Bill Holter’s Commentary
Can anyone really “live” on just $1,000 per month? Besides, what happens when the money runs out?
America Hits Rock Bottom: Cities Are Paying Criminals $1000 Per Month “Not To Kill”
Submitted by Tyler Durden on 03/28/2016 16:29 -0400
It is widely known that in the past 6 months there has been a loud debate about helicopter money, i.e., giving out ordinary people (bypassing the banks) money directly printed by the Fed. What is less known is that when it comes to the most despicable underbelly of American society, cash to the tune of $1000 per month is already being “helicoptered” to some of the most brazen criminals living in the US today with one simple condition: “don’t kill people.”
Take the case of Lonnie Holmes, 21, who lives in Richmond, a working-class suburb north of San Francisco and whose four his cousins had died in shootings. He was a passenger in a car involved in a drive-by shooting, police said. And he was arrested for carrying a loaded gun. When Holmes was released from prison last year, officials in this city offered something unusual to try to keep him alive: money. They began paying Holmes as much as $1,000 a month not to commit another gun crime.
This is not just appeasement: it’s sheer idiocy pure and simple, and it’s only just starting.
According to the WaPo, “cities across the country, beginning with the District of Columbia, are moving to copy Richmond’s controversial approach because early indications show it has helped reduce homicide rates.”
If readers are shocked by this “modest payment” it is for a good reason: the program requires governments to reject some basic tenets of law enforcement even as it challenges notions of appropriate ways to spend tax dollars.
In Richmond, the city has hired ex-convicts to mentor dozens of its most violent offenders and allows them to take unconventional steps if it means preventing the next homicide. For example, the mentors have coaxed inebriated teenagers threatening violence into city cars, not for a ride to jail but home to sleep it off — sometimes with loaded firearms still in their waistbands. The mentors have funded trips to South Africa, London and Mexico City for rival gang members in the hope that shared experiences and time away from the city streets would ease tensions and forge new connections.
Bill Holter’s Commentary
This could be really bad …when business and government clash?
Banks Ordered to Defend Suit Claiming Benchmark Rate Rigging
Jef Feeley / Jennifer Surane
Bank of America Corp., Barclays Plc and a dozen more banks must face investor claims that they rigged a benchmark used in the sales of interest-rate derivatives and other financial instruments.
U.S. District Judge Jesse Furman in Manhattan Monday rebuffed the banks’ request to throw out antitrust lawsuits accusing the institutions of colluding to set ISDAfix, affecting trillions of dollars of financial instruments. The rate is used to set prices on interest-rate swap transactions, commercial real-estate mortgages and other securities.
An Alaska pension fund and other investors raised “plausible allegations that a conspiracy among the defendants existed,” Furman said in a 36-page ruling. He allowed antitrust and breach-of-contract contract claims to proceed to trial, while throwing out other allegations.
Starting in 2009, the banks used electronic chat rooms and other means of private communication to set ISDAfix, typically submitting identical rate quotes, investors said in their suit. They are seeking billions in losses tied to the alleged rate-fixing scheme.
Bill Halldin, a Bank of America spokesman, and Kerrie Cohen, a Barclays spokeswoman, declined to comment on the ruling. RBS officials didn’t respond to requests for comment. Spokespersons for the other banks declined to comment.
Investors also named as defendants Citigroup Inc., Deutsche Bank AG, BNP Paribas SA, HSBC Holdings Plc, Royal Bank of Scotland Group Plc, Credit Suisse Group AG, UBS AG, Goldman Sachs Group Inc., Nomura Holdings Inc., Wells Fargo & Co. and JPMorgan Chase & Co.