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<ul class="summary-list"><li>With Trump's victory and upcoming GOP control of the Senate, the Supreme Court looms large.</li><li>Trump appointed a third of the current Supreme Court in just one term.</li></ul>During Donald Trump's first term as president, he appointed three justices to the Supreme Court, giving it a 6-3 conservative supermajority.His Supreme Court appointees — Neil Gorsuch, Brett Kavanaugh, and Amy Coney Barrett — later voted to <a target="_blank" class="" href="https://www.businessinsider.com/supreme-court-abortion-decision-final-ruling-scotus-roe-v-wade-2022-6">overturn</a> Roe v. Wade, which for nearly 50 years had afforded women a constitutional right to an abortion.With Trump having <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-wins-presidential-election-race-2024-11">won a second term</a> in office, he now has the potential to further shape the court in ways that no other president has done in modern times.<h2 id="52e7d3b8-38b3-4103-addf-05a14a7d9c87">Trump's second term gives Thomas and Alito a chance to retire</h2><a target="_blank" class="" href="https://www.businessinsider.com/republicans-win-senate-election-majority-election-2024-11">Republicans won a majority in the US Senate</a> alongside Trump's victory, which means that they'll be working in tandem should a vacancy arise on the court in Trump's second term.Associate Justices Clarence Thomas, 76, and Samuel Alito, 74, are two of the most stalwart conservatives on the Supreme Court. And while there's always a chance that a justice can step down from their post, both Thomas and Alito have been institutions on the court for years.Thomas was nominated to the court by Republican President George H.W. Bush and has served on the body since 1991. Meanwhile, Alito was nominated by Republican President George W. Bush and took his seat on the court in 2006.There's no indication that either man is retiring from the bench. But Republicans will be in the driver's seat to make an appointment should either man step down over the next four years.Peter Loge, an associate professor and the director of the School of Media and Public Affairs at George Washington University, told Business Insider that Thomas is a figure who might step down."If I'm Clarence Thomas, I'm thinking now is a good time to retire," he said. "He's been on the court for a long time. His legacy is frankly mixed at this point between his wife's involvement with the insurrection in 2020 and his ongoing ethics scandal."(Thomas has faced a wave of criticism after <a target="_blank" href="https://www.propublica.org/article/clarence-thomas-scotus-undisclosed-luxury-travel-gifts-crow">ProPublica in April 2023 published</a> a report that detailed how he had taken luxury vacations funded by the billionaire mega donor Harlan Crow — and had not disclosed the trips.)<h2 id="e08ad357-0202-444a-9550-87693e9d2b8c">Or the court's makeup could stay the same</h2>While Trump will surely want to make another Supreme Court appointment, his ambitions may not necessarily align with the feelings of the justices themselves.<div type="image" title="Clarence Thomas" height="1080" width="1920" msid="115031465" hostid="261" sizebytes="62842"></div>Carl Tobias, a professor at the University of Richmond School of Law, told BI that it's far from a given that any particular judge — even one with a like-minded political ideology — will step down because of Trump's election."I think they're independent-minded and they're not just going to resign because of Trump," he said. "They like what they're doing."Tobias also noted that <a target="_blank" class="" href="https://www.businessinsider.com/election-results-trump-harris-presidential-election-2024-11">the extent</a> of the GOP's Senate majority — which is still up in the air — could make a big difference in what kind of jurist could actually win confirmation."Best-case scenario it may be 55-45 but more like 52-48 or something like that," he said of the eventual Republican Senate makeup. "So they're not going to be able to do everything they want, and there are people like Lindsey Graham and [Susan] Collins and [Lisa] Murkowski who may not go along on someone that's too crazy."<h2 id="b2c291bb-c313-447a-9514-9937c508fb69">Sweeping reforms won't occur</h2>Many top Democrats have long eyed changes to the Supreme Court, whether it be expansion or some sort of ethics reform.Biden this year laid out a plan to institute a <a target="_blank" class="" href="https://www.businessinsider.com/how-the-supreme-court-has-lost-its-legitimacy-2024-10">binding code of conduct</a> for the court and create 18-year term limits for justices. He also wanted to see lawmakers pass a constitutional amendment that would limit presidential immunity.But with Trump soon to be back in the White House and a Republican-led Senate on the way, those plans are on ice indefinitely.The GOP sees the current composition of the court as the fruit of decades of work to ensure a conservative tilt. Leaders like Sen. Mitch McConnell of Kentucky over the years have criticized Democratic attempts to reform the court/McConnell played a leading role in blocking the 2016 nomination of <a target="_blank" class="" href="https://www.businessinsider.com/senate-confirms-merrick-garland-attorney-general-2021-2">Merrick Garland</a> — now the US Attorney General — to the Supreme Court. At the time, the Kentuckian was the Senate's majority leader, and a fierce opponent of then-Democratic President Barack Obama.During a Wednesday press conference in Washington, McConnell reveled in Republicans flipping the Senate."One of the most gratifying results of the Senate becoming Republican: the filibuster will stand, there won't be any new states admitted that will benefit the other side," he said. "And we'll quit beating up the Supreme Court."

What Trump's victory means for the Supreme Court

The <keyword id="19935664" type="General" weightage="20" keywordseo="Aam-Aadmi-Party" source="keywords" meta.keywordsubtype="org" meta.entityname="Aam Aadmi Party" meta.hostid="261" meta.entityid="Aam Aadmi Party">Aam Aadmi party</keyword> is set to announce the new <keyword id="19919270" type="General" weightage="100" keywordseo="Delhi-Chief-Minister" source="keywords">Delhi Chief Minister</keyword> by 12 pm today after the party's legislative meeting in the national capital. According to the Aam Aadmi Party, the meeting will be held at the Chief Minister's residence today. Following this, <keyword id="19901384" type="General" weightage="20" keywordseo="Arvind-Kejriwal" source="keywords">Arvind Kejriwal</keyword> will meet the <keyword id="20976840" type="General" weightage="20" keywordseo="Lieutenant-Governor-VK-Saxena" source="keywords">Lieutenant Governor VK Saxena</keyword> at 4:30 p.m. today and the newly chosen leader of the legislative party will simultaneously stake a claim for the post of Chief Minister. Delhi Minister Saurabh Bharadwaj remained tight-lipped about who will succeed Arvind <keyword id="19895701" type="General" weightage="20" keywordseo="kejriwal" source="keywords">Kejriwal</keyword> as Chief Minister, stating only that the successor could be either a current minister or an MLA. "It does not matter who sits on the CM chair because the mandate was for Arvind Kejriwal. The public chose Arvind Kejriwal. He has said that he will not sit on the CM chair until the people ask again but the chair belongs to Arvind Kejriwal for these and the next 5 years... One of us will sit on the chair until the elections take place. It will be similar to the way Bharat ruled in the absence of Lord Ram," Bharadwaj said. On being asked who will replace Arvind Kejriwal, Bharadwaj said, "It can be an MLA or any present minister. There will be a discussion with the MLAs today and the name may be decided". Kejriwal announced on Sunday that he would resign and would not resume the CM's post until the people of Delhi declared him "honest." He has also called for advancing polls in the national capital to November this year, ahead of the scheduled February elections. Kejriwal stated that if re-elected by the public, it would serve as a "certificate" of his honesty. He added that he would push for early elections, alongside those in Maharashtra. The announcement by the 54-year-old leader came two days after he was released from the <keyword id="20147871" type="General" weightage="20" keywordseo="Tihar-jail" source="keywords">Tihar jail</keyword> after being granted bail by the <keyword id="19895345" type="General" weightage="20" keywordseo="Supreme-Court" source="keywords" meta.keywordsubtype="org" meta.entityname="Supreme Court" meta.hostid="261" meta.entityid="Supreme Court">Supreme Court</keyword> in a corruption case related to the alleged Delhi Excise Policy scam. The apex court also imposed certain conditions on Kejriwal's release, including that he must refrain from making public comments about the case and must attend all hearings before the trial court unless exempted.

