cnbc--2020-02-10--Justice Department indicts four members of China's military for Equifax hack

The U.S. Justice Department announced Monday that it has indicted four members of China 's military for the cyberattack against credit ratings agency Equifax in 2017 .
The incident led to the loss of personal information belonging to 145 million people , mostly in the U.S. but also in Canada and Europe .
A Georgia grand jury returned charges that Wu Zhiyong , Wang Qian , Xu Ke and Liu Lei committed espionage , wire fraud and other computer crimes on behalf of China 's military , according to Justice Department officials Monday .
`` This data has economic value @ @ @ @ @ @ @ ... creation of intelligence targeting packages , '' said Attorney General William Barr at a Monday news conference .
He included Equifax alongside other cyberattacks that the Justice Department has attributed to the Chinese government , including the hack of more than 78 million records belonging to health insurer Anthem in 2014 .
The investigation included years of painstaking research on just 30 IP addresses and a `` handful '' of malicious software tools used in the attack , which focused on a single department within Equifax that dealt with resolving credit disputes @ @ @ @ @ @ @ at the news conference .
Bowdich said that the information stolen in the breach still has never been used by those who took it , a mystery that has persisted since the breach and was first reported by CNBC last year .
After the initial breach was announced on September 7 , 2017 , law enforcement officials and investigators turned their attention to China 's military .
This was due in part to the fact that the Equifax data has never been found for sale on underground internet forums that usually involve the @ @ @ @ @ @ @ criminals who may use it to fraudulently obtain credit or tax return funds .
By naming Chinese military officials , the Justice Department is finally confirming which nation 's military they suspect was behind the incident , which ultimately led to enormous upheaval at Equifax .
The company 's CEO resigned , as well as its head of cybersecurity , Susan Mauldin , and Chief Information Officer Jun Ying .
Ying would later be sentenced to four months in prison for insider trading on the security incident before it was announced to the @ @ @ @ @ @ @ loss of $ 117,000 .
Bowdich praised Equifax for its cooperation with the investigation , calling the company a `` victim '' in the incident and emphasizing its transparency with law enforcement during the more than two-year probe .
But Equifax has also struggled with its response to the incident .
The company announced an approximately $ 400 million settlement in mid-2019 that would have granted anyone affected by the breach a modest cash settlement of $ 125 .
But the settlement funds were capped at $ 31 million , and the announcement @ @ @ @ @ @ @ Commission plea for consumers to take a credit monitoring option instead of cash because Equifax would likely run out of money to cover the payments .
Correction : David Bowdich is deputy director of the FBI .
An earlier version misspelled his name .

"This data has economic value and these thefts can feed China's ... creation of intelligence targeting packages," said Attorney General William Barr at a Monday news conference. He included Equifax alongside other cyberattacks that the Justice Department has attributed to the Chinese government, including the hack of more than 78 million records belonging to health insurer Anthem in 2014.
The incident led to the loss of personal information belonging to 145 million people, mostly in the U.S. but also in Canada and Europe. A Georgia grand jury returned charges that Wu Zhiyong, Wang Qian, Xu Ke and Liu Lei committed espionage, wire fraud and other computer crimes on behalf of China's military, according to Justice Department officials Monday.
The U.S. Justice Department announced Monday that it has indicted four members of China's military for the cyberattack against credit ratings agency Equifax in 2017.
The investigation included years of painstaking research on just 30 IP addresses and a "handful" of malicious software tools used in the attack, which focused on a single department within Equifax that dealt with resolving credit disputes, said Deputy FBI Director David Bowdich at the news conference.
Bowdich said that the information stolen in the breach still has never been used by those who took it, a mystery that has persisted since the breach and was first reported by CNBC last year.
After the initial breach was announced on September 7, 2017, law enforcement officials and investigators turned their attention to China's military. This was due in part to the fact that the Equifax data has never been found for sale on underground internet forums that usually involve the trade in this type of data to criminals who may use it to fraudulently obtain credit or tax return funds.
By naming Chinese military officials, the Justice Department is finally confirming which nation's military they suspect was behind the incident, which ultimately led to enormous upheaval at Equifax. The company's CEO resigned, as well as its head of cybersecurity, Susan Mauldin, and Chief Information Officer Jun Ying.
Ying would later be sentenced to four months in prison for insider trading on the security incident before it was announced to the public, enabling him to avoid a loss of $117,000.
Bowdich praised Equifax for its cooperation with the investigation, calling the company a "victim" in the incident and emphasizing its transparency with law enforcement during the more than two-year probe. But Equifax has also struggled with its response to the incident. The company announced an approximately $400 million settlement in mid-2019 that would have granted anyone affected by the breach a modest cash settlement of $125.
But the settlement funds were capped at $31 million, and the announcement was quickly followed by a Federal Trade Commission plea for consumers to take a credit monitoring option instead of cash because Equifax would likely run out of money to cover the payments.
Correction: David Bowdich is deputy director of the FBI. An earlier version misspelled his name.


cnbc--2020-02-08--Buttigieg's rivals pile on in New Hampshire after his Iowa success

Former South Bend Mayor Pete Buttigieg participates in the eighth Democratic 2020 presidential debate at Saint Anselm College in Manchester , New Hampshire , U.S. , February 7 , 2020 .
`` We have candidates who have in some cases raised substantial sums of money from over 40 billionaires , '' Sanders told supporters Saturday at the Dover , N.H. city hall during a canvass training event .
While calling Buttigieg a `` nice '' and `` smart guy , '' he argued political change `` is not going to be coming from somebody who gets a lot of money @ @ @ @ @ @ @ . ''
As Sanders narrowly leads Buttigieg in polls of Tuesday 's first-in-the-nation primary here , he has pulled the ex-South Bend , Indiana mayor into one of his signature arguments : the need to break the political system from the grip of wealthy donors .
In public appearances in the Granite State over the last two days , the Vermont senator has repeatedly pointed to reports that dozens of billionaire donors have backed Buttigieg 's campaign .
In finishing neck-and-neck with Sen. Bernie Sanders atop the Iowa caucus field , the former @ @ @ @ @ @ @ he had not previously known .
Naturally , his showing in the nation 's first nominating contest has also brought a flurry of blows unlike anything Buttigieg has faced in the Democratic primary .
DOVER , N.H. — In Pete Buttigieg , the 2020 Democratic presidential hopefuls threatened by his rise see the perfect target for their core campaign arguments .
The former mayor has taken heat from more than just his party 's liberal wing .
Former Vice President Joe Biden and Sen. Amy Klobuchar of Minnesota , whose hopes rest on @ @ @ @ @ @ @ Buttigieg has appealed to , have increased their focus on the 38-year-old Midwesterner .
As both Biden and Klobuchar tout their readiness for office and policy achievements as they look for a jolt in New Hampshire 's primary , they have questioned Buttigieg 's White House resume .
While the Minnesota senator targeted her younger rival multiple times during Friday night 's presidential debate , the sharpest blow came in a video released by Biden 's campaign on Saturday .
It compared Biden 's role in passing the Affordable Care Act and negotiating @ @ @ @ @ @ @ South Bend such as installing lights under a bridge and regulating pet chips .
The heightened attacks on Buttigieg underscore the boost his success in Iowa gives him — and the realistic chance he has of winning New Hampshire , according to recent polling .
The campaign said it raised $ 2.7 million in the days after the caucuses , the type of influx that , if sustained , could give him staying power in the 2020 primary .
Sanders will vie with the former mayor for a victory that could help the @ @ @ @ @ @ @ .
At the same time , Biden and Klobuchar want a bump after fourth and fifth-place finishes , respectively , in Iowa .
They may need some of Buttigieg 's supporters to sustain their campaigns .
In a statement responding to the Biden ad , Buttigieg spokesman Chris Meagher said `` the American people are crying out for something completely different from this classic Washington style of politics . ''
`` While Washington politics trivializes what goes on in communities like South Bend , South Bend residents who now have better jobs , @ @ @ @ @ @ @ their city do n't think their lives are a Washington politician 's punchline , '' he said .
The Buttigieg campaign did not immediately respond to a request to comment on Sanders ' criticism of the campaign 's donors .
His campaign also highlighted responses from several mayors who have endorsed Buttigieg .
They argued the Biden campaign had discounted the issues facing small cities .

Former South Bend Mayor Pete Buttigieg participates in the eighth Democratic 2020 presidential debate at Saint Anselm College in Manchester, New Hampshire, U.S., February 7, 2020.
"We have candidates who have in some cases raised substantial sums of money from over 40 billionaires," Sanders told supporters Saturday at the Dover, N.H. city hall during a canvass training event. While calling Buttigieg a "nice" and "smart guy," he argued political change "is not going to be coming from somebody who gets a lot of money from the CEOs of the pharmaceutical industry."
As Sanders narrowly leads Buttigieg in polls of Tuesday's first-in-the-nation primary here, he has pulled the ex-South Bend, Indiana mayor into one of his signature arguments: the need to break the political system from the grip of wealthy donors. In public appearances in the Granite State over the last two days, the Vermont senator has repeatedly pointed to reports that dozens of billionaire donors have backed Buttigieg's campaign.
In finishing neck-and-neck with Sen. Bernie Sanders atop the Iowa caucus field, the former small-city mayor earned a measure of legitimacy he had not previously known. Naturally, his showing in the nation's first nominating contest has also brought a flurry of blows unlike anything Buttigieg has faced in the Democratic primary.
DOVER, N.H. — In Pete Buttigieg, the 2020 Democratic presidential hopefuls threatened by his rise see the perfect target for their core campaign arguments.
The former mayor has taken heat from more than just his party's liberal wing. Former Vice President Joe Biden and Sen. Amy Klobuchar of Minnesota, whose hopes rest on winning some of the more moderate voters Buttigieg has appealed to, have increased their focus on the 38-year-old Midwesterner.
As both Biden and Klobuchar tout their readiness for office and policy achievements as they look for a jolt in New Hampshire's primary, they have questioned Buttigieg's White House resume. While the Minnesota senator targeted her younger rival multiple times during Friday night's presidential debate, the sharpest blow came in a video released by Biden's campaign on Saturday.
It compared Biden's role in passing the Affordable Care Act and negotiating the Iran deal to Buttigieg initiatives in South Bend such as installing lights under a bridge and regulating pet chips.
Joe Biden tweet
The heightened attacks on Buttigieg underscore the boost his success in Iowa gives him — and the realistic chance he has of winning New Hampshire, according to recent polling. The campaign said it raised $2.7 million in the days after the caucuses, the type of influx that, if sustained, could give him staying power in the 2020 primary.
Sanders will vie with the former mayor for a victory that could help the senator's path to the Democratic nomination. At the same time, Biden and Klobuchar want a bump after fourth and fifth-place finishes, respectively, in Iowa. They may need some of Buttigieg's supporters to sustain their campaigns.
In a statement responding to the Biden ad, Buttigieg spokesman Chris Meagher said "the American people are crying out for something completely different from this classic Washington style of politics."
"While Washington politics trivializes what goes on in communities like South Bend, South Bend residents who now have better jobs, rising income, and new life in their city don't think their lives are a Washington politician's punchline," he said.
The Buttigieg campaign did not immediately respond to a request to comment on Sanders' criticism of the campaign's donors.
His campaign also highlighted responses from several mayors who have endorsed Buttigieg. They argued the Biden campaign had discounted the issues facing small cities.
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cnbc--2020-02-10--Mike Bloomberg is the only Democrat to top Trump in Gallup poll of small business owners

