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Trump’s False Election Fraud Claims Split Republicans

first_imgWithout naming Mr. Trump, Representative Adam Kinzinger of Illinois tweeted that “if you have legit concerns about fraud present EVIDENCE and take it to court. STOP Spreading debunked misinformation.”“This is getting insane,” he added. WASHINGTON — Republican reaction to President Trump’s baseless claims of election fraud ranged widely Friday, from vigorous agreement to sharp condemnations, and in between some carefully constructed statements supporting the idea of fair elections without any endorsement of the president’s fabricated assertions of an election conspiracy.“Here’s how this must work in our great country: Every legal vote should be counted,” Senator Mitch McConnell, Republican of Kentucky and the majority leader, wrote on Twitter Friday morning. “Any illegally-submitted ballots must not. All sides must get to observe the process. And the courts are here to apply the laws & resolve disputes.”- Advertisement – – Advertisement – “Republicans are facing a character test,” Mr. Bolton wrote on Twitter. “All candidates are entitled to pursue appropriate election-law remedies if they have evidence supporting their claims. They should certainly not lie. The first Republican president was called ‘Honest Abe’ for a reason.”The statements on Friday followed a wave of Republican reaction on Thursday night, including some defenses of Mr. Trump.“I don’t trust Philadelphia,” the newly re-elected Senator Lindsey Graham of South Carolina said, also on Fox News, referring to the city where voters overwhelmingly chose Mr. Biden, helping eliminate Mr. Trump’s early lead. “I’m here tonight to stand with President Trump,” he said, echoing Mr. Trump’s claim that “mainstream” pollsters had inflated Democratic numbers to “suppress Republican votes.”But many more senior Republicans were at least indirectly critical of Mr. Trump, even after Mr. Trump’s son and former campaign manager publicly complained that more Republicans were not stepping forward to defend the embattled president.“Counting every vote is at the heart of democracy,” Mr. Romney wrote the night before his more forceful statement on Friday.“There is no defense for the President’s comments tonight undermining our Democratic process,” tweeted Gov. Larry Hogan of Maryland, a Republican and frequent Trump critic. “No election or person is more important than our Democracy.”Several Republicans noted the absence of any specific evidence of substantive wrongdoing.“If a candidate believes a state is violating election laws they have a right to challenge it in court & produce evidence in support of their claims,” tweeted Senator Marco Rubio of Florida, who reposted a message from Wednesday in which he said, “Taking days to count legally cast votes is NOT fraud. And court challenges to votes cast after the legal voting deadline is NOT suppression.” “That’s how Americans’ votes decide the result,” he added.Notably absent from Mr. McConnell’s statement was any suggestion that Democrats were stealing the election through an elaborate national conspiracy that included pollsters and the news media, as Mr. Trump asserted with no evidence in a rambling news conference on Thursday. It also implicitly rejected Mr. Trump’s fruitless calls for a halt to vote counting in states where his early leads have been threatened or eliminated.In a stinging statement, Senator Mitt Romney of Utah said that Mr. Trump, while free to request recounts and present valid evidence of fraud, “is wrong to say that the election was rigged, corrupt and stolen — doing so weakens the cause of freedom here and around the world, weakens the institutions that lie at the foundations of the republic, and recklessly inflames destructive and dangerous passions.” Updated Nov. 6, 2020, 2:36 p.m. ET As Mr. Trump and his die-hard allies maintained that the vote in Pennsylvania — where his early lead over former Vice President Joseph R. Biden Jr., evaporated on Friday — was badly corrupted, that state’s Republican senator, Patrick J. Toomey, condemned Mr. Trump’s claims.“The president’s speech last night was very disturbing to me because he made very, very serious allegations without any evidence to support it,” Mr. Toomey told “CBS This Morning.”“I am not aware of any significant fraud, any significant wrongdoing,” he added.- Advertisement – Some Republicans seem prepared to defend Mr. Trump’s position without reservation, however.“President Trump won this election,” Mr. McCarthy told the Fox News host Laura Ingraham on Thursday night. “So everyone who’s listening: Do not be quiet. Do not be silent about this. We cannot allow this to happen before our very eyes.”Claiming that poll watchers have not been able to watch vote counts, Senator Tom Cotton of Arkansas tweeted a link to Mr. Trump’s legal defense fund, with the headline, in all capital letters, “The Democrats Will Try to Steal This Election.” Her words were a contrast to those of her brothers, Donald Trump Jr. and Eric Trump, who have both made sweeping accusations of widespread fraud. Earlier in the morning, Donald Trump Jr. tweeted the groundless claim that there is “infinitely more evidence of voter fraud than there ever was of ‘Russia Collusion’ but strangely no one in the media wants to look into it.”Ms. Trump’s position also echoed one on Thursday evening from Vice President Mike Pence, shortly after the president spoke, which also did not include talk of conspiracy or fraud.“I Stand With President @realDonaldTrump. We must count every LEGAL vote,” Mr. Pence tweeted.Mr. Trump’s former national security adviser John R. Bolton, who since his acrimonious departure from the White House last summer has become a Trump critic, indirectly condemned his former boss without mentioning his name. Gov. Ron DeSantis of Florida even told Fox News that if Mr. Trump were denied what he called a “fair” count, then state legislatures could consider “remedies,” suggesting that they might direct their electors to vote against their state’s election winner.But other Republican governors were much less supportive. Utah’s lieutenant governor, and now governor-elect, Spencer Cox, said “there is nothing nefarious about it taking a few days to count all legitimate votes.” Gov. Phil Scott of Vermont, who voted for Mr. Biden, called Mr. Trump’s Thursday comments “absolutely shameful.”Even Mr. Trump’s daughter Ivanka Trump, in a superficially supportive tweet on Friday morning, made no claims of fraud or election theft.“Every legally cast vote should be counted. Every illegally cast vote should not. This should not be controversial,” Ms. Trump wrote. “This is not a partisan statement — free and fair elections are the foundation of our democracy.” – Advertisement –last_img read more