AAP to announce New Delhi CM's name at 12 noon today

<ul class="summary-list"><li>Lawyers for The <keyword id="19951071" type="General" weightage="20" keywordseo="new-york-times" source="keywords">New York Times</keyword> are poring through ChatGPT's source code and training material.</li><li>Copyright cases from publishers and authors are trying to figure out how AI trains on creative work.</li></ul>Somewhere in the United States, in a secure room, on a computer unconnected to the internet, sits the source code for ChatGPT. It is there to be inspected by lawyers for The New York Times. By the order of a federal judge, the lawyers can only get into the room if they show a government-issued ID to a security guard. They are forbidden from bringing in their own phones, flash drives, or any other electronic devices. They're given a computer — also unconnected from the internet — with a word processing program. After each session, their notes can be downloaded to a different computer, and then the original note-taking computer may be wiped. The Times' lawyers can share their notes with up to five outside consultants to help them understand what the code does. If one of the lawyers wants to show <keyword id="19918823" type="General" weightage="20" keywordseo="openai" source="keywords">OpenAI</keyword> CEO <a target="_blank" href="https://www.businessinsider.com/sam-altman-chatgpt-openai-ceo-career-net-worth-ycombinator-prepper-2023-1">Sam Altman</a> a snippet of the code to ask him questions about it for a deposition, that copy will be destroyed afterward. <a target="_blank" href="https://www.businessinsider.com/openai-valuation-funding-ai-race-competition-2024-10">OpenAI is worth $157 billion</a> largely because of the success of ChatGPT. But to build the chatbot, the company trained its models on vast quantities of text it didn't pay a penny for. That text includes stories from The New York Times, articles from other publications, and an untold number of copyrighted books. The examination of the code for ChatGPT, as well as for <keyword id="19895622" type="General" weightage="20" keywordseo="microsoft" source="keywords">Microsoft</keyword>'s artificial intelligence models built using OpenAI's technology, is crucial for <a target="_blank" href="https://www.businessinsider.com/nyt-sues-open-ai-microsoft-alleging-trained-chatgpt-off-content-2023-12">the copyright infringement lawsuits against the two companies</a>. Publishers and artists have filed about two dozen major copyright lawsuits against generative AI companies. They are out for blood, demanding a slice of the economic pie that made OpenAI the <a target="_blank" href="https://www.businessinsider.com/openai-rivals-anthropic-perplexity-on-prowl-after-wave-exec-departures-2024-10">dominant player</a> in the industry and which pushed Microsoft's valuation beyond $3 trillion. Judges deciding those cases may carve out the legal parameters for how <a target="_blank" href="https://www.businessinsider.com/chatgpt-openai-ai-dictionary-help-understand-nvidia-2023-12">large language models</a> are trained in the US. "Developers should pay for the valuable publisher content that is used to create and operate their products," a Times spokesperson told BI. "The future success of this technology need not come at the expense of journalistic institutions." For the lawsuit, the Times employed an elite law firm, Susman Godfrey, which recently won <a target="_blank" href="https://www.businessinsider.com/dominion-fox-news-settlement-takeaways-what-happens-next-2023-4">Dominion's mammoth $787.5 million settlement from Fox News</a>. Other lawsuits from newsrooms, including The New York Daily News and Mother Jones, have latched on to the case. Susman Godfrey is also representing a group of authors including George RR Martin, Jodi Picoult, and Jia Tolentino, who filed copyright claims months before the Times. If a judge certifies their class-action status, an eventual settlement or judgment could have ramifications for virtually every author and artist whose work has been used to train AI models. On September 12, dozens of lawyers from the tech and journalism companies packed into a magistrate judge's courtroom in lower Manhattan to figure out the best way to divvy up the discovery process, including inspecting ChatGPT's code and training data. Along with the authors' lawyers, they are still deciding who they can depose and how to schedule the depositions. "It's as thrilling as things get for law professors who work in copyright," said Kristelia García, an intellectual property law professor at Georgetown University Law. <h2>Setting the rules</h2>With <a target="_blank" href="https://www.businessinsider.com/ai-regulations-what-lawmakers-president-are-doing-2024-4">Congress taking a backseat on AI regulation</a>, the industry expects courts to set — <a target="_blank" href="https://www.businessinsider.com/music-labels-still-sue-internet-providers-warning-ai-openai-2024-2">or, they hope, not set</a> — the rules. Many publishers, <a target="_blank" href="https://www.businessinsider.com/openai-news-partnerships-media-future-le-monde-prisa-axel-springer-2024-3">including Business Insider owner Axel Springer</a>, have struck deals with generative AI companies to share their content for LLM training. The scope and resources of the Times' lawsuit make it a likely candidate for a precedent-setting Supreme Court. Lawyers are also looking at class action lawsuits from authors, as well a music industry case against Anthropic, as ones to watch. "The New York Times is a journalistic juggernaut," García said. "It's big, it has a lot of content. More importantly, perhaps, it has a lot of market power behind that content." The lawsuit argues OpenAI infringed on its intellectual property in two ways. There is the "input" case — alleging that the LLM illegally hoovered up over 10 million New York Times articles to train ChatGPT and Microsoft Copilot without compensation. And the "output" case — arguing that when asked, ChatGPT can spit out a New York Times article that readers would otherwise pay a subscription for. In court filings, lawyers have repeatedly cited <keyword id="23582967" type="General" weightage="20" keywordseo="napster" source="keywords">Napster</keyword>, which illegally copied millions of songs and made them available for free. OpenAI similarly used high-quality, well-researched, well-written, and fact-based New York Times articles to make ChatGPT so impressive, the Times argues. If anything, OpenAI is worse, according to Justin Nelson, a Susman Godfrey attorney representing authors in a class action lawsuit running parallel to Times' case and in a similar case against Anthropic. Napster was a project from college kids; OpenAI is backed by Microsoft and already worth billions. "Instead of kids, it was a sophisticated company," Nelson told BI. "And instead of doing it for their own personal use, they were doing it for commercial gain. Representatives for OpenAI and Microsoft didn't respond to requests for comment from Business Insider. In court, they argue the legal doctrine of "fair use" protects how their models ingest the articles. The ChatGPT outputs with near-verbatim copies of Times articles were "highly anomalous" <a target="_blank" href="https://www.businessinsider.com/openai-accuses-new-york-times-hiring-someone-hack-its-products-2024-2">results that aren't representative</a> of how the app is used, they say. Napster was sued out of existence, but it inspired the music industry to adopt MP3s and, eventually, streaming — now used for everything from video games to movies. <a target="_blank" href="https://www.forbes.com/sites/stevenbertoni/2012/01/04/spotifys-daniel-ek-the-most-important-man-in-music/">Spotify cofounder Daniel Ek has cited Napster as an inspiration</a>, and <a target="_blank" href="https://genius.com/Sean-parker-sean-parker-s-email-to-spotifys-daniel-ek-annotated">Napster cofounder Sean Parker has praised Spotify as a successor</a>. Copyright lawsuits from journalism organizations may set the pace for all AI generators, predicted García, who worked in the music industry for a decade. AI isn't particularly good at generating movies or doing reporting, but it can convincingly mimic journalism. "Journalism is kind of the canary in the coal mine," García said. "In the same way that music was the canary back in the Napster days, because people could easily torrent an MP3. But you couldn't, at that time, easily torrent a film." Given the sheer number of people involved, the authors' lawsuits could have an even more dramatic effect. A settlement or judgment could change business models. "People get creative in class action settlements," said Matthew Sag, an Emory University law professor studying copyright law and artificial intelligence. "You could cut the authors of America in for a percentage of stock or something." <h2>The source code</h2>The nature of generative AI technology itself lies at the heart of the copyright disputes. <a target="_blank" href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4803118">What actually happens</a> when a large language model "learns" a book or news article? What about when ChatGPT digs through the model to answer a query? Does the process make a "copy" in any meaningful sense of the word? Or is the training data just part of a big <a target="_blank" href="https://www.businessinsider.com/openai-destroyed-ai-training-datasets-lawsuit-authors-books-copyright-2024-5">slurry of ones and zeros</a> that no longer meaningfully resemble specific works? The lawyers and consultants poring through ChatGPT's code are trying to answer those questions. They are also examining the LLM training data and plan to ask key OpenAI executives and programmers — under oath — how the models are meant to work. Once the code is read and depositions taken, the parties will be in a better position to argue about "fair use," a notoriously tricky legal doctrine that protects the use of "transformative" creations derived from copyrighted material. If OpenAI really is making copies of books and news articles, Napster-style, then is its training process sufficiently transformative to be considered "fair use"? Judges across the country are "all over the map" in deciding fair use copyright cases, according to Christa Laser, an intellectual property law professor at Cleveland State University, setting up high and unpredictable stakes. "I think that's going to be the big question at the end of the day that's going to go all the way up to the Supreme Court," Laser told BI. "That question of fair use around training data, ingesting and training." A key "fair use" question is whether ChatGPT's creations compete with the original journalistic works — an urgent issue for news organizations. "The news publishers are the first to bring these big suits because they have more on the line," García said. To make a copyright claim, a plaintiff can't just point to a corpus of work used as inspiration. It needs to point to a specific work they say has been copied. In its lawsuit, The New York Times attached tens of thousands of pages of exhibits tabulating 10,553,897 articles. It says OpenAI and Microsoft illegally violated the copyrights for each of them. <a target="_blank" href="https://www.courtlistener.com/docket/68117049/1/52/the-new-york-times-company-v-microsoft-corporation/">Among those articles</a> is <a target="_blank" href="https://www.nytimes.com/2001/02/13/business/napster-decision-reaction-napster-users-make-plans-for-day-free-music-dies.html">a 2001 story</a>, shortly after an appellate court ruled against Napster, where a journalist asked users about what they'd do. They all agreed there was no going back. ''If Napster does shut down, there are more sites out there,'' one user told the reporter. ''And they may get a few, but they can't stop all of them.'' Correction: This story previously included Ta-Nehisi Coates among a list of named plaintiffs in a New York-based class action lawsuit brought against OpenAI and Microsoft. He is a named plaintiff in a different class action lawsuit in California.