Mike Bloomberg is the only Democrat to top President Donald Trump in a Gallup poll of small business owners .
Fifty-two percent said they favored the former New York mayor in a hypothetical race against Trump , according to the poll by Gallup and payments-tech firm Square .
The poll , released Monday , was conducted Jan. 15 to 24 , before the Iowa caucuses .
The survey asked respondents to indicate how Trump stacks up against seven top Democratic candidates : Bloomberg , former Vice President Joe Biden , former South Bend Mayor Pete Buttigieg , Sen. Amy Klobuchar @ @ @ @ @ @ @ Bernie Sanders and Elizabeth Warren .
Biden and Trump tied at 50 % .
Buttigieg , Klobuchar and Yang were at 49 % against Trump 's 51 % , while Warren and Sanders got 48 % vs. Trump 's 52 % .
Biden was the top choice for the Democratic nomination among survey participants who planned to vote in the primaries : 22 % backed the former vice president .
Bloomberg was next with 17 % , while Sanders and Warren had 14 % and 13 % , respectively .
But 13 % @ @ @ @ @ @ @ their top choice among the seven Democrats .
Trump enjoys high approval ratings among small business owners .
Sixty percent of those surveyed said they approved the job he was doing .
A RealClearPolitics polling average pegs Trump 's general approval rating at 45.5 % .
In the Gallup poll , 52 % said their business would be better off if Trump won in November versus 41 % for a Democratic victory .
Some small business owners in swing states interviewed by CNBC echoed the positive view of Trump .
Thomas Skiffington , @ @ @ @ @ @ @ in Perkasie , Pennsylvania , said Trump `` has been extremely positive '' for his business .
Trump 's administration `` lightened up the regulations so people are spending more money , so they 're buying houses , '' Skiffinton told CNBC .
`` They 're feeling comfortable with the housing market .
In fact , if anything right now , there 's a storage of inventory ; there 's more people who want to buy than houses on the market . ''
Bill Jones , CEO of Solar Manufacturing in Sellersville , @ @ @ @ @ @ @ were `` marginally successful '' for his business .
He cited the investment tax credit as his `` biggest advantage . ''
Jones ' company specializes in metallurgical heat treating and has 365 employees across five plants .
There are more than 30 million small businesses in the United States , according to a 2018 report from the U.S. Small Business Administration .
Gallup said the poll 's respondents own a small business with annual revenue of $ 50,000 to $ 25 million .
The poll , which surveyed 1,234 small business owners @ @ @ @ @ @ @ % will likely vote in the 2020 election .

Democratic U.S. presidential candidate Michael Bloomberg addresses a news conference after launching his presidential bid in Norfolk, Virginia, U.S., November 25, 2019. Joshua Roberts | Reuters
Mike Bloomberg is the only Democrat to top President Donald Trump in a Gallup poll of small business owners. Fifty-two percent said they favored the former New York mayor in a hypothetical race against Trump, according to the poll by Gallup and payments-tech firm Square. The poll, released Monday, was conducted Jan. 15 to 24, before the Iowa caucuses. The survey asked respondents to indicate how Trump stacks up against seven top Democratic candidates: Bloomberg, former Vice President Joe Biden, former South Bend Mayor Pete Buttigieg, Sen. Amy Klobuchar, entrepreneur Andrew Yang and Sens. Bernie Sanders and Elizabeth Warren.
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Biden and Trump tied at 50%. Buttigieg, Klobuchar and Yang were at 49% against Trump's 51%, while Warren and Sanders got 48% vs. Trump's 52%. Biden was the top choice for the Democratic nomination among survey participants who planned to vote in the primaries: 22% backed the former vice president. Bloomberg was next with 17%, while Sanders and Warren had 14% and 13%, respectively. But 13% of respondents said they were undecided on their top choice among the seven Democrats.
Trump has high approval


cnbc--2020-02-10--China's Xi Jinping has not been to Wuhan since the coronavirus outbreak. Why he may be keeping his d

China's Xi Jinping has not been to Wuhan since the coronavirus outbreak. Why he may be keeping his distance

Chinese President Xi Jinping has been visibly missing in action in Wuhan , the epicenter of the new coronavirus outbreak , spurring talk about his control from a distance in Beijing .
Instead , Xi dispatched his second-in-command , premier Li Keqiang to Wuhan on Jan. 27 in a shot of confidence for the city which has been under lockdown .
Since then , Xi has not been out much in front of the cameras , although he has been reported in state media as commanding efforts to contain the outbreak .
Most recently , Xi emerged from the shadows @ @ @ @ @ @ @ leader Hun Sen who was on a state visit to China .
Before this , the Chinese president had been absent from the limelight for over a week since Jan. 28 when he met with Tedros Adhanom Ghebreyesus , the director-general at the World Health Organization .
As the inner workings of the Chinese Communist Party are opaque , observers are weighing why Xi has n't been to ground zero or playing up his role in managing the crisis .
`` While Xi has claimed to be personally leading the effort from Beijing @ @ @ @ @ @ @ general secretary and premier often call for such a sharing of responsibilities , there is an undercurrent of sentiment that Xi 's response has felt impersonal , more focused on avoiding a political calamity for the party than on the people 's health , '' wrote analysts from risk consultancy Eurasia Group about the political cost for Xi in an outbreak situation that would `` return to normalcy '' by early April .
Xi is the general secretary of the Chinese Communist Party .
On China 's heavily policed social media networks , @ @ @ @ @ @ @ country 's top leaders on a personal level , even in private chats .
Indeed , despite anger after `` the tragic death of the doctor who first alerted the system to the disease , Dr. Li Wenliang , the brunt of negative sentiment has been focused on officials in Hubei ( province ) and Wuhan ( city , ) with little spillover to Xi or other leaders in Beijing , '' the Eurasia Group analysts wrote in their report on Sunday .
But Xi 's absence from ground zero could be an @ @ @ @ @ @ @ the potential fallout of the health-care crisis , experts say .
`` While Li is an extremely able manager and bureaucrat , he has long been sidelined by Xi and has come to be seen as relatively weak and feckless , leading to speculation that Xi has made Li a possible scapegoat if the virus is not soon contained , '' Jude Blanchette at the Center for Strategic and International Studies , a Washington-based think tank , wrote in late January .
`` This is in keeping with other problematic policy areas , @ @ @ @ @ @ @ opted to remain somewhat aloof , preferring to place deputies on the front line .
If a crisis is averted , Xi can claim ultimate responsibility , but if problems arise , he can point the finger at lower-level officials , '' Blanchette added .
While the mayor of Wuhan will be the first in line to shoulder the blame from the fallout , `` he is too low-ranking to be the scapegoat , '' said Volker Stanzel , a former German ambassador to China at a discussion hosted by the Mercator Institute @ @ @ @ @ @ @ Li also `` symbolizes the will and the determination of the leadership of Xi Jinping to pull the whole responsibility towards the almost-very center , but not quite very center of the power structure , '' added Stanzel .
`` He is not putting himself into the shoes of the person who is responsible for resolving this .
He is taking the number two in the country—meaning he can always get rid of him and still remain Xi Jinping , '' he said .
Duration of the outbreak is important for Xi The @ @ @ @ @ @ @ that a shorter scenario for the outbreak would cause `` little blowback for Xi or other senior officials . ''
But , even in that scenario where there is a `` return to normalcy '' by March or April , Xi would still be `` mildly exposed , '' said the Eurasia analysts .
An enduring outbreak though could be damaging to Xi .
`` A poor handling of a months-long crisis and the economic stabilization program could well erode Xi 's political capital as he prepares to stay on for a third @ @ @ @ @ @ @ they wrote .
`` There is little reason to think Xi will face stiff challenges in doing so , but a seriously mishandled coronavirus crisis will increase the levels of uncertainty around political dynamics in China , '' the Eurasia analysts added .
The pressure on Xi is immense .
`` If the epidemic continues to last or endures for a sustained period of time and citizens start to feel that the government is not handling it properly , President Xi could come under criticism , particularly given that it 's the Politburo @ @ @ @ @ @ @ of managing this epidemic , '' said Cedric Chehab , global head of country risk at Fitch Solutions , referring to the top echelon of the Chinese Communist Party .
`` So in that sense , President Xi , if he does n't resolve the epidemic , is unable to control it , could come under more pressure absolutely , '' Chehab told CNBC .
At the end of the day , success against combating the coronavirus `` must be clearly the success of the central government ; if not , someone very @ @ @ @ @ @ @ be the scapegoat , '' said Stanzel .