Most hedge fund index returns explained by alternative beta – Towers Watson

first_imgJames Price, investment consultant at Towers Watson, said: “There might be some alpha in an individual strategy. However, when you start to collate the hedge funds together, the overall returns take on the properties of the opportunity set they are using.”Price said the exposures to alternative betas did vary, but that approximately 60-70% of the returns could be explained by combining alternative betas.“As an asset owner, you could access those alternative betas through other means,” he said.“We tried to think very carefully about how we use this, and make sure what comes through is logistically consistent, and replicate what could have been.”The research showed that, from 1999 to 2013, a minimum of 70% of HFRI composite returns could be explained by a combination of betas.However, the paper also highlighted additional diversification benefits provided by the use of alternative beta.The use of hedge funds in pension fund portfolios has commonly been for diversification benefits.However, with hedge funds using equity, value and macro strategies, the diversification away from traditional portfolios could be overstated.The correlation between alternative beta strategies, while providing additional and cheaper returns, could also add diversification benefits, Towers Watson said.Its analysis showed the average correlation coefficient between equities and credit to be around 0.59, with 1 meaning the two assets are perfectly correlated in returns and losses.However, the use of a foreign exchange carry strategy, another alternative beta category, and momentum equities only yielded a 0.03 coefficient.Equities and volatility premium strategies have a correlation of 0.22, and equities versus a value strategy was negatively correlated at -0.22.“They have very good diversification properties,” Price said, “especially compared with equities and bonds, which investors already own in their portfolios.“It’s a way of injecting additional diversification into a portfolio. It is important to think about these risks. There is many different ways to look at the portfolio, and alternative betas is a valuable additional tool.”Towers Watson said genuine alpha was a source of uncorrelated returns and worth its weight in gold.However, pension funds should consider the fees being paid for alpha, which can be achieved through beta strategies, it said.The paper added: “Over-diversified hedge fund strategies risk moving to industry-average returns and therefore closer to the returns that can be captured with beta. This is exacerbated when funds of hedge funds are used.” More than half of returns experienced by hedge funds could be explained by factors termed as ‘alternative beta’, rather than true alpha, research shows.Analysis from Towers Watson showed that, after studying an equity long/short strategy between 1996 and 2013, 84% of the returns, on an aggregate basis, derived from beta strategies.Within a equity long/short strategy, what the firm referred to as alternative beta was defined as the premium received for the volatility of equities, the momentum of stocks and the size of the equity investment.Looking at the HFRI Composite Index, the representative index for hedge funds, 84% of the returns could be explained by a combination of bulk and alternative beta strategies, the consultancy said.last_img read more

