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The deadly Covid-19 pandemic may have originated in raccoon dogs from the Wuhan market in China, according to an international team of virus experts. More than two years after the pandemic, the origins of Covid-19 remain unclear. It has been a political and scientific debate with scientists and politicians globally contending that the Coronavirus jumped into people from bats, or has been leaked from a laboratory. The new study, yet to be published, and led by experts including from the Universities of Arizona, Utah and Sydney and from the <keyword id="742488" type="General" weightage="80" keywordseo="scripps-research-institute" source="Orion">Scripps Research Institute</keyword> is based on genetic data drawn from swabs taken from in and around the Huanan Seafood Wholesale Market starting in January 2020, the New York Times reported. Although the Chinese authorities had shut down the market after being linked to the outbreak of Covid pandemic, and the animals cleared out, the researchers got the samples from swabbing walls, floors, metal cages and carts that are used for transporting animal cages. The results showed that large amounts of genetic material were a match for the raccoon dog, the NYT report said. Raccoon dogs are related to foxes and are known to be able to transmit the Coronavirus. "We were able to figure out relatively quickly that at least in one of these samples, there was a lot of raccoon dog nucleic acid, along with virus nucleic acid," <keyword id="11937479" type="General" weightage="80" keywordseo="stephen-goldstein" source="Orion">Stephen Goldstein</keyword>, a virologist at the <keyword id="194748" type="General" weightage="80" keywordseo="university-of-utah" source="Orion">University of Utah</keyword> who worked on the new analysis, was quoted as saying. (Nucleic acids are the chemical building blocks that carry genetic information.) However, the team noted that "jumbling together of genetic material from the virus and the animal does not prove that a raccoon dog itself was infected. And even if a raccoon dog had been infected, it would not be clear that the animal had spread the virus to people." "Another animal could have passed the virus to people, or someone infected with the virus could have spread the virus to a raccoon dog," they said. But the scientists stated that their "analysis did establish that raccoon dogs deposited genetic signatures in the same place where genetic material from the virus was left," the NYT report said. That evidence was consistent with a scenario in which the virus had spilled into humans from a wild animal. "We don't have an infected animal, and we can't prove definitively there was an infected animal at that stall," Goldstein said. But genetic material from the virus is stable enough, he said, adding that it is not clear when exactly it was deposited at the market. "But," he said, "given that the animals that were present in the market were not sampled at the time, this is as good as we can hope to get." The experts also pointed out the presence of genetic material from other animals and from humans in the samples. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/kabira-mobility-secures-usd-50-mn-funding-from-qatar-based-al-abdulla-group/articleshow/98734257.cms">Kabira Mobility secures USD 50 mn funding from Qatar-based Al-Abdulla group</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/rupee-rises-18-paise-to-82-58-against-us-dollar/articleshow/98734335.cms">Rupee rises 18 paise to 82.58 against US dollar</a>

Covid-19 may have originated from racoon dogs at Wuhan market says new study

<ul class="summary-list"><li>Rep. Stephen Lynch defeated infectious disease specialist Dr. Robbie Goldstein in the Democratic primary for Massachusetts' 8th Congressional District. </li><li>Lynch, a former union ironworker and Massachusetts state legislator, has served in Congress since 2001. </li><li>Goldstein challenged Lynch from the left on a progressive platform of expanding healthcare.</li></ul><h2>The stakes:</h2>Dr. Robbie Goldstein, a physician, infectious disease specialist, and expert in transgender health lost his primary challenge to ten-term incumbent Rep. Stephen Lynch in Massachusetts' 8th Congressional District. Lynch previously represented Massachusetts' 9th District from 2001 to 2013 before being redistricted into the current 8th District, which encompasses parts of Boston and a large part of the South Shore, including Quincy, Bridgewater, Brockton, Canton, Hingham, and Scituate. This safely Democratic seat voted for 2016 Democratic nominee Hillary Clinton by 25 points. Lynch, a former union ironworker and Massachusetts state legislator, has branded himself as a champion for the working class and union workers during his time in Congress. He currently serves on the powerful House Financial Services and House Oversight Committees, <a href="https://www.stephenflynch.com/working-for-the-people-of-the-8th-congressional-district">with his campaign website emphasizing</a> his commitment to good jobs and infrastructure in the Boston area and the concrete investments he's secured for the 8th District.He's held <a href="https://www.bostonglobe.com/2020/08/16/metro/eighth-congressional-race-stark-contrast-between-lynch-goldstein/">more conservative views on other issues</a>, like guns, gay rights, and abortion, over the years, <a href="http://archive.boston.com/news/nation/washington/articles/2010/03/10/a_decade_later_gay_marriage_advocates_praise_lynch/?_sp=7d04d9ff-0be6-4fc0-8d2c-6e040a0f5674.1598905911836&amp;page=2ge=2">but once said in 2010</a> that "calling me the least liberal member from Massachusetts is like calling me the slowest Kenyan in the Boston Marathon...it's all relative.''Goldstein, a researcher who holds a Ph.D. in cancer genetics, <a href="https://www.youtube.com/watch?v=SsYoEtZm9RY">drew a sharp contrast between himself and Lynch</a> on issues including healthcare, protecting the environment by passing the Green New Deal resolution, and reproductive rights.While Lynch is one of three currently sitting House Democrats to have voted against the Affordable Care Act in 2009, Goldstein <a href="https://www.robbieforchange.com/priorities">supports the United States transitioning to a universal Medicare for All system.</a><a href="https://www.stephenflynch.com/affordable-health-care/">Lynch's campaign website emphasizes</a>, however, that he has voted against all subsequent attempts by congressional Republicans to repeal the ACA, voted for the Patient Protection and Affordable Care Enhancement Act, and has backed efforts to reduce prescription drug costs. Goldstein <a href="https://www.robbieforchange.com/endorsements">was endorsed</a> by 2020 presidential candidate Andrew Yang and his organization Humanity Forward, some elected officials in the state, and a slew of progressive organizations including Indivisible and OurRevolution.With most of the attention in the state focused on <a href="https://www.businessinsider.com/ed-markey-joe-kennedy-massachusetts-senate-primary-live-results-updates-2020-8">the high-profile Senate primary battle</a> between Sen. Ed Markey and Rep. Joe Kennedy III, Holyoke Mayor Alex Morse's <a href="https://www.businessinsider.com/richard-neal-vs-alex-morse-massachusetts-primary-live-results-2020-8">primary challenge of Rep. Richard Neal</a> in Western Massachusetts, and <a href="https://www.businessinsider.com/massachusetts-4th-congressional-district-primary-live-results-updates-2020-8">the crowded seven-candidate Democratic primary</a> in Massachusetts 4th District to replace Kennedy, this race has flown somewhat under the radar. Lynch, a talented politician with deep roots in Boston and the South Shore, easily defeated a primary challenge from Brianna Wu in 2018 <a href="https://ballotpedia.org/Massachusetts%27_8th_Congressional_District#2018">by a margin of 48 points. </a>Goldstein still mounted a formidable challenge, spending $52,000 and $23,000 on digital ads so far this year, outspending Lyncg, while Lynch had just gone on the air in the final period before the election and has also started recently started running Facebook ads, <a href="https://www.politico.com/newsletters/massachusetts-playbook/2020/08/26/challenger-outspends-lynch-on-the-airwaves-baker-not-invited-to-rnc-nantucket-party-linked-to-covid-cases-490185?nname=massachusetts-playbook&amp;nid=0000014f-704c-d54c-a1ff-fb6da68f0000&amp;nrid=0000016b-2cd6-d307-a5ff-eddff0860000&amp;nlid=630384;nlid=630384">Politico's Stephanie Murray recently reported. </a><a href="https://www.fec.gov/data/independent-expenditures/?data_type=processed&amp;is_notice=true&amp;most_recent=true&amp;candidate_office_state=MA&amp;candidate_office_district=08fice_district=08">Federal Election Commission filings</a> show that Goldstein had also overwhelmingly benefited from independent expenditures placed by outside groups on ads.The Committee for Access to Affordable Healthcare, a PAC <a href="https://docquery.fec.gov/cgi-bin/fecimg/?C00753749">filed with the FEC in early August</a> that is specifically <a href="https://www.opensecrets.org/pacs/lookup2.php?strID=C00753749&amp;cycle=20202020">supporting Goldstein</a>, has spent over $70,560 on digital ads supporting Goldstein and opposing Lynch, and Indivisible PAC has spent over $2,800 on text messages for Goldstein. By contrast, just one $5,000 independent expenditure from the Massachusetts Nurses Association has been placed to support Lynch. Expanded Coverage Module: insider-voter-guide

Rep. Stephen Lynch defeats primary challenger Robbie Goldstein in Massachusetts' 8th District

