told MSNBC Monday afternoon that Flynn enjoys the full confidence of Trump.

Shortly after, White House press secretary Sean Spicer seemed to contradict Conway, insisting that Trump was evaluating Flynn's future. Hours later, Flynn was gone.

What's remarkable about the Flynn saga was how incredibly routine it was. A deeply damaging story comes out. The White House goes into bunker mode. Conflicting reports from conflicting aides emerge. And then, whammo: resignation.

It was a prototypical Washington scandal that played out like hundreds of similar ones before it. It felt, dare I say it, normal.

Normal is worth noting in a presidency and an administration that has been anything but in its first 24 days. With Conway's statement Monday afternoon, it seemed as though Trump would again zig against the zag of conventional wisdom and keep Flynn on refusing to give in to pressure from the political establishment and national media that he so reviles.

But Trump does value Pence. And he understands that Pence helps him in Washington and with the broader Republican Party. Although Flynn had apologized to Pence for misremembering ahem whether he talked about sanctions with Kisylak, Pence was still stung by the whole episode. Making Pence happy and dispatching with a constant drip-drip-drip of negative headlines trumped Trump's loyalty to Flynn. (Flynn was one of Trump's favored surrogates and often introduced the president on the campaign trail.)

What's remarkable about the whole episode is how unremarkable it actually is. The coverup is worse than the crime. Embarrassing the big bosses has major ramifications. Sacrificial lambs must be offered. The Flynn resignation had all of the beats of a traditional Washington drama. That made it very unique for this White House.

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Michael Flynn's resignation proves some Washington rules still apply to Donald Trump - Washington Post

Donald Trump grants China’s fervent wish – The Economist

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Donald Trump grants China's fervent wish - The Economist

Justin Trudeau and Donald Trump Try to Bridge Some Gaps While Avoiding Others – New York Times


New York Times
Justin Trudeau and Donald Trump Try to Bridge Some Gaps While Avoiding Others
New York Times
WASHINGTON Despite sharp differences on immigration, refugees, trade and climate change, President Trump and Prime Minister Justin Trudeau of Canada struck a cordial tone on Monday in their first meeting, alternating between attempting to bridge ...
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Justin Trudeau and Donald Trump Try to Bridge Some Gaps While Avoiding Others - New York Times