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Tuesday, June 7, 2016

John Oliver makes talk show history after buying $US15 million of medical debt

Last Week Tonight with John Oliver: Scientific Studies (HBO)

Move over, Oprah, John Oliver just stole your thunder.

John Oliver breaks Oprah"s record

Talk show host John Oliver has bought $15million worth of debt, and in doing so broken the record for the largest TV give away of all time.

On Sunday"s episode of Last Week Tonight,the comedian staged what may be the largest giveaway in TV history by forgiving some $US15 million ($20.3 million) in medical debt.

The stunt capped an in-depth segment about the abuses of the debt-buying industry. As Oliver explained, Americans collectively owe $US12 trillion in debt, and $US436 billion ($591 billion) of that is seriously delinquent - i.e., 90 days or more past due.

Last Week Tonight host John Oliver made history after forgiving $US15 million of bad medical debt.Photo: HBO

This has led to an explosion of debt-buying companies, which buy and often resell debt for pennies on the dollar. Many of these companies are predatory, using deceptive and in some cases illegal tactics to collect money owed. (Think: threatening voicemails.)

"It is pretty clear by now debt-buying is a grimy business and badly needs more oversight," Oliver said, noting that "any idiot" can get into the industry.

In a process he found "disturbingly easy," Oliver started his own debt-buying company. As he explained, Last Week Tonightspent a whopping $US50 ($67) to incorporate a debt-acquisition company online in Mississippi - "incidentally, over the internet is the best way to experience Mississippi," he joked.

The company was named Central Asset Recovery Professionals, or CARP,"after the bottom-feeding fish" and Oliver named the chairman of the board.

John Oliver slammed the debt buying agency.Photo: HBO

Before long, CARP was offered a portfolio of just under $US15 million ($20.3 million)of out-of-statute medical debt - i.e. debt that people are no longer legally required to pay. In exchange for a fee, CARP would receive personal information on nearly 9000 people.

So Oliver bought the portfolio for a price of $US60,000 ($81,000) which, Oliver said, "is absolutely terrifying." But rather than hiring a team of employees to start making harassing phone calls, Oliver decided to forgive the debt by transferring it to a nonprofit organisation which specialises in writing-off medical debt.

"On the one hand, it"s obviously the right thing to do," he said. "But much more importantly, we"d be staging the largest one-time giveaway in television show history."

The stunt surpasses Oprah Winfrey"s famous "You get a car!" moment from 2004, when the daytime host gave away 276 cars, valued at a total of $US8 million ($10 million), to audience members.

"With power vested in me, as chairman of the board of CARP, wewill commence the debt forgiving process," Oliver said to roars from the audience. "Sowhat do you say, are you ready to make television history?"

"Clearly this is only going to help the 9000 people whose medical debt we bought. The larger issue is we need much clearly rulesand tougher oversight to protect consumers from potentially predatorycompanies like the one we set up.

"In the mean time it seems the least we can do with this debt I cannot f---ing believe we are allowed to own, is to give it away."

Los Angeles Times

Source: http://www.brisbanetimes.com.au/entertainment/tv-and-radio/news-and-current-affairs/john-oliver-makes-talk-show-history-after-buying-us15-million-of-medical-debt-20160606-gpd1pb.html

Fidelity 401(k) lawsuit could up ante for plan advisers

Regina Spektor - "Fidelity" (Live In London)

A lawsuit filed recently against Fidelity Investments, the largest record keeper of defined contribution plans in the U.S., highlights the growing scrutiny on 401(k) plan costs and increased need for retirement plan advisers to evaluate all tranches of fees paid to plan providers.

The suit, Fleming v. Fidelity Management Trust Co., alleges that the record keeper engaged in a pay to play scheme with Financial Engines Advisors, a provider of participant-level robo investment advice services in the Delta Family-Care Savings Plan. It also alleges that Fidelity at times acquired higher-cost funds through the plan"s brokerage window.

Under the co-called pay-to-play arrangement, Financial Engines gave approximately half of the 45-basis-point fee investors paid for advice to Fidelity in the form of a kick-back for inclusion on its record-keeping platform, according to the complaint.

Plaintiffs allege that"s plainly unreasonable on a relative cost basis, given participants received little value for this addition to the advice fee, and violates Fidelity"s fiduciary responsibility and the prohibited transaction rules under the Employee Retirement Income Security Act of 1974.

I think 401(k) advisers now really have to understand much more than they did before, said Marcia Wagner, principal at The Wagner Law Group. They have to understand the inner working of their vendors and how the hot dog is created. If there"s something not kosher in the hot dog, you have to make sure the pork comes out.

This is the first time I"ve seen the pay-to-play be an issue with providers of computerized investment advice on 401(k) platforms, Ms. Wagner said, adding that it could be a big deal for advisers because these types of compensation arrangements are fairly common. That"s how a lot of the industry works," she said. "And if that"s going to be prohibited, then it"s an issue.

Of course, it remains to be seen whether a court will find plaintiffs" arguments to be sound.