Tedros Adhanom, Director General of the World Health Organization, (L) shakes hands with Chinese President Xi Jinping before a meeting at the Great Hall of the People, on January 28, 2020 in Beijing, China. Naohiko Hatta - Pool | Getty Images
Chinese President Xi Jinping has been visibly missing in action in Wuhan, the epicenter of the new coronavirus outbreak, spurring talk about his control from a distance in Beijing. Instead, Xi dispatched his second-in-command, premier Li Keqiang to Wuhan on Jan. 27 in a shot of confidence for the city which has been under lockdown. Since then, Xi has not been out much in front of the cameras, although he has been reported in state media as commanding efforts to contain the outbreak. Most recently, Xi emerged from the shadows on Feb. 5 to meet with Cambodian leader Hun Sen who was on a state visit to China. Before this, the Chinese president had been absent from the limelight for over a week since Jan. 28 when he met with Tedros Adhanom Ghebreyesus, the director-general at the World Health Organization.
watch now
As the inner workings of the Chinese Communist Party are opaque, observers are weighing why Xi hasn't been to ground zero or playing up his role in managing the crisis. "While Xi has claimed to be personally leading the effort from Beijing, and the division of labor between general secretary and premier often call for such a sharing of responsibilities, there is an undercurrent of sentiment that Xi's response has felt impersonal, more focused on avoiding a political calamity for the party than on the people's health," wrote analysts from risk consultancy Eurasia Group about the political cost for Xi in an outbreak situation that would "return to normalcy" by early April. Xi is the general secretary of the Chinese Communist Party.
On China's heavily policed social media networks, there has been sparse discussion about the country's top leaders on a personal level, even in private chats. Indeed, despite anger after "the tragic death of the doctor who first alerted the system to the disease, Dr. Li Wenliang, the brunt of negative sentiment has been focused on officials in Hubei (province) and Wuhan (city,) with little spillover to Xi or other leaders in Beijing," the Eurasia Group analysts wrote in their report on Sunday. But Xi's absence from ground zero could be an attempt to protect the top leadership from the potential fallout of the health-care crisis, experts say.
If a crisis is averted, Xi can claim ultimate responsibility, but if problems arise, he can point the finger at lower-level officials. Jude Blanchette Center for Strategic and International Studies
"While Li is an extremely able manager and bureaucrat, he has long been sidelined by Xi and has come to be seen as relatively weak and feckless, leading to speculation that Xi has made Li a possible scapegoat if the virus is not soon contained," Jude Blanchette at the Center for Strategic and International Studies, a Washington-based think tank, wrote in late January. "This is in keeping with other problematic policy areas, including U.S.-China relations, where Xi has opted to remain somewhat aloof, preferring to place deputies on the front line. If a crisis is averted, Xi can claim ultimate responsibility, but if problems arise, he can point the finger at lower-level officials," Blanchette added. While the mayor of Wuhan will be the first in line to shoulder the blame from the fallout, "he is too low-ranking to be the scapegoat," said Volker Stanzel, a former German ambassador to China at a discussion hosted by the Mercator Institute for China Studies in late January. Li also "symbolizes the will and the determination of the leadership of Xi Jinping to pull the whole responsibility towards the almost-very center, but not quite very center of the power structure," added Stanzel. "He is not putting himself into the shoes of the person who is responsible for resolving this. He is taking the number two in the country—meaning he can always get rid of him and still remain Xi Jinping," he said.
watch now
Duration of the outbreak is important for Xi


cnbc--2020-02-10--White House to unveil Trump's election-year budget calling for extending individual tax cuts

The White House is counting on economic growth to help shrink the deficit .
Its forecast projects the deficit will hit $ 1 trillion this fiscal year and linger at $ 200 billion after a decade .
The senior White House official said it will take the administration five more years to balance the budget .
Assuming no changes to current law , the nonpartisan Congressional Budget Office projects much lower economic growth than the White House projection of 3 % .
The budget also assumes that interest rates remain at historically low levels despite projections for a strong economy @ @ @ @ @ @ @ to only about 3 % by the end of the decade .
The Federal Reserve cut its benchmark interest rate three times last year , and officials are not forecasting any changes this year .
But Trump has repeatedly pressed Fed Chairman Jay Powell to cut rates to zero and has dismissed central bank officials as `` boneheads . ''
The fiscal 2021 budget , to be released Monday , includes a plan to extend the disputed tax overhaul that Republicans passed in 2017 .
The reductions in the individual rate are set @ @ @ @ @ @ @ House is proposing to continue those cuts through 2035 at a cost of $ 1.4 trillion — a figure that serves as a rough placeholder for President Donald Trump 's promised `` Tax Cuts 2.0 . ''
WASHINGTON — The White House 's election-year budget will show the economy growing at an average rate of 3 % for the next 15 years , a senior administration official said Sunday , spurred on by another round of tax cuts and low interest rates .
`` First and foremost , we have to restore growth @ @ @ @ @ @ @ CNBC on Friday .
`` That 's how we will deal with the long-term fiscal challenges facing our country . ''
But the White House budget will also propose $ 4.4 trillion in spending reductions over the next decade , about half coming from sweeping changes to popular social safety net programs .
Establishing tighter work requirements for food and housing assistance and Medicaid would reduce spending by $ 300 billion , the official said .
Changes to the government 's student loan forgiveness program could lower costs by $ 170 billion .
@ @ @ @ @ @ @ privatized , and the AmeriCorps volunteer program would be eliminated .
The official said no cuts are proposed to Social Security or Medicare , though the administration has proposed tougher reviews of the Social Security disability insurance program as well as drug pricing reforms that could affect Medicare costs .
The president 's budget is traditionally viewed as a vision statement , rather than a detailed policy paper .
Trump 's budget assumes that all of his proposals are enacted — a long shot at best , given that Democrats control the House @ @ @ @ @ @ @ proposal falls short of the bipartisan budget deal struck with lawmakers last year on the amount of nondefense discretionary spending .
The House Budget Committee warned on Friday that it is on `` high alert '' for attempts by the administration to circumvent Congress .
`` If the budget is as destructive and irresponsible as the President 's previous proposals , House Democrats will do everything in our power to stop the cuts and policies from coming to pass , '' the committee said .
Even areas where there might have been bipartisan @ @ @ @ @ @ @ proposal to leverage $ 200 billion in federal funding for a trillion-dollar infrastructure project — appear unlikely given the bitter personal feud between Trump and House Speaker Nancy Pelosi , D-Calif. '' This is an incredibly important president 's budget to pay attention to , '' Zach Moller , deputy director of the economic program at Third Way , a centrist think tank , said ahead of the release if the spending plan .
`` What Trump proposes is going to be a first look at his 2020 election platform .
The policy @ @ @ @ @ @ @ have continued to put the country 's long-term health in jeopardy . ''
The CBO estimates the economy will expand at a rate of 1.6 % to 1.7 % over the next 10 years , about half of the administration 's forecast .
It also projects that the deficit will not shrink , but rather balloon to $ 1.7 trillion by the end of the decade .
The widening deficit has drawn criticism from Democrats who accuse conservatives of fiscal hypocrisy and budget hawks who are raising red flags about the looming debt @ @ @ @ @ @ @ this budget finally starts to take the return of trillion-dollar deficits seriously , '' Marc Goldwein , senior policy director at the Committee for a Responsible Federal Budget , said before the budget was released .
Goldwein expressed support for some of the cost-saving changes that the administration has proposed for Medicare .
But he cautioned that the economy is unlikely to unfold as the White House expects .
`` I worry that the budget will instead rely on fantasy economic growth to paper over widening deficits , '' he said .

The White House is counting on economic growth to help shrink the deficit. Its forecast projects the deficit will hit $1 trillion this fiscal year and linger at $200 billion after a decade. The senior White House official said it will take the administration five more years to balance the budget.
Assuming no changes to current law, the nonpartisan Congressional Budget Office projects much lower economic growth than the White House projection of 3%.
The budget also assumes that interest rates remain at historically low levels despite projections for a strong economy, with the 10-year Treasury yield rising to only about 3% by the end of the decade. The Federal Reserve cut its benchmark interest rate three times last year, and officials are not forecasting any changes this year. But Trump has repeatedly pressed Fed Chairman Jay Powell to cut rates to zero and has dismissed central bank officials as "boneheads."
The fiscal 2021 budget, to be released Monday, includes a plan to extend the disputed tax overhaul that Republicans passed in 2017. The reductions in the individual rate are set to expire in 2025. The White House is proposing to continue those cuts through 2035 at a cost of $1.4 trillion — a figure that serves as a rough placeholder for President Donald Trump's promised "Tax Cuts 2.0."
WASHINGTON — The White House's election-year budget will show the economy growing at an average rate of 3% for the next 15 years, a senior administration official said Sunday, spurred on by another round of tax cuts and low interest rates.
"First and foremost, we have to restore growth," Vice President Mike Pence told CNBC on Friday. "That's how we will deal with the long-term fiscal challenges facing our country."
But the White House budget will also propose $4.4 trillion in spending reductions over the next decade, about half coming from sweeping changes to popular social safety net programs. Establishing tighter work requirements for food and housing assistance and Medicaid would reduce spending by $300 billion, the official said. Changes to the government's student loan forgiveness program could lower costs by $170 billion.
The Corporation for Public Broadcasting would be privatized, and the AmeriCorps volunteer program would be eliminated. The official said no cuts are proposed to Social Security or Medicare, though the administration has proposed tougher reviews of the Social Security disability insurance program as well as drug pricing reforms that could affect Medicare costs.
The president's budget is traditionally viewed as a vision statement, rather than a detailed policy paper. Trump's budget assumes that all of his proposals are enacted — a long shot at best, given that Democrats control the House.
For example, the White House proposal falls short of the bipartisan budget deal struck with lawmakers last year on the amount of nondefense discretionary spending. The House Budget Committee warned on Friday that it is on "high alert" for attempts by the administration to circumvent Congress.
"If the budget is as destructive and irresponsible as the President's previous proposals, House Democrats will do everything in our power to stop the cuts and policies from coming to pass," the committee said.
Even areas where there might have been bipartisan agreement — such as the White House proposal to leverage $200 billion in federal funding for a trillion-dollar infrastructure project — appear unlikely given the bitter personal feud between Trump and House Speaker Nancy Pelosi, D-Calif.
"This is an incredibly important president's budget to pay attention to," Zach Moller, deputy director of the economic program at Third Way, a centrist think tank, said ahead of the release if the spending plan. "What Trump proposes is going to be a first look at his 2020 election platform. The policy decisions made by his administration to date have continued to put the country's long-term health in jeopardy."
The CBO estimates the economy will expand at a rate of 1.6% to 1.7% over the next 10 years, about half of the administration's forecast.
It also projects that the deficit will not shrink, but rather balloon to $1.7 trillion by the end of the decade. The widening deficit has drawn criticism from Democrats who accuse conservatives of fiscal hypocrisy and budget hawks who are raising red flags about the looming debt crisis.
"My hope is that this budget finally starts to take the return of trillion-dollar deficits seriously," Marc Goldwein, senior policy director at the Committee for a Responsible Federal Budget, said before the budget was released.
Goldwein expressed support for some of the cost-saving changes that the administration has proposed for Medicare. But he cautioned that the economy is unlikely to unfold as the White House expects.
"I worry that the budget will instead rely on fantasy economic growth to paper over widening deficits," he said.
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cnbc--2020-02-10--Republican senator proposes overhauling FTC and making it part of the DOJ to take on Big Tech

