what other evidence did the intelligence court rely on in finding probable cause to issue the warrant? The memo doesn’t say. What about the court’s rationale for issuing three separate extensions, each of which required investigators to present new evidence beyond the dossier?
.. Was any significant piece of information in the dossier found to be inaccurate? The memo doesn’t say.
.. You know what would help to answer questions like these? Even more transparency. It would be useful, for instance, if we could see all of the supporting evidence in the warrant application — with necessary redactions, of course, to protect sources and methods.
.. Also helpful would be the 10-page response memo prepared by Representative Adam Schiff, the committee’s ranking Democrat, who, unlike Mr. Nunes, has actually seen the intelligence underlying the application.
.. investigators did in fact tell the court that the dossier was politically motivated.
.. Since the Republicans are now on board with greater transparency, they will no doubt push President Trump to release his tax returns
.. How about the White House visitor logs
.. Or, say, the names of all foreign governments and officials who have stayed — at their own or at American taxpayers’ expense — at Mr. Trump’s Washington hotel, at his Mar-a-Lago resort in Florida or at his golf courses and his other businesses
.. Or the names of every foreign business with which the Trump Organization has a financial relationship, especially in countries where America has sensitive foreign policy interests, like China, India, Russia, Turkey or Saudi Arabia?
Behind Iran’s protests, anger over lost life savings and tightfisted budgets
The unnamed woman is one of countless Iranians who say their savings have been wiped out by the collapse of fraudulent businesses and unlicensed credit institutions in recent years. Economists are now pointing to the abrupt closure of these poorly regulated institutions as laying the foundation for the unrest that struck Iran starting in late December.
.. “Banks are shutting down without any kind of notice, and it’s creating a huge political and economic backlash at a local level,” said Suzanne Maloney, senior fellow on Middle East policy at the Brookings Institution.
.. it seems to have tapped into a deep sense of alienation and frustration, that people aren’t just demonstrating for better working conditions or pay, but insisting on wholesale rejection of the system itself.”
.. the average budget of Iranian households declined by 15 percent from 2007 — when the U.N. Security Council adopted some of its toughest sanctions on Iran — to 2016.
.. Iranian President Hassan Rouhani, a relative moderate who was reelected to a second term in May, has carried out a program of fiscal austerity. It has brought down inflation but hurt job growth
.. Rouhani has also imposed what Salehi-Isfahani called “regressive policies,” such as raising energy prices while shrinking cash transfers that the poor use to pay for essential items.
.. Other new policies have favored businesses and the middle class, whose members predominantly reside in the capital, Tehran
.. Iran has seen a “divergence in living standards (measured by per capita expenditures) between Tehran on one side and the rest of the country on the other
.. The budget envisioned steep cuts for cash subsidies to the poor, while increasing fees for things like vehicle registration and traveling abroad.
.. Rouhani’s budget was also notable because it was the first time the government made public the funds allocated to Iran’s wealthy religious foundations — as well as its powerful military and paramilitary forces.
.. The disclosure of an $8 billion budget for the Revolutionary Guard Corps, Iran’s most influential security body, prompted sharp criticism from protesters who objected to government spending on Iranian involvement in regional wars, including in Iraq and Syria.
.. Religious foundations, many of which are tax exempt, also got a boost in the new budget, including, for example, a 20 percent increase for representatives of the supreme leader, Ayatollah Ali Khamenei, posted at Iran’s universities.
.. Rouhani sold the nuclear deal to Iranians as crucial for reviving the ailing economy. Iranians have been disappointed that growth has not been faster, including 74 percent who said in July that there had been no economic improvement as a result of the deal
Why Are Mutual Fund Fees So High? This Billionaire Knows
Mr. Baron’s mutual funds charge some of the higher investment fees around, and the fees have held steady despite a $1 trillion exodus out of old-school mutual funds into cheaper, better performing rivals that track a variety of indexes and investment styles.