Why The New York Times' lawyers are inspecting OpenAI's code in a secretive room

<ul class="summary-list"><li>The Supreme Court declined to lift a block on payments through the SAVE student-loan repayment plan.</li><li>It comes after a group of GOP state attorneys general filed a lawsuit to block key parts of SAVE.</li></ul>The nation's highest court said <a target="_blank" class="" href="https://www.businessinsider.com/save-plan-blocked-student-loan-payments-paused-no-debt-cancellation-2024-7">millions of student-loan borrowers</a> still can't get lower monthly payments through a key relief program.On Wednesday, the Supreme Court said it would not lift a block on key provisions in President Joe Biden's <a target="_blank" class="" href="https://www.businessinsider.com/student-loan-debt-borrowers-apply-income-driven-repayment-save-plan-2023-7">SAVE income-driven repayment plan</a>. The plan is intended to give 8 million enrolled borrowers lower payments and a shorter timeline for debt relief.The Supreme Court, in a <a target="_blank" class="" href="https://www.supremecourt.gov/orders/courtorders/082824zr_8mj9.pdf">one-paragraph order</a>, said it would not override a ruling from the 8th Circuit Court of Appeals that <a target="_blank" class="" href="https://www.businessinsider.com/save-plan-blocked-student-loan-borrowers-cheaper-payments-debt-cancellation-2024-7">blocked the plan in its entirety</a> on July 18 in response to a lawsuit led by Missouri's attorney general, pending a final court decision. The 8th Circuit formally placed a preliminary injunction on the plan in early August.The Education Department did not immediately respond to a request for comment from Business Insider on the implications of this ruling.However, Solicitor General Elizabeth Prelogar wrote in a response to the Supreme Court that blocking the SAVE plan could come with significant costs to borrowers. The Education Department would be forced to recalculate millions of borrowers' payments, requiring a forbearance period during which interest would not accrue. Borrowers would not make any progress toward forgiveness through Public Service Loan Forgiveness or income-driven repayment plans.The Education Department has <a target="_blank" class="" href="https://www.businessinsider.com/save-plan-blocked-student-loan-payments-paused-no-debt-cancellation-2024-7">already placed SAVE borrowers on forbearance</a> following the 8th Circuit's decision, but at the time, it was unclear how long the forbearance would last. The back-and-forth court rulings have promoted confusion among many borrowers who are struggling to plan for their futures."I'm going to have to rebudget all over again," Alan Pedrick, a 41-year-old SAVE borrower, <a target="_blank" class="" href="https://www.businessinsider.com/save-plan-blocked-millennial-worried-cheaper-student-loan-payments-relief-2024-7">previously told BI</a>. "And this is probably the most difficult time of my life as far as finances go with the cost of housing, the cost of vehicles, gas, food has shot up and now they want to go back and make us start repaying. It's kind of depressing, really."

The Supreme Court declined to allow cheaper student-loan payments for 8 million borrowers through Biden's new repayment plan

<ul class="summary-list"><li>Interest has been accruing daily while Trump appeals his $454M state fraud judgment in Manhattan.</li><li>Since the judgment was finalized February 23, what he owes has risen by $1 million every 9 days.</li></ul>The small fortune Donald Trump owes the state of New York has grown at breakneck speed, rising <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-now-owes-1m-more-in-interest-on-ny-fraud-judgment-2024-3">by another $1 million in interest every nine days</a> as the former president appeals the $454 million civil fraud judgment set by a Manhattan judge back in February.On Thursday, as his lawyers challenge <a target="_blank" class="" href="https://www.businessinsider.com/trump-civil-fraud-verdict-whats-in-judge-engorons-decision-2024-2">the judgment</a> in an appellate courtroom 40 blocks north of where it was handed down, the amount Trump owes the Empire state will have risen by $24 million.That's $24 million just in post-judgment interest.It's a massive added penalty. (For perspective, Trump's 2016 settlements in three <a target="_blank" class="" href="https://www.businessinsider.com/trump-reached-a-settlement-in-a-trump-university-case-2016-11">Trump University fraud cases</a> totaled $25 million.)When his appellate lawyers, led by D. John Sauer, walk into court at noon on Thursday, Trump's debt to the New York attorney general's office — the total on his owed-ometer — will have reached $478 million.And that's $478 million and counting. For the duration of his appeal efforts, what Trump owes the state of New York will continue to balloon by another $111,984 in interest every day.It's all part of the penalty for what the judge and state officials found was <a target="_blank" class="" href="https://www.businessinsider.com/trump-net-worth-math-even-fuzzier-than-ny-last-alleged-2023-9">a decade of billion-dollar exaggerations</a> in Trump's annual financial statements."The frauds found here leap off the page and shock the conscience," New York Supreme Court Justice Arthur Engoron, who has presided over <a target="_blank" class="" href="https://www.businessinsider.com/trump-fraud-continued-despite-attorney-general-probe-2024-2">the AG's fraud case for more than five years</a>, wrote in his verdict against Trump, his business, and his top executives.Trump has denied any fraud, and his lawyers argue in their appeal that the judgment is unjustified, legally flawed, and excessive.<div type="image" title="An excerpt from the opening argument of Donald Trump's appeal of his New York civil fraud judgment." height="1064" width="1750" msid="113678474" hostid="261" sizebytes="87938"></div>Winning on the state appellate level or, if that fails, <a target="_blank" class="" href="https://www.businessinsider.com/trump-lays-groundwork-for-scotus-challenge-ny-civil-fraud-case-2024-1">in federal court </a>would mean the judgment is reversed, and Trump's massive accumulated debt to <a target="_blank" class="" href="https://www.businessinsider.com/donald-trumps-biggest-worry-is-still-letitia-james-2023-7">Attorney General Letitia James</a> is erased.(After the bench trial, Engoron hit Trump with an initial cash judgment <a target="_blank" class="" href="https://www.businessinsider.com/trump-civil-fraud-verdict-whats-in-judge-engorons-decision-2024-2">of $355 million</a>. That rose to $454 million on February 23, when retroactive interest was factored in, and a 9% annual interest rate was applied going forward.)By winning his appeal, Trump would also dodge <a target="_blank" class="" href="https://www.businessinsider.com/trump-civil-fraud-verdict-whats-in-judge-engorons-decision-2024-2">the judgment's non-monetary punishments</a>, which are many.Trump would escape the constant gaze of the court-appointed fiscal watchdog <a target="_blank" class="" href="https://www.businessinsider.com/trump-organization-judge-orders-watchdog-ny-attorney-general-case-2022-11">monitoring the Trump Organization,</a> Trump's Manhattan-based real-estate and golf-resort empire, since November of 2022.He'd no longer face having a yet-named compliance director preside over all major fiscal decisions.Winning would mean Trump, Donald Trump, Jr., and Eric Trump would no longer face being banned for two years from running Trump Org or any other business in New York state. Gone, too, would be the judgment's three-year ban on Trump and his companies applying for loans from any bank that operates in New York.Trump would also get back<a target="_blank" class="" href="https://www.businessinsider.com/trump-loses-access-to-175m-in-civil-fraud-bond-cash-2024-4"> the $175 million bond</a> — plus more than a million dollars in interest — he had to post in order to hold the AG's office at bay.Losing, though, would deal a significant blow.By appealing, Trump has kept all of these fraud punishments on ice, with the exception of the Trump Org monitoring, which is ongoing. If he exhausts his appeals and loses, those punishments would begin.Losing would also mean the total amount he owes New York — an amount that would reach half a billion dollars if the appeal drags out into the Spring of 2025 — comes due immediately.Read Trump's 116-page appeal <a target="_blank" class="" href="https://www.documentcloud.org/documents/24955615-2022_452564_people-v-trump_trump_appbrief-stamped">here</a>.