Jamnagar (Gujarat) [India], February 28 (ANI): The pre-wedding festivities of Reliance Industries Chairman Mukesh <keyword id="19898589" type="General" weightage="20" keywordseo="ambani" source="keywords">Ambani</keyword>'s youngest son Anant Ambani, who is set to tie the knot with industrialist Viren Merchant's daughter, Radhika Merchant, have started with 'anna seva'. At Jogwad village near Reliance Township in Jamnagar, Mukesh Ambani, Anant Amband other members of the Ambani family, including Radhika Merchant, served traditional Gujarati food to the villagers. Radhika's maternal grandmother and parents - Viren and Shaila Merchant - also took part in the 'anna seva'. Food will be served to about 51,000 local residents, which will continue for the next few days. The Ambani family has organized 'anna seva' to seek the blessings of the local community for the pre-wedding celebrations of Anant Ambani and Radhika Merchant. After the meal, the attendees enjoyed traditional folk music. Famous Gujarati singer Kirtidan Gadhvi stole the show with his singing. Sharing food is an old tradition in the Ambani family. The Ambani family has been serving food on auspicious family occasions. When the country was grappling with coronavirus pandemic, Reliance Foundation, under the leadership of Anant Ambani's mother Nita Ambani, ran a large food distribution programme. Taking forward the family tradition, Anant Ambani has started his pre-wedding functions with anna seva. The pre-wedding functions are expected to be traditional and grand. Guests will get to experience the beauty of Indian culture at the pre-wedding festivities. The guests at the occasion will receive traditional scarves made by women artisans from Kachchh and Lalpur in Gujarat. Qatar Prime Minister Mohammed bin Abdulrahman bin Jassim Al Thani, Queen of Bhutan Jetsun Pema, Meta CEO Mark Zuckerberg, Adobe CEO Shantanu Narayen, and Saudi Aramco Chairperson Yasir Al Rumayyan are among those invited for the celebrations scheduled between March 1-3. The guest list also includes former Prime Minister of Sweden Carl Bildt, former Prime Minister of Canada Stephen Harper, President of Google Donald Harrison, former President of Bolivia President Jorge Quiroga, former Prime Minister of Australia Kevin Rudd and Chairperson World Economic Forum Klaus Schwab. CEO and MD ADNOC Dr Sultan Al Jaber, CEO bp Murray Auchincloss, Chairman and Founder Colony Capital <keyword id="20770673" type="General" weightage="20" keywordseo="thomas-barrack" source="keywords">Thomas Barrack</keyword>, , CEO JC2 Ventures John Chambers, former CEO bp Bob Dudley, President of Global Development at BMGF Christopher Elias, Executive Chairman at Exor John Elkann, and CEO of Endeavor Ari Emanuel are also expected to be in Jamnagar next month. Chairman and CEO BlackRock Larry Fink, CEO Brookfield Asset Management Bruce Flatt, Co-chair Board member BMGF Bill Gates, COO BlackRock Rob L Goldstein, Managing Director Morgan Stanley Michael Grimes, Chairman Hilton &amp; Hyland Richard Hilton, Vice Chairman Berkshire Hathway Ajit Jain, Board Member Mandarin Oriental Archie Keswick, Scientist Dr Richard Klausner, Businessman Jared Kushner, Founder <keyword id="20626887" type="General" weightage="20" keywordseo="thrive-capital" source="keywords">Thrive Capital</keyword> Joshua Kushner, Former CEO bp Bernard Looney, Former Governor Businessman Terry McAuliffe, Scientist and Entrepreneur <keyword id="20770671" type="General" weightage="20" keywordseo="yuri-milner" source="keywords">Yuri Milner</keyword>, Founder and CEO Lupa Systems James Murdoch, President and CEO Aramco Amin H Nasser, Founder NV Investments <keyword id="20770672" type="General" weightage="20" keywordseo="vivi-nevo" source="keywords">Vivi Nevo</keyword>, Former Dean Harvard Business School Nitin Nohria, COO Meta Javier Olivan, Vice Chairman Bank of America Purna Saggurti, , Founder and CEO Steel Perlot Michelle Ritter, Founder Schmidt Futures Eric Schmidt, Founding and Managing Partner Sherpalo Ram Shriram, CEO Sanmina Corp Jure Sola, CEO Enterprise GP Jim Teague, Group Chairman HSBC Holdings Plc Mark Tucker, and journalist Fareed Zakaria are among some of the other expected guests. Recently, Reliance Foundation posted a video on their Instagram handle in which women from Gujarat can be seen curating Bandhani scarves for the wedding functions of Anant and Radhika. In the clip, one can also see Nita Ambani, the founder and chairperson of Reliance Foundation, meeting the artisans and expressing her happiness for their hard work. "These women pour their hearts and souls into the craft, preserving age-old techniques and breathing life into stories as ancient as the land itself. Swadesh is empowering communities and preserving age-old craftsmanship," Reliance Foundation captioned the post. Ushering in the much-awaited wedding, the Ambani family has also facilitated the construction of new temples within a sprawling temple complex in Jamnagar, Gujarat. Featuring intricately carved pillars, sculptures of Gods and Goddesses, fresco-style paintings, and architecture inspired by generations of artistic heritage, the temple complex keeps India's rich cultural and spiritual identity at the heart of the wedding festivities. Brought to life by master sculptors, the temple art employs age-old techniques and traditions. The initiative highlights the incredible skills of local artisans, reflecting Nita Ambani's vision of preserving and promoting Indian heritage, tradition and culture. Anant and Radhika got engaged in a traditional ceremony in January 2023 at the family's residence Antilia in Mumbai. Isha Ambani, Akash Ambani and Anant Ambani, the three children of Mukesh-Nita Ambani, have been closely involved with and are leading and managing key businesses of RIL over the last few years including retail, digital services and energy and materials businesses. They also serve on the boards of the key subsidiaries of Reliance Industries. While Isha M Ambani has been driving the expansion of Reliance Retail, Akash M. Ambani is serving as the Chairman of Reliance Jio Infocomm Limited (RJIL) since June 2022 and Anant M Ambani is driving the expansion of energy and materials businesses of Reliance Industries. Isha and Akash got married in 2018 and 2019, respectively. Anant Ambani is also involved with several compassionate initiatives to rehabilitate at-risk animals and provide them care and dignity in their residual life. Reliance Industries and Reliance Foundation this Monday launched Vantara, a paradigm-shifting initiative for animal welfare in the heart of Gujarat's green belt. Vantara (Star of the Forest), an ambitious programme is dedicated to the rescue, treatment, care, and rehabilitation of animals in need. (ANI)

Anant Ambani, Radhika Merchant's pre-wedding celebrations begin with 'anna seva'

