Steve Bannon Stories To Jail Monday After SCOTUS Rejection

Steve Bannon will report to prison on Monday after the Supreme Court declined to hear his appeal.

Here is the bad news for Bannon:

FLASH: Supreme Court rejects request from Steve Bannon

Bannon reports to prison Monday for Contempt of Congress… to serve 4-month term pic.twitter.com/09QCuvdJeZ

— Scott MacFarlane (@MacFarlaneNews) June 28, 2024

Steve Bannon will report to federal prison on Monday to serve a four month sentence for contempt of Congress after he defied a subpoena from the 1/6 Committee.

Speaker Mike Johnson and House Republican leadership tried to save Bannon with an amicus brief to the court where Republicans claimed that Bannon’s conviction should be overturned because the 1/6 Committee was illegally constructed, which was a doomed argument because the construction of the committee was based on previous select committees that were used to investigate things like 9/11.
Not even a brief from their pal, Speaker Mike Johnson could sway the conservative majority on the Supreme Court to hear his appeal. Bannon is an embodiment of lawless attitude of Trump and his criminal lackeys, and now he is going to be doing time.

Jason is the managing editor. He is also a White House Press Pool and a Congressional correspondent for PoliticusUSA. Jason has a Bachelor’s Degree in Political Science. His graduate work focused on public policy, with a specialization in social reform movements.

Awards and  Professional Memberships

Member of the Society of Professional Journalists and The American Political Science Association

IRS will deny billions of {dollars} in worker retention credit score claims

Danny Werfel, IRS commissioner, speaks after being ceremonially sworn in at the IRS headquarters in Washington on April 4, 2023.

Ting Shen | Bloomberg | Getty Images

The IRS will deny billions of dollars’ worth of claims for a pandemic-era tax break while working to process lower-risk filings, the agency said on Thursday afternoon.

Enacted to support small businesses during the Covid-19 pandemic, the employee retention credit, or ERC, is worth thousands of dollars per eligible employee. However, the agency stopped processing new filings in September amid a surge of “questionable claims,” the IRS said in a news release.

The agency added that it will extend that moratorium.  

After investigating more than 1 million claims worth roughly $86 billion, the IRS said in the release that it identified 10% to 20% of the highest-risk filings, and “tens of thousands” will be rejected in the coming weeks, according to the agency. Another 60% to 70% of claims with an “unacceptable level of risk” will be further examined, the IRS said.

“We will now use this information to deny billions of dollars in clearly improper claims and begin additional work to issue payments to help taxpayers without any red flags on their claims,” IRS Commissioner Danny Werfel said in a statement.

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During the ERC review period, the agency processed 28,000 claims received before September 2023 worth $2.2 billion and disallowed more than 14,000 claims worth $1 billion, according to the release.

Overall, compliance efforts for erroneous ERC claims have topped more than $2 billion since last fall, the IRS said.

“This is one of the most complex credits the IRS has administered, and we continue to ask taxpayers for patience as we unravel this complex process,” Werfel said. “Ultimately, this period will help us protect taxpayers against improper payouts that flooded the system and get checks to those truly eligible.”

ERC withdrawal program still open

With more than 1.4 million unprocessed ERC claims and many “questionable” filings, the IRS urges taxpayers with pending ERC claims to consider the agency’s withdrawal program. 

There’s still time to withdraw a claim if you haven’t received a payment for any tax period. If you received a check but haven’t cashed or deposited it, you can use this program to return it.

If eligible, the IRS will undo the original ERC claim and no penalties or interest will apply.

“It’s a mulligan moment” because you can still fix ERC mistakes before the IRS catches them, Dean Zerbe, national managing director at Alliantgroup, previously told CNBC.

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Micro organism in Thames forward of rowing Henley Regatta

Spectators watch a race on the River Thames at the Henley Royal Regatta in Henley-on-Thames, west of London, on June 30, 2023. 

Henry Nicholls | Afp | Getty Images

LONDON — Harmful E.coli bacteria has been discovered at “alarmingly high” levels in the U.K.’s River Thames just days before elite rowers are due to compete there for the international Henley Regatta, anti-pollution campaigners have warned.