Trump's already massive New York civil fraud penalty has grown by $24M in interest ahead of a Thursday court showdown 

<ul class="summary-list"><li>House Speaker Mike Johnson criticized Biden's Supreme Court reform proposal as 'dead on arrival.'</li><li>Biden's plan includes term limits, a binding code of conduct, and no immunity for ex-presidents.</li></ul>Joe Biden's pitch to reform the Supreme Court is off to a rough start.House Speaker Mike Johnson has already sworn to fight the <a target="_blank" class="" href="https://www.businessinsider.com/biden-aims-rein-in-supreme-court-saying-its-gone-rogue-2024-7#:~:text=Biden%20has%20proposed%20a%20radical,a%20conservative%2Dleaning%20court%20composition.">Biden administration's proposal to rein in the Supreme Court</a>, calling it "dead on arrival."President Joe Biden's proposal, announced in a <a target="_blank" class="" href="https://www.whitehouse.gov/briefing-room/statements-releases/2024/07/29/fact-sheet-president-biden-announces-bold-plan-to-reform-the-supreme-court-and-ensure-no-president-is-above-the-law/">White House press release</a> on Monday, calls on Congress to make three major changes to the high court: setting up 18-year term limits for all justices of the court, a binding code of conduct for those justices, and approving a constitutional amendment that explicitly says former presidents aren't immune from prosecution for crimes committed while in office.Citing "<a target="_blank" class="" href="https://www.businessinsider.com/all-the-ethics-questions-hanging-over-the-supreme-court-2023-5">recent ethics scandals</a>" among the court's justices and the court's recent decisions overturning "long-established legal precedents protecting fundamental rights," Biden wrote that these reforms are necessary to "restore trust and accountability" in both the President and the Supreme Court.The Court has been a source of frustration for Democrats, with the conservative-led court handing former President Donald Trump and his allies victory after victory — culminating in a decision that ruled sitting presidents are granted presumptive immunity from prosecution.That ruling snarled the various criminal cases against Trump, who was convicted of fraud in New York and faces allegations of mishandling classified documents and conspiring to overturn the 2020 election.The Supreme Court's two arch-conservative justices, Clarence Thomas and Samuel Alito, have also been tied up in scandals. Thomas took lavish gifts and vacations from a GOP mega-donor without disclosing them and his wife communicated to Trump aides before the Capitol riot. Meanwhile, a flag bearing symbols linked to pro-Trump movements flew over Alito's house around the time of the riot; he's since blamed his wife. Despite the push from Biden for changes to the court, Johnson threw cold water on the idea immediately."President Biden's proposal to radically overhaul the U.S. Supreme Court would tilt the balance of power and erode not only the rule of law, but the American people's faith in our system of justice," <a target="_blank" class="" href="https://x.com/SpeakerJohnson/status/1817938406049296725">Johnson wrote on X</a> on Monday.He continued: "It is telling that Democrats want to change the system that has guided our nation since its founding simply because they disagree with some of the Court's recent decisions. This dangerous gambit of the Biden-Harris Administration is dead on arrival in the House."<h2 id="d2e246d1-a45e-45f6-bb30-a719be625766">Amendment on presidential immunity</h2>Biden's plan includes adding a "No One is Above the Law" amendment to the Constitution, which would dictate that no president has "immunity from federal criminal indictment, trial, conviction, or sentencing by virtue of previously serving as President," according to the press release.But amending the constitution isn't easy; it's only been done 27 times, the last time of which was in 1992.There are a few <a target="_blank" class="" href="https://www.whitehouse.gov/about-the-white-house/our-government/the-constitution/#:~:text=The%20founders%20also%20specified%20a,making%20amendments%20is%20quite%20onerous.">ways to propose a change to the constitution</a> that the Founding Fathers outlined. The first requires two-thirds support from members of both the House and Senate — a feat that would be near impossible to accomplish with Republicans controlling the House.The GOP has largely supported the Supreme Court's conservative majority, and has rebuked Democrats' attempts to limit its power.The second option requires two-thirds of state legislatures to call a convention to propose a change to the constitution.And that's just to get the amendment proposed — in order to get it ratified, three-fourths of state legislatures must support the amendment.This would also be a tough task with 23 states controlled by Republican trifectas (meaning the GOP runs both state legislatures and the governor's office) and 10 states having divided governments; only 17 states are controlled by Democratic trifectas, <a target="_blank" class="" href="https://ballotpedia.org/State_government_trifectas">according to Ballotpedia</a>.<h2 id="43d2ba31-3402-49c8-9577-c9bf341d2138">Term limits and a new code of conduct</h2>Biden's plan for the Supreme Court includes term limits that would mean a new justice was chosen every two years. In an op-ed for The Washington Post, Biden wrote that, "Term limits would help ensure that the court's membership changes with some regularity. That would make timing for court nominations more predictable and less arbitrary. It would reduce the chance that any single presidency radically alters the makeup of the court for generations to come."Biden also argued in The Post that "the court's current voluntary ethics code is weak and self-enforced," and that a binding, enforceable code of conduct should require justices "to disclose gifts, refrain from public political activity and recuse themselves from cases in which they or their spouses have financial or other conflicts of interest."The <a target="_blank" class="" href="https://www.businessinsider.com/supreme-court-ethics-rules-missing-word-should-shall-2023-11">court's current ethics code</a>, implemented in November, is not binding and does not contain any enforcement mechanism.Proposing both term limits and a stricter ethics code for justices would require the Republican-controlled House to not only allow a floor vote on the issue, but also to then pass it. Even if the House approved the bill, Republicans in the Senate could filibuster the bill, stopping it in its tracks.Democrats would need to throw out the filibuster — something they already lack the votes to do — to even bring the legislation to a vote.With powerful Republicans like Johnson already pushing back, getting all three of Biden's proposals implemented in the Supreme Court looks like a losing battle. But Biden's plan has already gotten support from Vice President and presumptive nominee Kamala Harris, all but guaranteeing that Democrats will use it on the campaign trail as a way to contrast against Trump.