<ul class="summary-list"><li><keyword id="11892748" type="UNKNOWN" weightage="60" keywordseo="china" source="Orion">China</keyword> unveiled its newest and most advanced <keyword id="11898296" type="UNKNOWN" weightage="60" keywordseo="aircraft-carrier" source="Orion">aircraft carrier</keyword> on June 17.</li><li>As China's navy grows, Beijing is looking for facilities to support an overseas presence.</li></ul>China's launch of its new aircraft carrier on June 17 is the latest milestone in the <keyword id="12940971" type="UNKNOWN" weightage="60" keywordseo="chinese-navy" source="Orion">Chinese navy</keyword>'s rapid expansion and modernization, and it comes on the heels of new developments in China's pursuit of foreign bases.The Chinese military's growth and Beijing's increasing interest in an overseas presence illustrate China's growing power and influence and have stoked US warnings about Beijing intentions <a href="https://www.businessinsider.com/us-allies-seeking-to-counter-chinese-influence-in-pacific-islands-2022-6" target="_blank" rel="noopener">in the Pacific</a> and <a href="https://www.businessinsider.com/defense-officials-worried-about-chinese-military-presence-in-latin-america-2022-6" target="_blank" rel="noopener">around the world</a>.The carrier, <keyword id="14334862" type="UNKNOWN" weightage="60" keywordseo="fujian" source="Orion">Fujian</keyword>, is the third China has added in the past decade but the first completely designed and built domestically. Fujian is also the first to have a flat deck and electromagnetically powered catapults, like those on the US newest aircraft carrier, allowing it to launch aircraft with heavier payloads and more fuel and to do so more quickly.While not as advanced as the US's 11 nuclear-powered carriers, the conventionally powered Fujian shows China's navy has pierced the top-tier of fleets by capabilities and size, with roughly 350 warships to the US Navy's 296.<div type="image" title="China Type 003 aircraft carrier shipyard" height="1125" width="2000" msid="92584229" hostid="261" sizebytes="143256"></div>In the years ahead, the design of China's carriers and the limited experience of their crews will likely keep them in the Western Pacific, where Beijing is focused on Taiwan and its disputes in the East and South China Seas, but Chinese warships already have a global presence.Chinese surface ships have operated "for extended periods well beyond the Western Pacific for years now," Thomas Shugart, an expert on naval warfare at the Center for a New American Security, told Insider.Beijing recently sent its 41st escort task force to the Gulf of Aden, where its has done regular anti-piracy patrols since 2008. Those task forces "consist of 3-4 ships and are usually gone for 3 to 4 months, spending most of that time at sea," Shugart said. Chinese naval task forces have also circumnavigated the globe and sailed to Europe and through the Aleutian Islands."China has made clear that one of its biggest national security priorities over the long-term is to be able to maintain the security of its overseas interests, as well as the security of its global sea lines of communication," Shugart said.Without more overseas air and naval bases than China currently has, those carriers "will be necessary to achieve the required level of sea control to achieve these goals, especially in the face of a potential adversary like the US Navy," Shugart said, but reports over the past two years indicate that Beijing is seeking that additional basing.<h2>'They went in big'</h2><div type="image" title="China army military soldiers troops base Djibouti" height="2074" width="3351" msid="92584230" hostid="261" sizebytes="651370"></div>As China's reach expands, it is seeking "a more robust" overseas basing and logistical network to allow its military "to project and sustain military power at greater distances," the US Defense Department said in its latest report on China's military.China's <a href="https://www.businessinsider.com/chinese-base-in-djibouti-near-camp-lemmonnier-africa-us-concern-2017-3" target="_blank" rel="noopener">only current overseas base</a> was opened in the East African country of <keyword id="13487101" type="UNKNOWN" weightage="60" keywordseo="djibouti" source="Orion">Djibouti</keyword> in 2017. China calls it a logistical support facility and it is near waters where its ships have been conducting anti-piracy patrols.China's Djibouti base is also near a major US facility and US <a href="https://www.businessinsider.com/these-are-the-4-blinding-laser-weapons-that-china-has-developed-2018-5" target="_blank" rel="noopener">officials are wary</a> of Chinese activity there. Gen. Stephen Townsend, the head of US Africa Command, <a href="https://www.businessinsider.com/chinas-overseas-base-big-enough-for-aircraft-carriers-us-commander-2021-4" target="_blank" rel="noopener">told lawmakers in 2021</a> that China had expanded the base "by adding a significant pier that can even support their aircraft carriers in the future."Opening the Djibouti base was "a huge departure from their strategy, [which] formerly had been no military basing abroad," Lyle Goldstein, an expert on the Chinese military at Defense Priorities, told Insider in a December interview."Not only did they go into Djibouti, but they went in big," Goldstein said. "It's a substantial facility. It's not just symbolic."China has focused on the Indian Ocean, seeking investments in ports and other facilities related to maritime commercial activity.<div type="image" title="China chinese navy sailors Iran Chabahar" height="800" width="1200" msid="92584231" hostid="261" sizebytes="45606"></div>China receives 40% of its fossil fuels from the Middle East. "As a result of that, they are interested in pursuing close, deep, and economic relationships with nations that adjoin the Strait of Hormuz and the [Persian] Gulf itself so that they can protect that long-term investment," Gen. Kenneth McKenzie told lawmakers this spring."I believe ultimately that will move from economic to a military component," added McKenzie, who was then the head of US Central Command.In early 2021, US intelligence officials <a href="https://affiliate.insider.com?u=https%3A%2F%2Fwww.wsj.com%2Farticles%2Fus-china-uae-military-11637274224" target="_blank" rel="noopener">reportedly learned</a> that China was secretly building what could have been a military facility in the United Arab Emirates, <a href="https://www.theguardian.com/world/2021/nov/19/chinese-military-base-uae-construction-abandoned-us-intelligence-report" target="_blank" rel="noopener">prompting US efforts</a> to halt the work. In late 2021, US official were again alarmed by intelligence indicating China was <a href="https://affiliate.insider.com?u=https%3A%2F%2Fwww.wsj.com%2Farticles%2Fchina-seeks-first-military-base-on-africas-atlantic-coast-u-s-intelligence-finds-11638726327" target="_blank" rel="noopener">pursuing a naval base</a> in <keyword id="14334863" type="UNKNOWN" weightage="60" keywordseo="equatorial-guinea" source="Orion">Equatorial Guinea</keyword>. The US again sought <a href="https://affiliate.insider.com?u=https%3A%2F%2Fwww.wsj.com%2Farticles%2Fu-s-aims-to-thwart-chinas-plan-for-atlantic-base-in-africa-11644607931" target="_blank" rel="noopener">to thwart</a> the project, dispatching <a href="https://www.state.gov/assistant-secretary-of-state-for-african-affairs-phees-visit-to-equatorial-guinea/" target="_blank" rel="noopener">senior officials</a> to the West African country.While China has focused on economic and diplomatic engagement in Africa, it has "to a lesser degree" worked in the "military domain," Townsend told lawmakers this spring. "Their military investments are playing out in Africa. They have their one overseas base there, and they are working hard to develop other overseas bases there."A base on Africa's Atlantic coast would "put them several thousand miles closer to the US homeland," Townsend said at the time.<div type="image" title="Cambodia Ream naval base" height="1331" width="2000" msid="92584233" hostid="261" sizebytes="323802"></div>US officials have also been concerned by <a href="https://www.businessinsider.com/photos-more-building-at-cambodia-military-base-that-worries-us-2021-10" target="_blank" rel="noopener">years of work at the Ream naval base in Cambodia</a>, where China is funding new construction, including the demolition of US-funded buildings. China and <keyword id="12082756" type="UNKNOWN" weightage="60" keywordseo="cambodia" source="Orion">Cambodia</keyword> <a href="https://www.reuters.com/world/china-hails-iron-clad-cambodia-ties-work-begins-naval-base-2022-06-08/" target="_blank" rel="noopener">broke ground</a> on the base this month, days after a Chinese official <a href="https://www.washingtonpost.com/national-security/2022/06/06/cambodia-china-navy-base-ream/" target="_blank" rel="noopener">told The Washington Post</a> that "a portion of the base" will be used by China's military.Both countries deny that Ream will be for China's exclusive use, but experts say it could support a rotational presence and <a href="https://www.businessinsider.com/cambodia-ream-base-changes-concerns-about-china-military-presence-2020-10" target="_blank" rel="noopener">allow China to project power into the Indian Ocean</a> in a way it couldn't before due to its proximity to passages into the Indian Ocean. The official also told The Post that the Chinese section of the base would host a ground station for China's BeiDou navigation satellite system, which could aid China's efforts to support its military operations and monitor other militaries.In its report on China's military, the US Defense Department said that a global network of military logistics network and military facilities "could both interfere with US military operations and support offensive operations against the United States" as China's "global military objectives evolve."US Air Force Gen. Jacqueline Van Ovost, the head of US Transportation Command, told lawmakers this spring that her command monitors China's "ability to project power around the globe, because that is our operating area.""I am monitoring their investments into ports, and their impact of these investments on our ability to maneuver around the world, their ability to disrupt and degrade our ability to project and sustain a force into the Pacific," Van Ovost said.<h2>'What's not fair is also not smart'</h2><div type="image" title="China navy ship Tonga" height="1080" width="1920" msid="92584234" hostid="261" sizebytes="194614"></div>China's apparent interest in foreign military facilities comes amid a decades-long expansion of China's overseas interests, chiefly in the Pacific but increasingly throughout the world. An interest in overseas bases is in fitting with those expanding interests, Goldstein told Insider in December."I've had Chinese strategists say to my face, 'We are seeking additional bases. We have that one base in Djibouti and we want more,' and it makes sense," Goldstein said. "China has global interests and they want to have a global Navy."Goldstein noted that China doesn't appear to seek <a href="https://www.businessinsider.com/biden-reviews-military-posture-as-calls-to-close-bases-grow-2021-3" target="_blank" rel="noopener">the globe-spanning basing network that the US has</a> had for decades and that Beijing so far has been "cautious" in its use of force. Other experts say the US should keep China's expansion and its implications for the US in perspective."We have a much larger military presence in Southeast Asia than China, and even in recent years we have still engaged in military cooperation with Cambodia," Van Jackson, an international-relations professor at Victoria University of Wellington in New Zealand, said on <a href="https://www.undiplomaticpodcast.com/episodes/121" target="_blank" rel="noopener">a recent podcast</a>.Smaller countries should be expected to balance between two larger powers, Jackson said, pointing to <a href="https://thediplomat.com/2022/02/thailand-us-china-relations-amid-the-2022-cobra-gold-drill/" target="_blank" rel="noopener">Thailand</a> and <a href="https://www.cnn.com/2017/10/24/politics/singapore-lee-hsien-loong-trump-china/index.html" target="_blank" rel="noopener">Singapore</a>. "It's not fair to smaller nations to securitize the China part of their hedging strategies, and in Asia, it happens to be that what's not fair is also not smart and not strategic," Jackson said.<div type="image" title="Navy destroyer Mustin Singapore" height="1664" width="2500" msid="92584235" hostid="261" sizebytes="387024"></div>Other experts argue that countering China everywhere is beyond the US's means and that Washington should narrow its focus."It's a question of really prioritizing which are the countries and places that have significant strategic importance to the United States, such that if there were a Chinese military facility there we'd be in trouble," one analyst of China's foreign policy, speaking anonymously because of professional commitments, told Insider this spring.US military commanders and other officials say that the US remains the most sought-after partner for many countries and emphasize the need to strengthen those ties in the face of China's expanding influence.Van Ovost, the head of TRANSCOM, said her command was pursuing a whole-of-government effort to "thicken our relationship with allies and partners around the world" and make them more "robust" against threats from China.Townsend told lawmakers this spring that the US is still "the partner of choice, and our equipment and our training is second to none," though the payoff of that engagement "can sometimes take a long time to unfold.""We do not have to compete with China everywhere. We have to be selective about where we compete with China, and I think we are being successful in that targeted competition," Townsend said.

With a new carrier and rumors of more bases, a vision of China's global presence is getting clearer

