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It’s tempting for New York City to greet last week’s Sixth Avenue killing of UnitedHealthcare chief Brian Thompson with macabre relief: It’s never good to have someone fatally shot in the street, but at least this crime wasn’t yet another “random” attack. The poor guy, whether for a personal, business, or ideological reason, could have been targeted anywhere . Wrong: Put in context, it’s yet another blow for a fragile Gotham. Yes, New York, as a high-profile global magnet for superstars and business and political leaders, has always had more than its fair share of assassinations: John Lennon, Meir Kahane. But each such incident must be seen in its context. Is a particular assassination just another bullet point of lawlessness in a dangerous, unpleasant city, or is it an aberration in an otherwise safe, pleasant city? When Lennon was killed, in 1980, Gotham had 1,814 murders; as for broader felonies, The New York Times called it the “the worst year of crime in New York City history.” In 1990, when Kahane was killed, the city had gotten even worse: 527,257 felonies, including 2,262 murders. Nobody was safe, so why should important people be any different? After 1990, crime, including murder, steadily fell until 2019. Now, Thompson’s sidewalk murder in the heart of Midtown punctuates nearly five years of rising crime and disorder. After nearly three decades of sure decline, murder rose 53% between 2019 and 2021, the highest such rise in such a short time on record. Murder is still 14% above 2019 levels, and there’s no sign we’ll get back there anytime soon. Felonies are 30% higher than in 2019. And random chaos reigns: Thompson’s killing came barely two weeks after Ramon Rivera, sprung on no-bail supervised release on a recent theft charge, after having just served a months-long sentence in Rikers for repeat thefts and burglaries, stabbed three stangers to death across core Manhattan. And Thompson’s killing came the day before one teenage migrant fatally stabbed another, also in core Manhattan — a five-minute walk from City Hall Park, a place generally teeming with armed officers. Murder in the southern half of Manhattan , including Midtown and downtown, with 23 killings so far this year, is 80% higher than the average annual total between 2015 and 2019. In the 2010s, with crime steadily falling and the city’s streets feeling generally safe, the fact that a masked man could shoot an executive right in front of a marquee Midtown hotel as the sun is rising might have been dismissed as an aberration. Plus, the perpetrator was masked. Until early 2020, the video of a masked perpetrator would have seemed jarring, out of place in New York. Now, men on mopeds and e-bikes whiz by us fully masked every day — and not because of the weather or COVID. Even the sight of a fully masked man lurking in the alley between Sixth and Seventh avenues does not arouse suspicion, at least no more than we’ve all learned to walk around with over the past half-decade. There’s another reason why the Thompson killing is a bad sign for New York: The open-air execution of a top executive has spurred the finance and business world to beef up security. They don’t know yet if the Thompson killing is a one-off, or the start of a terror campaign against CEOs. Tight security is not easy in a dense city like New York. Yes, hotel conferences can scan attendees’ badges, and more executives can travel around in SUVs with blacked-out windows straight into hotel and business garages. But this type of security isn’t ironclad: Most hotels are still relatively open spaces, allowing for people to meet in lobbies and restaurants, and many older office buildings and private residences don’t have door-to-door garage access. Nor is this type of security convenient: There’s a reason why the myth used to be that millionaires and paupers alike ride the subway. If the level of security you need dictates that you never enter a crowded, or even uncrowded, space with any strangers — that you literally cannot cross the street from one hotel sidewalk to another without risking your life — then New York is not the place for you. Your business is better off setting up shop, or holding conferences, on a car-based suburban campus where you can easily control and monitor access. That’s not New York’s fault, just as 9/11, which caused businesses to briefly rethink skyscraper life, was not New York’s fault. But failing to control things within our control — the general level of crime and disorder — means that the things we can’t control have a worse impact: It’s not one thing or another, but all of them at once. Nicole Gelinas is a contributing editor to the Manhattan Institute’s City Journal.Idaho's James-Newby named Buck Buchanan Award finalist
