Podcasts about OCC

What were the most important legal and regulatory developments in crypto this month? In this episode, we review developments from stablecoin rulemaking and DeFi liability cases to the ongoing fight over prediction markets. Jonathan Schmalfeld is Director of Policy at The Digital Chamber, where he focuses on crypto policy, digital asset legislation, and regulatory developments in Washington.Timestamps➡️ 1:07 — SEC guidance allowing broker-dealers to apply a 2% capital haircut to payment stablecoins➡️ 4:37 — OCC's GENIUS Act implementation proposal and the debate over stablecoin yield restrictions➡️ 11:14 — The Promoting Innovation and Blockchain Development Act and developer liability protections➡️ 17:27 — Federal court dismissal of claims against Uniswap and what it means for DeFi developers➡️ 22:55 — How Kalshi enforced insider trading rules in its CFTC-regulated prediction markets➡️ 27:37 — Kalshi's preliminary injunction against Tennessee regulators and the federal preemption fight➡️ 31:15 — Why prediction market litigation could eventually reach the U.S. Supreme Court➡️ 36:25 — Institutional adoption: Morgan Stanley custody plans, Kraken's Fed master account, and crypto banking licenses➡️ 40:24 — Operation Chokepoint 2.0 and proposed rules eliminating “reputational risk” in bank supervision➡️ 43:23 — Why competition between crypto and traditional finance is acceleratingSponsor: Day One Law, a boutique corporate law firm founded by Nick Pullman. Nick and his team at Day One provide strategic legal counsel to startups, crypto projects, and Web3 innovators. ⁠You can get in contact with them via this link⁠: ⁠⁠https://www.dayonelaw.xyz/#contactResources:

Ross Bolen and Barrett Dudley discuss Paramount purchasing Warner Bros. Discovery, HBO's new mini-series DTF St. Louis, and Timothée Chalamet's controversial comments on opera and ballet. Also, Barrett finally watching Sinners. Later this week, take on The Wire season 3 with us on ⁠Patreon.com/OystersClamsCockles⁠. Support Our Sponsors: ⁠FactorMeals.com/occ50off⁠ for 50% off your first Factor box PLUS free breakfast for 1-year ⁠Squarespace.com/OCC⁠ code “OCC” for 10% OFF your first purchase of a website or domain ⁠Lucy.co/OCC⁠ code “OCC” for 20% OFF your first order Video Produced by Kade Orris Subscribe on YouTube:⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠YouTube.com/@OystersClamsCockles⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Presented by Bolen Media:⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠BolenMedia.com⁠ Learn more about your ad choices. Visit podcastchoices.com/adchoices

Our co-heads of Securitized Products Research Jay Bacow and James Egan discuss the impact of upcoming regulatory changes on U.S. mortgage rates and home sales.Read more insights from Morgan Stanley.----- Transcript -----Jay Bacow: It is March and there's some madness going on. I'm Jay Bacow, here with Jim Egan, noted Wahoo Wa fan. James Egan: Hey, it looks like Virginia's going to be back in the tournament this year, hoping for a three seed, looking like a four seed. It's the first year that my son is really excited about it. So, hoping we can win a few games. Jay Bacow: Let's hope they don't lose the first game and make him cry like you did a few years ago. But … Welcome to Thoughts on the Market. I'm Jay Bacow, co-head of Securitized Products Research at Morgan Stanley. James Egan: And I'm Jim Egan, the other co-head of Securitized Products Research at Morgan Stanley. Jay Bacow: Today, with everything going on in the world, we thought it'd be prudent to discuss the U.S. mortgage and housing market. It's Thursday, March 12th at 10:30am in New York. James Egan: Jay, as you mentioned, there is a lot going on in markets right now, but hey, people need to live somewhere. And those somewheres remain pretty unaffordable. But this administration has been very focused on affordability, and we also have some updates on what is clearly the most exciting part of the housing and mortgage markets – regulation. What's going on there? Jay Bacow: Look, nothing gets me more excited than thinking about the regulatory outlook for the mortgage market. We've been focusing a lot on what's happening in D.C. with possible changes that could be helping out affordability, changes to the investor program, changes to the policy rate. But Michelle Bowman, who is the Vice Chair of Supervision, has been recently on the tape saying that we could get an update and a proposal for the Basel Endgame by the end of this month; and that proposal for the Basel Endgame is likely to make it easier for banks to hold loans on their balance sheet. It's going to give banks excess capital and the combination of these, along with some other changes that are going to be coming from the Fed, the FDIC and the OCC around: For instance, the GSIB surcharge that our banking analysts led by Manan Gosalia have spoken about – it's really going to help out the mortgage market in our view. James Egan: Alright, so freeing up capital, helping the mortgage market. When we think about the implications to affordability specifically, what do you think it means for mortgage rates? Jay Bacow: Right. So, it's important that [when] we think about the mortgage rate, we realize where it's coming from. The mortgage rate starts off with the level of Treasury rates, and then you add upon that a spread. And the spread is dependent among a number of different factors. But one of the biggest ones is just the demand. And one of the reasons why mortgage rates have been so high over the previous four years was (a) Treasury rates were high, but also the spread was wide. And we think one of the biggest reasons why the spread was wide is that the domestic banks, who are the largest asset type investor in mortgages – they own $3 trillion of mortgages – basically weren't buying them over the past four years. And one of the reasons they weren't buying was they didn't have the regulatory clarity. And so, if the banks come back, that will cause that spread to tighten, which will likely cause the mortgage rate to come down. That is presumably, Jim, good about affordability, right? James Egan: Yes. And I want to clarify, or at least emphasize, that affordability itself has been improving. Over the course of the past four to five months at this point, we've been close to, if not at the lowest mortgage rate we've seen in three years. And when we think about what that has practically done to the monthly principal and interest payment on homes purchased today. Like that monthly payment on the median priced home is down $150 over the past year. That's about a 7 percent decrease. When we lay in incomes – or when we layer in incomes to get into that actual affordability equation, we're at our most affordable place since the second quarter of 2022. So yes, big picture, this is still a challenge to affordability environment. But it's not as challenged as it's been over the past three years. Jay Bacow: All right, so affordability improving. It's still challenged though. What does that mean for home prices then? James Egan: So, when we think about the home price implication of mortgage rates coming down; of mortgage rates coming down in an environment where incomes are going up – we're thinking about demand for shelter, purchase volumes and supply of that shelter. And demand really has not reacted to the improved affordability environment. That's not unusual. Normally takes about 12 months for affordability improvement to pull through in terms of increased transaction volumes. But we do think that the lock-in effect that we've talked about in detail on this podcast in the past, that is going to play a role here. Mortgage rates end of February finally hit a five handle, really, for the first time in three years. They're back above that now with the volatility in the interest rate markets. But from 4 percent to 6 percent, mortgage rates is effectively an air pocket. We don't think you're going to get a lot of unlocking at these levels. So we think that transaction volumes will pick up. We're calling for 3 to 4 percent growth in purchase volumes this year. But they've been largely flat for two to three years at this point. And more importantly, any improvement in affordability that comes from a decrease in mortgage rates is going to lead to commensurately more supply alongside that growth in demand – which is going to keep home prices, specifically, very range bound here. The pace of growth is slowed to about 1.3 to 1.5 percent right now. We've been here for four or five months. We think we're pretty much going to stay here. We we're calling for 2 percent growth, so a little bit acceleration. But we think you're in a very range bound home price market. Jay Bacow: All right, so home prices range bound, affordability improved. But still has a little bit of room to go. Some possible tailwinds from the deregulatory path that will make homes being a little bit more affordable. Fair amount going on. Jim, always a pleasure speaking to you James Egan: And always great speaking to you too, Jay. And to all of our regular listeners, thank you for adding us to your playlist. Let us know what you think wherever you get this podcast. And share Thoughts on the Market with a friend or colleague today.Jay Bacow: Go smash that subscribe button!