<ul class="summary-list"><li>Federal prosecutors allege that a former GOP lawmaker engaged in insider trading.</li><li>The <keyword id="11898795" type="UNKNOWN" weightage="60" keywordseo="sec" source="Orion">SEC</keyword> alleges that Stephen Buyer traded on inside knowledge, which included buying stock in <keyword id="11918849" type="UNKNOWN" weightage="60" keywordseo="sprint" source="Orion">Sprint</keyword> just before its merger with <keyword id="11896280" type="UNKNOWN" weightage="60" keywordseo="t-mobile" source="Orion">T-Mobile</keyword>.</li></ul>Federal prosecutors alleged that a former Republican congressman used insider knowledge, including insight gained from playing golf with a T-Mobile vice-president, to buy $1.5 million in <keyword id="11893878" type="UNKNOWN" weightage="60" keywordseo="stocks" source="Orion">stocks</keyword> and reap the rewards from insider trading.Stephen Buyer, a former <keyword id="11896862" type="UNKNOWN" weightage="60" keywordseo="indiana" source="Orion">Indiana</keyword> congressman, learned of T-Mobile's plan to acquire Sprint during a March 2018 golf outing with an unnamed T-Mobile executive, the <keyword id="11898794" type="UNKNOWN" weightage="60" keywordseo="securities-and-exchange-commission" source="Orion">Securities and Exchange Commission</keyword> alleged on Monday. <a href="https://www.sec.gov/litigation/complaints/2022/comp-pr2022-128.pdf">According to a SEC complaint</a>, Buyer then purchased $568,000 of Sprint shares based on the non-public knowledge ahead of the formal announcement of the massive merger.Buyer left Congress in 2011. He served on Capitol Hill from 1993 to 2011. He was replaced by Todd Rokita who left Congress to become Indiana's Attorney General.Buyer's attorney defended the former lawmaker's innocence."His stock trades were lawful," Andrew Goldstein, partner at Cooley LLP and counsel for former Buyer, said in a statement to Insider. "He looks forward to being quickly vindicated."A spokesperson for T-Mobile told Insider that the company has cooperated with the government's investigation into Buyer's trades, but declined to comment on any allegations against the former representative.Prosecutors also allege that Buyer was involved in a similar scheme roughly a year later. At that time, he purchased roughly $1 million worth of stock in Navigant Consulting, Inc. securities ahead of a public announcement of its acquisition by Guidehouse LLC. Guidehouse was also one of Buyer's clients at the consulting firm he formed after leaving Congress.Buyer's status as a former member of Congress was highlighted by prosecutors as one of the reasons in bringing charges against him."When insiders like Buyer – an attorney, a former prosecutor, and a retired Congressman – monetize their access to material, nonpublic information, as alleged in this case, they not only violate the federal securities laws, but also undermine public trust and confidence in the fairness of our markets," Gurbir S. Grewal, director of the SEC Enforcement Division, said in a statement.Federal investigators want Buyer and his wife, Joni, to be forced to forfeit any proceeds they made on the trades. The SEC wants Buyer to be fined for his actions and to permanently bar him from acting as an officer or director of a publicly traded company.<h2>Members of Congress want to ban themselves from trading stocks</h2>While Buyer is being accused of insider trading outside his time in office, his former colleagues in Washington, DC, are currently debating limits to stock trading by members of Congress and their spouses.Congress originally passed the Stop Trading on Congressional Knowledge (STOCK) Act of 2012 under the tenure of the Obama administration in an attempt to curb insider trading and provide more transparency to the general public. The law requires members of Congress to publicly report any trades worth more than $1,000 within 45 days of making the trade or risk penalties from the Ethics Committee.Since 2021, Insider's "<a href="https://www.businessinsider.com/conflicted-congress-key-findings-stock-act-finances-investing-2021-12" target="_blank" rel="noopener">Conflicted Congress</a>" project and other publications have discovered that <a href="https://www.businessinsider.com/congress-stock-act-violations-senate-house-trading-2021-9" target="_blank" rel="noopener">66 members of Congress </a>violated the STOCK Act by being late to disclose trades. Insider discovered that at least 182 senior congressional staffers violated the act as well.Now, a decade after the law's passing, many members of Congress feel as if the STOCK Act was not enough, and that members shouldn't be allowed to trade at all.House Speaker Nancy Pelosi originally opposed the idea, telling Insider's Bryan Metzger that "we are a free-market economy. They should be able to participate in that."Following backlash from members across the aisle, she ultimately acquiesced to a potential ban<a href="https://www.businessinsider.com/if-members-want-nancy-pelosi-reverses-on-stock-trade-ban-2022-1?utm_medium=referral&amp;utm_source=yahoo.com" target="_blank" rel="nofollow noopener"></a>, saying, "If members want to do that, I'm OK with that."But despite several proposed bills from Republicans and Democrats in both chambers, none have been brought to a vote and at least one member of Congress, Rep. Abigail Spanberger, <a href="https://www.businessinsider.com/ban-congress-stock-trading-stalls-merkley-spanberger-jayapal-ossoff-2022-5">told Insider</a> that she thinks "they're trying to run out the clock." The push has been stonewalled by "anyone who has the ability to move" the bills forward, she added,

Former GOP House lawmaker is charged with violating insider trading laws to buy $1.5 million in stock

<ul class="summary-list"><li>Seven people were killed in a shooting at a Fourth of July <keyword id="12004325" type="UNKNOWN" weightage="60" keywordseo="parade" source="Orion">parade</keyword> in <keyword id="14366098" type="UNKNOWN" weightage="60" keywordseo="highland-park" source="Orion">Highland Park</keyword>, Illinois.</li><li>Dozens more were injured and transported to the hospital, some with critical injuries.</li></ul>Seven people died and dozens more were injured in a <a href="https://www.insider.com/Highland-park-shooting-fourth-of-july-parade-2022-7">mass shooting at a Fourth of July parade</a> in Highland Park, Illinois, on Monday.People at the parade described <a href="https://edition.cnn.com/us/live-news/illinois-shooting-july-fourth-parade-07-05-22/index.html">initially mistaking the gunfire for fireworks</a>, and then running for safety.In the aftermath of the Monday shooting, authorities said seven people had been killed.Five adults were pronounced dead at the scene Monday and a sixth victim died in the hospital after being taken from the scene.On Tuesday, Lake County Sheriff's Office Deputy Chief Christopher Covelli confirmed to Insider that a seventh victim had died in the shooting. Authorities released the names and ages of six of the seven victims during a Tuesday press conference. <ul><li>Irina McCarthy, 35, of Highland Park</li><li>Kevin McCarthy, 37, of Highland Park</li><li>Jacquelyn Sundheim, 63, of Highland Park</li><li>Katherine Goldstein, 64, of Highland Park</li><li>Nicolas Toledo-Zaragoza, 78, of Morelos, Mexico</li><li>Stephen Straus, 88, of Highland Park</li><li>Edward Uvaldo, 69, of Waukegan</li></ul>Here is what we know so far about those who were killed.<div type="image" title="A tricycle is seen near the scene of a mass shooting at a Fourth of July parade route, in the Chicago suburb of Highland Park, Illinois, July 4, 2022" height="1334" width="2000" msid="92674283" hostid="261"></div><h2>Nicholas Toledo-Zaragoza</h2>Nicolas Toledo-Zaragoza had been in Illinois to visit his family, his family told the <a href="https://chicago.suntimes.com/metro-state/2022/7/4/23194745/highland-park-victim-nicolas-toledo-mass-shooting-fourth-of-july-parade-homicide">Chicago Sun Times</a>.His granddaughter, Xochil Toledo, told the Sun-Times that Nicolas had not been sure if he wanted to go the parade, but his family did not want to leave him alone. <a href="https://www.nytimes.com/live/2022/07/04/us/highland-park-shooting-july-4-parade?smtyp=cur&amp;smid=fb-nytimes&amp;fbclid=IwAR352_T_SG31MEd1zvuzt2iKegbebyWvbNp5GwhZxRScNPuCsDHv1erg8lA">The New York Times</a> reported that he had disabilities which prevented him from being left alone.Xochil told the Sun-Times that during the parade "He was so happy. Happy to be living in the moment."Then bullets started to hit him, she said.<a href="https://www.nytimes.com/live/2022/07/04/us/highland-park-shooting-july-4-parade?smtyp=cur&amp;smid=fb-nytimes&amp;fbclid=IwAR352_T_SG31MEd1zvuzt2iKegbebyWvbNp5GwhZxRScNPuCsDHv1erg8lA">She told The Times</a>: "We realized our grandfather was hit. We saw blood and everything splattered onto us.""He was the one who saved all of our lives. It would have gone to me, my boyfriend or my cousins," she told the Sun Times. Toledo-Zaragoza was 78, his son Alejo Toledo <a href="https://nypost.com/2022/07/04/first-victim-in-highland-park-parade-shooting-identified-as-nicholas-toledo/">told The New York Post.</a>"We are all feeling pretty numb. We're all pretty broken inside," his granddaughter told CBS Chicago. The family was supposed to have a cookout after the parade, but are instead in shock, the Sun-Times reported. Xochil said her father and boyfriend were also shot, and that her father was released but her boyfriend was still in hospital as of Monday.<h2>Jacki Sundheim</h2>Also killed in the shooting was Jacki Sundheim, a local synagogue worker.The North Shore Congregation Israel said in a <a href="https://www.nsci.org/jacki-sundheim">statement</a> that she was a "beloved" member of its staff and a longtime member of its community."There are no words sufficient to express the depth of our grief for Jacki's death and sympathy for her family and loved ones," the statement said.She is survived by her husband Bruce and daughter Leah, The Times of Israel <a href="https://www.timesofisrael.com/synagogue-staffer-mexican-grandfather-among-six-chicago-area-shooting-victims/">reported</a>, citing the synagogue.<h2>Irina and Kevin McCarthy</h2>Irina and Kevin McCarthy were parents to a young boy who was also present at the Fourth of July parade, according to a <a href="https://www.gofundme.com/f/irina-and-kevin-mccarthy">GoFundMe</a> set up for the slain couple.Their 2-year-old son Aiden became separated from his parents amid the shooting that claimed Irina and Kevin's lives. A woman who came across Aiden during the chaos took him to the police station to be reunited with his family, <a href="https://www.cbsnews.com/chicago/news/both-parents-of-toddler-killed-in-highland-park-mass-shooting/">CBS News reported.</a>But his parents never came. The community eventually reunited Aiden with his grandparents, according to the online fundraiser. The page said Aiden will be raised by his grandparents Misha and Nina Levberg."He will have a long road ahead to heal, find stability, and ultimately navigate life as an orphan," the fundraiser's organizer, Irina Colon wrote. The GoFundMe raised $2,247,250 by Wednesday afternoon.<h2>Edward Uvaldo</h2>Edward Uvaldo was identified by the Cook County medical examiner as the seventh shooting victim on Wednesday, <a href="https://www.cbsnews.com/chicago/news/edward-uvaldo-seventh-victim-highland-park-mass-shooting/">CBS News</a> reported. Uvaldo had suffered critical injuries and was taken to Evanston Hospital, where he was later pronounced dead at 7:47 a.m., the outlet reported. In a <a href="https://www.gofundme.com/f/ua5pks-highland-park-shooting">GoFundMe</a> fundraiser, Uvaldo's family said he had been shot in the head and the arm, and his wife, Maria, had also been injured by "fragments in the head." "My grandpa is a kind, loving, and funny man who did not deserve this," Nivia Guzman, the fundraiser's organizer, said on Tuesday. "We just received <keyword id="11893589" type="UNKNOWN" weightage="100" keywordseo="news" source="Orion">news</keyword> that there is nothing left to do for our papi," Guzman wrote later in an update. "All further donations will go towards assisting my grandmas needs when the time comes."<h2>8-year-old among the injured</h2>An additional 25 people were brought to the hospital with gunshot wounds, Brigham Temple, the medical director of emergency preparedness at NorthShore University HealthSystem, <a href="https://www.nbcnews.com/news/us-news/gunfire-erupts-area-fourth-july-parade-route-highland-park-illinois-sh-rcna36565">told</a> a Monday news conference. Some of them have been discharged.Those patients' ages ranged from eight to 85 years old, and included four to five children, Temple said.The injuries of the hospitalized patients varied, Temple said: "Some of them were minor. Some of them were much more severe and some of those patients were in critical condition when they did arrive here to the hospital," Temple said.Nineteen patients had been treated and discharged as of 4:30 p.m. local time Monday. A <a href="https://www.gofundme.com/f/victims-of-the-highland-park-july-4th-shooting?qid=ea844d872dd2c81fc26e88b9784ccc3e">GoFundMe page</a> for victims of the shooting has raised $317,862 as of Wednesday afternoon. Another, <a href="https://www.gofundme.com/f/mario-nicolas-toledo?qid=aeeba258af07c9e622a456953b540205">for Toledo</a>, has raised more than $123,000. <a href="https://www.gofundme.com/f/highland-park-parade-victims-fund?qid=69957709ac4f2a0426163af7eb0c1a2c">A third page</a>, organized by VictimsFirst, has raised $32,372 toward a goal of $320,000.