From Tuesday onwards, around 4,000 rowers from across the globe are set to compete in 400 races to qualify for the iconic regatta, which has taken place along the waterway since 1839.

Water quality testing carried out by River Action campaign group ahead of the race, found E.coli bacteria up to 27 times the acceptable limit for bathing water, prompting health concerns following a rise in E.coli cases in the country.

E.coli is a diverse group of bacteria which, while usually harmless, can produce toxins that can cause severe illness.

River Action tested water in the Henley Mile — part of the regatta course outside the Oxfordshire town — 27 times between May 23 and June 25 and found an average of 1,213 E.coli colony forming units (CFUs) per 100ml of water. It warned the levels were “alarmingly high” in a Thursday statement.

Anything above 900 CFUs/100ml fails the Environment Agency’s inland bathing water quality standards and is deemed a threat to public health, the campaign group said.

More than half (47%) of readings were found to be above the acceptable limit. The highest recorded was 25,000 CFUs/100ml, more than 27 times higher.

River Action also found E.coli levels up to 10 times higher in March tests.

James Wallace, CEO of River Action, accused the government and Thames Water, which manages water supply in the area, of failing to appropriately manage water hygiene levels.

“This is a health emergency. The new government must get a grip of the water pollution crisis and ensure that water companies, including Thames Water, invest urgently in upgrading wastewater treatment plants and fix their leaky infrastructure before someone becomes seriously ill, or worse,” he said in a statement.

Thames Water did not immediately respond to CNBC’s request for comment, though the BBC reported that it had dubbed the findings “alarmist” and said it was monitoring bacteria levels. CNBC also contacted the government’s environment agency but did not immediately receive a response.

Chair of the Henley Royal Regatta committee of management and former Olympic rower Sir Steve Redgrave, said the findings were a “stark reminder” of the impact of sewage pollution.

“Our waterways are vitally important to our competitors racing, but also to all those athletes training on a daily basis nationwide,” he said.

Regatta organizers have advised rowers to cover all cuts and blisters and avoid swallowing river water as thousands of spectators descend on Henley on Thames for the event, which runs until Sunday.

It comes as the U.K. has faced a rise in E.coli cases. Two people with underlying health conditions died following infection with the Shiga-toxin-producing E. coli strain (STEC). One of the deaths is “likely linked” to their STEC infection, the UK Health Security Agency (UKHSA) said.

That particular strain is thought to have been spread via lettuce leaves within pre-packaged sandwiches.

UKHSA said Thursday that 275 cases of the strain have been confirmed as of June 25, and urged people to watch out for symptoms which can include diarrhoea, stomach cramps, vomiting and fever.

Volkswagen takes $1 billion stake in EV maker

Workers assemble second-generation R1 vehicles at electric automaker Rivian’s manufacturing facility in Normal, Illinois, on June 21, 2024.

Joel Angel Juarez | Reuters

Volkswagen Group plans to invest up to $5 billion in electric vehicle startup Rivian, starting with an initial investment of $1 billion.

The additional $4 billion is expected by 2026. It includes plans for $1 billion each in 2025 and 2026, followed by $2 billion in 2026 related to an expected joint venture to create electrical architecture and software technology, according to a release by the automakers Tuesday.

Shares of Rivian soared more than 50% during after-hours trading Tuesday, two days ahead of an investor event for Rivian, which has been under pressure from Wall Street due to its cash burn and significant losses. Rivian stock closed Tuesday at $11.96 a share, down roughly 49% in 2024.

The initial $1 billion from Volkswagen will be in the form of a convertible note, which could be converted to Rivian shares on or after Dec. 1, the release said.

The deal will help Rivian on its journey to become cash flow-positive, Rivian CEO and founder RJ Scaringe said Tuesday night during an investor call.

He noted the capital is expected to carry the company through the production ramp-up of its smaller R2 SUVs at its plant in Normal, Illinois, starting in 2026, as well as production of the midsize EV platform at a plant in Georgia, where Rivian paused construction earlier this year.

