Michael Bloomberg: An Option That is in the Money

Photo originally published in CityWatch LA , 11/14/19.

Photo originally published in
CityWatch LA
, 11/14/19.

by Sara Corcoran, Courts Monitor Publisher
(Originally published in CityWatch LA, 11/14/19)

DC DISPATCH-Michael Bloomberg, the former Mayor of NYC, has officially expressed interest in earning the Democratic nomination for 2020.

Although his pathway to the nomination may be unconventional, likely forgoing the four early but low-vote states of Iowa, New Hampshire, Nevada, and South Carolina and instead making a concentrated Super Tuesday attack for the big-delegate states including California and Texas — Bloomberg has the right moxie, background, temperament, and demographic appeal to unseat Trump in the next Presidential election. 

The current roster of Democrats lacks a candidate that has the ability to comfortably beat Trump.  Moreover, recent swing state polling margins confirm this. All the current Democratic front runners are either negative or in the margin of error when paired on the electoral college map against Trump. Bloomberg has the best chance of changing this paradigm. Although national polls that have shown Bernie Sanders, Elizabeth Warren, and Joe Biden beating Trump in the popular vote, it is only Biden who eeks out a win in some of the swing states, including Arizona and Virginia, with an outcome too close to call. 

The current lineup of Democratic candidates does not offer enough risk insurance against a Trump presidency, given the likelihood that 2020 will be determined within the margin of error yet again. Joe Biden, once the best shot to beat Trump, has been weakened by the mere allegation and perception of corrupt practices by his family in Ukraine. Although the impact on Biden’s polls of Trump’s attacks tends to fluctuate, to dismiss it as a contingent  liability is naive. Trump’s attacks are not likely to stop. If anything, they will increase and become more vicious. Biden’s defense of his son has been to evade and plead ignorance. There is a real risk that he will not be able to absorb the Trump onslaught, particularly if he remains financially vulnerable. 

After Bloomberg officially expressed interest in pursuing a 2020 run, the reaction has been mixed, but more favorable to some who are looking for a middle of the road option. For Independents, swing voters, and moderate Democrats, this should be a welcome move. His announcement may also serve to quell the rumblings of a possible third try by Hillary Clinton. Biden has publicly approved of a Bloomberg run, although privately, he may be shaken. On the other hand, both Bernie Sanders and Elizabeth Warren have piled on with criticism of “billionaires buying their way into an election.” 

Although both Sanders and Warren (who are millionaires, not billionaires) have had impressive careers, they will not be able to carry the white, working-class vote in Wisconsin, Ohio, Michigan, and Pennsylvania. They are both Washington insiders in a country that has an increasing appetite for “outsider” Presidential candidates even those who are independently wealthy. It is ironic that Tom Steyer, a billionaire, has been unable to create traction with voters, suggesting that some unknown quantifier is at play. 

Bloomberg is a self-made billionaire who has created jobs. Coming from humble beginnings, Bloomberg made his wealth the old-fashioned way, he earned it. His career on Wall Street started as a partner Solomon Brothers. As the creator of the Bloomberg terminal, Michael Bloomberg transformed the way professionals could access, interpret, and understand capital market relationships with banking, credit, currency and government finance to name a few. Anyone who has had the pleasure of accessing a terminal appreciates the wealth of information that it affords. Today, Bloomberg is a diverse conglomerate that focuses on financial services, software, and media with over 20,000 employees and revenues north of $9 billion. 

As much as the liberal base of the Democratic Party thinks they drive the nomination process, it is incumbent upon this branch to support the candidate that has the best chance of beating Trump. It is Bloomberg whose option is in the money (“in the money” refers to a concept in options where the underlying security’s price is greater than its strike price). At a minimum, Bloomberg can distract Trump away from Biden and allow the former VP to recover from the onslaught against his family. Bloomberg is a covered option that has value whether you go long or go short. 

In the present environment where much of the Democrats case against Trump centers on charges of foreign influence and accommodations, Bloomberg will have to deflect claims that his business interests  make him susceptible to foreign influence given his various subsidiaries with China in particular. Bloomberg will have to address the allegations of  firing  journalists and changing editorial content in its news in exchange for maintaining access and financial terminal business. That said, Bloomberg can differentiate himself from Trump by demonstrating he understands what putting his assets in a trust involves — he did it when running for mayor of New York. Bloomberg’s brand isn’t about chaos and nepotism. He has a clear understanding of how to avoid conflicts of interest. 

Instead, his focus is on creating jobs, accepting climate change as a threat, and instituting concrete economic policies. He has run a massively complex city and has proven executive skills. He has developed relationships with mayors and governors across the country and is data driven in his responses to problems. When Trump won the presidency, he allegedly called Bloomberg and asked him for advice. “Hire people smarter than you,” he reportedly recommended. Trump was obviously too insecure to follow this suggestion with disastrous consequences and claims that Bloomberg lacks “the magic” to win. We shall see how much magic Trump brings to the next election as he turns his attention to a possible Bloomberg threat. 