The crew discusses whether prediction markets enable “Bloomberg terminal espionage,,” wonder how to regulate markets that could be on anything, dive into why the OCC is saying no to stablecoin yield and more. The SEC has submitted guidance on how securities laws apply to crypto to the White House. DEX in the City hosts Jessi Brooks, Katherine Kirkpatrick Bos and TuongVy Le dig into what the proposal could mean for the crypto industry and whether it could be enough to provide developers regulatory clarity as anticipated market structure legislation stalls. Why is the agency submitting guidance to the White House? Plus, KK explains why current regulatory efforts could lead crypto to resort to more “come at me bro” legal tactics and Jessi covers why the industry may regret the U.S. Supreme Court's decision to overturn Chevron deference. Beyond the SEC's recent crypto regulatory move, the crew discusses the arrest of the son of a government contractor alleged to have stolen the U.S.'s bitcoin, what the DOJ's planned retrial of unresolved charges against Roman Storm suggests and why banks are up in arms over Kraken's “skinny” Fed master account. They also discuss why the crypto industry should tighten up security as Iranian groups target U.S. banking services and tech infrastructure. Hosts: ⁠⁠⁠⁠Jessi Brooks⁠⁠⁠⁠, General Counsel at Ribbit Capital ⁠⁠⁠Katherine Kirkpatrick Bos⁠⁠⁠, General Counsel at StarkWare ⁠⁠⁠⁠⁠TuongVy Le⁠, General Counsel at Veda Links: Unchained: ⁠SEC Sends Crypto Securities Framework to the White House Blame Exchanges for Holding Up the Market Structure Bill? - DEX in the City DOJ Pushes for Retrial of Tornado Cash Developer Roman Storm Kraken Wins Direct Access to the Fed's Payment System Learn more about your ad choices. Visit megaphone.fm/adchoices

VLOG March 11 Live Nation, the hallway beat. Book: https://amazon.com/dp/B0GRN95HNTHalkbank, let off the hook? https://matthewrussellleeicp.substack.com/p/soft-on-sanction-beat-turkey-halkbankLLDM. Revolut hit by @FinanceWatchOrg at FDIC & OCC. @USUN does nothing as US Press banned from UN https://innercitypress.com/usun4waltzwrighticp030426.html

There is a storm coming with the challenges of navigating the TRUSTEE CRISIS. It is one of the biggest blind spots in the “GREAT WEALTH TRANSFER” and will be the source of mountains of litigation for the unwary, https://youtu.be/hwQev88A03M Summary In this conversation, Frazer Rice and Jennifer Zelvin McCloskey discuss the current crisis in trusteeship, highlighting the shortage of qualified trustees amidst a significant wealth transfer. They explore the importance of modern trust planning, the challenges faced by individual trustees, and the need for better education and training in the field. The discussion also covers the emotional and interpersonal aspects of trusteeship, the functions and responsibilities of trustees, and the necessity of managing risk effectively. They emphasize the importance of building a pipeline for future trustees and improving the perception of the profession, while also identifying opportunities within the trust industry. https://open.spotify.com/episode/4qpkrVdaUa2AfDxgl7j3yN?si=XVgG3jE_Qpqq2JTqi8XLXQ Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠) Takeaways The coming crisis in trusteeship is already here. There is a significant shortage of qualified trustees. Trusteeship requires strong interpersonal skills and emotional intelligence. Managing risk is a fundamental aspect of trusteeship. Trustees critically need education and training. The role of a trustee is evolving with increasing complexity. Beneficiaries need to understand their rights and the trustee’s role. Custodial responsibilities are essential for asset protection. There are many opportunities for growth in the trust industry. Trust law and investment management are distinct fields. This Episode is for . . . Anyone that has an estate plan with a trust in it and doesn't know what a trustee does Any advisor who works w/ multi-generational situations (that’s everybody in wealth management) Any RIA looking to sell Financial types worried about compliance world Fiduciary litigators Chapters of “THE TRUSTEE CRISIS: Navigating the Challenges” 00:00 The Coming Crisis in Trusteeship 02:06 Importance of Modern Trust Planning 04:11 Challenges with Individual Trustees 08:03 The Dwindling Pool of Qualified Trustees 10:06 Functions and Responsibilities of a Trustee 12:20 The Emotional and Interpersonal Aspects of Trusteeship 16:05 Managing Risk in Trusteeship 19:07 Building a Pipeline for Future Trustees 22:10 The Role of Education in Trusteeship 25:07 Improving the Perception of Trusteeship 28:19 The Need for Better Trust Education 30:39 Bifurcation of Trustee Functions 33:26 Distribution Functions and Beneficiary Relations 36:52 Custodial Responsibilities in Trusteeship 40:19 Consequences of Poor Asset Management 46:41 Curriculum for Trustee Education 52:13 Opportunities in the Trust Industry Transcript of “THE TRUSTEE CRISIS: Navigating the Challenges” Frazer Rice (00:01.068)Welcome aboard, Jennifer. Jennifer Zelvin McCloskey (00:02.723)Thanks Frazer, how are you today? Frazer Rice (00:04.782)I am doing great. We’re going to dive into a topic that is near and dear to both of our hearts. And that is what I’m describing as the coming crisis in trusteeship, but I think it’s already here. Which is the concept of qualified trustees being in short supply, right in the face of a gigantic wealth transfer. And first of all, before we get into that, just describe what you do on a day to day basis first. Jennifer Zelvin McCloskey (00:33.445)Sure, I actually wear a bunch of hats. Day to day, right now, I’m a full-time practicing trust and estate attorney. I’m also an individual trustee for a variety of trusts that need either somebody here physically located in Delaware for a short period of time or even a successor trustee. But I’ve also spent many, many years building programs in trust management and trust administration. Because there is this crisis of human capital that just does not exist. I built multiple programs. They’re housed out of the University of Delaware. So I act as a trust and estate attorney, do planning, administration, I teach in the area, I build programs in the area, and I serve as a trustee. PEAK TRUST MANAGEMENT CERTIFICATE Frazer Rice (01:23.182)A full plate to be sure. To me, I came out of Wilmington Trust and another trust company served an individual trustee too. I’ve seen all these different flavors of trusteeship. My general sort of bon mot around that is that the individual trustees. I’d say 95 % or higher don’t really have an appreciation of the risk and responsibility that they’re taking on. And then the corporates have their own issues, which we’ll get into in a little bit. If we pull back even further, modern trust planning in wealth management, why is this so important? Jennifer Zelvin McCloskey (02:06.275)That’s massively important. It’s not just for the mass affluent or the ultra high net worth. It’s for everybody. We have all of these assets that we have this hyperfocus on building and increasing our wealth. Making sure that we have the ability to sustain ourselves throughout our entire lives. But if we don’t do this type of planning, if we don’t have structures and implementation for when we die, then our assets that we’ve planned so diligently for will fall off of a cliff. We lose the ability to control ultimately what happens to those assets. Layered on top of that, of course, is the tax component for ultra high net worth folks who are trying to really focus and direct their assets to make and create generational wealth transfers. Without this type of functionality and wealth planning and estate planning long-term, people lose control of what they’ve spent so much time building. Frazer Rice (03:13.338)One of the things I tell people as far as trusts are concerned is that, you know, we’re putting these structures together. They’re durable enough to withstand taxation or creditors or other asset protection features, create some guidelines around distributing the assets to the next generation or other constituencies. But also have some flexibility to be able to deal with the things we can’t look into the crystal ball and figure out over time. And that those three things just putting a document together that tries to do all that is hard enough, but then to put it in the hands of somebody or something to administer and to exercise discretion around it. That’s where the real art and science kind of stitched together and create this issue. You know, as we think about that too, the idea, the history of these types