Vocal tech critic Sen. Josh Hawley wants to overhaul one of the main enforcement agencies in charge of regulating the tech industry on privacy and competition matters .
In a policy proposal released Monday , the Missouri Republican suggests having the Federal Trade Commission operate within the Justice Department , eliminating the commission structure altogether .
The proposal is likely to raise alarms about removing the independence of a key regulatory body , especially as Democrats have speculated about Attorney General William Barr 's closeness to President Donald Trump .
The FTC currently operates as an independent agency charged with @ @ @ @ @ @ @ antitrust law .
It 's steered by five commissioners who vote on rules and cases .
No more than three commissioners can be from the same party .
The DOJ , on the other hand , is part of the executive branch , making it accountable to the president .
Hawley 's proposal would blow up that structure , relegating the FTC to becoming a division of the DOJ and transferring all antitrust and merger review authority to the DOJ 's Antitrust Division .
Instead of five commissioners , the FTC would have @ @ @ @ @ @ @ be confirmed by the Senate every five years and report directly to the attorney general .
`` The FTC is n't working , '' Hawley said in a statement .
`` It wastes time in turf wars with the DOJ , nobody is accountable for decisions , and it lacks the 'teeth ' to get after Big Tech 's rampant abuses . ''
Under the current antitrust enforcement structure , the FTC and DOJ Antitrust Division go through a process known as clearance in which each agency signs off on the other taking @ @ @ @ @ @ @ typically cleared to the agency that has the most expertise in the relevant field .
The FTC typically takes hospital merger cases , for example , because of its extensive experience reviewing them .
But the sprawling businesses of Big Tech companies have challenged some of the conventional areas of expertise of each agency , and their high-profile nature has made them the subject of contention .
Last year , the heads of the FTC and the DOJ Antitrust Division admitted to Congress that they had argued over which agency should be in @ @ @ @ @ @ @ Both FTC Chairman Joe Simons and Assistant Attorney General Makan Delrahim agreed that if given a blank slate , they likely would put antitrust enforcement under one roof .
`` It would be hard to imagine a system being designed at the first instance like we have today , '' Delrahim said at a September hearing .
`` It 's not the best model of efficiency . ''
In his proposal , Hawley cites the FTC 's decision to close its earlier investigation into Google without taking action against the company as an @ @ @ @ @ @ @ `` The FTC 's inaction allowed Google to entrench its market share for years using deception , '' the paper says .
Hawley also criticizes the FTC 's $ 5 billion settlement with Facebook over privacy concerns and the agency 's clearance of acquisitions that have helped them grow in size and power .
Other lawmakers have attempted to breathe new life into FTC enforcement in digital markets through new federal privacy legislation .
Several bills suggest creating a new bureau within the FTC devoted to enforcing a new federal privacy law .
@ @ @ @ @ @ @ a new agency to handle digital privacy enforcement .
Hawley 's proposal takes a broader approach , rethinking the FTC 's operations across its various functions .
In addition to assisting the Antitrust Division in merger review and conduct cases , Hawley 's plan would give the FTC new responsibility to review digital markets through a new `` Digital Market Research Section '' made up of `` technologists , economists , and market specialists . ''
The section would be expected to generate studies to assist DOJ enforcement litigation and inform Congress .
@ @ @ @ @ @ @ study how companies use data to learn about potential rivals , how they use behavioral psychology to influence consumer choices and the `` selective enforcement of terms of service , '' among other topics .
On top of restructuring , Hawley suggests giving the FTC more tools to aid its enforcement and tightening of other rules around its operations .
He says Congress should give the FTC the ability to impose fines on companies for first-time violations and empower it to limit data collection by companies and enforce data portability requirements , like @ @ @ @ @ @ @ Do Not Track Acts .
To ensure states can take enforcement into their own hands when the FTC fails to act , the plan suggests , Congress should also empower state attorneys general to concurrently enforce laws the FTC is currently tasked with handling .
Hawley also wants to tighten ethics laws to prevent FTC and Antitrust Division staff from working for or representing firms with more than $ 30 billion in annual revenue for two years after leaving those sections .
Ethics laws currently require senior FTC officials to abstain from representing @ @ @ @ @ @ @ for a year after leaving and refrain from ever working on a matter they personally had a role in at the FTC .
Finally , Hawley says Congress should `` eliminate constitutionally problematic aspects '' of the FTC 's fact-finding , which is binding in federal court .
He says Congress should give defendants the right to contest facts in court , as is generally granted by the Constitution when a government agency brings a case to court .
Hawley argues this will actually lead to greater enforcement because it would allow `` @ @ @ @ @ @ @ cause enforcement to be too lax . ''
A trade group representing tech companies including Facebook and Google spoke out against Hawley 's proposal after it was released on Monday .
`` Rather than protecting the agency from regulatory capture , Sen. Hawley 's proposals would make political abuse more likely — right when concerns are growing over politically motivated antitrust actions , '' NetChoice Vice President and General Counsel Carl Szabo said in a statement .
It remains to be seen how other lawmakers will respond to Hawley 's proposal , but @ @ @ @ @ @ @ oppose it .
At the congressional hearing last fall , he said that because of the FTC 's unique qualities , `` if you were just going to have one agency , you might want to have one that looked more like the FTC than the Justice Department . ''
WATCH : How US antitrust law works , and what it means for Big Tech

Vocal tech critic Sen. Josh Hawley wants to overhaul one of the main enforcement agencies in charge of regulating the tech industry on privacy and competition matters.
In a policy proposal released Monday, the Missouri Republican suggests having the Federal Trade Commission operate within the Justice Department, eliminating the commission structure altogether. The proposal is likely to raise alarms about removing the independence of a key regulatory body, especially as Democrats have speculated about Attorney General William Barr's closeness to President Donald Trump.
The FTC currently operates as an independent agency charged with regulating consumer protection issues and enforcing federal antitrust law. It's steered by five commissioners who vote on rules and cases. No more than three commissioners can be from the same party. The DOJ, on the other hand, is part of the executive branch, making it accountable to the president.
Hawley's proposal would blow up that structure, relegating the FTC to becoming a division of the DOJ and transferring all antitrust and merger review authority to the DOJ's Antitrust Division. Instead of five commissioners, the FTC would have a single director who would need to be confirmed by the Senate every five years and report directly to the attorney general.
"The FTC isn't working," Hawley said in a statement. "It wastes time in turf wars with the DOJ, nobody is accountable for decisions, and it lacks the 'teeth' to get after Big Tech's rampant abuses."
Under the current antitrust enforcement structure, the FTC and DOJ Antitrust Division go through a process known as clearance in which each agency signs off on the other taking on a particular case. Cases are typically cleared to the agency that has the most expertise in the relevant field. The FTC typically takes hospital merger cases, for example, because of its extensive experience reviewing them.
But the sprawling businesses of Big Tech companies have challenged some of the conventional areas of expertise of each agency, and their high-profile nature has made them the subject of contention. Last year, the heads of the FTC and the DOJ Antitrust Division admitted to Congress that they had argued over which agency should be in charge of the Big Tech investigations. Both FTC Chairman Joe Simons and Assistant Attorney General Makan Delrahim agreed that if given a blank slate, they likely would put antitrust enforcement under one roof.
"It would be hard to imagine a system being designed at the first instance like we have today," Delrahim said at a September hearing. "It's not the best model of efficiency."
In his proposal, Hawley cites the FTC's decision to close its earlier investigation into Google without taking action against the company as an example of its allegedly insufficient enforcement.
"The FTC's inaction allowed Google to entrench its market share for years using deception," the paper says. Hawley also criticizes the FTC's $5 billion settlement with Facebook over privacy concerns and the agency's clearance of acquisitions that have helped them grow in size and power.
Other lawmakers have attempted to breathe new life into FTC enforcement in digital markets through new federal privacy legislation. Several bills suggest creating a new bureau within the FTC devoted to enforcing a new federal privacy law. One bill in the House proposes establishing a new agency to handle digital privacy enforcement. Hawley's proposal takes a broader approach, rethinking the FTC's operations across its various functions.
In addition to assisting the Antitrust Division in merger review and conduct cases, Hawley's plan would give the FTC new responsibility to review digital markets through a new "Digital Market Research Section" made up of "technologists, economists, and market specialists." The section would be expected to generate studies to assist DOJ enforcement litigation and inform Congress. Hawley's plan suggests the division could study how companies use data to learn about potential rivals, how they use behavioral psychology to influence consumer choices and the "selective enforcement of terms of service," among other topics.
On top of restructuring, Hawley suggests giving the FTC more tools to aid its enforcement and tightening of other rules around its operations. He says Congress should give the FTC the ability to impose fines on companies for first-time violations and empower it to limit data collection by companies and enforce data portability requirements, like those spelled out in his ACCESS and Do Not Track Acts. To ensure states can take enforcement into their own hands when the FTC fails to act, the plan suggests, Congress should also empower state attorneys general to concurrently enforce laws the FTC is currently tasked with handling.
Hawley also wants to tighten ethics laws to prevent FTC and Antitrust Division staff from working for or representing firms with more than $30 billion in annual revenue for two years after leaving those sections. Ethics laws currently require senior FTC officials to abstain from representing a firm in front of the agency for a year after leaving and refrain from ever working on a matter they personally had a role in at the FTC.
Finally, Hawley says Congress should "eliminate constitutionally problematic aspects" of the FTC's fact-finding, which is binding in federal court. He says Congress should give defendants the right to contest facts in court, as is generally granted by the Constitution when a government agency brings a case to court. Hawley argues this will actually lead to greater enforcement because it would allow "courts to correct errors that would ordinarily cause enforcement to be too lax."
A trade group representing tech companies including Facebook and Google spoke out against Hawley's proposal after it was released on Monday.
"Rather than protecting the agency from regulatory capture, Sen. Hawley's proposals would make political abuse more likely — right when concerns are growing over politically motivated antitrust actions," NetChoice Vice President and General Counsel Carl Szabo said in a statement.
It remains to be seen how other lawmakers will respond to Hawley's proposal, but the FTC's Simons is likely to oppose it. At the congressional hearing last fall, he said that because of the FTC's unique qualities, "if you were just going to have one agency, you might want to have one that looked more like the FTC than the Justice Department."
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WATCH: How US antitrust law works, and what it means for Big Tech


cnbc--2020-02-10--Merkel's expected successor rules out standing as chancellor, throwing Germany's political direction

