Ron Klain will be Joe Biden’s chief of staff

first_imgKlain isn’t a Rahm Emanuel-style ideologue. He is, and I write this with nothing but the best connotations, a true technocrat—someone who will get shit done with minimal fuss or drama. As such, he’s not beholden to silly obsolete notions of “norms and traditions” that are only wielded against Democrats, never Republicans. xAnyone who thinks that Mitch McConnell would not have changed the filibuster rules to get Kavanaugh confirmed was not watching when HE CHANGED THE FILIBUSTER RULES TO GET GORSUCH CONFIRMED!!!!! https://t.co/81DbttSrRE— Ronald Klain (@RonaldKlain) July 16, 2018Klain also has respect among the left-left, such as Bernie Sanders campaign manager Faiz Shakir.The “inside left,” which includes people like Shakir, who has a Washington pedigree—he has worked for Nancy Pelosi and Harry Reid—sees value in urging the moderate (and elected) figures left. This group does have respect for people like Klain, a frequent and fierce critic of Donald Trump on MSNBC who, as Obama’s Ebola response coordinator, showed the world a few short years ago that the United States of America actually knew how to contain a virus.- Advertisement – – Advertisement – Klain’s job will be tough, and much more so if we can’t wrestle the Senate away from Mitch McConnell in the January Senate runoffs in Georgia. But for the first time in four years, we’ll have competence in the Oval Office. Things are looking up, and will be looking even better when sore loser Donald Trump’s coup attempt fails.center_img Klain is perfectly suited for the role. He has been chief of staff to both vice-presidents Al Gore and Joe Biden, as well as Bill Clinton Attorney General Janet Reno at just 31 years of age. He led the team that shepherded the nomination of Supreme Court Justice Ruth Bader Ginsburg. He served as chief legal counsel to the Senate Judiciary Committee when Biden served on it. He managed the successful implementation of President Barack Obama’s 2009 stimulus law. And of course, there’s the one gig that makes him particularly well-suited for the most pressing challenge of today—he was Obama’s Ebola czar. A COUPLE OF weeks ago, I asked  Larry Brilliant, the renowned epidemiologist who helped eradicate smallpox, what is the one message he would bring to the daily press briefing if he were president. He answered without hesitation: “I would begin the press conference by saying ‘Ladies and gentlemen, let me introduce you to Ron Klain … Covid czar.’”- Advertisement –last_img read more

Crude oil tanker bursts into flames in Medan, injuring 22

first_imgKhaidir, a 27-year-old ship worker who was at the port around the time of the incident, said he heard the sounds of an explosion and saw a column of thick smoke rising from the oil tanker at 8:30 a.m. He immediately ran away from the fire to save himself.“I heard multiple explosions from the ship. Then I saw fire and smoke soon after,” he told The Jakarta Post.Local authorities struggled to put out the resulting flames until 3 p.m. as the remaining oil stored in the ship’s cargo had caught fire, the police said.“We still couldn’t go anywhere near [the scene], because the ship is still on fire. We will [deploy personnel] once the fire has been extinguished to put up police lines, and to search for any remaining victims,” Belawan Police chief Adj. Sr. Comr. Dayan told the press on Monday afternoon. Based on preliminary reports, at least 22 people sustained burns from the fire and had since been given medical treatment, he said.“All of the injured victims are currently being treated at Prima Cipta Husada Hospital and Navy Hospital,” Dayan said, adding that the authorities were still unable to confirm any casualties.“We are still investigating the cause of the fire,” he said.KPLP director Ahmad said in a statement that several local stakeholders were involved in the evacuation, including the Belawan Port Authority, state-owned port operator Pelindo I and the Belawan Fire and Rescue Agency.  “Three ships helped extinguish the flames from the sea,” Ahmad said, adding that the ships belonged to Pelindo I and PT Waruna Nusa Sentana. (rfa)Topics : At least 22 workers were injured and tens of other crew members trapped when crude oil tanker Jag Leela exploded into flames at Belawan Port in Medan, North Sumatra, on Monday morning.The injured victims were immediately rushed to the nearest hospitals, while those who were trapped inside the burning vessel awaited assistance from a search and rescue team.The explosion occurred when the ship was about to dock at the Waruna Shipyard in the port, according to the Transportation Ministry’s Indonesian Coast and Sea Guard (KPLP).last_img read more