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Share pledging, where corporate insiders uses shares as collateral for personal loans, has been at the heart of several high-profile corporate scandals in recent years. One of the most notorious cases was the . From 1999 to 2002, the U.S.-based telecom company inflated profits to maintain its stock price. The scandal was largely driven by the on his pledged shares. A similar scenario unfolded in China when Leshi Internet Information and Technology and its founder, Jia Yueting, committed from 2007 to 2016. Yueting had pledged 97 per cent of his shares to secure funding for his U.S.-backed company, Faraday Future. To look deeper at this issue, , since Chinese controlling shareholders predominately pledge their shares. Our research found a trouble connection between share pledging by controlling shareholders and the likelihood of corporate misconduct. Our research found that when controlling shareholders engage in pledging, it increases the probability of corporate misconduct. This relationship held true across various types of misconduct and persisted regardless of the severity of penalties imposed. Share pledging Corporate insiders frequently pledge their shares as collateral to secure loans for personal investments and other private benefits. In the U.S., , and the average pledging ratio reached 37 per cent in 2012. A notable example is Elon Musk, CEO of Tesla, who . The trend like Australia, Hong Kong, Singapore and the United Kingdom. In western Europe, pledging is common in a number of countries, including Austria, France, Germany, Ireland, Italy, Norway, Portugal and Spain, and among others. In developing markets like India and Taiwan, between 35 and 50 per cent of publicly listed firms have controlling shareholders who pledge shares. In China, 66 per cent of controlling shareholders pledged their shares between 2003 and 2017, with from RMB$26.22 billion (Chinese Yuan) in 2003 to RMB$2.9 trillion in 2017. , which typically hold at least 50 per cent of voting shares, have significant power over firms. Minority shareholders, on the other hand, receive poor legal protection under concentrated corporate ownership. Concentrated ownership is , particularly in East Asia where . Impacts of deregulation A pivotal shift occurred on May 24, 2013, when the Shanghai and Shenzhen Stock Exchanges, along with the China Securities Depository and Clearing Corporation, through the stock exchange trading system. Before this, share pledging was limited to banks and trusts operating in the over-the-counter market. by offering lower interest rates, fewer restrictions on loan usage and faster approvals. While the deregulation did not target misconduct by securities firms, it created a unique environment for analyzing the causal link between share pledging by controlling shareholders and corporate misconduct. This is what our research looked at. We found that firms located in Chinese provinces with more securities firms (treatment firms) were expected to have greater access to share pledging compared to firms in provinces with fewer securities firms (control firms). Our results confirmed that firms with pledging controlling shareholders were more likely to engage in misconduct following the 2013 deregulation. Prior to 2013, treated and control firms showed no significant differences. However, from 2015 onward, firms in provinces with more securities firms demonstrate an increased likelihood of misconduct compared to firms in provinces with fewer securities firms. This relationship was primarily driven by factors such as financial constraints, stock price inflation, avoidance of margin calls (demands from a broker to fund one’s margin account), and expropriation under weak corporate governance. Factors like political connections, share repurchases and increased bank monitoring didn’t contribute to the link between share pledging and corporate misconduct. Building better financial systems Although our study is based on data from China, its findings offer critical insights for countries beyond its borders. The findings are particularly relevant for countries in Asia, western Europe, and Latin America . The study’s conclusions also hold significance for North America, where financial institutions like pension funds and mutual funds invest portions of their portfolios in emerging markets. For instance, the and . The Canada Pension Plan Investment Board reported that was invested in China in March 2024. These institutions should consider governance risks associated with