Merkel's expected successor rules out standing as chancellor, throwing Germany's political direction into doubt

Annegret Kramp-Karrenbauer , left , is congratulated by Angela Merkel after receiving the most votes to become the next leader of the German Christian Democrats ( CDU ) at a federal congress of the CDU on December 7 , 2018 in Hamburg , Germany .
Annegret Kramp-Karrenbauer , the leader of Germany 's Christian Democratic Union ( CDU ) and the one-time favorite to succeed Angela Merkel , confirmed Monday that she will not run for chancellor .
Reports of Kramp-Karrenbauer 's departure came earlier in the day , but she later gave a press conference confirming the news .
@ @ @ @ @ @ @ the CDU leader said she will remain as defense minister until the end of the legislative period and chair of the CDU until another candidate is found .
A leadership contest is expected to take place in summer .
She said that the question of who will run for chancellor was `` weakening '' the CDU and said her departure would have no impact on the stability of the governing coalition made up of the CDU , its Bavarian sister party the Christian Social Union ( CSU ) , and Social Democratic Party @ @ @ @ @ @ @ the CDU 's political future , and that of Europe 's largest economy , into doubt once Merkel steps down from the chancellorship in 2021 .
Kramp-Karrenbauer had taken over the party leadership in December 2018 and was widely seen as a successor to Merkel , who has led Germany since 2005 .
The move comes at a difficult time for the awkward and troubled CDU/CSU-SPD coalition , however , and the CDU has seen its popularity decline in several regional elections in recent months .
There was uproar last week when the @ @ @ @ @ @ @ Thuringia joined forces with the far-right , anti-immigration Alternative for Germany ( AfD ) party to elect a new state premier .
The politician was from the Free Democratic Party ( FDP ) but he has since stepped down from the role following the furor caused by the vote .
However , the move sent shockwaves to Berlin as mainstream parties had vowed not to work with the AfD before now .
The decision by the local branch of the CDU to help a candidate into office , alongside the AfD , was @ @ @ @ @ @ @ party 's leadership — and a reason for the departure of Kramp-Karrenbauer .
Christian Schulz , director of European economics at Citi , said Monday that Kramp-Karrenbauer announced her intention to step down in a CDU board meeting on Monday `` and cited divisions over cooperation with the far-left and far-right parties after the shock event in Thuringia '' with Merkel reportedly favoring cooperation with the Left Party in Thuringia , which Kramp-Karrenbauer ruled out .

Annegret Kramp-Karrenbauer, left, is congratulated by Angela Merkel after receiving the most votes to become the next leader of the German Christian Democrats (CDU) at a federal congress of the CDU on December 7, 2018 in Hamburg, Germany.
Annegret Kramp-Karrenbauer, the leader of Germany's Christian Democratic Union (CDU) and the one-time favorite to succeed Angela Merkel, confirmed Monday that she will not run for chancellor.
Reports of Kramp-Karrenbauer's departure came earlier in the day, but she later gave a press conference confirming the news.
Known colloquially as "AKK," the CDU leader said she will remain as defense minister until the end of the legislative period and chair of the CDU until another candidate is found. A leadership contest is expected to take place in summer.
She said that the question of who will run for chancellor was "weakening" the CDU and said her departure would have no impact on the stability of the governing coalition made up of the CDU, its Bavarian sister party the Christian Social Union (CSU), and Social Democratic Party (SPD).
The announcement throws the CDU's political future, and that of Europe's largest economy, into doubt once Merkel steps down from the chancellorship in 2021.
Kramp-Karrenbauer had taken over the party leadership in December 2018 and was widely seen as a successor to Merkel, who has led Germany since 2005.
The move comes at a difficult time for the awkward and troubled CDU/CSU-SPD coalition, however, and the CDU has seen its popularity decline in several regional elections in recent months.
There was uproar last week when the CDU party in the small state of Thuringia joined forces with the far-right, anti-immigration Alternative for Germany (AfD) party to elect a new state premier. The politician was from the Free Democratic Party (FDP) but he has since stepped down from the role following the furor caused by the vote.
However, the move sent shockwaves to Berlin as mainstream parties had vowed not to work with the AfD before now. The decision by the local branch of the CDU to help a candidate into office, alongside the AfD, was seen as a defiant message against the party's leadership — and a reason for the departure of Kramp-Karrenbauer.
Christian Schulz, director of European economics at Citi, said Monday that Kramp-Karrenbauer announced her intention to step down in a CDU board meeting on Monday "and cited divisions over cooperation with the far-left and far-right parties after the shock event in Thuringia" with Merkel reportedly favoring cooperation with the Left Party in Thuringia, which Kramp-Karrenbauer ruled out.


cnbc--2020-02-11--There are Democrats who can win 2020 election, billionaire Trump-ally Tom Barrack says

A Democrat could very well beat Donald Trump in 2020 , billionaire Trump friend Tom Barrack told CNBC on Monday , just days after the president was acquitted by Republican lawmakers in the Senate impeachment trial .
When asked if anyone among the Democratic presidential hopefuls could win this November , the private equity investor who chaired Trump 's inaugural campaign committee replied : `` I think the answer is of course . ''
`` I 'm not a politician and I do n't want to go over my skis even thinking about it , but anything could happen , @ @ @ @ @ @ @ in Abu Dhabi .
`` It 's a very diverse group , I think every week is a new life for both Democrats and Republicans — the president had a very good week last week , the Democrats did n't have such a good week .
But it 's a long road .
So as everybody gets into their swim lanes , it could be a horse race at the end of the day . ''
Barrack , who has been cited in congressional investigations and has been called on by an activist @ @ @ @ @ @ @ as CEO of real estate firm Colony Capital , weighed in on some of the candidates he felt could compete with Trump .
`` So I like many of the candidates — Joe Biden is a class act , he 's a super man , he 's a very gentle touch , he has a lot of experience .
Michael Bloomberg , nobody should count him out of the race .
Strong , thoughtful , considerate , powerful , experienced — a long shot for sure in Democratic circles , but as the @ @ @ @ @ @ @ you never can tell what happens . ''
Former Vice President Biden , initially expected by many Americans to blaze ahead as the Democratic nominee , trailed rivals Sen. Bernie Sanders , Pete Buttigieg and Sen. Elizabeth Warren in the Iowa caucus last week .
Polls in New Hampshire , which will hold its primary Tuesday , show Biden on the verge of another relatively weak finish , according to a RealClearPolitics polling average .
Still , Biden maintains the lead among Democrats in most polls nationally , ahead of Sanders , Warren @ @ @ @ @ @ @ like Mike Bloomberg , I know him , I think he would be an amazing president , he was an amazing mayor , '' Barrack said .
`` He 's run a first class business , he 's smart , he 's thoughtful , he 's considerate , he 's done it all before , and he does n't need anything , '' Barrack added , highlighting the advantage of his wealth in the presidential campaign .
`` So in that sense , the idea of someone self-funding a campaign — because at @ @ @ @ @ @ @ about money , it 's about money in every country and every election , America even more so — I think it would be a great thing and you have some young candidates coming up on the Democratic side who this cycle may not serve them well , but it will eventually serve them well . ''
Bloomberg joined the race late in the game and wo n't be appearing on any ballots until Super Tuesday on March 3 , but he 's rising in the polls after pouring hundreds of millions of @ @ @ @ @ @ @ recent poll of small business owners , the billionaire businessman was the only Democrat to top Trump .
The poll , conducted in January , showed 52 % of respondents said they favored the former New York mayor , according to Gallup and payments-tech firm Square .
Still , Barrack noted the economic progress under Trump 's tenure , which has seen U.S. unemployment at its lowest levels since 1969 and the stock market hit record highs .
January saw employers add 225,000 jobs nationwide , the Labor Department reported Friday , and @ @ @ @ @ @ @ independent voters , an important constituency that could prove decisive come November .
And rather than being hit by the impeachment proceedings , Trump 's approval rating has ticked up from 47 % to 49 % , according a recent poll by Hill/HarrisX conducted after he was acquitted on impeachment charges .
The president also reached a 49 % approval rating in a Gallup poll last week , the highest recorded by Gallup since he assumed the presidency .
`` I think President Trump has done a great job , he has aligned @ @ @ @ @ @ @ his constituency , '' Barrack said .
`` But America 's divided , as the world is divided .
So it 's never over till it 's over . ''
Barrack himself has been hit with criticism from lawmakers , who accuse him of abusing his ties to Trump for personal financial gain and making poor leadership decisions at the helm of Colony Capital .
Colony saw a more than 60 % stock price drop since a 2017 merger led by Barrack and a further 21 % drop since last February , when @ @ @ @ @ @ @ and the addition of new board members .
Activist investor Blackwells Capital , which holds about 1.85 % of Colony 's shares , penned a letter last year demanding Barrack step down immediately as CEO , describing him as having `` enormous personal distractions and tangible conflicts of interest '' and being `` persistently mired in investigations and scandals ... including as chairman of the inaugural committee for President Trump and as a man who sought a special role within the Trump administration . ''
Colony defended itself in a statement in November @ @ @ @ @ @ @ transformational progress in the last 12 months . ''
Barrack has not been charged in any of the investigations referred to in the Blackwells letter .
A report from the House Oversight Committee from July accused Barrack of `` lobbying the Trump administration for personal appointments and special arrangements that could have involved transferring nuclear technology to Saudi Arabia . ''
Barrack had pursued a plan to buy major nuclear technology supplier Westinghouse Electric Company — which is bidding to support Saudi Arabia 's nuclear energy ambitions — while simultaneously negotiating with Trump @ @ @ @ @ @ @ to the Middle East .
The plan ultimately failed .
Barrack , a Lebanese-American who also served as a senior advisor to the Trump campaign , has invested hundreds of millions of dollars in Middle East real estate .
Barrack has not been charged with any wrongdoing .
He is due to leave his role at Colony Capital in 2021 , though the exact date is not yet clear .
Clarification : This story has been updated to more accurately reflect the criticism Colony has received from shareholders .