Victims of the Highland Park shooting include a 78-year-old grandfather and both parents of a toddler, with the injured as young as 8

<ul class="summary-list"><li><keyword id="10828428" type="UNKNOWN" weightage="60" keywordseo="as-you-sow">As You Sow</keyword> has released its seventh annual report detailing the 100 most overpaid CEOs.</li><li>The top 30 CEOs on the list includes <keyword id="6357623" type="DEFINITION" weightage="60" keywordseo="alphabet">Alphabet</keyword>'s Sundar Pichai and Microsoft's Satya Nadella.</li><li>Nine companies have made the list every year, including Walt Disney, Goldman Sachs, and IBM.</li></ul>CEOs like Alphabet's Sundar Pichai and Microsoft's Satya Nadella are among the top 100 most overpaid CEOs, according to a new report from As You Sow.It's no secret that CEOs of S&amp;P 500 companies make good money. However, As You Sow's list doesn't <a href="https://www.businessinsider.com/how-much-executives-media-paid-netflix-fox-disney-news-corp-2020-11?r=bc-sub">rank by the size of a CEO's salary</a>. Instead, the corporate responsibility non-profit uses different metrics to identify whether or not a CEO is being overpaid.To do this, the study took three main factors into account: the amount of extra dollars a CEO receives based on past company performance and pay, the number of shareholders who voted against a CEO's pay package, and the ratio comparing the executive's compensation to the company's median employee pay. The latter was weighed less heavily.Coincidentally, the highest salary on the list happens to belong to the most overpaid CEO: <a href="https://www.businessinsider.com/the-15-google-executives-who-report-to-ceo-sundar-pichai-2020-6?r=bc-sub">Alphabet's Sundar Pichai, who receives a pay</a> of $280,621,552, according to the report. To compare, the median pay of Alphabet workers sits at $258,708, which is a CEO to worker pay ratio of 1,085 to one.Pichai is being paid an excess of $266,698,263, according to As You Sow.Another <a href="https://www.businessinsider.com/microsoft-president-brad-smith-talks-australia-news-ban-2021-2?r=bc-sub">tech giant, Microsoft, also made the list in 24th place.</a> Satya Nadella, the head of Microsoft, earns $42,910,215. According to the study, Nadella is being paid an excess of $27,896,691.The median pay of Microsoft's employees is $172,512, which is a CEO to worker pay ratio of 249 to one.<a href="https://www.businessinsider.com/mark-zuckerberg-jack-dorsey-sundar-pichai-testify-before-congress-march-2021-2">Several social media companies are seen as giants in Silicon Valley</a>, but only one was included in the report: Mark Zuckerberg, Facebook's CEO, in 73rd place. Zuckerberg has a pay of $23,415,973, which, according to the study, contains an excess of $9,479,977.To compare, the median employee pay at Facebook is $247,883. This amounts to a CEO to worker pay ratio of 94 to one, lower than both Microsoft and Alphabet's.However, the list wasn't just dominated by tech leaders. Bob Iger, the former CEO of the <keyword id="149163" type="COMPANY" weightage="60" keywordseo="Walt-Disney-Company">Walt Disney Company</keyword>, Lachlan Murdoch of Fox Corporation, and Miguel Patricio of the <keyword id="3074390" type="PERSON" weightage="60" keywordseo="Kraft-Heinz-Company">Kraft Heinz Company</keyword> were all listed among the top 30 most overpaid CEOs.And according to the study, companies that have consistently graced the list are performing worse than those that have never been mentioned. As You Sow has published this report annually since 2015, and nine CEOs have made the list every year, amounting to a total pay of $2 billion. However, these nine businesses have seen a lower annualized shareholder return compared to S&amp;P 500 companies that have never made the overpaid CEO list.These nine companies include: <keyword id="6421627" type="UNKNOWN" weightage="60" keywordseo="discovery">Discovery</keyword>, Walt Disney, Comcast, AT&amp;T, Goldman Sachs, IBM, McKesson, Ralph Lauren, and Regeneron.This consistent overpaying of CEOs can signal several concerns, specifically "poor accountability, weak governance, and lack of concern for shareholder interests," the study notes.However, this overcompensation issue may soon be changing as more shareholders are beginning to vote against these hefty CEO paychecks, according to Rosanna Landis Weaver, the report's author."We might be going into a spring where we see higher votes against pay, particularly at companies that try to insulate their executive compensation from the effects of the COVID-19 pandemic," Weaver told Insider.These were the top 30 most overpaid CEOs, according to As You Sow's new report:<h2>30. Norwegian Cruise Line - Frank Del Rio</h2>Pay: $17,808,364Excess: $6,617,002Median worker pay: $16,925<h2>29. Walgreens Boots Alliance - Stefano Pessina</h2>Pay: $19,156,202Excess: $7,266,357Median worker pay: $34,074<h2>28. HCA Healthcare - Samuel Hazen</h2>Pay: $26,788,251Excess: $14,094,249Median worker pay: $56,012<h2>27. Netflix - Reed Hastings</h2>Pay: $38,577,129Excess: $23,649,474Median worker pay: $202,931<h2>26. AT&amp;T - Randall Stephenson</h2>Pay: $32,032,925Excess: $19,313,311Median worker pay: $98,630<h2>25. McKesson - John Hammergren</h2>Pay: $17,400,207Excess: $5,240,500Median worker pay: $38,026<h2>24. Microsoft - Satya Nadella</h2>Pay: $42,910,215Excess: $27,896,691Median worker pay: $172,512<h2>23. Linde - Stephen Angel</h2>Pay: $66,149,325Excess: $52,644,326Median worker pay: $40,601<h2>22. Coty - Pierre Laubies </h2>Laubies was replaced halfway through 2020, <a href="https://www.wsj.com/articles/coty-says-it-will-switch-ceos-again-11582902714">the Wall Street Journal reported</a>.Pay: $16,211,992Excess: $5,574,670Median worker pay: $43,242<h2>21. Mylan - Heather Bresch</h2>Pay: $18,509,260Excess: $7,524,895Median worker pay: $43,367<h2>20. Qualcomm - Steven Mollenkopf</h2>Pay: $23,065,052Excess: $9,744,629Median worker pay: $90,259<h2>19. Marathon Petroleum - Gary Heminger </h2>Heminger <a href="https://www.prnewswire.com/news-releases/marathon-petroleum-corporation-names-michael-j-hennigan-chief-executive-officer-301026095.html">retired from the company</a> in April 2020.Pay: $24,129,164Excess: $11,768,410Median worker pay: $27,507<h2>18. General Electric - H. Lawrence Culp Jr.</h2>Pay: $24,553,788Excess: $13,339,908Median worker pay: $50,471<h2>17. Centene - Michael Neidorff</h2>Pay: $26,438,425Excess: $13,257,871Median worker pay: $68,987<h2>16. Activision Blizzard - Robert Kotick</h2>Pay: $30,122,896Excess: $15,867,848Median worker pay: $94,308<h2>15. Fiserv - Jeffrey Yabuki</h2>Yabuki stepped as CEO mid-2020, <a href="https://www.marketwatch.com/story/fiserv-says-ceo-yabuki-will-depart-in-july-as-first-data-executive-steps-into-the-top-role-2020-05-07">Marketwatch reported</a>.Pay: $27,601,026Excess: $13,842,124Median worker pay: $65,254<h2>14. Comcast - Brian Roberts</h2>Pay: $36,370,183Excess: $23,330,783Median worker pay: $78,869<h2>13. Fidelity National Information Services - Gary Norcross</h2>Pay: $27,658,117Excess: $13,926,647Median worker pay: $59,235<h2>12. T-Mobile - John Legere</h2>Legere <a href="https://www.t-mobile.com/news/press/mike-sievert-to-succeed-john-legere">stepped down as</a> T-Mobile's CEO at the end of April 2020.Pay: $27,756,690Excess: $13,798,277Median worker pay: $62,195<h2>11. Advanced Micro Devices - Lisa Su</h2>Pay: $58,534,288Excess: $40,542,122Median worker pay: $96,874<h2>10. Fox Corporation - Lachlan Murdoch</h2>Pay: $42,111,103Excess: $28,735,479Median worker pay: not provided<h2>9. Las Vegas Sands Corporation - Sheldon Gary Adelson</h2>Adelson died this year <a href="https://www.businessinsider.com/las-vegas-sands-appoints-robert-goldstein-as-ceo-2021-1">and was replaced</a> by Robert Goldstein as CEO.Pay: $24,680,118Excess: $11,976,674Median worker pay: $42,228<h2>8. Universal Health Services - Alan Miller</h2>Pay: $24,473,240Excess: $12,397,998Median worker pay: $38,931<h2>7. <keyword id="28115" type="CITY" weightage="60" keywordseo="Intel">Intel</keyword> - Robert Swan</h2>Swan was replaced by Pat Gelsinger as <a href="https://newsroom.intel.com/news-releases/intel-appoints-tech-industry-leader-pat-gelsinger-as-new-ceo/">CEO of Intel</a> this month.Pay: $66,935,100Excess: $53,244,455Median worker pay: $96,300<h2>6. The Kraft Heinz Company - Miguel Patricio</h2>Pay: $43,297,480Excess: $31,390,609Median worker pay: $42,689<h2>5. The Walt Disney Company - Bob Iger</h2>Iger <a href="https://thewaltdisneycompany.com/bob-chapek-named-chief-executive-officer-of-the-walt-disney-company/">stepped down</a> as CEO of the Walt Disney Company in February 2020.Pay: $47,517,762Excess: $34,885,856Median worker pay: $52,184<h2>4. Howmet Aerospace - John Plant</h2>Pay: $51,712,578Excess: $39,321,473Median worker pay: $55,497<h2>3. <keyword id="151277" type="CITY" weightage="60" keywordseo="CVs">CVS</keyword> Health - Larry Merlo</h2>Merlo <a href="https://cvshealth.com/news-and-insights/press-releases/cvs-health-announces-ceo-transition-effective-february-2021">retired from</a> his CEO post this month.Pay: $36,451,749Excess: $24,311,079Median worker pay: $46,140<h2>2. Discovery - David Zaslav</h2>Pay: $45,843,912Excess: $33,823,935Median worker pay: $79,343<h2>1. Alphabet - Sundar Pichai</h2>Pay: $280,621,552Excess: $266,698,263Median worker pay: $258,708