A repeat of the 2016 Presidential race would be devastating to the Democratic Party but if they underplay the significance of state data in favor of national data, it is likely to occur. Progressive Democrats keep looking at national polling with the hopes the state polling will eventually mirror it, but this won’t happen without the right candidate who leads by more than 5%. Trump salivates at the prospect of fighting an election into the margin of error where the dirt he cultivates against opponents can have magnified value and impact. When polling data goes below 5%, foreign actors can interfere indiscriminately without being identified, at least in the short run.

Michael Bloomberg made his fortune by making wise choices about options. If the Democrats want to win the 2020 election, they need to do the same.

(Sara Corcoran writes DC Dispatch and covers the nation’s capital from Washington for CityWatch. She is the Publisher of National Courts Monitor the California and National Courts Monitor and contributes to Daily Koz, The Frontier Post in Pakistan and other important news publications.) Prepped for CityWatch by Linda Abrams.

 

Atlanta immigration court backlog delays hearing for famous rapper

Jordan Strauss/Invision/AP as reported by to 11Alive.

Jordan Strauss/Invision/AP as reported by to 11Alive.

According to 11Alive, “21 Savage, whose legal name is Shéyaa Bin Abraham-Joseph, allegedly entered the U.S. legally in July 2005 at age 7 on an H-4 visa but failed to leave under the terms of his “nonimmigrant visa” when it expired in 2006, according to ICE… He was expected to face a judge in the weeks after his release, but TMZ reported on Wednesday that with a serious case backlog in immigration courts – Syracuse University said in September it now exceeds 1 million – he still doesn’t have a court date, and continues to face deportation.”

The 11Alive report explains that according to Syracuse University’s immigration case tracker, there are more than 13,000 cases in the Atlanta court’s backlog, and the average wait time for a hearing is currently 1,250 days or nearly three-and-a-half years.

Because of the backlog, 21 Savage is in limbo and cannot travel outside the U.S., even for his concert tours.

Companies, Ohio counties reach $260 million settlement over opioid crisis

See the full CNN story here.

See the full CNN story here.

Four pharmaceutical companies have reached a $260 million settlement in response to the national opioid epidemic.

The settlement, announced on Oct. 21, was reached on the eve of a first-of-its-kind federal trial, CNN reports.

The settlement totaling $260 million was reached between four companies — McKesson Corp., Cardinal Health Inc., AmerisourceBergen Corp., and Teva Pharmaceutical Industries Ltd. — and plaintiffs, Summit and Cuyahoga counties in Ohio, the news site reports.

The case was dismissed with prejudice, according to U.S. District Court Judge Dan Polster. 

Earlier this year, Johnson & Johnson reached a tentative settlement in Ohio in response to a federal lawsuit over the nation’s opioid epidemic, agreeing to pay $10 million to Cuyahoga and Summit counties, Ohio, as well as reimburse $5 million in legal fees and donate $5.4 million for opioid-related programs.

Johnson & Johnson ordered to pay $10 million to two Ohio counties

Johnson & Johnson subsidiary Janssen Pharmaceuticals manufactured opioids and Johnson & Johnson also owned two companies that processed and imported the raw material used to manufacture oxycodone, a highly addictive opioid, shown above. Photo credit: www.drugs.com.

Johnson & Johnson subsidiary Janssen Pharmaceuticals manufactured opioids and Johnson & Johnson also owned two companies that processed and imported the raw material used to manufacture oxycodone, a highly addictive opioid, shown above. Photo credit: www.drugs.com.

Johnson & Johnson has reached a tentative settlement in Ohio in response to a federal lawsuit over the nation’s opioid epidemic, The Washington Post reports.

The health-care giant will pay $10 million to Cuyahoga and Summit counties, Ohio, as well as reimburse $5 million in legal fees and donate $5.4 million for opioid-related programs in the communities, The Post reports.

The case was brought by more than 2,500 counties, cities, and Native American tribes. 

In August, Johnson & Johnson was ordered to pay the state of Oklahoma $572 million in the first opioid-related state case to go to trial.

Cleveland County (Okla.) District Judge Thad Balkman found the pharmaceutical company responsible for the opioid crisis in Oklahoma, one of more than 40 states waging lawsuits, The Washington Post reports.

An estimated 400,000 people have died of overdoses from painkillers, heroin and illegal fentanyl since 1999.

MGM Resorts agrees to pay up to $800 million in wake of Las Vegas massacre

Photo credit: AFP/Getty Images as reported by the New York Post on 10/3/19.

Photo credit: AFP/Getty Images as reported by the New York Post on 10/3/19.

MGM Resorts International will pay up to $800 million in a settlement for victims of the October 2017 mass shooting in Las Vegas, the deadliest mass shooting in American history, The New York Times reports. The shooting left 58 people dead and hundreds injured.

The killer, Stephen Paddock, opened fire from his room in the Mandalay Bay hotel, which MGM owns, into an outdoor country music concert.

The settlement is in response to claims that MGM was negligent in allowing Paddock to stockpile weapons and ammunition in the 32nd-floor room, The Times reports.

“Police recovered 23 assault-style weapons, including 14 fitted with since-outlawed bump stock attachments that allowed the firearms to fire rapidly like machine guns,” according to a report by The New York Post.