In a global economy where competition and Amazonian price destruction have forced companies to cater to cost-wary customers, the mutual fund industry is a rare outlier. Fees on most actively managed mutual funds, which house the retirement savings and other assets of millions of Americans, have barely budged.
The reasons for that — quiescent mutual fund boards, complacent investors and a general unwillingness to call a halt to one of the great gravy trains in financial history — are all visible inside Mr. Baron’s fund family.
.. An old-fashioned stock picker, Mr. Baron achieved renown in the 1990s and the 2000s for successfully betting on small companies.
.. Mr. Baron, 74, is perhaps best known for his annual investment conference, now held at the Metropolitan Opera House at New York’s Lincoln Center and in its 26th year. Mixing rock stars, pop entertainment (Barbra Streisand and Paul McCartney have performed in the past), patriotism (this year celebrated the 100th anniversary of President John F. Kennedy’s birth) and triumphant chief executives, the gala is a giddy ode to American capitalism
.. Mr. Baron is unapologetic about the high fees. He argues that his skills and experience — and the arduous task of researching small growth companies — justify the fees.
.. “Since inception, 98 percent of our funds have beaten their benchmark,” he said in an interview. “If you want the lowest fee, you should not invest with us.”
.. But if you want to bet on American growth stocks, “you can double your money in 10 years,” he said. He frequently sticks with his top picks for decades.
.. Mr. Baron believes that the true measure of his success is performance since his fund’s launch in 1994.
.. Industry experts say there are several reasons that active mutual fund fees have not succumbed to broader pricing trends in the economy.
.. The first is their power. While more than $1 trillion has left higher-fee funds in favor of passive competitors, that still leaves some $10 trillion. That generates about $100 billion in fees for fund companies. And it suggests they don’t need to cut fees to retain assets.
.. With funds’ multiple share classes, varying structures and oceans of boilerplate, even sophisticated investors may not realize they are paying up for a laggard.
.. allege that trustees are not pushing hard enough for lower fees.
.. At the Baron fund family, the fee oversight is complicated by the fact that Mr. Baron, the largest shareholder in the investment company and the manager of its largest fund, has a financial incentive to keep fees high.
.. “Compensation based on fees is worrisome,”
.. “Kicking and scratching is unlikely to lower fees but certainly will antagonize the manager, which is the one institution that can arrange for the trustees’ dismissal. Besides, trustees will tell themselves, if a fund’s fees really are too high, the market will sort things out and investors simply won’t invest in the fund.”
.. In 1982, after a stint as a Wall Street analyst, he founded his investment firm.
His timing was perfect. It was the start of a bull market, and he developed an expertise in picking small companies that would grow into big ones such as Charles Schwab, Vail Management Company and Tesla.
.. It was the heyday of the individual stock picker. Peter Lynch at Fidelity and Bill Miller at Legg Mason gained cultlike followings
.. his annual investor gala, which he pays for himself, that defines him. Onstage, he cultivates a grandfatherly mien, bragging about how much money the chief executives of his portfolio companies made for Baron shareholders. His chief maxim is “We invest in people,” and he treats management as family.
.. he offered to connect her with his longtime tax lawyer. “It’s incredible what he has done,” Mr. Baron said
Ousting an Accused Harasser Wasn’t Enough. Ad Agency Staff Wanted to Know Why
Amid a national movement to root out sexual harassment in the workplace, the Martin Agency’s situation highlights the potential backlash that can await companies that try to remove alleged harassers without giving an accounting of their alleged misconduct. Such abrupt exits can leave employees feeling their employers have failed to police wrongdoing.
.. Advertising has long had a reputation as an industry where sexual harassment is rampant.
.. Still, the Martin Agency controversy has created shock waves—in part because the firm, known for crafting slogans like “Virginia is for Lovers” and characters like the Geico Gecko, was widely understood to be a collegial place to work with a family-like culture.
“If it can happen at the Martin agency, then Lord knows, it happens everywhere else,”