DAILY DOSE: July 4, 2023
Posted on 07/04/2023
Cocaine at the White House
The White House was briefly evacuated Sunday evening while U.S. President Joe Biden was at Camp David. The Secret Service discovered a powdery substance in a common area of the West Wing. After a preliminary test, it showed the substance was cocaine.
Are the SEC Courts Unconstitutional?
The U.S. Supreme Court said it will take up SEC v. George Jarkesy. This is a case challenging the existence of administrative courts for federal agencies. One possible outcome is the dissolution of the SEC’s own courts. On May 18, 2022, a split panel of the Fifth Circuit Court of Appeals held that SEC administrative proceedings are unconstitutional. The ruling comes out of an SEC administrative proceeding brought against George Jarkesy. Jarkesy formed two hedge funds that raised around US $24 million from over 100 investors, and the associated investment adviser, Patriot28.
Lazard Banker Firing
Bloomberg reported that Lazard Ltd. terminated a managing director in Lazard’s financial advisory business in the U.S. This was after a look into actions that were seen as incompatible with the firm’s values, according to Bloomberg.