“We believe the opportunity ahead is significant. This deal is possible because we’re focused on vertically integrating our network architecture, topology, V-CPUs, and associated software platforms,” he said. “I’ve spoken about the importance of these platforms in the past, and how difficult it is to replicate them.”

Volkswagen is expected to use Rivian’s electrical architecture and software stack for vehicles beginning the second half of the decade, according to Scaringe. He said the joint venture does not include anything with battery technologies, vehicle propulsion platforms, high voltage systems or autonomy and electrical hardware.

Scaringe said the expected joint venture will be led by a “balanced” leadership group, including two co-CEOs, with Rivian appointing the technical leadership and Volkswagen appointing a chief operating officer.

The closing of the joint venture is expected in the fourth quarter of this year, according to Rivian Chief Financial Officer Claire McDonough.

A provided image of Oliver Blume, CEO of Volkswagen Group and RJ Scaringe, founder and CEO of Rivian, as the companies announce joint venture plans on June 25, 2024.

Courtesy: Business Wire

Volkswagen will be the second legacy automaker to take a stake in the California-based company. Ford Motor was among Rivian’s largest stakeholders, at roughly 12%, alongside Amazon when Rivian went public in 2021. The Detroit automaker exited Rivian in 2023 after walking back a plan to codevelop EVs with the company.

The Volkswagen-Rivian partnership comes as automakers shift strategies amid slower-than-expected adoption of EVs.

Pietro Zollino, head of VW corporate communications, said the deal with Rivian does not change the German automaker’s plans to build a $2 billion EV plant for its announced Scout Motors trucks and SUVs in South Carolina.

“Our commitment towards Scout has not changed at all,” he said in an email Tuesday night.

Rivian has been on a cost-cutting mission for months. It has trimmed staff, retooled its Illinois plant to increase efficiencies and paused construction of a new multibillion-dollar factory in Georgia. That last measure is expected to save more than $2.25 billion in capital spending, including the impact of starting production of Rivian’s upcoming, less expensive R2 vehicles at its plant in Illinois instead of Georgia during the first half of 2026. 

McDonough said Volkswagen’s investment is expected to carry the company through the ramp-up of its new, less expensive R2 vehicles in Illinois as well as the midsize EV platform at its plant in Georgia.

The EV maker reported a loss of $1.45 billion during the first quarter of this year, as it retooled its plant in Normal, Illinois, to launch updated versions of its R1T pickup and R1S SUV EVs ahead of its next-generation vehicles in 2026.

Rivian reported $7.86 billion in cash, cash equivalents and short-term investments to end March, with more than $9 billion in total liquidity.

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Trump hush cash gag order partially lifted earlier than Biden debate

Former U.S. President Donald Trump walks to speak to the media after being found guilty following his hush money trial at Manhattan Criminal Court in New York City on May 30, 2024.

Seth Wenig | Afp | Getty Images

A New York judge on Tuesday lifted parts of a gag order imposed on former President Donald Trump in his criminal hush money case, but kept some restrictions in place until Trump is sentenced.

The decision from Judge Juan Merchan came two days before Trump is set to face off against President Joe Biden in the first of two presidential debates.

Merchan struck parts of the gag order that barred Trump from making public statements about witnesses or jurors in the Manhattan Supreme Court trial, which ended on May 30 in Trump’s conviction on 34 criminal counts.

But Merchan ruled that Trump is still bound by the order’s restrictions on speaking about lawyers and staff for the Manhattan District Attorney’s office and the court, plus any of their family members, if those statements could interfere with the case. Trump is allowed to speak about Manhattan District Attorney Alvin Bragg.

The speech limitations “were overwhelmingly supported by the record,” Merchan wrote, noting that two appellate courts in New York rejected Trump’s efforts to appeal the gag order.

“However, circumstances have now changed,” the judge wrote. “The trial portion of these proceedings ended when the verdict was rendered, and the jury discharged.”

Merchan wrote that his “strong preference” was to extend protections for members of the jury, adding that “there is ample evidence to justify continued concern for the jurors.” While he lifted that piece of the gag order, the judge ruled that a prohibition on disclosing juror information will remain in effect until further notice.