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A Democrat could very well beat Donald Trump in 2020, billionaire Trump friend Tom Barrack told CNBC on Monday, just days after the president was acquitted by Republican lawmakers in the Senate impeachment trial. When asked if anyone among the Democratic presidential hopefuls could win this November, the private equity investor who chaired Trump's inaugural campaign committee replied: "I think the answer is of course." "I'm not a politician and I don't want to go over my skis even thinking about it, but anything could happen," Barrack told CNBC's Hadley Gamble in Abu Dhabi. "It's a very diverse group, I think every week is a new life for both Democrats and Republicans — the president had a very good week last week, the Democrats didn't have such a good week. But it's a long road. So as everybody gets into their swim lanes, it could be a horse race at the end of the day."
watch now
Barrack, who has been cited in congressional investigations and has been called on by an activist shareholder to step down from his role as CEO of real estate firm Colony Capital, weighed in on some of the candidates he felt could compete with Trump. "So I like many of the candidates — Joe Biden is a class act, he's a super man, he's a very gentle touch, he has a lot of experience. Michael Bloomberg, nobody should count him out of the race. Strong, thoughtful, considerate, powerful, experienced — a long shot for sure in Democratic circles, but as the other candidates start to winnow out, you never can tell what happens." Former Vice President Biden, initially expected by many Americans to blaze ahead as the Democratic nominee, trailed rivals Sen. Bernie Sanders, Pete Buttigieg and Sen. Elizabeth Warren in the Iowa caucus last week. Polls in New Hampshire, which will hold its primary Tuesday, show Biden on the verge of another relatively weak finish, according to a RealClearPolitics polling average. Still, Biden maintains the lead among Democrats in most polls nationally, ahead of Sanders, Warren, Bloomberg and Buttigieg.
watch now
"I like Mike Bloomberg, I know him, I think he would be an amazing president, he was an amazing mayor," Barrack said. "He's run a first class business, he's smart, he's thoughtful, he's considerate, he's done it all before, and he doesn't need anything," Barrack added, highlighting the advantage of his wealth in the presidential campaign. "So in that sense, the idea of someone self-funding a campaign — because at the end of the day it's about money, it's about money in every country and every election, America even more so — I think it would be a great thing and you have some young candidates coming up on the Democratic side who this cycle may not serve them well, but it will eventually serve them well." Bloomberg joined the race late in the game and won't be appearing on any ballots until Super Tuesday on March 3, but he's rising in the polls after pouring hundreds of millions of dollars into his campaign. In a recent poll of small business owners, the billionaire businessman was the only Democrat to top Trump. The poll, conducted in January, showed 52% of respondents said they favored the former New York mayor, according to Gallup and payments-tech firm Square.
Trump seeing higher approval ratings
Still, Barrack noted the economic progress under Trump's tenure, which has seen U.S. unemployment at its lowest levels since 1969 and the stock market hit record highs. January saw employers add 225,000 jobs nationwide, the Labor Department reported Friday, and consumer confidence is up — particularly among independent voters, an important constituency that could prove decisive come November.
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And rather than being hit by the impeachment proceedings, Trump's approval rating has ticked up from 47% to 49%, according a recent poll by Hill/HarrisX conducted after he was acquitted on impeachment charges. The president also reached a 49% approval rating in a Gallup poll last week, the highest recorded by Gallup since he assumed the presidency. "I think President Trump has done a great job, he has aligned his power base producing great results for his constituency," Barrack said. "But America's divided, as the world is divided. So it's never over till it's over."
'Investigations and scandals'


cnbc--2020-02-11--Amazon wants to question Trump after losing $10 billion Pentagon cloud contract

WASHINGTON — Amazon is seeking to depose President Donald Trump , Defense Secretary Mark Esper and former Defense Secretary James Mattis over a $ 10 billion Pentagon cloud contract awarded to Microsoft .
In court documents unsealed and filed Monday , Amazon 's cloud computing arm said it 's looking to depose seven `` individuals who were instrumental '' in the JEDI source selection and `` played pivotal roles '' in the ultimate awarding of the contract .
Aside from Trump , Mattis and Esper , Amazon Web Services is also seeking to depose the Defense Department 's chief information @ @ @ @ @ @ @ source selection authority , which awarded the contract to Microsoft , as well as the chairpersons of the SSA , according to the documents .
A spokesperson for AWS told CNBC in a statement : `` President Trump has repeatedly demonstrated his willingness to use his position as President and Commander in Chief to interfere with government functions – including federal procurements – to advance his personal agenda .
The preservation of public confidence in the nation 's procurement process requires discovery and supplementation of the administrative record , particularly in light of @ @ @ @ @ @ @ . '
The question is whether the President of the United States should be allowed to use the budget of the DoD to pursue his own personal and political ends . ''
The White House declined to comment .
Representatives from the Defense Department declined to comment .
Microsoft also declined to comment .
The Joint Enterprise Defense Infrastructure , or JEDI , cloud computing contract could be worth up to $ 10 billion for services rendered over as many as 10 years .
The Pentagon selected Microsoft over Amazon for the colossal @ @ @ @ @ @ @ initially seen as the favorite to win the contract , then Trump said in July he was looking into the contract after IBM and other companies protested the bidding process .
In November , Amazon filed a notice in the U.S. Court of Federal Claims indicating a plan to protest the Pentagon 's decision to award Microsoft the multibillion-dollar cloud contract .
Amazon claimed that the JEDI evaluation process contained `` clear deficiencies , errors , and unmistakable bias . ''
Amazon said in court documents made public last December that Trump launched @ @ @ @ @ @ @ , which caused it to lose out on the JEDI contract .
Some of those alleged attacks were detailed in Mattis ' recent memoir , in which the former Defense secretary claimed Trump told him to `` screw Amazon '' out of the contract .
Read more : Trump says he 's looking into a Pentagon cloud contract AWS said it 's looking to depose Trump about his involvement in the bidding process , including any private conversations that took place or any instructions that were given regarding the award , as well @ @ @ @ @ @ @ or AWS . ''
`` While other individuals can testify about specific conversations he had with them individually , President Trump is the only individual who can testify about the totality of his conversations and the overall message he conveyed , '' according to the filings .
`` Moreover , President Trump has unique knowledge about whether he had other , previously undisclosed conversations with individuals not previously identified , and who therefore do not appear on the deposition list . ''
AWS wants to depose Mattis because it claims he has `` @ @ @ @ @ @ @ 's animus toward Mr. Bezos and Amazon and the efforts President Trump took to pressure DoD officials '' on the JEDI contract award .
AWS claims Esper intervened in the JEDI award process to `` conduct an 'examination ' at President Trump 's behest . ''
Esper announced last August that he would review the JEDI contract and recused himself from the JEDI source selection process last October .
AWS said the timing , circumstances and announcement of Esper 's recusal raises concerns and that it would seek further details about his recusal @ @ @ @ @ @ @ a constant source of frustration for Trump .
The billionaire executive owns The Washington Post newspaper , which Trump regularly criticizes for its coverage of his administration .
Trump also has gone after Amazon repeatedly for , as he claims , not paying its fair share of taxes and ripping off the U.S. Post Office .
In December , Amazon 's AWS chief , Andy Jassy , told CNBC that the cloud contracting was not adjudicated fairly .
`` You know , there was significant political interference here , '' Jassy explained of @ @ @ @ @ @ @ have a sitting president who 's willing to be very vocal that they dislike a company and the CEO of that company , it makes it difficult for government agencies , including the DoD to make objective decisions without fear of reprisal .
And I think that 's dangerous and risky for our country , '' he told CNBC 's Jon Fortt .

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WASHINGTON — Amazon is seeking to depose President Donald Trump, Defense Secretary Mark Esper and former Defense Secretary James Mattis over a $10 billion Pentagon cloud contract awarded to Microsoft . In court documents unsealed and filed Monday, Amazon's cloud computing arm said it's looking to depose seven "individuals who were instrumental" in the JEDI source selection and "played pivotal roles" in the ultimate awarding of the contract. Aside from Trump, Mattis and Esper, Amazon Web Services is also seeking to depose the Defense Department's chief information officer, Dana Deasy, and the source selection authority, which awarded the contract to Microsoft, as well as the chairpersons of the SSA, according to the documents. A spokesperson for AWS told CNBC in a statement: "President Trump has repeatedly demonstrated his willingness to use his position as President and Commander in Chief to interfere with government functions – including federal procurements – to advance his personal agenda. The preservation of public confidence in the nation's procurement process requires discovery and supplementation of the administrative record, particularly in light of President Trump's order to 'screw Amazon.' The question is whether the President of the United States should be allowed to use the budget of the DoD to pursue his own personal and political ends." The White House declined to comment. Representatives from the Defense Department declined to comment. Microsoft also declined to comment.
(L-R) CEO of Apple Tim Cook , U.S. President Donald Trump, Microsoft CEO Satya Nadella and Amazon CEO Jeff Bezos attend a meeting of the American Technology Council in the State Dining Room of the White House June 19, 2017 in Washington, DC. Olivier Douliery | Abaca | Sipa via AP Images
The Joint Enterprise Defense Infrastructure, or JEDI, cloud computing contract could be worth up to $10 billion for services rendered over as many as 10 years. The Pentagon selected Microsoft over Amazon for the colossal contract on Oct. 25. Amazon was initially seen as the favorite to win the contract, then Trump said in July he was looking into the contract after IBM and other companies protested the bidding process. In November, Amazon filed a notice in the U.S. Court of Federal Claims indicating a plan to protest the Pentagon's decision to award Microsoft the multibillion-dollar cloud contract. Amazon claimed that the JEDI evaluation process contained "clear deficiencies, errors, and unmistakable bias." Amazon said in court documents made public last December that Trump launched "behind-the-scenes attacks" against the company, which caused it to lose out on the JEDI contract. Some of those alleged attacks were detailed in Mattis' recent memoir, in which the former Defense secretary claimed Trump told him to "screw Amazon" out of the contract. Read more: Trump says he's looking into a Pentagon cloud contract AWS said it's looking to depose Trump about his involvement in the bidding process, including any private conversations that took place or any instructions that were given regarding the award, as well as any "efforts to harm Amazon or AWS." "While other individuals can testify about specific conversations he had with them individually, President Trump is the only individual who can testify about the totality of his conversations and the overall message he conveyed," according to the filings. "Moreover, President Trump has unique knowledge about whether he had other, previously undisclosed conversations with individuals not previously identified, and who therefore do not appear on the deposition list."
AWS wants to depose Mattis because it claims he has "highly relevant, first-hand knowledge about Trump's animus toward Mr. Bezos and Amazon and the efforts President Trump took to pressure DoD officials" on the JEDI contract award. AWS claims Esper intervened in the JEDI award process to "conduct an 'examination' at President Trump's behest." Esper announced last August that he would review the JEDI contract and recused himself from the JEDI source selection process last October. AWS said the timing, circumstances and announcement of Esper's recusal raises concerns and that it would seek further details about his recusal by deposing Esper. Bezos has been a constant source of frustration for Trump. The billionaire executive owns The Washington Post newspaper, which Trump regularly criticizes for its coverage of his administration. Trump also has gone after Amazon repeatedly for, as he claims, not paying its fair share of taxes and ripping off the U.S. Post Office. In December, Amazon's AWS chief, Andy Jassy, told CNBC that the cloud contracting was not adjudicated fairly. "You know, there was significant political interference here," Jassy explained of the JEDI award. "When you have a sitting president who's willing to be very vocal that they dislike a company and the CEO of that company, it makes it difficult for government agencies, including the DoD to make objective decisions without fear of reprisal. And I think that's dangerous and risky for our country," he told CNBC's Jon Fortt.
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cnbc--2020-02-11--Justice Department indicts four members of China's military for Equifax hack