Asset managers criticise pension fund exclusion in systemic risk consultation

first_imgTwo of the world’s largest asset managers have dismissed the exclusion of pension funds in a consultation on institutional systemic risk, as international pressure for regulatory action continues.BlackRock, Vanguard and industry groups dismissed claims pension funds should be exempt from being classed as ‘global systemically important financial institutions’ (SIFIs) as discussions continue on they should be subject to further regulation of capital buffers.The comments came as the Financial Stability Board (FSB) and International Organisation of Securities Commissions (ISOCO) closed its second consultation on methodologies for identifying globally systemic institutions other than banks and insurers.The consultation proposed excluding pension funds when it launched the consultation earlier this year, as it believed funds posed a lower risk to financial stability due to long-term investment plans and their heavy use of asset managers and investment funds. PensionsEurope, the industry representative group, threw its support behind the FSB’s logic.It defended the exemption and said pension funds were primarily governed by social and labour law – with a regulatory framework that required transparency, low leverage and prudent diversification.Vanguard, which has $3.3trn (€3trn) in assets under management (AUM), said the logic for excluding pension funds meant long-tenured mutual funds should also be excluded.The manager said 77% of its assets were held in such funds and it would only be logical to treat pension and mutual funds similarly.BlackRock, an AUM of $4.7trn, said the regulators needed to take a more “holistic approach” which covered activities across the market.The manager said asset managers were just one component and there needed to be a better understanding of asset owners and why they allocated to markets and asset classes.“Regulation needs to be applied across products to be effective. Likewise, investment activities need to be regulated regardless of which entity is managing the assets,” it said.BlackRock added: “Asset managers are not the source of systemic risk. [They] act as agents on behalf of institutional and individual investors and are not counterparty to client trades or derivative transactions and do not control the strategic asset allocation of their clients’ assets.”The UK’s Investment Association (IA), the industry group for the asset management sector, agreed and said all market participants must be considered in its consultation.The IA, however, said pension fund investment strategies, like those of asset managers’, could mitigate threats to financial stability, and it was therefore important to factor in activities and not “exclude ex-ante”.It also said some pension funds employed captive asset managers, pointing out the difficulty in seeing how exemptions from any future regulation would work.“The potential for competitive distortion with non-exempt asset managers is clear,” the IA added.Defending the exclusion, PensionsEurope cited research from the Bank of England and European Commission that said pension funds do not react to short-term market movements nor experience the same issues as other financial institutions during the crisis.“The probability a pension fund fails is very low and rare. They use derivatives only to hedge currency and interest rate risks, and not to speculate,” it said.PensionsEurope also said failure and financial distress of a pension fund does not pose systemic risk because the risks are borne by members or sponsoring employers.It said funds should either be fully funded, or subjected to different requirements to mitigate failure in a case of underfunding.“Potential systemic risks are usually avoided. Consequently, in case of financial distress, other institutions do not bear risks,” it said.BlackRock also condemned the FSB’s blanket approach of looking at AUM to determine systemic importance.The manager said AUM metrics would create false positives and false negatives, and given the transmission channels identified for analysis by the FSB, leverage should be used as a basis over AUM, should the FSB insist on moving forward.last_img read more

Hometown Hero: Sanju Samson donates his India A match fees to groundsmen

first_imgImage Courtesy: India TVAdvertisement 6bn0NBA Finals | Brooklyn Vs1jWingsuit rodeo📽Sindre Ecek( IG: @_aubreyfisher @imraino ) k9sWould you ever consider trying this?😱49mtCan your students do this? 🌚te09ztRoller skating! Powered by Firework In an act of generosity, Sanju Samson opted to donate his entire match fees to the groundsmen of the Green Field International Stadium in Thiruvananthapuram for their efforts throughout the rain-marred series.Advertisement Image Courtesy: India TVIndia A faced South Africa A in a five-match bilateral series which were held in the capital city of Kerala. The groundsmen had a tough time with the constant rains which forced the matches to be cut short including the fourth encounter which had to be continued on the reserve day.The final fixture brought the hometown boy Sanju Samson into the spotlight who responded with a scintillating 48-ball 91. Upon the culmination of the series, Samson stated that he would be donating the match fees he obtained for the two games, to the groundsmen of the stadium. He said:Advertisement “We have to give credit to the groundsmen. Because of them, we were able to play. If there was some wetness here or there, then the match officials would not have allowed matches to happen. We really have to thank them. So I have decided to give my match fees to the groundsmen,”Moreover, Shikhar Dhawan also showed appreciation for the hard work by spending time with the groundsmen and clicking pictures with them.Advertisement Read Also:Cricket: Indian cricketing fraternity unites to mourn the death of Abdul QadirShane Warne has his say on who the better batsmen is between Smith and Kohli Advertisementlast_img read more