The trial centered on accusations that Trump falsified business records as part of a scheme to cover up a hush money payment made shortly before the 2016 presidential election to porn star Stormy Daniels, who says she had sex with Trump years earlier.

Trump is set to be sentenced on July 11. Each of the felony counts against him carries a maximum penalty of four years in prison, though many experts expect Merchan will deliver a much lighter sentence that includes no time behind bars.

Trump raged against the gag order when it was first imposed on March 26, about three weeks before the trial began. Merchan expanded the gag order less than a week later, after Trump repeatedly targeted the judge’s adult daughter over her work for a Democratic political firm.

Trump violated the gag order 10 times during the historic trial. Merchan repeatedly held Trump in contempt of court and warned him that future infringements could land him in jail. The judge also ordered Trump to pay the maximum fine of $1,000 for each violation.

Trump campaign spokesman Steven Cheung in a statement Tuesday criticized Merchan for declining to lift the entire gag order.

“This is another unlawful decision by a highly conflicted judge, which is blatantly un-American as it gags President Trump, the leading candidate in the 2024 Presidential Election during the upcoming Presidential Debate on Thursday,” Cheung said.

Trump’s legal team “will immediately challenge” the order, Cheung said.

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Customers Cannot Cease Raving About These Light-weight Bermuda Shorts

If you need some additional info before you shop, these reviews from happy shoppers may convince you to check them out for yourself.

Dibaolong Drawstring Lounge Bermuda Shorts with 3 Pockets Reviews

A shopper said, “Best shorts for kicking around. These shorts are cool, comfortable, and loose. They wash well and don’t shrink. They are perfect for lounging, exercising, or running errands. The fabric is substantial and breathable. 100% recommend.”

Another raved, “They hit just above my knees, which was a really good length for my comfort. I wore these pretty much the whole time we were in Maui and definitely recommend them if you are looking for a comfortable pair of casual shorts!”

Someone gushed, “I love these. I like the longer inseam. Soft and comfy shorts. I bought one pair last year and they quickly became my favorite lounge around the house shorts. So I bought 2 more pair this year. Good value for the money.”

“Would definitely buy again. I bought almost every color. Awesome. Very comfortable and fit as expected,” a reviewer shared.

A shopper reviewed, “I needed some comfortable shorts to wear around the house. I purchased these in three colors. They are very comfortable and soft to the touch. Though they’re casual, they aren’t slouchy looking. I feel comfortable wearing them for a quick trip to run errands. Highly recommend!”

If you’re still shopping at Amazon, you’ll love the top 34 trending fashions right now. 

Citigroup, JPMorgan Chase, Goldman hit by regulators

Jane Fraser, CEO of Citigroup, testifies during the Senate Banking, Housing, and Urban Affairs Committee hearing titled Annual Oversight of the Nations Largest Banks, in Hart Building on Thursday, September 22, 2022. 

Tom Williams | CQ-Roll Call, Inc. | Getty Images

Banking regulators on Friday disclosed that they found weaknesses in the resolution plans of four of the eight largest American lenders.

The Federal Reserve and the Federal Deposit Insurance Corp. said the so-called living wills — plans for unwinding huge institutions in the event of distress or failure — of Citigroup, JPMorgan Chase, Goldman Sachs and Bank of America filed in 2023 were inadequate.

Regulators found fault with the way each of the banks planned to unwind their massive derivatives portfolios. Derivatives are Wall Street contracts tied to stocks, bonds, currencies or interest rates.

For example, when asked to quickly test Citigroup’s ability to unwind its contracts using different inputs than those chosen by the bank, the firm came up short, according to the regulators. That part of the exercise appears to have snared all the banks that struggled with the exam.

“An assessment of the covered company’s capability to unwind its derivatives portfolio under conditions that differ from those specified in the 2023 plan revealed that the firm’s capabilities have material limitations,” regulators said of Citigroup.

The living wills are a key regulatory exercise mandated in the aftermath of the 2008 global financial crisis. Every other year, the largest US. banks must submit their plans to credibly unwind themselves in the event of catastrophe. Banks with weaknesses have to address them in the next wave of living will submissions due in 2025.

