Vivek Ramaswamy hits out at political fundraising oligarchy

Vivek Ramaswamy hits out at political fundraising oligarchy

As a biotech entrepreneur, investor and conservative activist, Vivek Ramaswamy stands apart from seasoned politicians who are also seeking the Republican presidential nomination.

with the plan he announced on Monday – in which fundraisers will get 10 percent of what they drum for him Mr. Ramaswamy told DealBook that he is now trying to shake the business of politics as well.

how it works: The system, called “Conscience’s Kitchen Cabinet,” would give participants a personal link they could share with others, and the campaign would pay them as independent contractors.

Mr. Ramaswamy said he was aiming at a political parameter. After announcing his candidacy in February, he said he had met with professional fundraisers who promised they could find wealthy donors in Palm Beach, Florida, Silicon Valley and Wall Street.

He was not impressed with her work, he said, but found her fee structure interesting, in which she is paid up to 20 percent of the money donated by donors. This got him thinking about disrupting the model: “Whenever there is an oligarchy, there is a need and an opportunity to break it,” he said.

It’s a new way to attract support, Because it goes against how candidates traditionally spend money to get donors. (Most campaigns will spend heavily on marketing to attract donors, although Republican candidate Doug Burgum is trying something different.) $20 gift card distribution.) News coverage of the plan may also help raise awareness about Ramaswamy, who is currently about 4 percent turnout,

It is not necessary for Mr. Ramaswamy to attract more donors to qualify for the first Republican presidential debate — he told DealBook that he has already collected about 65,000, which is more than the 40,000 minimum. But it may help him reduce the need to self-fund his campaign, which he has. Over $10.5 Million Awarded In loans and contributions till the first quarter.

Is it legal? Campaign finance experts told DealBook that the plan doesn’t appear to raise any legal issues. Ramaswamy said that the Federal Election Commission has investigated it.

But some experts see other problems as well. For example, supporters can pressure and coerce others in their networks to give to a candidate, according to Sourav Ghosh, director of campaign finance reform at the advocacy group Campaign Legal Center and former FEC enforcement attorney. (Some people on social media have jokingly compared it to multilevel marketing campaign,

China is reportedly planning to introduce stricter regulations for artificial intelligence. Beijing officials will force companies developing AI services to get license According to The Financial Times, before releasing its products to the public. Regulators are seeking a balance between controlling content while allowing domestic tech companies to innovate.

Foxconn exits $19.5 billion chip venture in India. The electronics giant said this will not proceed With plans to partner with conglomerate Vedanta to build a factory in Gujarat. decision is one Blow to India’s efforts To become a chip-making hub and satisfy the desires of Apple and others to diversify their supply chains away from China.

Tucker Carlson’s Twitter show just isn’t catching on with its audience. There are scenes of his broadcast on social networks fell by 85 percent since their debut last month. That’s bad news for Carlson, who relied on his strong viewership at Fox News to keep his Twitter show going after the network fired him this spring.

Hollywood is facing the prospect of a second attack. The actors are set to join the strike with the writers if their union, SAG-AFTRA, doesn’t reach an agreement with the studios by midnight Wednesday. Another strike could shut down Hollywood entirely, disrupting local communities dependent on film and TV production. At issue are disagreements over streaming payments and the use of artificial intelligence.

Just a month after taking over as CEO of the social media platform, Linda Yacarino has to deal with a major new rival, unpopular limits imposed on power users and the unpredictability of Elon Musk. It hasn’t been an easy start by any means.

He has set himself a difficult task. Ms. Yacarino, former head of advertising at NBCUniversal, aims to Repairing relations with Madison Avenue is no small feat in the midst of a global advertising slump. She has a strong reputation on her side: “Linda was a good fit and as long as she has the freedom to do what she needs, she was the right fit,” advertising czar Martin Sorel told DealBook last week.

But many suspect Twitter’s owner will be reluctant to give up control. Indeed, Mr Musk hasn’t made things any easier for Ms Yacarino by tweeting teen material and apparently neglect to copy over his threat to sue Meta’s rival short-messaging platform Threads. (Referring to Ms. Yacarino, Columbia Journalism School professor Bill Gruskin tweeted that she “trying to think of a worse career decision,

A request for comment from Twitter’s PR team was answered with an auto-reply of the poop emoji.