Abbott’s 17-wicket haul dents Somerset title hopes

first_img(REUTERS) – Hampshire fast bowler Kyle Abbott picked up 17 wickets in a County Championship Division One match to help his side beat title-chasing Somerset by 136 runs yesterday.South African Abbott took 9-40 and 8-46 to finish with 17-86 – the best figures in first-class cricket since England’s Jim Laker picked up all 10 wickets in an innings and match figures of 19-90 against Australia in Manchester in 1956.Abbott’s were the fourth-best bowling figures in County Championship history and dented Somerset’s hopes of winning the title with one match left in the season.“It hasn’t quite sunk in. It is pretty incredible. Yesterday I didn’t think I’d take nine and I didn’t think I’d take eight today,” said the 32-year-old Abbott whose last Test appearance for South Africa was in 2017. “I reckon that is the best I can bowl.”Somerset dropped to second while Essex moved atop the standings after beating Surrey by an innings and 40 runs.Somerset are 12 points behind Essex and the teams play each other in the last match of the championship, where at least 16 points are up for grabs, starting on Monday at Taunton.Best match figures in Championship17-48 C. Blythe, Kent v Northamptonshire 190717-56 C. Parker, Gloucestershire v Essex 192517-67 A. Freeman, Kent v Sussex 192217-86 K. Abbott, Hampshire v Somerset 201917-89 WG Grace, Gloucestershire v Nottinghamshire 187717-89 F Matthews, Nottinghamshire v Northamptonshire 1923last_img read more

Municipal Election Tomorrow

first_imgThe polls are open tomorrow from 8am to 8pm and for Fort St. John voters, the polling station will be at the North Peace Arena.For voters of electoral area “C”, of the Peace River Regional District, there will be three voting locations…at the Baldonnel and Charlie Lake Schools and, the PRRD Fort St. John office east of City Hall.In Hudson’s Hope and Taylor the polling stations will be at the Community Hall and Taylor Municipal Office, respectively.- Advertisement -In order to vote in the Municipal Election tomorrow, you must have been a BC resident for the past 6 months and a resident of in your community for the past 30 days. You must also provide 2 pieces of ID with at least one showing your current address.Moose-FM will carry election results, tomorrow night, with reports every 30 minutes, beginning at 8 o’clock, with the close of the polls. Energeticcity.ca will also provide live results as they come in.last_img read more

Report NY Public Employees Face 250B Gap In Covering Retiree Health Care

first_imgReport: N.Y. Public Employees Face $250B Gap In Covering Retiree Health Care Costs A new report has found a gaping $250 billion hole in what New York state and local governments have promised to public employees to help pay for their retiree health care costs — a $45 billion increase since 2010.The Wall Street Journal: Retiree Health Costs RisingState and local governments in New York will have to come up with an additional quarter of a trillion dollars to pay the entire tab for retiree health care, according to a new report. The $250 billion bill for retiree health coverage is up from $210 billion two years ago, said the study issued by the Empire Center for New York State Policy on Wednesday. Referred to as “other post-employment benefits,” or OPEB, the unfunded obligations represent a troubling strain on budgets (Gershman, 9/5).The Associated Press/Wall Street Journal: $250B Health Cost For NY Public Retirees PredictedA new report says New York’s public sector employees have been promised $250 billion in retirement health benefits, though the state and local governments have not set aside money to cover them. The Empire Center for Public Policy of the fiscally conservative Manhattan Institute says the obligations have increased by $45 billion since 2010 (9/6).In California and Oregon, new care coordination and public employee pension agreements are held up as new standards for finding health care cost savings –Los Angeles Times: CalPERS Saves $37 Million As Medical Groups Coordinate Health CareAn effort by three health care organizations that saved the California Public Employees’ Retirement System $37 million in the last two years is gaining national attention as Medicare and employers search for ways to control rising medical costs (Terhune, 9/5).San Jose Mercury News: New Money-Saving Agreement Approved For Palo Alto Management And Professional EmployeesStarting in October, 202 unrepresented management and professional employees who work for the city of Palo Alto will pay an increased share of their pension and health care costs under a new compensation plan. The city council voted 8-0 in favor of the agreement Tuesday night. Council Member Sid Espinosa was absent. The compensation plan is expected to save the city about $536,000 annually. Instead of paying just 2 percent of the employee contribution to their California Public Employees’ Retirement System pensions, members of the management and professional group will foot the full 7 to 9 percent (Green, 9/5).The Oregonian: Union Agrees To Cut PERS Costs For Oregon Health & Science UniversityLike a tourniquet to stop the bleeding, the 5,300-member local representing Oregon Health & Science University employees has agreed to a labor contract to limit escalating costs of the Oregon Public Employees Retirement System. On Wednesday evening, Local 328 of the American Federation of State, County and Municipal Employees finished voting on a three-year contract that exchanges pay hikes for reduced OHSU cost-share on retirement pay. Voting began Aug. 23. The vote comes as OHSU expects lean years ahead with reduced public and private reimbursements — 3 percent growth projected compared to 6 percent in previous years. The goal of the contract is “maintaining the financial strength and mission stability of OHSU,” says Lawrence Furnstahl, OHSU’s chief financial officer (Budnick, 9/5). This is part of the KHN Morning Briefing, a summary of health policy coverage from major news organizations. Sign up for an email subscription.last_img read more