of scenarios kind of goes back to, you know, you’d put a structure in place and then you’d go hire a bank and they’d take care of everything. How do you look at that and say, all right, we’ve gone well past banks to individuals and then to dedicated institutions. What is the problem there? Jennifer Zelvin McCloskey (04:22.956)Now the problem, there’s two problems. In my opinion, what I see is that, you know, your individual trustee by and large is Uncle Joe, right? He’s the guy that everybody goes to in the family. The responsible one. He’s the smart one. The wealthy one who, great, doesn’t know what the fiduciary duties are. He doesn’t know that he has a duty of impartiality. He doesn’t know that… Frazer Rice (04:32.419)Right. Jennifer Zelvin McCloskey (04:48.475)He can’t self deal unless the instrument says so. Doesn’t understand how the instrument works. He doesn’t understand the nuance and the legalese written into the instrument. But he’s flying by the seat of his pants and everybody looks to him as the respected one in the family. No one knows that they have the ability to challenge him. So with your individual run of the mill trustee named in the instrument, they just don’t have the expertise, they don’t have the technical knowledge. Don’t know what they don’t know. They can get into trouble in that way. The other problem that you have with professional individual trustees oftentimes is that they are not formally trained. They may be an attorney who is working in that area, who’s doing plans for people who may or may not know what the full scope of being a trustee is. They may not realize, I have to get a special insurance policy because my malpractice insurance policy doesn’t actually cover this type of fiduciary engagement. There’s a lot of landmines that individuals can run into when they’re doing this type of work. On the corporate side, the problems that we run into is that there’s just a complete and utter lack. Frazer Rice (05:50.061)Hmm. Jennifer Zelvin McCloskey (06:12.059)Of available educational programs to teach people the proper way to be able to understand trusteeship. It has always been, and it just has developed over time through, you know, oh, we’ll give it to the bank, the bank will do it. This apprenticeship model, and that just does not scale well because if you learn improperly at the edge of a desk from somebody that learned improperly at the edge of the desk. Then the person that you’re teaching now at the edge of the desk is learning what you learned improperly. So anecdotally, I did karate for a long, long time. And the man who taught me karate, I’m almost a secondary black belt to like, was serious in karate. And the man who taught me karate said, you practice, it makes permanent. Don’t practice wrong. Because when you’re practicing wrong, you’re making permanent wrong things. And that’s what the apprenticeship model has the risk of lending itself to. It’s not that every trustee that learns at the edge of the desk learns wrong, but the risk is too high because the fiduciary responsibilities and the duties are too high to run that risk. The other problem is that we have a dwindling pool of really qualified senior trust officers because of just the nature of the job. You’re a human being, you’re an individual, you age, you retire. And it’s not something that people go to school and say, when I grow up, I want to be a trustee. They fall into it sideways. And unless there are academic programs that are out there that people are aware of and that they can get some formal training, some formal education to enter into the field. Frazer Rice (07:49.742)Yeah Jennifer Zelvin McCloskey (08:03.82)Separate and distinct from, I’m in the field and now I want to get a CTFA. I want to earn my certification to really show that I have the chops in this area. We have this shrinking pool of expertise. We have a lack of knowledge, a lack of formal education, and an apprenticeship model that doesn’t scale. On top of, with the individual side and the corporate side, this massive wealth transfer and an explosion of trust complexity that’s all taking place at the same time. Frazer Rice (08:31.918)One of the issues at the corporate level too is that as you say that the impregnance model is not necessarily the best way to do it. They’re cutting back on training programs. The business model around being a trustee or even a specific trustee does not make the big money. And so the ability for those types of institutions to develop the people.who ultimately are now in a very sort of pro-employee environment where there’s such a demand for trustees that they can kind of switch around and get a 10 or 20 % bump each time they go because people are desperate to have them. There’s a real cavern there to try to create the permanence that you’re looking for in a structure that really rewards consistency over time, especially as it relates to discretion and process of decision-making. Jennifer Zelvin McCloskey (09:23.15)Yeah, that’s exactly right. And that leads to this revolving door in the industry, because people are just trying to make more money and they’re going and bouncing to different trust companies. And there isn’t that backfill. Just because it’s a trust company and there’s policies and procedures, trusteeship is about relationships that you make with your beneficiaries, the relationships that you develop with multiple generations in a family. And when you have somebody that’s acting and serving in that and they move, they leave, they’re no longer acting and serving in that capacity, a new personality comes into the mix and it can really be disruptive. So having that consistency and minimizing the attrition is so valuable. Frazer Rice (10:06.766)The other thing I try to bring up, especially to individual trustees, is that the thing that you’re signing up for is probably going to look a lot different in five or 10 or 15 years when people are aged on, they remarry, they have kids, etc. That the conditions are a lot different than what they were before. And it’s going to be difficult to take on a structure that has eight people when before there were two. Jennifer Zelvin McCloskey (10:37.517)Yes, and that’s that complexity, that increased sophistication and complexity of trust structures that are available now to people. With the increase in the exemption, these trust structures, they’re not necessarily changed. For example, qualified personal residence trust, if people really need that anymore, but there’s a ton of them sitting around there. Are trustees properly administering it? Did you actually transfer the real estate into the trust at the time? So there’s all kinds of sophisticated structures that the trustees may or may not have the right skills. But they’re saddled with having to do it. Frazer Rice (11:19.47)Let’s take a step back and just talk about the functions of a trustee for a second. I break them down basically into three. Which is the first one. You have to administer the trust, meaning you have to dot the I’s, cross the T’s, make sure things get executed, tax returns are filed, statements get sent out to the extent that that happens, and that the administration of a structure like that occurs. Then I talk about the concept that the investments have to be made monitored moved around decided and that they’re appropriate for all classes of beneficiary that are in there and then the distribution function which is The assets have to be distributed according to the law. First the trust then maybe the intent or the law if everything is silent and that those three things are very different components and that it’s tough to find somebody who’s great at all three housed within one brain. Jennifer Zelvin McCloskey (12:20.217)Yeah, I agree with that 100%. It is a three legged stool. It’s the investments, the administration and the distributions. And in that administration umbrella in and of itself, there’s a tremendous amount of work that sort of goes unsung. know, it’s not the sexy stuff where you’re investing and making a bunch of money for your income beneficiaries and managing to preserve the corpus for your principal or your remainder beneficiaries. And it’s certainly not the personal interaction that you’re doing with your beneficiary day to day. Making distributions, helping them, seeing the product of that help. It’s the making sure you file ax returns are properly. Understanding how to read that tax return. Even if you’re not preparing it, making a proper selection on the accountant that you’re using to prepare those tax returns if you’re not preparing it. Make sure to set up statements properly, make sure that in this