While JPMorgan, Goldman and Bank of America’s plans were each deemed to have a “shortcoming” by both regulators, Citigroup was considered by the FDIC to have a more serious “deficiency,” meaning the plan wouldn’t allow for an orderly resolution under U.S. bankruptcy code.

Since the Fed didn’t concur with the FDIC on its assessment of Citigroup, the bank did receive the less-serious “shortcoming” grade.

“We are fully committed to addressing the issues identified by our regulators,” New York-based Citigroup said in a statement.

“While we’ve made substantial progress on our transformation, we’ve acknowledged that we have had to accelerate our work in certain areas,” the bank said. “More broadly, we continue to have confidence that Citi could be resolved without an adverse systemic impact or the need for taxpayer funds.”

JPMorgan, Goldman and Bank of America declined a request to comment from CNBC.

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Eli Lilly expects FDA name on Zepbound for sleep apnea in close to time period

Eli Lilly on Friday said it applied for U.S. approval of its weight loss drug Zepbound for the treatment of the most common sleep-related breathing disorder and expects regulators to make a decision as early as the end of the year.

If cleared by the Food and Drug Administration, the company plans to launch Zepbound for so-called obstructive sleep apnea “as quickly as we can” at the beginning of 2025, Patrik Jonsson, president of Eli Lilly diabetes and obesity, said in an interview.

Also on Friday, the company released additional data from two late-stage trials showing that Zepbound helped resolve obstructive sleep apnea, or OSA, in almost half of patients. Eli Lilly presented the new data from the trials at the American Diabetes Association’s 84th Scientific Sessions in Orlando, Florida, on Friday.

“We’re super excited. … I think it actually went beyond what most external experts were hoping for,” Jonsson said of the new data demonstrating that Zepbound can help resolve the disorder in some patients.

It adds to growing evidence that there could be further health benefits tied to a class of weight loss and diabetes treatments that have soared in popularity and slipped into shortages in the U.S. over the past year. The data also paves the way for Eli Lilly to gain broader insurance coverage for Zepbound, which, like other weight loss drugs, is not covered by many insurance plans.

The pharmaceutical giant in April released initial results from the two studies, which showed that Zepbound was more effective than a placebo at reducing the severity of OSA in patients with obesity after a year. 

OSA refers to interrupted breathing during sleep due to narrowed or blocked airways. An estimated 80 million patients in the U.S. experience the disease, Eli Lilly said in a press release. Around 20 million of those people have moderate-to-severe forms of the disease, but 85% of OSA cases go undiagnosed, according to Jonsson. 

OSA can lead to loud snoring and excessive daytime sleepiness, as well as contribute to serious complications, including stroke and heart failure. Patients with the condition have limited treatment options outside of wearing masks hooked up to cumbersome machines while sleeping that provide positive airway pressure, or PAP, to allow for normal breathing.

The first study examined the weekly injection in adults with moderate-to-severe OSA and obesity who were not on PAP therapy. The second trial tested Zepbound in adults with the same conditions, but those patients were on and planned on continuing PAP therapy. 

The new results showed that 43% of people in the first study and 51.5% of patients in the second trial who took the highest dose of Zepbound achieved “disease resolution,” according to a release. That compares with 14.9% and 13.6% of patients who took a placebo in the two trials, respectively. 

“This has huge impacts on patients’ lives,” Leonard Glass, senior vice president of medical affairs at Eli Lilly, diabetes and obesity, told CNBC. “Imagine not having to use a PAP machine, or not having to worry about waking up again in the middle of the night, or for your partners — not having to live with somebody with this condition.”

Researchers came to those conclusions by examining a so-called apnea-hypopnea index, or AHI, which records the number of times per hour a person’s breathing shows a restricted or completely blocked airway. The index is used to evaluate the severity of obstructive sleep apnea and the effectiveness of treatments for the condition. 

Disease resolution for OSA is defined as a patient having fewer than five AHI events per hour, according to Eli Lilly. It is also defined as a person having five to 14 AHI events per hour and scoring a certain number on a standard survey designed to measure excessive daytime sleepiness, the company said. 

