Wednesday Afternoon Update: Embattled Dem Confirmed Thanks To GOP Help, Newsom Bailed Out, Newark Duped By Scammers
This article is an adaptation of the Morning Wire Afternoon News Update. Click to listen to the podcast version Here.
Eric Garcetti, a feisty Democrat, is Confirmed
The U.S. Senate voted in Confirm The pick of President Biden for U.S. Ambassador to India — former Los Angeles Mayor Eric Garcetti. The vote was 52-42, with seven Republicans joining the Democrats in support of him. Garcetti was accused of being unfit for the job because of his alleged actions (or lack thereof) regarding sexual harassment claims in his LA office. Naomi Seligman (ex-aide high up) explains why Garcetti shouldn’t be given the job.
“Unfortunately, the White House has put undue pressure on Democrats to vote for Eric Garcetti because Eric Garcetti has been a very, very loyal person to President Biden, and that’s unfortunate because these senators that purport to support #MeToo cannot just do it when it’s politically expedient,” Seligman said. “They have to do it when it matters, even if it’s your own political party.”
.@naomiseligman Tells @JakeTapper U.S. Nominated Ambassador to India Eric Garcetti, while Los Angeles Mayor, ignored allegations of sexual harassment pic.twitter.com/uD1pWlQbiO
— The Lead CNN (@TheLeadCNN) March 13, 2023
Banking Update
Moody’s Investors Service was one of the three main rating services and downgraded the rating of the entire bank system from stable, to negative, in response to the SVB Banking Crisis. Cabot Phillips, Daily Wire Senior Editor joined Morning Wire Afternoon Update in order to report the latest.
Moody’s has warned that it will downgrade a variety of midsize banks including First Republic, Western Alliance and Comerica after downgrading Signature Bank. Moody’s declared that despite the Federal Reserve’s efforts in protecting banks and the Treasury Department’s promise to depositors not losing their money, Moody’s. “We have changed to negative from stable our outlook on the US banking system to reflect the rapid deterioration in the operating environment following deposit runs at Silicon Valley Bank (SVB), Silvergate Bank, and Signature Bank (SNY) and the failures of SVB and SNY.”
Newsom Bailed Out
California Democratic Governor Gavin Newsom The federal government’s decision not to bail out was celebrated Silicon Valley Bank‘s depositors, without mentioning that they are one of them. Afternoon update: Tim Pearce of The Daily Wire
It was surprising that the government chose to cover all deposits, as FDIC insurance can only cover up to $250,000 per account. Newsom’s wineries could be benefited by the FDIC’s actions, it turns out. Three wineries owned by California’s governor were bankrupted by SVB and are at risk of losing money on deposits above $250,000
Also, the wife of the governor has strong ties with the bank.
SVB Capital donated $100,000 to Jennifer Siebel’s charity California Partners Project in 2021. SVB Capital’s President is also a member of the charity’s Board of Directors. Newsom’s team evaded questions about his connections to SVB, stating that the governor’s assets were managed by a blind trust from 2018.
Newark swindled by Indian Scammers
Newark, New Jersey is also admitted. This month, earlier in the monthIt was tricked into becoming sister cities of a fake Hindu nation. Mayor Ras Baraka reportedly Representatives from the fictional nation of hosted guests “Kailasa” Newark’s City Hall is the venue for an upcoming event “cultural trade agreement,” The scam was perpetrated and financed by an Indian conman. Swami Nithyananda. Nithyananda, a fugitive from India since 2019, is wanted for rape allegations.
New Jersey’s City of Newark admits it was duped into becoming “sister cities” You are a fake national. @CBSNewYork https://t.co/QD0nmin7V5 pic.twitter.com/7NiizmUP5M
— Ali Bauman (@AliBaumanTV) March 9, 2023
Chicago Crime
Chicago is the U.S. fastest-growing city for auto thefts. According to the National Insurance Crime Bureau, auto thefts increased 55% between the previous year and 2022. The states with the highest increase in vehicle thefts are New York, Washington, Illinois.
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