world of silent trust documents that you’re not sending a statement to somebody who’s not supposed to have it. Communicating with beneficiaries on an even keel. Making sure that you’re not inadvertently violating your duty of impartiality because it’s more than just a substantive duty, there’s a procedural duty as well. That’s really, really challenging to find within one human being, let alone add on top of it somebody who’s financially savvy enough to understand investments and all of the different complex investment tools that are out there, as well as having the personality and the interpersonal skills to keep beneficiaries engaged and happy. Frazer Rice (13:56.426)Just on top of that, the EQ, the bedside manner, and the ability to simplify the complex, et cetera. At the same time, that dedicated note taker that is able to document everything that happens within a decision. Whether distribution or investment or otherwise, that it’s just two different people most times. I find that something falls apart as time goes on. Ultimately if things aren’t laid out correctly, that’s when conflict starts to simmer. Then you know if there is something that’s wrong. That’s allowed to compound that’s where you get into a huge problem later on. Jennifer Zelvin McCloskey (14:36.922)It’s all that feeling. People are behaving in ways that they may or may not be able to articulate their emotional proximity to. When you’re talking with beneficiaries. There’s something simmering under the surface that you inherited because you’re a trustee. You may not even be aware of it because the beneficiaries may not even be able to articulate it. You have to have a certain sense. A gut check of feelings of rntuitively being able to read what’s going on under the surface. To pull it out of people in a very balanced and even keel way. It’s not an easy job by any stretch of the imagination. On top of financial literacy and personal liability and executive functioning skills, being detail oriented, making sure your documentation is not overly explicit. isn’t, you know, scarce. You’re now wondering how and why did you make those decisions? People don’t think about the decisions that they make on a day to day basis. We don’t think in a way to articulate why I made this decision. Why I exercised this type of judgment. And that’s what we’re being asked to do as trustees is to document what is my decision making process? Why am I making the decision? What are my factors involved in making that decision in a way that’s defensible. If we ever need to defend it. Frazer Rice (16:05.292)Well, in favoring one class of people over another is usually where the rubber hits the road on this. People who are used to seeing the income from a trust and don’t want that touched come hell or high water. Then future beneficiaries who’d like to see the trust go from X to 2X to 5X. So that they have something larger to enjoy. You have a natural tension that you have to manage. It’s just not easy. If you don’t document the hows and whys of what you’re doing, you set yourself up for a problem. From one class or another looking at you saying, you you should have done it differently. To go back to that liability component. You’re the only one who sits in the chair of having made that decision. You’re the one with the bullseye on your back when it’s called to account. Jennifer Zelvin McCloskey (16:53.093)That’s right, that is exactly right. And now add on top of it, you’re just named because you’re Uncle Joe and everybody goes to Uncle Joe. You have no technical background and you just don’t know the landmines that are there. You don’t know what you don’t know. Wouldn’t it be wonderful if we were able to create a pipeline of really sophisticated entry level employees or folks that are, you know sophisticated in financial literacy that now want to take the job to become trustees, that we were able to give them this technical roadmap for what the job actually is and then have them get the ability to apprentice on all of those policies and procedures. What does this corporation do? How do we document things? When you’re trying to learn it all at one time, it’s like drinking from a fire hose. Let’s give people the ability to really have a chance at doing it successfully. Frazer Rice (17:53.048)So let’s dive into that pipeline issue for a second. We already diagnosed that the, let’s call it the trust companies or the banks are, they’re just not resourced enough. They can’t run people through an internal school to do it quote unquote correctly. The apprentice model really kicks in. Which means you’re at the sort of mercy of what people are good at, not good at, et cetera. People turn over quickly so that apprenticeship doesn’t even work anymore. The RIAs I think are the worst place to learn about this type of thing. They have a completely different modus operandi as far as keeping clients happy. The word fiduciary means something so different to them than it does to an actual trustee. I wouldn’t feel good about the training on that front to sort of create trustees And then so law schools. They’re they’re just trying to create people the trust in the states vertical as a general matter. Let alone trying to delineate into a trustee situation. You’re putting the pipeline together and you put these programs together. How do you stitch together the needs and what does that manifest itself into? Jennifer Zelvin McCloskey (19:07.642)So that’s a really, really good question. I think that the very first place that we start with answering that question is advising on a trust as an attorney. It’s different from the administration of a trust and the skills that you need for that. So when you create a program like this where you’re trying to teach about trust management. You have to start with the technical skill. The legal side of what is it that we’re even doing? What is a trust? What are the fiduciary duties? Where do they come from? Then we have to, after we teach or create a structure or foundation on what the legality is. Now we go into how does this translate into administration? So when I created the programs, I looked at what’s the law they need to know? What is the level of sophistication of the student? And what do I need to, from a foundational perspective, teach first? What are the building blocks? And then how do I translate that into administration? The one thing that I have found is trust law does not equal investment management. So if people are coming along… Frazer Rice (20:26.254)No question. I’m nodding audibly at that comment. I like that. Jennifer Zelvin McCloskey (20:31.226)Your fiduciary duties as a trustee are fundamentally different than those of an RIA, where some RIAs are not even fiduciaries by law. They’re not. So being able to delineate and explain where that line is, what makes you a fiduciary, what are those duties, after you know the legal basics. And taught to you at a level that you can understand. I don’t expect everybody to be a lawyer. And people have asked me time and time again, do I need to be a lawyer to know this? No, you don’t need to be a lawyer because you’re not advising on the law. You’re advising on the administration of a legal structure and how that administration affects the fiduciary duties that are inherent in the relationship. Then how those fiduciary duties are translated out to the beneficiary. That’s the way that I’ve always built these programs. Where do I start? Start with the law. Where do I go from there? Start with how the administration translates the law. And then how does that administration get heard by the beneficiary? Where does the RIA come into the mix? The RIA should not be dabbling in advising on trusts. They should know that they need to bring in somebody who has this particular skill. And if they’re not doing that, they’re doing the client a disservice by trying to give one-stop shop advice. Frazer Rice (22:06.85)Yep, no question about it. One of the things that…we delve into the world of trusts and their function, et cetera, is that you’re dealing with an ecosystem from client to outside advisor, whether RIA or even accountant, et cetera, that they’re looking for certainty and airtight. quality to these structures that you put them in place and then everything runs like a clock going forward. When in actuality, I think there is a bandwidth of risk around everything. And so it’s the poor trust officer or individual trustee who sometimes has to be the bearer of bad news to say, yeah, you know, I think this is going to work 98 % of the time, but there’s a 2 % problem here or we’ve got this to fix or something like that and everybody else sort