share pledging when developing their investment strategies. For regulators, our study underscores the importance of monitoring the growing influence of share pledging and its potential to exacerbate corporate misconduct. Weak governance structures can allow controlling shareholders to exploit the system, and strengthened oversight and tailored regulations are needed to alleviate these risks. Institutional and retail investors can likewise benefit from the study’s findings, using them to make investment decisions from the perspective of corporate governance. As markets become increasingly integrated, the importance of assessing governance risks associated with share pledging grows. Our research serves as a vital resource for policymakers and regulators who want to maintain ethical, robust financial systems. To remove this article -
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EFFINGHAM — Below are girls basketball results from around the area from Tuesday through Thursday. Effingham (St. Anthony) 71 - Sandoval 44 The St. Anthony Bulldogs defeated Sandoval, 71-44, in a non-conference game at Sandoval High School. St. Anthony led 19-9 after the first quarter, 39-21 at halftime, and 51-31 at the end of the third quarter. The Bulldogs outscored the Lady Blackhawks 20-13 in the fourth. Nancy Ruholl had 26 points, five rebounds, and nine steals for St. Anthony (2-0). Addi Nuxoll had 14 points and six rebounds. Alisyn Kollmann had eight points. Lilly Gannaway had 10 points, six steals, and five assists. Adysen Rios had six points, seven steals, and six rebounds. Addie Lauritzen had five points and Aubrey Denning had two. Cowden (C.-Herrick)/Beecher City 48 - Greenfield/Palmyra (Northwestern) 29 The Cowden-Herrick/Beecher City Bobcats defeated Greenfield/Palmyra (Northwestern), 48-29, in the Nokomis 2nd Annual Tip-Off Classic. CHBC led 15-12 after the first quarter, 24-16 at halftime, and 40-20 at the end of the third. The Lady Tigers outscored the Bobcats 9-8 in the fourth. Haley Doty had 17 points, six rebounds, three steals, and two assists for CHBC (1-0). Macee Rodman had 15 points, seven rebounds, and two assists. Averie Vaughn had 10 points, four rebounds, three steals, and two assists. Ellie Miller had four points, three rebounds, five steals, and two assists. Ryleigh Sarver had two points. Ethel Stuckmeyer had five rebounds. Carissa Wakefield had four rebounds and one blocked shot and Adelyn Musson had one blocked shot. Albion (Edwards County) 62 - Toledo (Cumberland) 59 The Cumberland Lady Pirates fell to Albion (Edwards County), 62-59, in a non-conference game at Edwards County High School. The Lions led 14-11 after the first quarter, Cumberland led 30-28 at halftime, and Edwards County led 45-38 at the end of the third. The Lady Pirates outscored the Lions 21-17 in the fourth. Raegan Jones had five points, three rebounds, and one steal for Cumberland (0-2). Jude Miller had 20 points and one rebound. Jade Carr had four points and three rebounds. Ava Long had four points and four rebounds. Suzy Fritts had 24 points, two rebounds, and three steals and Alysa Dittamore had two points, eight rebounds, and three steals. Brownstown/St. Elmo 53 - Litchfield 42 The Brownstown/St. Elmo Bombers defeated Litchfield, 53-42, in a non-conference game at Litchfield High School. BSE led 14-12 after the first quarter, 24-17 at halftime, 36-33 at the end of the third. The Bombers outscored the Lady Panthers 17-9 in the fourth. Dayana Haslett let BSE (2-0) with 35 points. Madi Miller had 13. Presley Williams and Jaydin Huddlestun each had two, and Addie Sasse had one. Louisville (North Clay) 50 - Farina (South Central) 42 The North Clay Lady Cardinals defeated the South Central Lady Cougars, 50-42, in a National Trail Conference game at North Clay High School. North Clay led 17-14 after the first quarter, South Central led 26-23 at halftime, and the Lady Cardinals led 34-33 at the end of the third. North Clay outscored the Lady Cougars 16-9 in the fourth. Avery Romack and Sydney Kincaid each had five points for the Lady Cardinals (2-0, 1-0 National Trail). Matia Price had 16. Violet Price, Emerson Thompson, and Autumn Phillips each had four and Ava Fleener had 10. Perci Reid had two points for South Central (1-1, 0-1 National Trail). Addie Conant and Lorelai Rose each had eight. Baylee Brown had 19 and Kennah Hiestand had seven. Louisville (North Clay) 60 - Oblong/Palestine-Hutsonville 50 The North Clay Lady Cardinals defeated Oblong/Palestine-Hutsonville, 60-50, in a non-conference game at Palestine High School. North Clay (1-0) had no further information on the game.
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