Biden's plan to reform the Supreme Court is already 'dead on arrival' 

<ul class="summary-list"><li>Joe Biden may propose term limits and an ethics code for the Supreme Court, The Washington Post reported.</li><li>The plan would need congressional approval, and Biden is turning to his allies for help.</li></ul>President Joe Biden may be preparing to take on the conservative-majority Supreme Court head-on, according to a new report by The Washington Post.Biden is planning to announce a proposal to establish term limits and an enforceable <a target="_blank" class="" href="https://www.businessinsider.com/supreme-court-signs-code-of-conduct-lacking-an-enforcement-mechanism-2023-11">ethics code</a> on the high court, the outlet reported, citing people briefed on the plan. Specific details of the proposal — or when it might be officially announced — were not immediately available.The Supreme Court has an existing code of conduct, rolled out last November, which outlines when a sitting Justice should recuse themselves from a case and when outside activities may create the appearance of a conflict of interest. However, unlike the code that binds lower court justices, the <a target="_blank" class="" href="https://www.businessinsider.com/supreme-court-ethics-rules-missing-word-should-shall-2023-11">Supreme Court's ethics code</a> lacks any enforcement mechanism. It requires sitting Justices to regulate themselves, with critics regarding the measures as toothless against the court's lifetime appointees.Most changes to the Supreme Court would require congressional approval to enact, so Biden is turning to his allies in the House and Senate for help, the Post reported."I'm going to need your help on the Supreme Court, because I'm about to come out — I don't want to prematurely announce it — but I'm about to come out with a major initiative on limiting the court," the Post reported Biden said, according to a transcript of a Saturday call with the Congressional Progressive Caucus. "I've been working with constitutional scholars for the last three months, and I need some help."Representatives for the Biden administration and Supreme Court did not immediately respond to requests for comment from Business Insider.The proposals would appear to be an attempt to restrain the <a target="_blank" class="" href="https://www.businessinsider.com/supreme-court-rulings-executive-power-grab-strengthen-judiciary-2024-7">Supreme Court's expanding power</a> and balance the polarized conservative court without adding new Justices to the bench.Biden has rejected calls to <a target="_blank" class="" href="https://www.businessinsider.com/white-house-biden-does-not-want-to-expand-supreme-court-2022-6">expand the Supreme Court</a> for years, despite arguments to do so amid ongoing ethics concerns facing the Court.Justice Clarence Thomas has been the subject of intense scrutiny following reports that he accepted lavish gifts and vacations from Republican megadonor <a target="_blank" class="" href="https://www.businessinsider.com/trips-justice-clarence-thomas-took-with-harlan-crow-2024-6">Harlan Crow</a>.<a target="_blank" class="" href="https://www.businessinsider.com/alito-disqualified-over-flag-incidents-in-lower-court-expert-says-2024-5">Justice Samuel Alito</a> has also been sharply criticized after it was discovered that a Revolutionary-era "Appeal to Heaven" flag, regarded as a pro-Trump symbol, was flying for weeks over his New Jersey vacation home last summer.Two Democratic Senators earlier this month called for a special counsel to investigate Thomas over allegations of <a target="_blank" class="" href="https://www.businessinsider.com/senators-request-doj-special-counsel-investigate-clarence-thomas-taxes-ethics-2024-7">tax fraud</a> and failure to disclose gifts from Crow he had been given.Democratic Rep. Alexandria Ocasio-Cortez has filed <a target="_blank" class="" href="https://www.businessinsider.com/aoc-impeachment-articles-supreme-court-trump-immunity-ruling-2024-7">articles of impeachment</a> against both Thomas and Alito on ethical grounds, citing their refusal to recuse themselves from cases they may be connected to, and Thomas' undisclosed gifts. The move followed the Supreme Court's decision granting former President Donald Trump wide-reaching <a target="_blank" class="" href="https://www.businessinsider.com/biden-warns-scotus-fundamentally-changed-the-country-in-immunity-ruling-2024-7">immunity</a> for acts taken during his administration.

Biden is finalizing plans to announce term limits and a new ethics code targeting the Supreme Court

New Delhi: The <keyword id="19895345" type="General" weightage="20" keywordseo="supreme-court" source="keywords">Supreme Court</keyword> on Wednesday said it will hear on September 17 the appeal of US-based creditor Glas Trust Company LLC against a judgment of the <keyword id="19916400" type="General" weightage="20" keywordseo="nclat" source="keywords">NCLAT</keyword>, which had stayed insolvency proceedings against ed-tech firm BYJU's and approved its Rs 158.9 crore dues settlement with the <keyword id="19901245" type="General" weightage="20" keywordseo="bcci" source="keywords">BCCI</keyword>. A bench comprising Chief Justice D Y Chandrachud and Justices J B Pardiwala and Manoj Misra was urged by a battery of lawyers that the plea be heard urgently keeping in mind the subsequent developments in the case. The plea was mentioned by senior advocate NK Kaul, appearing for the ed-tech major, that the case needed to be heard at the earliest. The submission was supported by Solicitor General Tushar Mehta, appearing for the <keyword id="19901245" type="General" weightage="20" keywordseo="bcci" source="keywords">BCCI</keyword>, and senior lawyer Abhishek Singhvi, also appearing for the ed-tech firm. Kaul said another plea in the case has also been filed and that is listed for hearing on September 17 and hence, the present plea be either heard on that day or the hearings in both the cases be advanced to this Friday. "We will hear both the pleas on September 17," the CJI said. Senior advocate Shayam Divan, appearing for the US-based creditor, said let the matters be heard together on September 17. Earlier on August 22, the bench had refused to pass an interim order to ensure that the committee of creditors (CoC) does not hold any meeting in pursuance of the insolvency proceedings against the embattled ed-tech firm. It had listed the plea for a final hearing on August 27. The bench had said the developments, which may take place in the meantime, can be negated if it finds there was no merit in the appeal of the US-based creditor against the judgment of appellate insolvency tribunal <keyword id="19916400" type="General" weightage="20" keywordseo="nclat" source="keywords">NCLAT</keyword>. The plea was mentioned earlier also on August 20 by Byju's and the BCCI and the top court had then also refused to pass an interim order to restrain the Insolvency Resolution Professional (IRP) from constituting a committee of creditors (CoC) in the insolvency proceedings against the ed-tech firm. In a major setback to Byju's, the top court had on August 14 stayed the verdict of NCLAT, setting aside the insolvency proceedings against the ed-tech major and approving its Rs 158.9 crore dues settlement with the Indian cricket board. The August 2 verdict of the NCLAT had come as a huge relief for Byju's as it had effectively put its founder Byju Raveendran back in control. The top court, however, had prima facie termed the NCLAT verdict as "unconscionable" and stayed its operation while issuing notices to Byju's and others on the appeal of the ed-tech firm's US-based creditor against the judgment of the insolvency appellate tribunal. The case stemmed from Byju's default on a Rs 158.9 crore payment related to a sponsorship deal with the BCCI. The top court had directed the BCCI to keep a sum of Rs 158 crore it had received from Byju's after a settlement in a separate escrow account till further orders. "Issue notice. Pending further orders there shall be a stay of the impugned order of August 2 of NCLAT. In the meantime, BCCI shall maintain the amount of Rs 158 crore, which shall be realised in pursuance of a settlement, in a separate escrow account until further orders," the bench had said. The NCLAT had approved the Rs 158.9 crore dues settlement with the BCCI and set aside the insolvency proceedings against Byju's. Byju's had entered into a "Team Sponsor Agreement" with the BCCI in 2019. Under the agreement, the ed-tech firm got exclusive rights to display its brand on the Indian cricket team's kit and some other benefits. Byju's had to pay a sponsorship fee. The company met its obligations till the middle of 2022 but defaulted on subsequent payments of Rs 158.9 crore. After insolvency proceedings were initiated, Byju's entered into a settlement with the BCCI. On July 16, the Bengaluru bench of the <keyword id="19902197" type="General" weightage="20" keywordseo="national-company-law-tribunal" source="keywords">National Company Law Tribunal</keyword> (NCLT) had admitted 'Think and Learn', Byju's parent company, to the insolvency resolution process on a plea filed by the BCCI over default in payment of outstanding dues of almost Rs 158.9 crore. While suspending the board of the ed-tech firm, the NCLT had appointed an interim resolution professional to run the operations of the company, suspended the company's board of directors, and brought it under moratorium by freezing its assets. The US-based lenders suspected that the settlement amount was being diverted from the credit they had extended to Byju's.