of sighs with disappointment and gets mad at the administrative function when in actuality they’re really doing their job and trying to, you know, keep a lot of things that are spinning out of control kind of within view. How do you get a trust officer or that administrative function or even the full trustee function to be comfortable with that risk and everything that’s involved with that? Jennifer Zelvin McCloskey (23:20.504)You have to start with explaining that there is risk and we’re not our job is not as a trustee to eliminate risk. Our job is to manage and identify risk. It is inherent in the job. There is going to be risk. No matter what you do, you cannot divorce risk from trusteeship. It’s a matter of identifying perceived risk and actual risk. And if you can teach that, if you can teach These are the things that are going to trigger a likely outcome. They’re gonna trigger a likely risk. Then you can essentially, you can’t foresee everything. I mean, there are things that are just gonna happen. But in a trust instrument, you’ve got contingency plan upon contingency plan upon contingency plan. That’s what the flexibility of those structures are building. We need to, as trustees, be able to recognize What is the risk with contingency plan A? The risk with B? What is the risk with C? How can we minimize the risk? And how can we make sure that we’re managing perception of risk versus actual risk? Frazer Rice (24:29.31)as someone who’s been in trust companies, advised trust companies, advised trustees, and advised clients, the lack of appreciation for the management of that risk and that that as the intersection of the business model of trusteeship and risk management and use of discretion and making hard decisions and even kind of an insurance quality around these structures, how do you fix that, where people place a level of respect on the job that I think is completely lacking in the wealth management ecosystem? Jennifer Zelvin McCloskey (25:09.089)Absolutely. It’s a tough one to answer. How do you fix it? First and foremost, I think that it’s a top-down fix, especially at a corporate trust company, a bank, and even an independent trust company that’s not affiliated with a bank. The management has to… really understand the function of the trust company. For so long, it’s been just an extra service that we provide and and we’ll do this, the back office trust company. It’s really, really important that the management recognizes what the functionality of the trust company is and stops treating it as sort of a back office stepchild. From the corporate level, I think that’s the very first place we start. Frazer Rice (25:38.478)Mm-hmm. Jennifer Zelvin McCloskey (25:57.818)The second place we start is investing in our trust officers, investing in the team, giving them the education that they need, continuing to give them education, providing training programs, whether they be in-house, external, bring in trainers. None of this is set it and forget it. At the individual level, I think it’s really, really important to have functions like the Individual Trustee Alliance, groups like that, where you have an ability to talk to other professionals that are doing what you’re doing. That’s another way to impress upon people that we have to manage the risk and we can’t do it all alone. Nobody knows everything. You really have to, you have to talk to other people. You have to engage. have to, what is it called when we were practicing law and we’re a little bit outside of our comfort zone, we have to consult with other people who know more than we do. It’s our obligation as lawyers. It’s the same thing with a trust company, with a trustee, whether you’re an individual or you’re not. Widen that circle. Frazer Rice (27:08.474)I think this is my idea for the day that there’s got to be a bit of a public relations campaign sort of describing what’s going on here because I think especially when we go into the family members that sort of occupy these roles, they have no earthly idea what they’re doing. They’re usually doing it for free. Everything’s hunky dory up until a point and everyone hopes that everyone is not going to sue each other if something goes wrong. But the level of wealth that’s being transferred now is now so significant that everyone sort of talks about, AI is going to get rid of lawyers. Nope, not in fiduciary litigation. I think that’s a medium term growth industry, especially around insurance, around ILITs, around revocable trusts, around elder care. But this is my advertisement for people who are in law school looking for a productive way to go. I think that one is going to be, I think that one’s recession proof, at least for a while until I retire anyway. So my thought is that awareness over these things, and it’s probably going to take a very difficult case or a class action suit, something like that, where somebody really gets hurt in order for that awareness to come up. Jennifer Zelvin McCloskey (28:24.922)Yeah, I would agree. think that some of the solutions would include better trust education, you know, whether it be for RIAs, lawyers. Trust in the states is a throwaway class in law school. And there are so many law schools that are essentially rolling it back because bar exams aren’t testing it anymore in a variety of states. And ACTEC is definitely working with the law schools to try and increase trust in the states being taught and certainly being tested. So education for lawyers coming out of law school, education for RIAs that are advising on trusts, education for trust officers, for trust administrators, trust professionals in general, clear role delineation. What is the role of the RIA? The role of the trust officer? What is the role of the trustee if they’re an individual trustee? And then creating a culture of collaboration on what we’re doing as a team for the beneficiary, not substitution, but collaboration with the advisors and the trustees. Frazer Rice (29:32.59)Let’s go into the role delineation for a second. About 20 or 30 years ago, the concept of bifurcating or sort of cordoning off the different functions I described before the investment, the administration and the distribution has come into vogue. I think that came out of frustration with bank trust companies where you got one set of advice for every trust that they had as far as investments and distributions and administration and a lot of modern larger families wanted something a little bit more specific to their needs. And that’s really turned, it’s exploded as an industry for increasing sophistication and size of wealth. Along those different functions, where maybe the administration goes to a professional trust company or a trust officer in the state that you want, Then there’s some intersection maybe in the distribution committee. And then the investment side of it is a bit of a free for all, think, depending on what you’re, dealing with. How do you educate the, that continued the delineation, but the coordination within those types of structures. Jennifer Zelvin McCloskey (30:41.275)Yeah, I think it’s really important. And I’m a Delaware lawyer. I’m licensed in multiple states, but Delaware is my home. It’s where I learned how to be a lawyer. It’s where I grew up as a lawyer. So this directed trust model that you’re describing, where you’re bifurcating, truly bifurcating these particular functionalities of a trustee, it originated in Delaware. sort of, we didn’t, I mean, we invented it, right? We codified it. It was being done, but we codified it. The idea of making sure that everybody understands what their function is and knowing that there’s a limit of liability that’s built into the instrument and communicating what that means to the RIA that is named in the document. I can’t tell you how many times I have heard companies, heard trust companies say, we’re advisor friendly. And I’m like, not unless you’re directed, you’re not. Frazer Rice (31:37.528) “THE TRUSTEE CRISIS: Navigating the Challenges”Yeah. Jennifer Zelvin McCloskey (31:40.439)If you are directed, you are 100 % advisor friendly because there’s no chance that that trustee is going to try and take the investment management. They’re not a portfolio manager. Not a clerical administrator. They’re not a passive rule follower. We need to identify what does that trustee actually do when they are an administrative or directed trustee. Clarify that role so that people who are engaged in this bifurcation, this structure where we’ve got a distribution committee, maybe it’s individuals who are close to the family, close to the beneficiaries, where you don’t have somebody who’s objectively