Anybody can sue anybody. Until a judge rules or a jury rules it doesn"t mean anything, really, said Fred Barstein, founder and chief executive of The Retirement Advisor University. I didn"t see any real systemic issue or big issue here, unless [the fee] was unreasonable or they weren"t disclosing it.

It"s really the responsibility of the plan sponsor to ensure fees are reasonable for the services being rendered, Mr. Barstein added.

Basically, the takeaway for advisers boils down to advisers needing to scrutinize any sort of markup on a platform they"re recommending, knowing what the markup is and if it"s reasonable, Ms. Wagner said.

The bar has been raised now, she said. The entire industry is moving, because of litigation and regulation, to full transparency.

The Fidelity lawsuit, filed May 20 in a Massachusetts district court, is just one suit in a flurry of 401(k) litigation that has come to light in the past several months. One recent suit targeting the plan sponsor of a $9 million 401(k) plan could be a sign that this litigation won"t merely be relegated to the multibillion-dollar-plan market, but modestly sized plans as well.

That one really got my attention, Mr. Barstein said. If that [suit] happens, the floodgates are open.

The suit also comes as a new Labor Department regulation seeks to tamp down on unreasonable fees assessed to retirement investors. This conflict of interest rule, which takes effect in phases starting April 2017, will create fiduciaries of any adviser providing investment advice for a fee to retirement accounts such as 401(k)s and IRAs.

A Fidelity spokesman wasn"t able to provide an immediate comment.

Source: http://www.investmentnews.com/article/20160606/FREE/160609945/fidelity-401-k-lawsuit-could-up-ante-for-plan-advisers

Aaron Persky: The Judge Who Gave Brock Turner an Easy Sentence is Also a Stanford Athlete

"You took away my worth": Powerful excerpts from letter of Brock Turner"s sexual assault victim

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The 54-year-old judge who last week sentenced former Stanford University swimmer Brock Turner to a lenient sentence for sexual assault has been revealed to be an alum and former athlete of Stanford University as well.

Santa Clara County Superior Court Judge Aaron Persky gave Turner a sentence of six months in jail and three years probation for sexually assaulting a woman at a campus fraternity party.

While those convicted of sexual assault can face up to 14 years of prison time, Turner was expected to spend only three months of a six-month sentence in county jail after being charged with three felonies including assault with intent to rape.

According to Persky, positive character references and a lack of a criminal record led him to be more lenient on the 20-year-old, who was once an Olympic hopeful. The judge said that prison would have a severe impact on him.

According to NBC News, Persky, who attended Stanford University as an undergraduate, was captain of his schools lacrosse team. He also helped coach the lacrosse team while a law student at UC Berkeley School of Law. It has been suggested that the California judges background led him to sympathize with Turner and swayed his sentencing.

Critics are outraged and are demanding justice. Stanford law professor Michele Dauber, told NBC News:

I think he [Persky] was very persuaded by the background of the young man as an elite athlete.

A recall petition on Change.org is demanding for the removal of Persky from the bench and has received over 67,000 signatures. It is 7,224 signatures away from reaching its goal of 75,000 supporters. The petition states:

We the people would like to petition that Judge Aaron Persky be removed from his Judicial position for the lenient sentence he allowed in the Brock Turner rape case. Despite a unanimous guilty verdict, three felony convictions, the objections of 250 Stanford students, Jeff Rosen the district attorney for Santa Clara, as well as the deputy district attorney who likened Turner to a predator searching for prey Judge Persky allowed the lenient sentence suggested by the probation department []

Judge Persky failed to see that the fact that Brock Turner is a white male star athlete at a prestigious university does not entitle him to leniency. He also failed to send the message that sexual assault is against the law regardless of social class, race, gender or other factors.

Persky is allegedly campaigning for re-election in the Santa Clara County election to take place on Tuesday, June 7, 2016. His critics, however, have purportedly launched a campaign called Santa Clara vote Rape Judge OUT.

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Source: http://nextshark.com/aaron-persky-stanford-rape-judge/

Monday, June 6, 2016

Police Clear Out Thousands of Fans at Kanye West Pop-up Show in New York City

Kanye West Debuts New "Pablo" Merch at Governors Ball Festival

What was billed as a surprise Kanye West show in New York City quickly turned to chaos overnight as thousands of fans descended on the venue.

An estimated 3,000 to 4,000 people swarmed Webster Hall, which holds 1,500 people, in Manhattans East Village early this morning for the pop-up show, police said.

West had hinted on social media that he was going to do the show after his performance scheduled for the Governor"s Ball on nearby Randalls Island Park was canceled Sunday because of inclement weather.

The secret show was supposed to start at 2 a.m. and, according to West"s Twitter page, was sold out by 1 a.m.

Video had poured in on social media showing dozens of people standing on cars, dumpsters, fire escapes and even a postal truck, trying to get a glimpse of the rap star.

But shortly before 2 a.m., Webster Hall tweeted that there would be no show because of the out-of-control crowds that had formed outside the site.