SC to hear plea related to insolvency proceedings against ed-tech firm Byju's on Sept 17

<ul class="summary-list"><li>The Chrysler Building, a renowned gem of NYC, is the latest victim of the office apocalypse.</li><li>Cooper Union, the property owner, told the Journal that RFR Holding owed $21 million in rent.</li></ul>The Chrysler Building, a long-admired gem of New York City's skyline, could be the latest victim of the nationwide office collapse.The lease between Cooper Union, which owns the land on which the building sits, and RFR Holding LLC was terminated last week, <a target="_blank" class="" href="https://www.wsj.com/real-estate/commercial/chrysler-building-owner-is-poised-to-lose-control-of-iconic-skyscraper-74c61ab7">The Wall Street Journal</a> reported.Cooper Union, a private college in the city, told the Journal that RFR Holding had not paid its rent since May and owed it $21 million.The website for RFR Holding, a private real estate management company, still features the Chrysler Building. The firm says it is "known for owning and managing some of Manhattan's most prestigious signature office properties, including 375 Park Avenue (The Seagram Building) and 405 Lexington (The Chrysler Building)." The firm says it has a "proven track record of adding significant value to acquired properties."Business Insider could not immediately reach RFR Holding, Cooper Union, or their respective attorneys for comment on Thursday. But attorneys representing RFR told the Journal it intends to hold onto the building and is prepared to go to court if needed."While RFR prefers to resolve this matter amicably, and privately, if possible, it is also prepared for the alternative, if necessary," the lawyers, Terrence Oved and Darren Oved, told the Journal.Commercial foreclosures have soared since the COVID-19 pandemic, which ushered in a monumental shift in workplace culture, launching the work-from-home and hybrid work era. The commercial office market has struggled to recover since. ATTOM, a real estate data provider, found <a target="_blank" class="" href="https://www.businessinsider.com/office-market-collapse-outlook-commercial-real-estate-foreclosures-default-debt-2024-4">foreclosures jumped 117%</a> year-over-year from March 2023 to the same time this year.The picture isn't any prettier if you zoom out. In May 2020, there were 141 commercial foreclosures. In June 2024, there were 647, a recent ATTOM <a target="_blank" class="" href="https://www.attomdata.com/news/most-recent/attom-special-report-june-2024-commercial-foreclosure-report/">report</a> found. New York, along with California, Texas, New Jersey, and Florida, saw the most commercial foreclosures in June 2024, the report said. Morgan Stanley warned in February that office buildings were facing a 30% peak-to-trough correction in office prices.Experts predicted the drop in office values could be as bad or <a target="_blank" class="" href="https://www.businessinsider.com/office-commercial-real-estate-cre-crash-2008-gfc-delinquency-vacancy-2024-3">worse than the 2008 crash</a>. What that means for the iconic Chrysler Building — and the rest of the New York City skyline — remains to be seen.

An iconic gem of New York City's skyline is the latest victim of the office collapse