Among other new data, the company said 62.3% of patients in the first trial who took Zepbound saw a greater than 50% reduction in AHI events, compared with 19.2% of those on placebo. Meanwhile, 74.3% of people in the second study who took Eli Lilly’s drug saw a more than 50% reduction in AHI, compared with 22.9% of participants who received a placebo.

Eli Lilly on Friday reiterated that Zepbound met the main goal of the trial, which was reducing AHI events. 

Zepbound led to an average of 27.4 fewer AHI events per hour at 52 weeks in people who were not on PAP machines. That compares to an average reduction of 4.8 events per hour for those who received a placebo in the first trial. 

The drug also led to an average of 30.4 fewer AHI events per hour at 52 weeks in patients who were on PAP machines, compared with an average reduction of six events per hour for people on the placebo in the second study.

Eli Lilly previously announced that the FDA granted Zepbound “fast track designation” for patients with moderate-to-severe OSA and obesity. The designation ensures that drugs intended to both treat a serious or life-threatening condition and fill an unmet medical need get reviewed more quickly.

Trump Has A Breakdown Over Biden Main Fox Information Ballot

Donald Trump is watching his false narrative that he is leading all of the polls crumble, and the ex-president can’t handle it.

Trump posted on Truth Social:

The latest Fox News poll is TRASH! They used a biased, Democrat-leaning sample of voters, polling more Biden 2020 voters than Trump 2020 voters to skew the results in favor of Crooked Joe. I am leading BIG in virtually every other poll, including in all of the key battleground states, like Wisconsin, where I just held a massive rally, and Pennsylvania, where I will be on Saturday. Also, the #1 issue in this Country is not protecting democracy. It is INFLATION and IMMIGRATION! If it is protecting democracy, Trump is your best choice, because Crooked Joe Biden is the greatest threat to democracy in history with his Open Border and weaponization of our justice system against his political opponent, ME! Fox News polls have never treated me, or MAGA, fairly! Don’t worry, we will WIN!!! Fox News should get rid of Paul Ryan, and get a new Pollster, but they won’t….

If we understand Trump correctly, he knows all of the real issues that Americans care about, and democracy isn’t one of them, but if democracy was one of them, people should vote for Trump anyway. Donald Trump talks in circles and makes no sense.

Just yesterday, Trump was begging Fox to be his one and only, and less than 24 hours later, he is trashing them because their poll has Biden leading.

Polling has been moving toward President Biden for months.

None of this is new to anyone outside of the guy who has convinced himself that he is winning in all of the polls and there is no way that he will ever have to go to jail because America loves him too much.

The election has shifted on Trump, and so far there is no sign that he has a strategy to shift it back.

S&P crosses 5,500, Japan CPI

Pedestrians cross an intersection in the Shibuya district of Tokyo, Japan, on Tuesday, April 25, 2023. Photographer: Kentaro Takahashi/Bloomberg via Getty Images

Bloomberg | Bloomberg | Getty Images

Asia-Pacific markets are set to open lower after the S&P 500 retreated from its record above the 5,500 level on Thursday.

Investors in the region will assess Japan’s inflation data for May after the headline rate rose to 2.8%, higher than April’s figure of 2.5%.

The core inflation rate — which strips out prices of fresh food — came in lower than expected at 2.5%. A Reuters poll of economists expected the May core inflation reading to come in at 2.6%, compared to April’s 2.2%.

Futures for Australia’s S&P/ASX 200 stood at 7,766, slightly lower than its last close of 7,7690.4.

Japan’s Nikkei 225 futures were mixed, with the futures contract in Chicago at 38,675 and its counterpart in Osaka at 38,600 compared to the previous close of 38,633.

Hong Kong Hang Seng index futures were at 18,202, lower than the HSI’s last close of 18,335.32.

Overnight in the U.S., the S&P 500 closed 0.25 % lower after hitting a new high. The Nasdaq Composite dipped 0.79%, while the Dow Jones Industrial Average climbed 0.77%. Chipmaker Nvidia slipped 3.5% after rising earlier in the trading day.

—CNBC’s Samantha Subin and Brian Evans contributed to this report.