Judge blocks new rules for detention of migrant children, parents

U.S. District Judge Dolly M. Gee. Photo credit: Wikipedia

U.S. District Judge Dolly M. Gee. Photo credit: Wikipedia

The Trump administration is barred by federal court order from enacting new rules aimed at detaining migrant children and their parents for longer periods of time.

U.S. District Judge Dolly M. Gee issued the permanent injunction on Sept. 27 in the Central District of California, The Washington Post reports.

The Justice Department had argued for withdrawal from a 1997 federal consent decree setting basic standards for detaining migrant children. 

“The decree includes a 20-day limit for holding children in detention facilities that have not been licensed by the states for the purpose of caring for minors,” The Post reports.

Federal regulators issued new regulations in August seeking to terminate the settlement and remove the 20-day limit, The Post reports.

Conspiracy theorist Alex Jones to be heard in Sandy Hook case

Radio host and conspiracy theorist, Alex Jones. Photo credit: Wikipedia.

Radio host and conspiracy theorist, Alex Jones. Photo credit: Wikipedia.

According to the Hartford Courant, lawyers for conspiracy theorist Alex Jones went to the state Supreme Court Thursday “to challenge a court order in a case where families from Sandy Hook Elementary School are suing him, saying the radio host claimed the school shooting was a hoax.”

The lawyer for Alex Jones argued in the Connecticut Supreme Court that he “should not have been penalized for an angry outburst on his Infowars web show against an attorney for relatives of some of the Sandy Hook Elementary School shooting victims,” reports the Associated Press.

The AP report explains, “The families of eight victims of the 2012 shooting in Newtown, Connecticut, and an FBI agent who responded to the massacre are suing Jones, Infowars, and others for promoting a theory that the shooting was a hoax. A 20-year-old gunman killed 20 first-graders, six educators and himself at the school, after having killed his mother at their Newtown home. The families said they have been subjected to harassment and death threats from Jones’ followers because of the hoax conspiracy.”

Trump vows to revoke waiver allowing California to set auto emissions

 Photo credit: Damian Dovarganes/AP as reported by NPR on 9/18/19.

Photo credit: Damian Dovarganes/AP as reported by NPR on 9/18/19.

President Trump announced he will revoke a 2013 waiver issued by the EPA to the California Air Resources Board which allowed the state to set stricter air-quality standards than those imposed on the federal level.

According to an NPR report, “The move comes after the Department of Justice earlier this month launched an antitrust investigation into a July deal between California and four automakers – Ford, Volkswagen, Honda, and BMW – and is seen as a broader effort by the White House to rollback efforts to combat climate change.”

The report notes, “California’s Attorney General Xavier Becerra has vowed to take the Trump administration to court. Speaking on Tuesday, California’s Democratic Gov. Gavin Newsom said that while the White House ‘has abdicated its responsibility,’ his state ‘has stepped up.'”

States unveil bipartisan antitrust probe of Google

Image credit: Wikipedia.

Image credit: Wikipedia.

Tech giant Google faces a sweeping bipartisan antitrust probe by state attorney generals, an investigation announced on Sept. 9 with an initial focus on online advertising.

“Google is expected to rake in more than $48 billion in U.S. digital ad revenue this year, far rivaling its peers, while capturing 75 percent of all spending on U.S. search ads, according to eMarketer,” The Washington Post reports.

The probe is supported by 50 U.S. states and territories, excluding Alabama and California, home of Silicon Valley.

Texas Attorney General Ken Paxton said Google “dominates all aspects of advertising on the Internet and searching on the Internet,” though he clarified that states are launching an investigation and not a lawsuit.

“The probe marks the latest regulatory headache for Google and the rest of Silicon Valley, which have faced growing criticism — and widening state and federal scrutiny — into whether they’ve grown too big and powerful, undermining rivals and resulting in costlier or worse service for web users,” The Post reports.

Federal regulators have decided against assessing major penalties against the company, including breaking it up, but “The European Union has issued the company $9 billion in competition-related fines over the past three years,” The Post reports.

New report: Legal firms chasing demand for marijuana-related advice

herb-2915337_640Pot is hot in the legal field. According to a new report, law firms are scrambling to keep up with demand from clients seeking advice regarding marijuana legalization.

In a special report, The Recorder at Law.com offers a wide-ranging update.

“There is just too much business to be had for these firms to ignore this,” Law.com reporter Cheryl Miller says in a 15-minute “Legal Speak” interview. “We have 33 states and the District of Columbia now where some form of cannabis is legal, and there’s such a demand for legal guidance from all these businesses that are sprouting up in response.”

Miller says clients dealing in areas such as real estate and employment law need legal advice to keep up with the rapidly changing marijuana market.

The federal-state conflict remains a major issue, she cautions. Banking regulation or cross-border travel particularly into Canada are examples of problem areas.

But firms such as Quinn Emanuel Urquhart & Sullivan and Bradley Arant Boult Cummings are encountering high demand.

Miller says, “These lawyers are finding that it’s a natural outgrowth of strong employment practice, a strong real estate practice or a strong transactions practice or a strong litigation practice, and they’re having their existing clients come to them, and that leads to more business down the line.”