`` This data has economic value and these thefts can feed China 's ... creation of intelligence targeting packages , '' said Attorney General William Barr at a Monday news conference .
He included Equifax alongside other cyberattacks that the Justice Department has attributed to the Chinese government , including the hack of more than 78 million records belonging to health insurer Anthem in 2014 .
The incident led to the loss of personal information belonging to 145 million people , mostly in the U.S. but also in Canada and Europe .
A Georgia grand jury returned charges that Wu @ @ @ @ @ @ @ and Liu Lei committed espionage , wire fraud and other computer crimes on behalf of China 's military , according to Justice Department officials Monday .
The U.S. Justice Department announced Monday that it has indicted four members of China 's military for the cyberattack against credit ratings agency Equifax in 2017 .
The investigation included years of painstaking research on just 30 IP addresses and a `` handful '' of malicious software tools used in the attack , which focused on a single department within Equifax that dealt with resolving credit disputes @ @ @ @ @ @ @ at the news conference .
Bowdich said that the information stolen in the breach still has never been used by those who took it , a mystery that has persisted since the breach and was first reported by CNBC last year .
After the initial breach was announced on September 7 , 2017 , law enforcement officials and investigators turned their attention to China 's military .
This was due in part to the fact that the Equifax data has never been found for sale on underground internet forums that usually involve the @ @ @ @ @ @ @ criminals who may use it to fraudulently obtain credit or tax return funds .
By naming Chinese military officials , the Justice Department is finally confirming which nation 's military they suspect was behind the incident , which ultimately led to enormous upheaval at Equifax .
The company 's CEO resigned , as well as its head of cybersecurity , Susan Mauldin , and Chief Information Officer Jun Ying .
Ying would later be sentenced to four months in prison for insider trading on the security incident before it was announced to the @ @ @ @ @ @ @ loss of $ 117,000 .
Bowdich praised Equifax for its cooperation with the investigation , calling the company a `` victim '' in the incident and emphasizing its transparency with law enforcement during the more than two-year probe .
But Equifax has also struggled with its response to the incident .
The company announced an approximately $ 400 million settlement in mid-2019 that would have granted anyone affected by the breach a modest cash settlement of $ 125 .
But the settlement funds were capped at $ 31 million , and the announcement @ @ @ @ @ @ @ Commission plea for consumers to take a credit monitoring option instead of cash because Equifax would likely run out of money to cover the payments .
Correction : David Bowdich is deputy director of the FBI .
An earlier version misspelled his name .


cnbc--2020-02-11--China's Xi Jinping has not been to Wuhan since the coronavirus outbreak. Why he may be keeping his d


cnbc--2020-02-11--Feds now want 'far less' prison time for Trump ally Roger Stone than 7-9 years they first suggested

Roger Stone , a former adviser to U.S. President Donald Trump , leaves the Prettyman United States Courthouse after a hearing February 1 , 2019 in Washington , DC .
A top federal prosecutor said a new legal filing Tuesday that Republican operative Roger Stone deserves to be sentenced to `` far less '' time in prison than the seven-to-nine year span that was first proposed Monday evening by prosecutors who had handled his trial .
The filing — which did not offer a new recommended sentence — came hours after both the Justice Department and President Donald Trump criticized @ @ @ @ @ @ @ by prosecutors as unduly harsh .
The first filing `` does not accurately reflect the Department of Justice 's position on what would be a reasonable sentence in this matter , '' wrote Timothy Shea , the U.S. Attorney for Washington , D.C wrote in the new sentencing memorandum .
Shea wrote that original sentencing recommendation by his prosecutors `` could be considered excessive and unwarranted under the circumstances . ''
Shea said that Stone `` committed serious offenses and deserves a sentence of incarceration that is 'sufficient , but not greater than @ @ @ @ @ @ @ said it should be up to Judge Amy Berman Jackson to determine the `` appropriate '' punishment for Stone , a longtime ally of Trump 's , when she sentences him next week in Washington federal court .
Shea wrote , `` While it remains the position of the United States that a sentence of incarceration is warranted here , '' the first sentence proposal `` would not be appropriate or serve the interests of justice in this case . ''
Justice Department spokeswoman Kerri Kupec told NBC News that the decision to @ @ @ @ @ @ @ sentencing recommendation was made Monday night , several hours before Trump blasted the original sentencing proposal on Twitter .
Trump had tweeted , `` This is a horrible and very unfair situation .
The real crimes were on the other side , as nothing happens to them .
Can not allow this miscarriage of justice ! ''
Stone , 67 , was convicted at trial last fall of crimes related to lying to Congress about his contacts with the document disclosure group WikiLeaks and pressuring an associate to endorse those lies .
Four @ @ @ @ @ @ @ the case earlier Tuesday afternoon after it became known that the Justice Department would direct that a lighter sentence be recommended for Stone .
A lawyer for Stone did not immediately respond to CNBC 's request for comment on the revised sentencing memo .
This is breaking news .
Check back for updates .

Roger Stone, a former adviser to U.S. President Donald Trump, leaves the Prettyman United States Courthouse after a hearing February 1, 2019 in Washington, DC.
A top federal prosecutor said in a new legal filing Tuesday that Republican operative Roger Stone deserves to be sentenced to "far less" time in prison than the seven-to-nine year span that was first proposed Monday evening by prosecutors who had handled his trial.
The filing — which did not offer a new recommended sentence — came hours after both the Justice Department and President Donald Trump criticized the initial proposal for Stone's punishment by prosecutors as unduly harsh.
The first filing "does not accurately reflect the Department of Justice's position on what would be a reasonable sentence in this matter," wrote Timothy Shea, the U.S. Attorney for Washington, D.C wrote in the new sentencing memorandum.
Shea wrote that original sentencing recommendation by his prosecutors "could be considered excessive and unwarranted under the circumstances."
Shea said that Stone "committed serious offenses and deserves a sentence of incarceration that is 'sufficient , but not greater than necessary. ' "
But he also said it should be up to Judge Amy Berman Jackson to determine the "appropriate" punishment for Stone, a longtime ally of Trump's, when she sentences him next week in Washington federal court.
Shea wrote, "While it remains the position of the United States that a sentence of incarceration is warranted here," the first sentence proposal "would not be appropriate or serve the interests of justice in this case."
Justice Department spokeswoman Kerri Kupec told NBC News that the decision to lower the recommended prison term for Stone sentencing recommendation was made Monday night, several hours before Trump blasted the original sentencing proposal on Twitter.


cnbc--2020-02-11--Trump says Pentagon should consider punishing impeachment witness Vindman

Lt. Col. Alexander Vindman , National Security Council Director for European Affairs , arrives to testify before the House Intelligence Committee in the Longworth House Office Building on Capitol Hill November 19 , 2019 in Washington , DC .
WASHINGTON — President Donald Trump said Tuesday that the Pentagon could look at disciplinary action against U.S. Army Lt. Col. Alexander Vindman , a key figure who testified in the Ukraine impeachment saga .
On Friday , Vindman , a former National Security Council staffer , was escorted out of his third-floor office across from the White House .
The Senate @ @ @ @ @ @ @ , abuse of power and obstruction of Congress , on Wednesday .
`` We 're going to have to see , but if you look at what happened , they 're going to certainly , I would imagine , they 're going to take a look at that , '' Trump said in the Oval Office on Tuesday , when he was asked whether the Defense Department would seek disciplinary action against Vindman .
`` He is over with the military , '' Trump added from the Oval Office .
`` We sent @ @ @ @ @ @ @ different location and the military can handle him any way they want , '' Trump said , referring to Vindman 's reassignment from the White House to the Department of the Army .
The Pentagon declined to comment on the president 's comments Tuesday .
Hours before Vindman was escorted from his office Friday , Trump had said of the Purple Heart recipient : `` I 'm not happy with him . ''
`` Do you think I 'm supposed to be happy with him ? ''
Trump asked reporters Friday .
`` @ @ @ @ @ @ @ , Defense Secretary Mark Esper was asked whether Vindman would be welcomed back to the department if he left the National Security Council , and what the Pentagon would do to ensure that he is `` not retributed against by the president or others ? ''
`` We welcome back all of our service members , wherever they serve , to the assignment they 're given , '' Esper said .
`` We protect all of our persons , service members from retribution or anything , anything like that . ''
Esper 's @ @ @ @ @ @ @ a memo to all Department of Defense employees and military personnel to `` uphold DoD 's longstanding tradition of remaining apolitical . ''