uninvolved with the family members making decisions as to whether or not there’s a distribution that should be made. But also advising those rolls those advisors that your administrative trustee is not just a pencil put a paper pusher. Not just checking boxes. They really do add value to the role that they provide and making sure that everybody understands what each other are doing, having regular meetings amongst the team instead of operating in a vacuum or operating in a silo. And taking the approach of it’s not my job, misunderstanding trustee powers and the advisor’s authority. So when that’s delineated, when that’s really understood, not just by the advisors, but also by the beneficiaries, there are so many beneficiaries out there, Frazer, that have absolutely no idea that they actually hold all the cards. They don’t know. Frazer Rice (33:25.87)Along that line, so in the administrative, we just walked through pretty nicely. The distribution function is one that, let’s talk a little bit for a second about what it means to ask a trustee for a distribution and maybe the difference between income and principal and why having a steady hand at the wheel within that function, whether it’s a corporate trust company of qualified individual or family input in that function, why real good thought needs to go into how that’s staffed. Jennifer Zelvin McCloskey (34:04.73)Yeah, absolutely. 100%. In a corporate trustee ship or a corporate trust company structure, there’s always going to be distribution committees, right? So if you are the trustee, you’re going to have to go through a committee that’s looking at what your reasoning is for making that distribution. They’re asking questions about what have been the prior distributions? Have they come from principal? Have they come from income? What is the spend rate on that trust? How is this going to affect long-term spend rate? Is this an aberration? Is this something that’s gonna become a habit? Really understanding what the distribution, the guidelines are in the trust. What is the distribution standard? Making that decision? What are our factors? And how many people are at the table? Who’s communicating that to the beneficiary? Does the beneficiary know that the trust officer alone does not have the ability to say yes or no? That when they’re in this ecosystem of a corporate trust company, they have their checks and balances to make sure that that risk is being managed. So when you’re looking at corporate trust companies, are a lot of layers behind understanding what the distribution standard is, whether it’s hems or if it’s purely discretionary. The other thing that you need to look at when it’s not a corporate trustee and it’s an individual trustee is, how is that individual trustee making that decision? Are they doing it in a vacuum? Alone? Are they favoring one beneficiary over another because they like them more, you need to have some communication to the beneficiaries so that they understand what they are, what their interest is, what they are entitled to, if anything, and why the trustee stands in that position as the gatekeeper. And I really think in my heart of hearts, we need to make a shift from a gatekeeper trustee Jennifer Zelvin McCloskey (36:16.708)to a beneficiary enhancement trustee, where the beneficiary is really taking on the understanding that the trustee is there to facilitate enhancing the beneficiary’s life. That even though the trust may have started at the outset as a tax strategy or something that the grantor decided they needed to do with the advice of counsel. At the end of the day, you wouldn’t have been named as the beneficiary if there wasn’t some sense of love or obligation even, that it’s for your benefit. It’s in the name. Beneficiary. Trustees need to understand that and beneficiaries need to be taught. Frazer Rice (36:54.958)Right. Frazer Rice (37:00.646)And it goes to the circle back to the notion of making sure that you write down the whys of the decision because ultimately if the concepts of favoritism or you didn’t communicate this or anything, the idea of having the beneficiary submit a budget but having them understand why they are submitting a budget and then if there is some discretion that’s happening around that decision that the data points that are informing that discretion, that’s gonna keep everybody safe a lot later on. Jennifer Zelvin McCloskey (37:32.666)Absolutely. I break it down into a couple of different factors. It’s fiduciary decision making. How is that fiduciary making the decisions they’re making? Why are they making those decisions? And who is being affected by the decisions? Document interpretation. Do you understand the document that you’re administering? If you don’t understand the document you’re administering, hopefully best case scenario, you know what you don’t know and you ask. But if you don’t understand the document and you don’t even have the wherewithal to say, hey, I need help to understand the document, it’s really problematic. The third part, balancing beneficiary interests. Really taking on board this idea of the principal income problem that all the assets in the trust are not the same. That some of it doesn’t at all in any way affect a certain class of beneficiaries. And at the same time, it’s inextricably intertwined in the way that it affects another class of beneficiaries. And then risk management and governance. How is this being governed? How are we managing perceived and actual risk as a trustee? Frazer Rice (38:40.13)The investment function, which I alluded to before, I see storm clouds on that horizon, not really at the RIA level, because I think there’s sort of a default mode that investment policy statements are in place. Diversification is a true commodity at this point. And I never really worry about an RIA sort of understanding how to invest to get to a certain expected return and deal with the risks and drawdown and all that stuff. The storm cloud I see is when individuals sit in that role and they are being tasked with, let’s call it quote unquote, overseeing concentration, meaning that trust is holding a building, farmland, a nuclear reactor, crypto, all of these different things that sometimes can be, A, they have their own different maintenance responsibilities that are not just looking at a fidelity statement, but that they also have their own volatility And, you know, in the case of a building, you got to make sure it’s managed correctly. are they going to get sued or the windows kept up, all of that stuff, and that there’s a whole different component there. And I’m waiting for the shoe to drop on some fact pattern there where somebody is sitting in the role of an investment advisor. It doesn’t say trustee in the document, so they don’t really think that they have trustee liability. But. they sit in that role and all of a sudden somebody finds 10 55 gallon drums of green fluid in the basement of a building and all of a sudden the trust has a big set of red brackets that say minus $100 million that you owe to the federal government and the EPA. How do you think about that? Jennifer Zelvin McCloskey (40:21.454)Hmm. Jennifer Zelvin McCloskey (40:25.242)That’s a heavy question. so the Delaware stock answer, obviously, direct it, right? It’s just to get the trust, cut off the liability. At the first, at the inception of your hypothetical is bad drafting, right? So if there’s no statement as to whether or not your investment advisor is acting as a fiduciary or not, Frazer Rice (40:35.042)Right. Jennifer Zelvin McCloskey (40:52.836)What does your statute say? Does your statute impose that they are as a default a fiduciary or not? So that’s the very first step. That’s bad drafting. We need to know. But if it’s silent, let’s say it’s just a lousy document, there’s, God knows. Anybody who’s seen trust documents knows that, you’ve seen them all, right? And everything in between. Some are good, some are bad. If this is a bad one. Frazer Rice (41:13.08)Seen good and you’ve seen bad. Jennifer Zelvin McCloskey (41:20.079)Then we need to document the statute. If we can correct it, modify the document, let’s modify it. But if all of that can’t happen, then I would say the best way to handle it, make sure you have adequate insurance. mean, over-insure that, over-insure it. Make sure that there’s regular checks on the actual… Assets that are in the trust, if you have a concentration and that concentration is real estate, get the advice of counsel, put that bad boy into an LLC, get yourself some distance from the actual asset itself being held in the trust, hold an interest, hold a financial interest, push it down to