CEOs like Google's Sundar Pichai and Microsoft's Satya Nadella are among the most overpaid CEOs, according to a new report

<div class="KonaFilter image-container float_right"><div class="image on-image"></div></div>The Supreme Court could issue a ruling any day now on the <a href="http://www.businessinsider.com/this-surprise-could-come-out-of-the-supreme-courts-big-gay-marriage-case-2015-4">legality of same-sex marriage</a>, and everybody is focusing on one justice - "swing voter" Anthony Kennedy.Kennedy made two comments during arguments in April that could reveal his thinking on whether states should be able to ban gay marriage.When gay-marriage advocates made their case, Kennedy commented that the definition of marriage had "been with us for millennia," <a href="http://blogs.wsj.com/washwire/2015/04/28/live-blog-gay-marriage-arguments-at-supreme-court-tuesday/#entry_29">according to The Wall Street Journal</a>. Kennedy questioned whether the high court should create a new definition and say "we know better."Later in the arguments, though, Kennedy said his sense was that a "principle purpose of marriage was to afford dignity to the couples, which is denied to same-sex couples," <a href="http://live.scotusblog.com/Event/Live_blog_Obergefell_v_Hodges">SCOTUSblog's Tom Goldstein wrote</a>.Goldstein then observed: "He is clearly weighing two things: the definition of marriage has been the same for 'millennia' versus the fact that denying marriage to same-sex couples is an affront to their dignity (and that of the children they raise)."<div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div>The Supreme Court most recently heard the issue of gay marriage in 2013, <a href="http://www.businessinsider.com/report-supreme-court-strikes-down-key-part-of-defense-of-marriage-act-2013-6">when it struck down the Defense of Marriage Act</a> (DOMA), a <keyword id="6355470" type="CITY" weightage="60" keywordseo="Law">law</keyword> that said the federal government didn't recognize gay marriages. In effect, DOMA deprived married same-sex couples of many of the benefits available to married opposite-sex couples.Kennedy, who has a history of writing pro-gay-rights opinions, wrote the opinion striking down DOMA. That opinion touched <a href="http://www.nytimes.com/interactive/2013/06/26/us/annotated-supreme-court-decision-on-doma.html">on the dignity that marriage rights</a> bestowed on same-sex couples.Recently, Kennedy has been recognized as an "unlikely gay rights icon," <a href="http://www.nytimes.com/2015/06/22/us/kennedys-gay-rights-rulings-seen-in-his-sacramento-roots.html">as The New York Times noted this week</a>, adding that he has had two gay clerks. Still, one of those former clerks, Paul T. Cappuccio, pointed out that one can't take for granted that the justice's friendships with gays will influence his opinion."He takes liberty very seriously. Sure, I think it could be natural that one's life experiences can have an impact," Cappuccio told the Times. "But I think it would be belittling of Justice Kennedy to say he might vote to recognize a constitutional right to same-sex marriage just because he knows people who are gay."The current case centers on the constitutionality of same-sex marriage bans in Kentucky, Michigan, Ohio, and Tennessee, and it will consider these two questions: 1) Does the Fourteenth Amendment require a state to license a marriage between two people of the same sex? 2) Does the Fourteenth Amendment require a state to recognize a marriage between two people of the same sex when their marriage was lawfully licensed and performed out of state?A decision is expected as soon as Thursday. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/barack-obama-body-man-reggie-love-2015-2">Here's what it takes to be President Obama's right-hand man</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="g1N2NwczpXSDrnuf4uTcS7BnUmwlMLeM" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