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Happy Friday! Fall is here, and if you're looking to get into the spirit we have <a target="_blank" href="https://www.businessinsider.com/best-and-worst-fall-foods-at-trader-joes-review">the best fall-themed foods at Trader Joe's right now</a>.In today's big story, the walls are closing in on New York City Mayor Eric Adams <a target="_blank" href="https://www.businessinsider.com/new-york-city-mayor-eric-adams-charges-indicted-2024-9">after a federal indictment</a>.What's on deck:<ul><li>Markets: Saudi Arabia is prepared to give up its fight against <a target="_blank" href="https://markets.businessinsider.com/news/commodities/saudi-arabia-oil-prices-brent-crude-outlook-opec-production-cuts-2024-9">waning oil demand</a>.</li><li>Tech: OpenAI's turmoil is a <a target="_blank" href="https://www.businessinsider.com/openai-implosion-investors-vcs-2024-9">bad look for its huge funding round, VCs say</a>.</li><li>Business: The hottest new thought leader in Silicon Valley? <a target="_blank" href="https://www.businessinsider.com/tech-world-captivated-with-mrbeast-training-document-founder-mode-2024-9">MrBeast</a>.</li></ul>But first, the charges are in.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3 id="7fa5f018-5b05-4a37-a8dc-d3f89138bcb3">The big story</h3><h2 id="5fd547b9-ec52-41fc-8e08-4f4b27dd8097">United States v. Eric Adams</h2><div type="image" title="Eric Adams" height="1500" width="2000" msid="113743025" hostid="261" sizebytes="144508"></div>He campaigned on the idea that he'd clean up crime, but prosecutors allege he was the one breaking the law.New York City Mayor Eric Adams <a target="_blank" href="https://www.businessinsider.com/new-york-city-mayor-eric-adams-charges-indicted-2024-9">was indicted on five criminal counts</a> in a corruption probe accusing him of bribery and receiving illegal campaign contributions from foreign nationals. He is scheduled to be <a target="_blank" href="https://www.businessinsider.com/new-york-city-mayor-eric-adams-indictment-timeline-corruption-investigation-2024-9">arraigned in a Manhattan federal court today</a>.It marks the first time a sitting NYC mayor has been indicted.Prosecutors accused Adams, a Democrat and retired police captain, of accepting more than $100,000 worth of luxury international travel from wealthy businesspeople and at least one Turkish government official starting after he became Brooklyn Borough President in 2014.The goal, said Damian Williams, the US Attorney for the Southern District of New York, was to gain influence over Adams so foreign nationals could eventually "<a target="_blank" href="https://www.businessinsider.com/eric-adams-indictment-unsealed-read-the-charges-2024-9">cash in on their corrupt relationships</a>."In one case, according to the indictment, that meant a Turkish Airlines manager offering to charge Adams <a target="_blank" href="https://www.businessinsider.com/eric-adams-indicted-corruption-turkey-airline-flight-tickets-2024-9">$50 for two business-class seats worth $15,000</a>. (An Adams staffer told the manager to "quote a proper price," adding "let it be somewhat real." Adams ended up paying $1,100 for each ticket.)Messages obtained by prosecutors also show Adams promising his staffer <a target="_blank" href="https://www.businessinsider.com/eric-adams-said-always-delete-messages-texts-indictment-2024-9">he "always" deleted texts</a> following a discussion of alleged Turkish bribes.<div type="image" title="NYC skyline" height="500" width="1000" msid="113743029" hostid="261" sizebytes="26156"></div>So what were foreign nationals allegedly looking to cash these favors in for?A Manhattan skyscraper that houses Turkey's consulate, among other things, prosecutors say.Adams pressured the FDNY to approve the opening of the building without a fire inspection so it would be available in time for a high-profile visit by Turkey's president, according to the indictment.If convicted, Adams could face 45 years behind bars. But he isn't backing down.Despite calls from other elected officials to step down, the mayor has maintained his innocence. He's also <a target="_blank" href="https://www.businessinsider.com/eric-adams-indictment-elon-musk-favorite-lawyer-alex-spiro-2024-9">hired high-powered lawyer Alex Spiro</a>, Elon Musk's go-to attorney.But the same can't be said for key people in Adams' office <a target="_blank" href="https://www.businessinsider.com/eric-adams-criminal-charges-nyc-officials-resign-david-banks-2024-9">who resigned before his indictment</a>, including the public school chancellor and police commissioner.New York Governor Kathy Hochul, who has the power to remove Adams from office, didn't comment on the matter Thursday morning beyond saying she needed time to review the indictment.If Adams is removed from office or steps down, Jumaane Williams, the city's public advocate, would replace him until a special election is held.<h3 id="77f31a4c-8462-4e3d-a71f-838cb79493fb">News brief</h3><h2 id="1fcd294b-3f53-425f-9f20-4093e8623b59">Top headlines</h2><ul><li><a target="_blank" rel="noopener" href="https://www.businessinsider.com/japan-prime-minister-shigeru-ishiba-shake-up-us-military-pact-2024-9">Japan's new prime minister</a> could try to shake up the country's military pact with the US.</li><li>Exclusive: Physical therapy startup Hinge Health hires Morgan Stanley <a target="_blank" href="https://www.businessinsider.com/hinge-health-s-1-morgan-stanley-ipo-2024-9">as it prepares to confidentially file its S-1</a>.</li><li>AI leaders are <a target="_blank" href="https://www.businessinsider.com/ai-industry-reaction-openai-executives-resignation-sam-altman-2024-9">reacting to OpenAI's wild 24 hours</a> with a mix of schadenfreude and concern.</li><li>Russia's economy is signaling <a target="_blank" href="https://www.businessinsider.com/russia-economy-outlook-stagflation-recession-inflation-gdp-growth-ukraine-war-2024-9">a fate worse than recession</a>.</li><li>Salesforce will <a target="_blank" rel="noopener noreferrer" href="https://www.businessinsider.com/salesforce-closing-hillsboro-oregon-office-amid-rto-push-2024-9">close its Portland office</a>, asks employees to relocate or take severance.</li></ul><h2 id="8120060b-ae66-48dc-b149-f0489a30ffa2">3 things in markets</h2><div type="image" title="Image of gas flame atop oil drill tower" height="1000" width="2000" msid="113743027" hostid="261" sizebytes="87494"></div><ol><li>Oil's no good, very bad day. Oil markets dropped Thursday on a report that Saudi Arabia seemed to be <a target="_blank" href="https://markets.businessinsider.com/news/commodities/saudi-arabia-oil-prices-brent-crude-outlook-opec-production-cuts-2024-9">saying uncle on its fight against waning demand</a>. The kingdom will no longer seek a $100 per barrel price and is ready to increase oil output, sources told the Financial Times.</li><li>Not everyone's buying the China stock surge. A new stimulus package has sent Chinese stocks soaring, but many strategists and economists think the country needs even more help <a target="_blank" href="https://www.businessinsider.com/china-economy-stimulus-chinese-stocks-rally-market-outlook-investing-strategy-2024-9">before it's a sure bet for investors</a>. Not everyone is playing it safe, though. Hedge fund billionaire David Tepper <a target="_blank" href="https://markets.businessinsider.com/news/stocks/david-tepper-buys-chinese-stocks-country-launches-fiscal-stimulus-bazooka-2024-9">said he's loading up on Chinese stocks</a>.</li><li>AI needs lots of energy. That's good news for these stocks. Three market experts shared their picks for companies that can maximize AI energy efficiency. Some produce more specialized chips while others make sure data centers stay cool. <a target="_blank" href="https://www.businessinsider.com/ai-stocks-to-buy-energy-demand-profits-data-center-investing-2024-9">Here are the eight stocks set to win the AI energy trade</a>.</li></ol><h2 id="f4b54806-7f81-450c-ba32-92560d4fae9b">3 things in tech</h2><div type="image" title="Patrick Semansky/AP; Rebecca Zisser/BI" height="900" width="1200" msid="113743030" hostid="261" sizebytes="49986"></div><ol><li>OpenAI's turmoil isn't good news for its big funding round. OpenAI is said to be closing a round that could value the company at as much as $150 billion. But following this week's executive exodus, <a target="_blank" href="https://www.businessinsider.com/openai-implosion-investors-vcs-2024-9">VCs worry what this means for its prospects of becoming one of the world's most valuable private companies</a>.</li><li>Microsoft just paused a major AI overhaul of its 365 software suite. The decision to pause on integrating Copilot AI features more deeply into 365 <a target="_blank" href="https://www.businessinsider.com/microsoft-punts-365-ai-bundle-pilot-tests-copilot-2024-9">could be a bad sign</a>. According to people familiar with the decision, Microsoft may be questioning whether the tools can drive license purchases.</li><li>These startups are coming for Nvidia's crown. The AI darling of the stock market <a target="_blank" href="https://www.businessinsider.com/nvidia-competition-sambanova-groq-cerebras-show-faster-inference-speed-2024-9">has competition from a new class of challengers</a>, including SambaNova and Cerebras. Nvidia, meanwhile, has been snapping up some competitors through acquisitions. <a target="_blank" href="https://www.businessinsider.com/nvidia-acquires-octoai-2024-9">It recently added OctoAI</a>, its fifth deal this year.</li></ol><h2 id="9260fa45-d397-4b3c-b4f8-4bb193976216">3 things in business</h2><div type="image" title="For sale home melting" height="1000" width="2000" msid="113743028" hostid="261" sizebytes="231534"></div><ol><li>The housing market takes a chill pill. Real estate is in the midst of its <a target="_blank" href="https://www.businessinsider.com/housing-market-home-prices-falling-mortgage-rates-florida-pandemic-boom-2024-9">biggest slowdown since before the pandemic</a>, with sales dropping and homes sitting for longer on the market. In the meantime, there's good news for those who already own homes: Lower rates mean <a target="_blank" href="https://www.businessinsider.com/mortgage-rates-refinance-federal-reserve-interest-homeowner-mba-housing-2024-9">it's prime time to refinance</a>.</li><li>Is MrBeast the final boss of "founder mode"? A <a target="_blank" href="https://www.businessinsider.com/tech-world-captivated-with-mrbeast-training-document-founder-mode-2024-9">business handbook</a> penned by the embattled YouTube star set the internet abuzz when it leaked this week. In the doc, the creator emphasizes his desire for employees who are "obsessive" about work and thirsty for success — so it's strangely fitting that his next venture is apparently <a target="_blank" href="https://www.businessinsider.com/new-mrbeast-trademark-filing-philanthropy-charity-project-team-water-2024-9">promoting access to clean water</a>.</li><li>It could be the end of an era for publishers on Snapchat. Publishers worry the app's upcoming redesign, which merges Stories and Spotlight into a TikTok-like feed, will deprioritize their content. Snapchat is the latest company to deemphasize traditional media outlets in favor of creators, a move that <a target="_blank" href="https://www.businessinsider.com/snapchat-publishers-concerns-app-redesign-single-feed-2024-9">could hinder publishers' ad revenue and visibility</a>.</li></ol><h2 id="1ad7b482-3f4b-44b4-81b6-a864aa386478">In other news</h2><ul><li>Alex Jones' empire is getting stripped for parts. <a target="_blank" href="https://www.businessinsider.com/alex-jones-infowars-free-speech-systems-auction-sandy-hook-bankruptcy-2024-9">It won't be the last of him</a>.</li><li>Why Micron is the latest AI darling — <a target="_blank" href="https://markets.businessinsider.com/news/stocks/micron-stock-price-earnings-q4-ai-stocks-to-buy-tech-2024-9">for today at least</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/bentley-and-st-regis-suite-in-istanbul-2015-4">See the luxury hotel suite</a> feds say Eric Adams paid only $600 for when the stay was worth $7,000.</li><li>Jamie Dimon says American schools should <a target="_blank" href="https://www.businessinsider.com/jpmorgan-chase-ceo-jamie-dimon-wants-to-revamp-schools-education-2024-9">teach nutrition and financial literacy</a>.</li><li>Influencers are shepherding their online followers to IRL events as they <a target="_blank" href="https://www.businessinsider.com/influencers-in-person-events-build-communities-make-money-2024-9">look to build communities and make money</a>.</li></ul><h2 id="9f5d80ac-3466-429f-a50a-2ffbb70c65ff">What's happening today</h2><ul><li>Higher tariffs on multiple Chinese goods take effect, including 100% on electric vehicles, 50% on solar cells, and 25% on steel, aluminum, EV batteries, and key minerals.</li><li>New York Film Festival begins.</li></ul>The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Jordan Parker Erb, editor, in New York. Jack Sommers, deputy editor, in London. Nathan Rennolds, editor, in London. Amanda Yen, fellow, in New York. Milan Sehmbi, fellow, in London.