the corporate level. But if you can’t do all of that and you’ve got those 500 gallon drums of green fluid and now you’re… Frazer Rice (42:14.286)You Jennifer Zelvin McCloskey (42:15.371)You you’ve got a super fun site. What do you do? You don’t shy away from it. Have to address it head on. You got to take the accountability. You got to communicate and document, communicate and document some more. Talk to your beneficiaries. Make sure that they’re aware of where it went wrong, why it went wrong. Because I have found in my exposure in the industry over time and in reading case law, it’s when you’re trying to cover stuff up. Frazer Rice (42:43.913)Jennifer Zelvin McCloskey (42:44.027)You’re just making more problems. Bad news doesn’t age well. It doesn’t get better over time. You have to approach it head on and make sure that there’s communication and documentation. Meet with your beneficiaries. If there’s a trusteeship where you are appointed as a trustee individually and you’re not having at least quarterly meetings with your beneficiaries, If you’re not going out and seeing the asset, if you’re not going out and making sure that the asset is properly custodyed, you’re not, you’re violating your fiduciary duty. You are not doing what you’re supposed to do. Frazer Rice (43:21.804)You brought up an interesting word there, custody, which is the administrative function, whether held corporately or individually, one of the major things you have to do is to safeguard the assets. And that’s a big two syllable word that carries a lot of weight with it. That custodial function, how do you teach the trust officers or the individual trustees where that starts and stops? Jennifer Zelvin McCloskey (43:48.579)Yeah, mean, custody is super, it’s a really touchy, touchy subject, especially with the dynamic way that trusts have developed in the current climate from tangibles. You know, I’ve got artwork and my beneficiary wants to hang the artwork in their house. Well, do you have custody? Has it been assigned to the trustee and how do you maintain that asset? Make sure nothing’s happening to it. Do make an appointment, go over to the, visit your artwork? What if it’s prize horses, you know? What if it’s, you know, a stud that, you know, we’re gonna need to breed and it’s gonna be the next Triple Crown winner? How do you make sure that the barn is properly safeguarded? It’s a really touchy subject, especially with things like tangibles and things like assets held away when you technically custody the asset, but you don’t have control over the asset. I think in the education part for custodying, what I do in my programs and when I teach this is I make sure that we talk about different types of asset classes. And what the risks, again, what are the risks that you run with these asset classes? How can we manage the actual and the perceived risk of holding that asset? Even if you have custody and name only, but you don’t have physical custody, how do you maintain your control over that asset? Because it’s really the C’s, right? The custody and control. Just because you don’t have custody doesn’t mean you don’t have control. So we have to make sure that there’s an education that’s provided about the different asset classes, whether it’s tangibles, intangibles, assets held away, if it’s a concentration of stock, if it’s crypto, and most trust companies are not taking crypto. I think that there’s like a circuitous way that they’re getting in right now, but it all boils down to education, isolating what the issue is and educating people on it. Frazer Rice (45:59.586)I’ll give you a third C, it’s consequences, which is what happens when you don’t understand these functions. on the crypto side of things, Jennifer Zelvin McCloskey (46:01.786)Uhhh Frazer Rice (46:11.544)Holds the key to get to the crypto. What happens if that trust officer quits and walks away with the key and they’re like, well, multi-sigil figure this out. I’m like, okay, that’s not that. That doesn’t make me feel great at the moment. And now there have been some advances, which is good, but traps for the unwary to be sure. the good news too for crypto is for people who want exposure, the spot ETFs take away 90 % of the problems with that. But as we start to think about winding down here, because I have a feeling we could probably talk for four or five hours on this subject, when putting your programs together, what does a curriculum look like? And we don’t have to go through it bit by bit, but how does that work when someone comes to your program? How much time does it take? What’s the commitment? Jennifer Zelvin McCloskey (46:47.172)Yeah, I think so. Frazer Rice (46:54.851)Mm-hmm. Jennifer Zelvin McCloskey (47:06.33)So the program that I created that’s really available anywhere across the country is called the Peak Trust Management Certificate Program. Peak Trust Company, may be familiar with it. They have name rights because they gave the donation to the University of Delaware for me to build the program. So it’s housed at the Lerner College at the University of Delaware, but bears the name of Peak Trust Company. I look at five different things. The first thing is trust law and administration. So like I said previously when we were talking, you lay that foundation of what is the legal component of this? What is the baseline that people have to know? And then what is the administration? The second component is, and it’s inextricably intertwined as taxation. What is the income tax? What are the deductions? And now let’s take all of that income tax knowledge, individual income tax knowledge, and build on it with fiduciary income tax. What is DNI? What is FAI? How does it go out to the beneficiary? What’s the character of the distribution? How do we manage that? What are we deducting in the trust? So teaching taxation and not because trustees necessarily are tax preparers, but because the trustees obligation is to be able to understand and read that tax return, they need to know how to spot problems. So from my perspective, teaching fiduciary income tax is a critical component. It also helps. Yeah. Frazer Rice (48:38.828)No, no, I was gonna say no question about that. And there are elections to make, just because it doesn’t just go on autopilot, there are choices to be made so that if you’re the trustee, you may not have to prepare the tax return, but you may have to make a choice on the tax return and you’ve got to be informed because that can be an issue. Jennifer Zelvin McCloskey (48:58.651)65 day elections, perfect example, right? You just, you need to understand what your role is and how it overlaps with that of the CPA. The third part, of course, investments. Investments are inextricably intertwined, whether you’re doing it yourself as the trustee or you’re directed or even delegated, which is like the hairy scaries of every trusteeship known to man, because you’re not actually in control, but you’re responsible. So it’s the gray. When I build a program, because of the, you know, the directed trusteeship being so popular in today’s day and age, we have to talk about not just investments of, you know, marketable securities, not just the custody of tangibles, but also subscription documents, because so many alternatives are held in trust right now. unique assets, need to know how the trustee is actually carrying out their fiduciary duty when it comes to engaging in an investment that is an alternative investment. The fourth component is of course compliance. We cannot ever get away from compliance and I think we could do a whole nother podcast on compliance in trusteeship but. You know, it’s a regulated entity. And even if you’re an individual trustee and you’re not using what those compliance frameworks are, what the guidelines are by OCC, Reg 9, FDIC, if you’re not looking at that and using that as a guideline, don’t do the job. understanding KYC, BSA, AML, all of those compliance components that have tentacles. That’s the fourth part. And then for the fifth part of this program, because it’s specifically geared toward trustee education in trust companies, although it can be applicable, very applicable to individuals, is operations. I was very fortunate that I was able to partner with SCI on building the operations component. So we license their platform called Plato. It’s essentially their training platform. Jennifer Zelvin McCloskey (51:12.888)so that trustees can see how fees are set up, fees, that’s a whole other podcast, fees, statements, distributions, how are we doing this? How are we documenting everything? What are the logistics of the day-to-day operations? So that’s how I built the