Justice Anthony Kennedy made 2 very telling comments about gay marriage 

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Bryan Bedder/Getty Images for The New York TimesGoldman Sachs Group chairman and CEO Lloyd Blankfein.</div></div></div><section><article><div><div><section data-share-hash=""><div>Goldman Sachs just announed a new class of managing directors.</div><div></div><div>Here's the statement:</div></section></div>NEW YORK, November 8, 2017 -- The Goldman Sachs Group, Inc. (NYSE: GS) today announced that it has selected a new class of Managing Directors, effective from January 1, 2018, the start of the firm's next fiscal year."Our new Managing Directors have demonstrated an outstanding commitment to our people, clients and culture during their tenures at the firm, and we wish them continued success as they take this important next step in their careers," said Lloyd C. Blankfein, Chairman and Chief Executive Officer of Goldman Sachs.The following individuals have been promoted to Managing Director: Gregg Abramson Sanjay Acharya Khalid Albdah Amal Alibair Karthikeyan Anbalagan Rolf Andersson Volker Anger Jonathan Armstrong Ken Ashley Lavanya Ashok Sebastian Ayton Jonathan Babkow Julio Badi Amitayush Bahri Soren Balzer Robert Barlick Jr. Philip Barreca Santiago Bau David Bauer Oksana Beard Lee Becker Virender Bedi Stuart Beer Christian Beerli Amanda Beisel Yumiko Bekku David Bell Pierre Benichou Andrew Benito Marco Bensi Laura Benson Stephen Bergin Daniel Berglund Greg Berry Shital Bhatt Dipanjan Bhattacharjee Anu Bhavnani Carissa Biggie Vineet Birman Daniel Bitel Anne Black Richard Blore Emmanuel Bodenstein Timothy Braude Sean Brenan Hugh Briscoe Nathaniel Bristol Leo Brito Troy Broderick Levee Brooks Eric Brothers Robert Bruns III Anthony Bunnell Meg Burke Susan Burt Sean Butkus Russell Byrne Edward Byun Adam Cahill Alessandro Calace Cristiano Camargo Ken Cawley Swapan Chaddha Patrick Chamberlain Richard Chambers Daphne Chan Lily Chan Ben Chance Ginger Chang Vikram Chavali Alex Cheek Jae Joon Choi Ken Choi Paul Choi David Clark Denis Cleary Daniel Cleland-James Ayanna Clunis Pamela Codo-Lotti Jesse Cohen Paul Coles Simon Coombes Jenny Cosco Philip Coureau Nathan Cowen Matthew Cox (Securities) Shaun Cullinan Christine D'Agostino Emile Daher Hiren Dasani Russell Day Pierre De Belen Merche del Valle Caitlin DeSantis Jack Devaney Thomas Devos Mats Dewitte Hristo Dimitrov Tim Dinsdale Isabella Disler Christian Ditullio Terence Doherty Yakut Donat Nicola Dondi Brian Dong Jason D'Silva Stefan Duffner Jane Dunlevie Marie Duval Julien Dyon Rohini Eapen Zach Eckler Sayaka Eda Jason Eisenstadt Chris Emmerson Tiffany Eng Chendan Esvaran Erkko Etula Liz Ewing Michael Fargher Matteo Farina Leigh Farris Sarah Faulkner Tom Favia Brett Feldman Jennifer Feng Jon Ferguson Alex Field Herbert Filho Alex Finston Dean Flanagan Greg Flynn Trip Foley Andrew Ho Kwon Fong Moran Forman Michael Fox Caroline Fraser Daniel Freckleton Tim Freeman Reto Frei Giles French Kirsten Frivold Michael Fu Rob Fuentes Kenji Fujimoto Carrie Gannon Chantal Garcia Akhil Garg Alex Garner Nick Gelber Andrew Gent Gizelle George-Joseph Andrea Gift Sean Gilbride Andreas Glaser Yong Suan Goh Sona Gohel Amir Gold Jeremy Goldstein Steven Gonzalez Jeff Gowen Adam Greene Tom Groothaert Hannes Gsell Ashwin Gupta Ali Haji Ayaz Haji Robert Hamilton Kelly Victoria Hampson Raja Harb Andy Harding Ryan Harster Selma Hassan Stephen Hawinkels Jacqueline Haynes Jason He* Craig Hempstead David Herrmann David Hickey Thomas Hilger Mitch Hochberg Jodi Hochberger Jane Hodges Peter Hodgkinson Dylan Hogarty Tim Holliday Naftali Holtz Amy Hong Jason Hudes Earl Hunt Joseph Hwang Yoshinori Ide Kazuya Iketani Daniel Jackson Ankit Jain (Risk) Gaurav Jaitly Jan Janssen David Jeria Alnawaz Jiwa Kim Johns Scott Johnson Elis Jones Neil Jones Robert Jones Philip Joseph Anand Joshi Shawn Joshi Ritu Kalra Michael Kaprelian Nadeem Kayani Alicia Keenan Neil Kelleher Tom Kennedy Aqil Khan Sarah Kiernan Daniel Kim Eugene Kim (IMD) Jason Kim (GIR) Sora Kim Kristy Kinahan Eugene King Laura Kirk Kunal Kishore Elliot Klapper Jayee Koffey Jason Koon Jennifer Kopylov Daniel Korich Ichiro Kosuge Vladimir Kotlyar Samuel Krasnik Katherine Krause David Kraut Sergey Kraytman Nitin Kulkarni Ram Kulkarni Dileep Kumar (Securities) Santosh Kunnakkat Wendy Kwong JP Lall Bill Lambert David Landman Yi Larson Niccolo Laudiero Nick Laux David Lee Phillip Lee Samuel Lee Shawn Lee Michael Leister David Lerner Naomi Leslie Matt Levine Na Li Haining Liang Nancy Licul Monica Lim Michelle Ling Srujan Linga Philip Linton Alan Liu Daniel Liu Eric Liu Heiman Lo Juan Lorenzo Tian Lu Wayne Lu James Lucas Dennis Luebcke Martin Luehrmann John Lynch Gina Lytle Leo Ma* Caesar Maasry Geoff MacDonald Robert Magnuson Toshiyuki Makabe Mariano Mallol Geydar Mamedov Kara Mangone Donna Mansfield Ajit Marathe Gilberto Marcheggiano James Marchese Michael Marcus Joshua Matheus Ann Mathews Chris Mathie Brian McCallion Graham McClelland Anne McCosker Michael Meehan (Compliance) Taylor Mefford Neil Mehta Adam Meister David Mericle Vitali Meschoulam Eric Meyers Alex Mignotte Andras Mikite Christopher Milligan Rahul Mistry Mike Mitchell Neil Moge Waleed Mohsin Babak Molavi Joel Monson Guy Morgan James Morris Antoine Munfa Aimee Mungovan Yuji Murata Dan Murphy Josh Murray Brian Musto Shehzad Nabi Devarajan Nambakam Ramanathan Narayanan Ganapathy Natarajan Danielle Natoli Murad Nayal Karim Nensi Scott Neu Dennis Ng Ken Ng Benjamin Ngan Joy Nguyen Salman Niaz Anders Nielsen (IMD) Howard Nifoussi Jun Niki Leah Nivison Laura Noble James Nolan Lauren Oakes Lynn Oberschmidt Allison O'Connor John O'Connor Shunil Ohrie Damian Ordish Leke Osinubi David Ossack Sathiya Padmanaban Danielle Pallin Salvador Pareja Dalmir Pasini Clorinda Pasqua Chris Pawson Paris Pender Patrick Perkins Philippe Perzi Wendy Peters Andy Phillips Flavio Picciotto Michael Pieck Sam Pirog Thomas Plank Joseph Plotkin Wade Podlich Ashish Pokharna Caitlin Pollak Charles Pollock Joe Porter Travis Potter Rohit Prabhu Richard Privorotsky Andrew Pucher Jay Rabinowitz Ankit Raj Harsha Rajamani Dmitry Rakhlin Yasser Rathore Edoardo Rava Elizabeth Reed Alexandre Reinert Stephen Reinhard Irfan Rendeci Christian Resch Andrew Rhee Riccardo Riboldi James Rinsler Caroline Riskey Helen Robinson Mark Rosen Amit Roy Joe Ryan Bernhard Rzymelka Takehiro Sakuramoto John Sales Rob Sarazen Vineeta Saxena Dominik Schaefer Andrea Scott Majid Sebti Bipin Sehgal Arseni Seregin Irma Sgarz Paulomi Shah Shreyas Shah Sunny Shah Faisal Shamsee Daniel Shapiro Mahesh Sharma Shripal Sharma Mai Shin Romy Shioda Toshimichi Shirai Mark Short Pankauz Shrestha David Shrimpton Obaid Siddiqui Mike Sidorov Scott Silverglate Stefani Silverstein Amy Silverzweig Jasdeep Singh Gabriella Skirnick Michael Sklow Maxine Sleeper Michael Slomienski Michael Sloyer Nicholas Smith (IBD) Ruth Smithson Christine Smyth Ben Snider Stacy Sonnenberg Cleaver Sower Ro Spaziani Brian Steele Johannes Steffens Duncan Stewart Stephen Stites Laurent Storoni Caroline Styant Joel Sulkes Mancy Sun Winnie Tam Nachiket Tamhane Ken Tang MK Tang Amish Tanna Melissa Teng Ross Tennenbaum Greg Thompson Fiona Thomson Justin Tobe Jason Tofsky Brad Tuthill Masahiro Uchiyama Nehal Udeshi Saad Usmani Meg Vaden Pramod Vaidyanathan Adam Van de Berghe Fred van der Wyck Suzanne van Staveren Andrew Vass Mahesh Vellanki Kadambari Verma Christopher Vilburn Iva Vukina Heng Vuong Ketan Vyas Joe Wall Jeffrey Wang Jiantao Wang Joshua Wang Lily Wang (Technology) Sherry Wang Victoria Ward (Compliance) Jeff Warren Noriko Watanabe Ramey Watkins Sam Watkins Heiko Weber Niki Webster Scott Weinstein Ryan Westmacott James Westwood Keith Wetzel Mark Wetzel James Whittingham Sabine Wick Robert Wieser Devin Wilde David Wilkins John Wilkinson Andrew Williams Ed Wong (IBD Technology) Eric Wong (Internal Audit) Kate Wood Amanda Wu Douglas Wu Joanne Xu Liang Xu** Rupam Yadav Kazushi Yamaguchi Hubert Yang Lisa Yang Basak Yavuz Zeynep Yenel David Yu Brian Zakrocki Thomas Zeppetella Yi Zhang* Adib Zouein Patrik Zumstein Piotr Zurawski Jonathan Zwart*Employee of Goldman Sachs Gao Hua Securities Company Limited **Employee of Beijing Gao Hua Securities Company Limited</div></article></section>Get the latest Goldman Sachs stock price<a href="http://markets.businessinsider.com/stock/GS-Quote"> here.</a> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/interview-with-kristina-hooper-chief-investment-strategist-at-invesco-2017-11">We talked to the chief investment strategist at $920 billion fund giant Invesco about where you should invest right now</a></h3> <div> </div> </div>