What the Eric Adams indictment means for New York City's leadership and future 

<ul class="summary-list"><li>Several important Supreme Court decisions this term dealt with questions of executive power.</li><li>In two rulings, SCOTUS expanded presidential power and limited the rest of the executive branch.</li></ul>With its rulings this term, the Supreme Court created a perfect storm for the lower courts to be inundated with legal challenges on everything from the applications of <a target="_blank" href="https://www.businessinsider.com/biden-climate-policy-supreme-court-chevron-doctrine-federal-regulations-2024-6">regulatory laws</a> to the scope of the presidency's power.In doing so, the high court has set up a political chessboard through which the judicial branch can claw power away from the established executive authority.Meanwhile, some members of lower courts — such as US District Judge Aileen Cannon, in her Monday decision to <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-mar-a-lago-classified-documents-case-dismissed-judge-2024-7">toss out Donald Trump's classified documents case</a> — are, intentionally or not, creating ways to assist SCOTUS in methodically shrinking the executive branch's power.<h2 id="297304dc-86ee-4c7b-bd78-2c06bdda177a">The Supreme Court's attack on executive power</h2>Taken together, two specific Supreme Court decisions this term — on Loper Bright Enterprises v. Raimondo and Corner Post, Inc. v. Board of Governors of the Federal Reserve System — combined to create a window for an array of new lawsuits to challenge once-settled law and be reinterpreted by a deeply polarized court. And in the cunning way the high court's conservative majority phrased its decisions, the justices kept the power to clean up the mess for themselves.In a ruling on June 28, the court overturned 40 years of precedent and rolled back the <a target="_blank" href="https://www.businessinsider.com/scotus-chevron-doctrine-bidens-climate-policies-at-risk-2024-6">Chevron doctrine</a>. Once considered a victory among conservative lawmakers because it had upheld a deregulatory interpretation of policy by the Reagan administration, the Chevron doctrine gave the Environmental Protection Agency — and federal agencies more broadly — the power to interpret ambiguous regulatory language in laws enacted by Congress, as long as the agency's interpretation was reasonable.By rolling Chevron back, the Court decided it should no longer defer to <a target="_blank" href="https://www.businessinsider.com/aoc-says-biden-isnt-using-his-executive-powers-enough-2022-2">executive branch</a> interpretations of the laws involving its agencies. It has now limited the power of presidentially appointed officials to determine how their agencies should be run under existing laws."So that is, in theory, taking power away from unelected officials," Justin Crowe, a professor of political science at Williams University who researches the Supreme Court, told Business Insider. "But, where is that power going? It's not exactly going to the people or to elected officials. In some roundabout sense it might be going to Congress, but in reality, it's going to courts and judges, and giving courts and judges the ability to second-guess agency decisions."Under the new rules, federal agencies wouldn't be the authority on the regulations they enforce. That means a plaintiff could challenge regulatory rules and enforcement methods by agencies like the EPA, <a target="_blank" href="https://www.businessinsider.com/personal-finance/securities-and-exchange-commission">Securities Exchange Commission</a>, or Department of Health and Human Service, and the Court would be allowed to interpret the legal regulations, potentially siphoning even more power from the executive branch.<h2 id="b2822377-27ec-4a45-a744-9026d8f1498d">A one-two punch against regulation</h2>Corner Post was decided on July 1, receiving less media attention than Loper did several days prior. But, when combined with the outcome of the Loper decision, Corner Post "almost encourages the targets of administrative regulation to sue," according to Jonathan Entin, a retired constitutional law professor at Case Western Reserve University."Loper says no deference to the agency; the courts are supposed to interpret regulations. But the Corner Post case, which was a challenge to a <a target="_blank" href="https://www.businessinsider.com/personal-finance/what-is-the-federal-reserve">Federal Reserve Board</a> regulation about card swiping fees, may encourage loads of legal challenges," Entin, who clerked for former Supreme Court Justice Ruth Bader Ginsburg while she was in the DC Circuit, said.In the Corner Post case, Entin told BI, the Court expanded the six-year time limit for plaintiffs to bring lawsuits against <a target="_blank" href="https://www.businessinsider.com/supreme-court-decisions-chevron-sec-federal-government-regulations-2024-6">federal agencies</a> over their regulatory rules. The new limitations are no longer based on when the rule was implemented, as a lower court had determined. Instead, the high court decided the countdown begins when a plaintiff says they were injured by the rule — which "opens up every rule for renewed challenges by just anybody," Entin said.This means that a plaintiff could sue over a rule enacted decades ago if they can make a case that they were hurt by the regulation within the last six years — like a newly created gas station suing over emissions regulations that it claims hinder its business, giving the current court a window to reinterpret old law.With Corner Post, Entin said, the <a target="_blank" href="https://www.businessinsider.com/colorado-rules-trump-disqualified-from-2024-primary-ballot-2023-12">Supreme Court</a> created a statute of limitations that, from the standpoint of federal agencies, never really expires.<h2 id="35a4e83c-8788-4d29-b479-5fd7ca8a9ed0">A 'tsunami of lawsuits'</h2>In her dissent in the Corner Post case, <a target="_blank" href="https://www.businessinsider.com/justice-jackson-trump-immunity-oval-office-criminial-activity-supreme-court-2024-4">Justice Ketanji Brown Jackson</a> noted that taken together, the Loper and Corner Post decisions would open up a "tsunami of lawsuits" from plaintiffs who have grievances with various federal regulations — from the Federal Reserve Board's fees for debit card processing to the Environmental Protection Agency's Clean Air Act and beyond. Those inevitable legal challenges will offer the Court ample opportunities to weigh in — and flex its power — in the future.But the Court didn't stop at giving itself the reins to interpret regulations that federal agencies are beholden to.The most striking example might be the Supreme Court's ruling in <a target="_blank" href="https://www.businessinsider.com/supreme-court-trump-immunity-january-6-election-ruling-decision-2024-5">Trump v. United States</a>, in which the court granted widespread immunity to sitting presidents for official actions taken in office. But an insidious element of the Trump case is that it gave the judiciary the power to decide what exactly constitutes an official, protected, action, compared to an unofficial — and thereby unprotected — one.In the Trump case, the Supreme Court offered Trump broad immunity for some of his acts concerning his January 6 <a target="_blank" href="https://www.businessinsider.com/law-review-brett-kavanaugh-clue-scotus-trump-immunity-2024-4">election interference case</a>. It also kicked some decisions back down to DC District Judge Tanya Chutkan to determine whether other elements of the charges against the former president would be protected by the "official act" immunity or if he could still be prosecuted for them.Additional challenges from the Trump camp on Chutkan's decisions could land the case back on the Supreme Court's desk for more specific interpretation.Similarly, Judge Cannon's Monday decision to toss out the former president's classified documents case will almost certainly find its way to the Supreme Court after appeal.Cannon, who was appointed by Trump, ruled that the appointment of <a target="_blank" class="" href="https://www.businessinsider.com/cannon-suggests-special-counsel-should-have-taken-her-more-seriously-2024-7">Special Counsel Jack Smith</a> to prosecute the former president was unconstitutional because Smith was not approved by Congress to fill the role like other legal officers of the US who have the power to impanel grand juries and bring indictments.Smith was assigned to the job by Attorney General Merrick Garland — a presidentially appointed position. Special counsels have historically been used for major cases in which Justice Department officials may have a conflict of interest, such as the Ronald Reagan-era Iran-Contra affair, Bill Clinton's Whitewater controversy, and the <a target="_blank" class="" href="https://www.businessinsider.com/hunter-biden-may-lose-trial-politics-appeals-2024-6">criminal investigation into Hunter Biden</a>.Clarence Thomas signaled in his opinion in the Supreme Court's immunity case ruling this month that he believes many types of special counsels are unconstitutional. It was only weeks after Thomas's opinion that Cannon made her ruling.While other conservative justices have not so clearly stated their opinion on special counsels, a future ruling preventing their use would erode the right of the Attorney General's office to appoint special prosecutors, removing that power from the executive branch.The pattern is not limited to the immunity case or those involving business regulations — it's part of a trend of the Supreme Court <a target="_blank" href="https://www.businessinsider.com/supreme-court-decisions-chevron-sec-federal-government-regulations-2024-6">dismantling</a> the non-presidential powers of the executive branch, rolling back laws, and reversing lower court rulings involving <a target="_blank" href="https://www.businessinsider.com/supreme-court-tosses-ban-bump-stocks-guns-alito-congress-2024-6">guns</a>, emergency <a target="_blank" href="https://www.businessinsider.com/scotus-opinion-allowing-emergency-abortions-in-idaho-was-posted-early-2024-6">abortions</a>, and where <a target="_blank" href="https://www.businessinsider.com/supreme-court-homeless-camp-removal-without-adequate-shelter-beds-2024-6">homeless people are allowed to sleep</a>.In the July 6 episode of Slate's Supreme Court analysis podcast "Amicus with Dahlia Lithwick," Senior Court Reporter Mark Joseph Stern said the Court spent this term expanding its power and "restructuring representative democracy to make it less representative and less democratic."And it can keep happening no matter who is in the White House."It strikes me that this is a court that does not have a modest view of its own role," Entin told BI. "It has reached out to decide things that it didn't necessarily have to decide, and by doing so, it encourages other potential litigants to try to swing for the fences. And whether the court got these cases right or not, I think we're going to see more cases raising these sorts of issues come along."

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