But West then briefly appeared outside Webster Hall at around 2:15 a.m., circling the block while waving to throngs of cheering supporters through his sunroof and shaking hands with fans, who chased him down Third Avenue. Ultimately, West never got out of the vehicle because of security concerns and left without performing.

Police then worked to disperse the crowd soon after. One person at the scene was arrested for disorderly conduct, according to an official.

ABC News" Mark Crudele and Rachel Katz contributed to this report.

Source: http://abcnews.go.com/Entertainment/police-clear-thousands-fans-kanye-west-pop-show/story?id%3D39634795

Drake Hung Out With Steph At Ayesha Curry"s New Pop-Up Restaurant

Inside Ayesha and Stephen Curry"s Kitchen

In case you hadnt noticed, along with being the wife of the NBAs reigning MVP, Ayesha Curry is by all accounts a pretty amazing chef.

Ayesha Curry made a cookbook, has a YouTube channel with hundreds of thousands of subscribers where she shares her best recipes and does regular segments for local television in the San Francisco Bay Area.

Ayesha even landed her own cooking show on the Food Network and, most recently, she debuted a pop-up restaurant in San Francisco on Friday night.

So, its only right the man who popularized the term Chef Curry show up and pay homage to the actual Chef Curry.

Drake did just that this weekend, showing love to Ayesha Curry and StephCurry, with whom we all know hes friends, at the Mina Test Kitchen.

Clearly, the show of support to the Currys was appreciated and reciprocated.

On Saturday, Steph hopped on Apple Musics OVO SOUND RADIOand helped Drizzy introduce his new single, 4PM in Calabasas.

If Drake really is in the Bay Area, then well probably see him at the Oracle Arena on Sunday night, when Steph and the Golden State Warriors play LeBron James and the Cleveland Cavaliers in Game 2 of the NBA Finals.

No word on whom Drake will be rooting for, though. No one ever knows.

Source: http://elitedaily.com/sports/drake-steph-ayesha-curry-restaurant/1512168/

Cavaliers" Kevin Love: Day-to-day with concussion

Harrison Barnes Elbows Kevin Love | Cavaliers vs Warriors | Game 2 | June 5, 2016 | NBA Finals

Love (concussion) is day-to-day according to Tyronn Lue, Tim Reynolds of the Associated Press reports.

Love originally came back into game after he took an elbow to the back his head in the second quarter, but left for the locker room with dizziness in the third quarter and was placed under concussion protocol. If he isn"t able to play in Game 3 due to his concussion, look for Richard Jefferson and Channing Frye to see an increase in playing time.

More News

Source: http://www.cbssports.com/fantasy/basketball/news/cavaliers-kevin-love-day-to-day-with-concussion/

Chicago releases videos, docs from about 100 police force cases

DOCS: Interview With A Cannibal

Chicago officials on Friday released videos from about 100 open investigations of officer-involved shootings and use of force after months of backlash over the police department"s begrudging transparency on such cases.

The unprecedented release unearths footage and previously unseen investigative reports for cases from the past five years, including more than a dozen fatal shootings of civilians.

The Independent Police Review Authority, which investigates allegations of police abuse, oversaw the release and created a web portal for exploring the cases.

The document dump comes nearly seven months after the city released dash cam footage showing the fatal 2014 police shooting of teenager Laquan McDonald a video that officials kept secret for more than a year.

Chicago detective quits two days before hearing on fatal shooting

Its long-awaited release led to a murder charge against Officer Jason Van d**e, and a gradual trickle of other videos showing fatal police confrontations from the past few years. The video also led to an upheaval in the police departments leadership and a U.S. Justice Department investigation into the forces violent conduct.

In February, Mayor Rahm Emanuel approved a new transparency policy mandating the release of all documents from use-of-force incidents.

Fridays release unearthed videos from cases including:

Ismael Jamison, who reportedly attacked the passengers and driver of a city bus, then lunged at a responding officer in 2012. The video appears to show an officer shooting Jamison after his police confrontation, followed by other officers struggling to subdue him as he bleeds on the ground. He survived the shooting.

Chicago officer who shot Laquan 16 times no "monster": wife

Terence Clark, a Canadian tourist who got into a fight with an off-duty officer while watching the Blackhawks win the 2015 Stanley Cup on TV in a hot dog restaurant. Clark was treated for head injuries.

Surveillance footage from an electronics store robbery in 2012, which ended with one suspect David Strong being fatally shot, and the others, Leland Dudley and John Givens, being wounded. The surviving suspects were later convicted of Strongs murder, since he died as they committed a crime, but they also sued the city for excessive force.

Most of the videos do not have audio a common occurrence for Chicago police footage, which drew further scrutiny to the departments sporadic releases in the past six months. The videos are also not edited for length or clarity of what is shown.

Tags: chicago illinois police shootings gun violence jason van d**e rahm emanuel police under investigation Send a Letter to the Editor Join the Conversation: facebook Tweet

Source: http://www.nydailynews.com/news/national/chicago-releases-videos-docs-100-police-force-cases-article-1.2662764