Goldman Sachs' new managing director list is out

17. Better Call Butterball

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Retuers/ Luke MacGregor</div></div></div>It is not uncommon for an investment banker to jump from one Wall Street firm to another.It is less common for five of them - from the same team - to do it at the same time for the same rival. That's what happened at Credit Suisse's San Francisco-based technology team in May.The bank's response, though, was also just as unlikely: In early June, just days after they gave their resignation, it went to court asking for a forensic search of their electronics, and for a judge to keep them from starting work at the rival firm - Jefferies.The injunction filings were first brought to light by a by a <a href="http://www.businessinsider.com/r-credit-suisse-banker-dispute-shows-challenge-of-ceos-new-strategy-2016-8">Reuters report</a> on August 18 - two days after the five bankers finished their gardening leave and were free to call and recruit former Credit Suisse employees.Credit Suisse accused the bankers of stealing proprietary documents and trying to poach former colleagues, court documents show. The bankers denied this in affidavits, and the injunction was only granted in part by the judge ordering a litigation hold until the dispute is resolved in arbitration.The bank wanted to prevent any harm to its business before that process could run its course. But the hasty and vague effort - the documents it claimed as confidential include a pitchbook for an initial public offering that is no longer active, for example - also highlights the pressure it was under to stem the tide of departures. Indeed, the technology bankers aren't the only senior dealmakers to have left this year."It's curious why Credit Suisse would file an injunction action articulating in only general, almost template language, the proof of the conduct alleged," said Ruthann Granito, the president of Granito Ltd., a corporate advisory company, and a financial-industry attorney in New York. "Are they trying to stem the tide?"A spokesperson for Credit Suisse said: "The court put a stop to the inappropriate conduct of five individuals who departed Credit Suisse and violated their obligations to the firm. Despite their actions, our global technology business is continuing to have one of its strongest years in recent memory."Jefferies declined to comment. <h2>A public pivot</h2>The tech bankers are Steve West, who was cohead of software-investment banking; Bill Brady, chairman of global technology investment banking; John Metz, head of global enterprise technology banking; Cameron Lester, head of global internet banking; and Cully Davis, cohead of the Americas equity capital markets origination group. Each announced his departure for Jefferies on May 17.<div class="KonaFilter image-container display-table float_left"><div><div class="image on-image"><a href="http://pictures.reuters.com/C.aspx?VP3=SearchResult&amp;VBID=2C0BXZ1H9BLF5&amp;SMLS=1&amp;RW=1302&amp;RH=723&amp;RW=1302&amp;RH=723#/SearchResult&amp;VBID=2C0BXZ1H9BLF5&amp;SMLS=1&amp;RW=1302&amp;RH=723&amp;POPUPPN=16&amp;POPUPIID=2C0BF1FF1TQE8">REUTERS/Ruben Sprich</a>Credit Suisse CEO Tidjane Thiam in a news conference in Zurich, Switzerland May 10, 2016.</div></div></div>The resignations had as much to do with internal sentiment toward CEO Tidjane Thiam as they did with the firm's <a href="http://finance.yahoo.com/quote/CS?ltr=1">plunging stock price</a> and its <a href="http://www.businessinsider.com/r-credit-suisses-thiam-set-to-show-hand-as-ceo-2015-10">public pivot toward wealth management</a>, according to several former employees of the bank.Thiam, who took his post a year ago, turned heads in January when he said the <a href="http://www.businessinsider.com/credit-suisses-thiam-on-wall-street-pay-2016-1">pay model for investment bankers was broken</a> and their compensation should not always remain stable or increase but fluctuate with the market.While the firm has been explicit about the fact that this shift would come at the expense of its trading business, it has said it isn't moving away from bread-and-butter investment banking. Still, Thiam's comments have rubbed bankers the wrong way, the people said, and the departures reflect a sense that he doesn't value the investment bank highly.<h2>'No real proof'</h2>The five dealmakers began a period of "gardening leave," a practice on Wall Street in which bankers remain employees of the firm for three to six months that keeps them from bringing pertinent trade secrets to their new employers. Yet Credit Suisse alleged that they printed and stole confidential information belonging to the bank before leaving.Rather than wait for the issue to be addressed through mediation or arbitration, as the firm's dispute policy requires, the bank filed for a temporary restraining order to prevent the dealmakers from using that information in a way that could harm Credit Suisse. The firm also attempted to block the five from soliciting any remaining employees."Each of these individuals managed a different vertical within the technology investment banking group. In combination basically half - more than half of that business walked out the door," said Credit Suisse's attorney, Robert Goldstein, according to a transcript of the June 29 hearing.The five belonged to a specialized tech group working in the bank's San Francisco office.Though Credit Suisse won the temporary restraining order in early June, which lasted until a preliminary injunction hearing later that month, it did not at that point get the full injunction it had been seeking. Until the issue is sorted out in the private arena, the bankers are ordered not to destroy any evidence and the bank has to post a $25,000 bond to be paid out if they lose their case in mediation or arbitration.<div class="KonaFilter image-container display-table"><div><div class="image on-image">REUTERS/Arnd Wiegmann People walk through the entrance of the headquarters of Swiss bank Credit Suisse at the Paradeplatz square in Zurich July 25, 2013.</div></div></div>The firm's other injunction requests - preventing the former employees from starting work at Jefferies until they'd undergone a forensic search of their possessions, for example, or blocking them from soliciting any Credit Suisse client they had ever previously pitched - were either withdrawn by Credit Suisse on assurances the bankers would not breach their contracts, or thrown out by the judge, Hon. Shirley Werner Kornreich.Four of the bankers also provided affidavits. Lester, for example, was accused of stealing information on an internet banking conference he had planned. He said the documents were used for a marketing summary, and for thank-you notes to the attendees.Metz was accused of connecting a USB device to a Credit Suisse-issued laptop in an attempt to transfer documents, but he said the firm had never issued him a laptop and that the only computer he had at work was a desktop. Several of the bankers said in affidavits that Credit Suisse has for years disabled computers from being able to upload files onto or download files from USB drives, and that they were aware that any attempt to do so would be futile.Other information they are accused of stealing includes contact lists and compensation information.Ultimately, the arbitrators ruling on this will have to determine how to define what is proprietary. Is a banker's client list, for example, his property or that of his bank? Are old pitch books on an initial public offering that's finished considered trade secrets?As for the claim that the dealmakers tried to poach other employees, the judge on June 29 said: "There is no real proof that they did. There is nothing from any of the clients or from any employees, no affidavits saying 'I was contact by any of these people.'"<h2>The bottom line</h2>If you're going to file for an injunction - that is, an order to hold everything on the assumption that you'll ultimately win your case - you have to be very sure that you are going to win. That's why the bank had to post a bond, to repay the bankers if they end up winning the case.And to be certain that you're going to win, you need to have a very good case laid out - and a very specific one. The judge, meanwhile, said that Credit Suisse's "allegations are not specific enough for me to know exactly what's going on," and did not ultimately grant it the full injunction. Of course there's still a chance the bank could get its way in mediation. That Credit Suisse didn't win the full injunction is not an indication that it won't win the ultimate case. Whether or not the five bankers stole from the bank has yet to be proved.The case is Credit Suisse Securities USA LLC v. Stephen West, William Brady, John Metz, Robert Lester and Charles Davis, Supreme Court, New York of New York, No. 653002/2016. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/millionaire-mistakes-grant-cardone-student-debt-saving-investing-2016-8">A self-made millionaire describes the financial mistakes to avoid if you want to get rich by 30</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="R1b3M1NTE6TZj7hhfLUHuxqb_ZPPO0PB" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

Inside the legal case everyone on Wall Street's talking about

<table class="image-container float_right" width="200"><tr><td><div class="image"></div>Getty Images Entertainment/ Stephen Lovekin/Staff</td></tr></table>NEW YORK, Feb 6 (<keyword id="76338" type="CITY" weightage="60" keywordseo="Reuters">Reuters</keyword>) - For now, William Ackman is getting the better of Carl Icahn in a well-publicized grudge match between the billionaire investors over <keyword id="380994" type="ORGANIZATION" weightage="60" keywordseo="Herbalife">Herbalife</keyword> Ltd .
Shares of the nutritional supplement company are down 20 percent since the hedge fund managers duked it out by telephone on cable television station CNBC on Jan 25., exchanging barbs about Ackman's bold $1 billion bet that Herbalife is an unsustainable pyramid scheme destined to collapse.
But a big concern for investors in Ackman's $12 billion Pershing Square Capital Management is whether Icahn, who boldly predicted Ackman will get caught in the "mother of all short squeezes," will have the last laugh in this battle of hedge fund titans.
A short squeeze is a trading scenario that occurs from time to time in heavily shorted stocks, when bearish traders are forced to buy shares to avoid big losses - something that ends up pushing the stock only higher.
A short squeeze could be particularly punishing for Ackman's Pershing Square, which has shorted some 20 million shares of Herbalife. That accounts for roughly 56 percent of the shares sold short, according to Jan. 15 data released by Nasdaq.
Short squeezes can quickly wash out bearish traders with weak stomachs who used a loan to borrow shares from a broker. And in a worst case scenario the losses can be unlimited if a stock keeps rising and a trader waits too long to buy shares to close out the short position.
But Pershing Square may be better positioned than other short sellers in Herbalife. A person familiar with the hedge fund said Pershing Square largely used cash on hand to build its short position last year.
Paul Irvine, a finance professor at the University of Georgia who has done research on short squeezes, said because Ackman did not use borrowed money, he does not face the additional risk of a margin call and is less likely to be forced out of his position.
Ackman then may be better able to stand by his conviction that Herbalife is a pyramid scheme that generates most of its revenues from sales to its network of distributors and not from outside consumers. But it could take years for his view to pan out, if ever, setting the stage for a protracted battle with Herbalife's more bullish investors.
Herbalife has denied Ackman's claim it is pyramid scheme and said the company is "financially strong and successful" and operates in 88 markets around the world after 32 years in business.
Pershing Square already weathered an initial short squeeze in Herbalife that began a week after Ackman went public with his criticisms of the company on Dec. 20. That first squeeze began before the Jan. 9 disclosure by Daniel Loeb's Third Point hedge fund that it had amassed an 8 percent equity stake in Herbalife.
Loeb has told his investors Herbalife is a strong financial performer that could see its stock trade up to $55 to $68 a share.
Icahn won't confirm whether he owns Herbalife shares but the Wall Street Journal reported he acquired a small position around the same time as Loeb.
"Less than a week after Ackman's announcement on December 20th, we saw a sharp increase in traders covering their short positions, seemingly resulting in a squeeze," said Karl Loomes, market analyst at SunGard's Astec Analytics, a provider of data on securities lending.
Shares of Herbalife, which initially plunged 40 percent after Ackman's presentation, surged 76 percent during the height of that initial short squeeze, which took place approximately from December 24 to January 15.
During the period Herbalife shares were roaring back from $26.06 to $46.19, the cost of borrowing Herbalife shares from a broker surged from 1 percent to a peak of over 7 percent on an annualized basis, according to data from Astec Analytics.
Since the squeeze ended, the cost of borrowing Herbalife shares has fallen to around 2 percent annually.
Ackman's Pershing Square, according to sources familiar with the fund, has not covered any of its short positions in Herbalife. It ended January up roughly 4 percent, compared to a roughly 1.74 percent gain for the average hedge fund, according to a Bank of America/Merrill Lynch research analyst.
It's not known at what price Ackman began shorting shares of Herbalife but he has said he began doing so last May when the stock was trading around $45 a share. The stock closed trading on Tuesday at $35.75 a share.
Pershing Square's better than average performance came mainly from the performance of other stocks in its portfolio such as Canadian Pacific Railway and Procter &amp; Gamble , which both rose sharply in January.
Meanwhile, Loeb's flagship Third Point Offshore fund was up 4.8 percent in January.
Still, there are some indications that another short squeeze could be in the offing, which raises the question of just how much pain and volatility Ackman and his investors can withstand.
Thomson Reuters StarMine compiles an indicator using a stock's volatility over the past 3 and 12 months and the level of short interest to predict the likelihood of a short squeeze over the next 30 days. On a scale of 1 to 100, with 100 meaning a short squeeze is very likely, Herbalife scores a 95.
Another way in which Ackman's big short could go against him is if Herbalife bought back a number of its outstanding shares, or if another company decided to make an offer for Herbalife.
"Companies often increase share repurchases when short selling increases," said Edward Swanson, a professor at the Mays Business School at Texas A&amp;M University.
Herbalife already did exactly that when it increased a share buyback program in May after short-seller David Einhorn questioned the company's disclosures about its network of distributors [ID: nL4E8G37GU].
Einhorn recently told his Greenlight Capital investors he is no longer short the stock. It's not known when he began shorting the company's shares. (Reporting By Peter Rudegeair and Svea Herbst-Bayliss; Editing by Matthew Goldstein and Claudia Parsons)
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Copyright (2013) Thomson Reuters. <a href="http://thomsonreuters.com/products_services/media/brand_guidelines/legal_notice/">Click for restrictions</a>
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