And the threads keep on growing. The Twitter competitor has now crossed 100 million users, setting a record for an app to reach that milestone. Evercore ISI analysts estimate that Threads Meta could grow to $8 billion in annual revenue by 2025, It’s worth noting that there are currently no ads in Threads.

Its growth appears to be costing Twitter: traffic to Twitter’s website fell 5 percent week-over-week in the first two days of the thread’s existence. According to the Wall Street Journal, Citing SimilarWeb.

Ms. Yacarino attempted to unite the Twitter faithful. “Twitter, you really outdone yourself!” she posted on monday, “Last week we had our biggest usage day since February. There is only one Twitter. You know it. I know it. ” (said this, the technical journalist Casey Newton expressed doubts of his claim.)

Americans’ spending on cars, airline tickets and hotel stays appears to be cooling off. Markets are waiting anxiously to see whether that moderation will emerge in Wednesday’s consumer price index reading.

what to watch: Economists polled by Bloomberg expect the headline inflation number to drop to 3.1 percent, a steep decline from last July’s 9 percent. (That said, more frugal consumers may be upset Amazon’s Annual Prime Day Shopping Bonus, starting today.)

But progress is expected to be tough from here. Core inflation, which does not include more volatile food and fuel prices, is forecast to fall to 5 percent, well above the Fed’s 2 percent target. In an investor note on Monday co-written by Goldman Sachs chief economist Jan Hatzius, the firm said it expects more gradual progress in fighting inflation in the coming months, but not until 2025 when core inflation falls below 3 percent. .

The Fed is still worried about inflation. On Monday, three officials said that further hike in interest rates is needed to bring down prices. “Inflation is our number 1 problem,” said Mary Daly, president of the San Francisco Fed and a non-voting member of the central bank. she added that she believes two more rate hikes This year was needed.

The futures market is betting on that too, Pricing has risen by a quarter-percentage-point at this month’s Fed rate-setting meeting and, increasingly, there are fears of another hike this fall.

But uncertainty over inflation, as well as concerns about a recession and slowing labor market, have some on Wall Street warning that The S&P 500 is overvalued And that the stock is getting sold off. (Investors will keep an eye on corporate earnings reports starting this week for more clues about how the business is faring.)

, Ron Pricesaid the COO of the PGA Tour in a preview of his testimony today before the Senate Permanent Subcommittee on Investigations about the proposed tie-up with the Saudi-backed LIV Golf Circuit. Price said there would be no changes at the PGA Tour CEO or board level when the framework deal moves forward.

The Fed’s top banking supervisor, Michael Barr, on Monday outlined key parts of his plan to update rules in the wake of the regional lender crisis that was prompted by the collapse of Silicon Valley Bank this spring.

These include tougher capital requirements to make banks more resilient in turbulent times – but the financial industry is warning these proposals will go too far.

Mr. Barr wants banks to hold more capital reserves, An additional $2 for every $100 of risk-weighted assets, he said in a speech. It wants to extend its tougher rules to all institutions with $100 billion or more in assets; The strictest requirements currently apply only to lenders that are internationally active or have at least $700 billion in assets.

This, he said, is a recognition of “gaps in existing regulations” because even medium-sized lenders — which are more lightly regulated — can pose a threat to the US financial system.

The banks are threatening a fight. It appears Washington and Wall Street are surprised by how tough Mr Barr is: “It’s certainly meaty,” Ian Katz, an analyst at Capital Alpha, told The Times.

But industry figures say tougher restrictions will come with a price. “Increasing capital requirements for the largest US banks will raise the cost of borrowing and lead to less credit for consumers and businesses,” said Kevin Frommer, head of the banking group Financial Services Forum.

The rules haven’t been decided yet. Next is a period of public comment. If the Fed’s board approves, it will still take time for the rules to be implemented.


  • Berkshire Hathaway will buy control of Liquefied Natural Gas Export Project in Maryland for $3.3 billion. (Bloomberg)

  • Banks including Citigroup, HSBC and JPMorgan Chase are said to be scouting for potential investors for the giant Syngenta’s $ 9 billion IPO In China, which is expected to be the biggest market launch this year. (Bloomberg)

  • Morgan Stanley has reportedly said hired Marco Caggiano, head of North American mergers at JP Morgan, as vice president of M&A. (Reuters)


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