Lt. Col. Alexander Vindman, National Security Council Director for European Affairs, arrives to testify before the House Intelligence Committee in the Longworth House Office Building on Capitol Hill November 19, 2019 in Washington, DC.
WASHINGTON — President Donald Trump said Tuesday that the Pentagon could look at disciplinary action against U.S. Army Lt. Col. Alexander Vindman, a key figure who testified in the Ukraine impeachment saga.
On Friday, Vindman, a former National Security Council staffer, was escorted out of his third-floor office across from the White House. The Senate had acquitted Trump of two impeachment articles, abuse of power and obstruction of Congress, on Wednesday.
"We're going to have to see, but if you look at what happened, they're going to certainly, I would imagine, they're going to take a look at that," Trump said in the Oval Office on Tuesday, when he was asked whether the Defense Department would seek disciplinary action against Vindman.
"He is over with the military," Trump added from the Oval Office. "We sent him on his way to a much different location and the military can handle him any way they want," Trump said, referring to Vindman's reassignment from the White House to the Department of the Army.
National security advisor Robert O'Brien said Tuesday that there was "no retaliation" and Trump didn't instruct him to remove Vindman and his twin brother, Yevgeny Vindman, from their White House posts, according to reports.
The Pentagon declined to comment on the president's comments Tuesday.
Hours before Vindman was escorted from his office Friday, Trump had said of the Purple Heart recipient: "I'm not happy with him."
"Do you think I'm supposed to be happy with him?" Trump asked reporters Friday. "I'm not."
Earlier Friday, Defense Secretary Mark Esper was asked whether Vindman would be welcomed back to the department if he left the National Security Council, and what the Pentagon would do to ensure that he is "not retributed against by the president or others?"
"We welcome back all of our service members, wherever they serve, to the assignment they're given," Esper said. "We protect all of our persons, service members from retribution or anything, anything like that."
Esper's comments on Vindman came after he issued a memo to all Department of Defense employees and military personnel to "uphold DoD's longstanding tradition of remaining apolitical."


cnbc--2020-02-11--Confused by the Democratic primary race? Here's how candidates win delegates

With the Iowa caucuses in the books and the New Hampshire primary happening Tuesday , the race to rack up delegates in the contest for the Democratic presidential nomination is on .
Convention delegates are chosen based on voter preferences in the primaries and caucuses held in each state or U.S. territory .
The process sounds fairly simple : Delegates are chosen by the voters , and the candidate with the most delegates wins .
After Feb. 3 's Iowa caucuses , former South Bend , Indiana , Mayor Pete Buttigieg has a slight lead in the delegate count over @ @ @ @ @ @ @ that could change if Sanders , as expected , wins New Hampshire .
But this year 's race is turning out to be anything but simple .
Here 's how the Democratic delegate selection process will work : How many delegates does a candidate need to get the nomination ?
That depends .
If a candidate gets to July 's Democratic National Convention in Milwaukee with a simple majority of the pledged delegates , or at least 1,990 of the total of 3,979 , that candidate is the nominee .
Game over .
@ @ @ @ @ @ @ contested .
This is when the superdelegates start to matter .
Superdelegates are also known as automatic delegates , even though their support for a given candidate is far from automatic .
This group of 771 delegates is made up of Democrats in Congress , state and local party officials , Democratic governors and other party leaders , such as former presidents and vice presidents .
So if none of the candidates wins 1,990 delegates by July , the magic number to win becomes 2,376 — or just one vote more than half @ @ @ @ @ @ @ .
Then the delegates vote .
The superdelegates are barred from the first vote .
If that first vote does n't produce a clear winner , the superdelegates are then allowed to vote , presumably to prevent a stalemate .
What happens if none of the candidates gets a majority after all the delegates vote ?
If that happens , expect plenty of behind-the-scenes deal-making as support shifts among the delegates pledged to candidates that no longer seem viable .
Or the convention could settle on a compromise candidate who did n't even @ @ @ @ @ @ @ It 's been decades since multiple rounds of voting produced marathon conventions , but it could easily happen this summer .
In 1924 , the voting went more than 100 rounds before the Democrats settled on John W. Davis to run against the Republican incumbent , Calvin Coolidge .
We may know fairly soon , though , whether the party is headed for a splintered convention .
This year , the primary schedule is more heavily front-loaded than in the past .
Some two-thirds of the pledged delegates will be chosen by the @ @ @ @ @ @ @ delegates chosen ?
The pledged delegates are chosen directly by voters or indirectly in primaries or caucuses , where the delegate count is based more loosely on voter preferences .
Some states hold a state convention where the delegates are officially designated .
The superdelegates are chosen based on their party affiliation ; many of them hold an elected office .
How many delegates does each state get ?
The Democrats have a formula for that .
You start with a `` base '' of 3,200 delegates nationwide and then apportion those delegates @ @ @ @ @ @ @ votes Democrats cast in the last three elections , plus another share based on how many electoral votes each state gets .
Each state then gets `` bonus '' votes on top of that , based on things such as when they choose to schedule their caucus or primary .
You get bonus points if you pick a date that other states have picked , for example .
So the candidate who gets the most votes in a statewide caucus or primary gets the most delegates , right ?
Sort of .
The @ @ @ @ @ @ @ the superdelegates — are picked based on the vote totals in each congressional district or state legislative district .
Another batch , called at-large delegates , are chosen based on the total statewide vote .
A third group , about 15 % of the total , are called pledged PLEO delegates , which stands for Party Leader and Elected Officials .
They 're usually picked like the at-large group , based on overall state totals .
But do n't confuse the pledged PLEO delegates with those unpledged PLEO delegates , aka superdelegates , @ @ @ @ @ @ @ a contest .
The makeup of the superdelegate group can be hard to pin down .
That 's because the final list can change right up until they get to Milwaukee , as elected officials and party leaders come and go over the course of the campaign .
That 's for the states and Puerto Rico .
There are also six delegates assigned to American Samoa , Guam , Northern Mariana Islands and the Virgin Islands .
Democrats abroad get 12 at-large delegates and one superdelegate .
And the exact headcounts get even @ @ @ @ @ @ @ of rounding going on in these calculations .
You ca n't have a fractional delegate .
What if a delegate ca n't make it to the convention ?
What if the delegates who go to the national convention do n't vote the way they 're supposed to ?

With the Iowa caucuses and Tuesday's New Hampshire primary now wrapped up, the race to rack up delegates in the contest for the Democratic presidential nomination is on. After a strong showing in New Hampshire, former South Bend, Indiana, Mayor Pete Buttigieg has a slight lead in the delegate count over Sen. Bernie Sanders, I-Vt. Convention delegates are chosen based on voter preferences in the primaries and caucuses held in each state or U.S. territory. The process sounds fairly simple: Delegates are chosen by the voters, and the candidate with the most delegates wins. But this year's race is turning out to be anything but simple. Here's how the Democratic delegate selection process will work:
How many delegates does a candidate need to get the nomination?
That depends. If a candidate gets to July's Democratic National Convention in Milwaukee with a simple majority of the pledged delegates, or at least 1,990 of the total of 3,979, that candidate is the nominee. Game over. If not, the nomination is considered contested. This is when the superdelegates start to matter. Superdelegates are also known as automatic delegates, even though their support for a given candidate is far from automatic. This group of 771 delegates is made up of Democrats in Congress, state and local party officials, Democratic governors and other party leaders, such as former presidents and vice presidents. So if none of the candidates wins 1,990 delegates by July, the magic number to win becomes 2,376 — or just one vote more than half of all delegates, including the superdelegates. Then the delegates vote. The superdelegates are barred from the first vote. If that first vote doesn't produce a clear winner, the superdelegates are then allowed to vote, presumably to prevent a stalemate.
What happens if none of the candidates gets a majority after all the delegates vote?
If that happens, expect plenty of behind-the-scenes deal-making as support shifts among the delegates pledged to candidates that no longer seem viable. Or the convention could settle on a compromise candidate who didn't even come close on the first round. It's been decades since multiple rounds of voting produced marathon conventions, but it could easily happen this summer. In 1924, the voting went more than 100 rounds before the Democrats settled on John W. Davis to run against the Republican incumbent, Calvin Coolidge. We may know fairly soon, though, whether the party is headed for a splintered convention. This year, the primary schedule is more heavily front-loaded than in the past. Some two-thirds of the pledged delegates will be chosen by the end of March.
How are the delegates chosen?
The pledged delegates are chosen directly by voters or indirectly in primaries or caucuses, where the delegate count is based more loosely on voter preferences. Some states hold a state convention where the delegates are officially designated. The superdelegates are chosen based on their party affiliation; many of them hold an elected office.
How many delegates does each state get?
The Democrats have a formula for that. You start with a "base" of 3,200 delegates nationwide and then apportion those delegates to each state based on how many votes Democrats cast in the last three elections, plus another share based on how many electoral votes each state gets. Each state then gets "bonus" votes on top of that, based on things such as when they choose to schedule their caucus or primary. You get bonus points if you pick a date that other states have picked, for example.
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So the candidate who gets the most votes in a statewide caucus or primary gets the most delegates, right?
Sort of. The bulk of the pledged delegates — not the superdelegates — are picked based on the vote totals in each congressional district or state legislative district. Another batch, called at-large delegates, are chosen based on the total statewide vote. A third group, about 15% of the total, are called pledged PLEO delegates, which stands for Party Leader and Elected Officials. They're usually picked like the at-large group, based on overall state totals.
But don't confuse the pledged PLEO delegates with those unpledged PLEO delegates, aka superdelegates, who don't vote unless there's a contest. The makeup of the superdelegate group can be hard to pin down. That's because the final list can change right up until they get to Milwaukee, as elected officials and party leaders come and go over the course of the campaign. That's for the states and Puerto Rico. There are also six delegates assigned to American Samoa, Guam, Northern Mariana Islands and the Virgin Islands. Democrats abroad get 12 at-large delegates and one superdelegate. And the exact headcounts get even trickier, because there's a lot of rounding going on in these calculations. You can't have a fractional delegate.
What if a delegate can't make it to the convention?
No problem. Each state picks alternate delegates who stand in for absent delegates. They're still pledged to the same candidate as the regular delegate. Unless they're superdelegates, of course, who don't vote unless the convention is contested.
What if the delegates who go to the national convention don't vote the way they're supposed to?