program and it’s available anywhere in the country. It’s 10 weeks, how long does it take? I would say from three to five hours a week of an investment that you’re making at a bare minimum. Obviously there’s a whole lot more of depth that you can go into. The resources are built in. But I would say 10 weeks, about 50 hours of time where you’re actually engaging with the material. And then I bring in guest lecturers on each different area of expertise for lack of a better description. And they get a certificate at the end, they get a digital badge, and now they really have something where they can add value day one in a trust company or as a trustee. Frazer Rice (52:17.902)With Delaware being, you one of the real gold standards as far as trust jurisdiction, I assume that everything that comes out of this program is pretty transportable to the other useful jurisdictions, let’s call it, within the country. know, the Tennessee’s, the South Dakota’s, the Nevada’s, the Alaska’s, Wyoming’s, New Hampshire’s, et cetera. Obviously, there are hairs to split with different foibles in their law, but everything that you’re describing sounds like works everywhere else. Jennifer Zelvin McCloskey (52:47.928)And I’ve always taken the approach, you’re 100 % correct, I’ve always taken the approach of UTC. I base everything off of UTC and if there’s something different or unique based upon the jurisdiction that you’re in, I always encourage people you have to look at your statute, you have to look at the jurisdiction that you’re actually practicing this in and administering in. I use Delaware, South Dakota, Alaska as examples quite often when we’re talking about the directed stuff, but By and large, it’s UTC. Frazer Rice (53:20.966)It just a weird subset. So special needs trusts and islets, which are two types of trusts, very specific. One holds life insurance. The other is designed to really take care of people who can’t take care of themselves. And they are types of trusts that a lot of trust companies don’t like to take on because the liability is harder or the profit margin is less. For those individuals who get the opportunity to participate in those and I put that in air quotes. How would you advise people to get ready for those types of situations? Jennifer Zelvin McCloskey (53:58.308)People who are in need of those types of trusts. Frazer Rice (54:02.122)Well, maybe both. The people who need those trusts, you know, they’re going to, they, you know, it’s almost like they get set up and then the staffing gets kind of figured out later, barely. And then, you know, the, for the people who end up taking on that role, they really have no idea of what they’re in for in a sense. Is there sort of like a mini, I’m not going to say a full course like you’re describing, but a crash course in, in what’s going on here and what can I do to keep myself safe? Jennifer Zelvin McCloskey (54:30.271)Unfortunately, no, I don’t know of one. and there isn’t much built in. there’s, we talk about a little bit in the program that I built, but, those are specialized and eyelets we talk about a little bit more there, you eyelets had their day and sort of they has done ish. but special needs trust. It’s a whole other ball game because It really incorporates state law and social security and Medicaid, all of those government benefits that I think you would need something more specialized than my program that I developed. And I don’t have a great answer for that, I’m sorry. Frazer Rice (55:12.482)No, there’s not a great answer for it because it’s tough. it’s a, all of which is to say for someone who’s involved with those things and feels confused by what’s going on, that’s one where it’s worth it to spend the money to lean on a dedicated Medicaid elder care, special needs type of lawyer on that front because there are traps for the unwary. Okay, now we’re starting to butt up against an hour here of. Jennifer Zelvin McCloskey (55:29.764)Yes . . . Frazer Rice (55:38.827)Four hours. No, I’m kidding listeners. We’re not going to talk for four hours, but How do people find your program and and then I’ll ask a bonus question at the end Jennifer Zelvin McCloskey (55:49.339)So the program is on the University of Delaware’s website. You just type in peak trust management certificate and it’ll pop up. My name will be there. I think my picture might be there. It’s all over my LinkedIn. So if you look me up, you’re going to see the peak trust management certificate program. You can always email me, jennifer at zeldenlaw.com. Happy to push people into it. start, I’m in the new cohort right now. We’re two weeks into a 10 week program. But we have a new cohort starting in May. I think it’s May 4th. So may the fourth be with you. Frazer Rice (56:24.622)Terrific. So the final question here is really more of a crystal ball question. In this trust industry, trustee industry, what are the real, I’m going to say opportunities out there, and we’ve sort of painted a picture of doom and gloom and its low profit margin and things like that. Where can someone who is thinking from a business perspective about this find something? Once they’re properly educated about it and being able to participate in it. Jennifer Zelvin McCloskey (56:57.582)There are so many opportunities. There is an absolute need for good trustees everywhere. Trust companies from coast to coast, individual trustee alliance. People really, really need trustees. There’s tremendous opportunity with Heritage Institute, not the Heritage Foundation, but the Heritage Institute. There’s opportunities with…various family offices and various trust companies for education, for beneficiary education. So many opportunities out there. Trust companies are just clamoring for people. So if people are interested in becoming a trustee, getting that education, you will not have a hard time finding a job. Like you said, it’s basically recession proof. This wealth is going to transfer. We need sophisticated, knowledgeable trustees. on the receiving end of that transfer so that it happens correctly. Frazer Rice (57:56.578)I’d go so far as to say financial advisors. I just gotta say, a CFP is useful, CFA is on your investment side, but something like this, you know so much more about how intergenerational wealth works than what’s happening in those particular situations that I think it helps people stand out when I see something like that on a resume. Jennifer Zelvin McCloskey (58:00.302) “THE TRUSTEE CRISIS: Navigating the Challenges”That’s all the podcast. I hear you. I hear you. Frazer Rice (58:24.386) “THE TRUSTEE CRISIS: Navigating the Challenges”All right, with that, Jennifer, it’s great to catch up and I will have all of your information on the show notes and I will either see you at the ITA conference in Dallas or what I’m down in Delaware next. More Around “THE TRUSTEE CRISIS: Navigating the Challenges” BUILDING A TRUST COMPANY TENNESSEE AS A JURISDICTION DIRECTED TRUSTEES DELAWARE WELL BEING TRUST THE TRUSTEE CRISIS: Navigating the Challenges https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/ Keywords for THE TRUSTEE CRISIS: Navigating the Challenges trusteeship, wealth transfer, trust management, fiduciary duties, trust education, estate planning, risk management, trust administration, individual trustees, trust companies, the trustee crisis, navigating the challenges, the great wealth transfer,

The United States is at a crucial turning point for crypto regulation, with the Clarity Act emerging as one of the most important pieces of legislation for the industry. Meanwhile, Banks are threatening legal action against the OCC over the regulator's move to grant national trust charters to crypto and fintech firms.~This episode is sponsored by iTrust Capital~iTrustCapital | Get $100 Funding Reward + No Monthly Fees when you sign up using our custom link! ➜ https://bit.ly/iTrustPaulGUEST: Austin Campbell, Founder & Managing Partner at Zero Knowledge ConsultingFollow on X➜ https://x.com/austincampbell00:00 intro00:07 Sponsor: iTrust Capital00:34 CLARITY Odds Update02:25 Austin Campbell on CLARITY Status03:18 CLARITY Not Passing?03:46 Banks Suing Government06:37 CBDC Ban Fight Coming?08:30 Crypto Fed Master Account10:16 Christopher Waller is anti-yields11:59 Treasury wants to control stablecoins like CBDC's18:28 Self-Custody19:10 Florida CLARITY vs Visa & Mastercard?21:16 LIGHTNING ROUND21:42 Independence Day21:58 Bluff22:13 Coincidence?22:34 Scott Bessent vs Coinbase23:20 Bank Fees Incoming24:37 DeFi & Privacy25:14 Progressives are impossible25:39 Elizabeth Warren vs CLARITY26:09 Crypto Offensive Amendment26:44 Freezing Funds vs Self-Custody27:16 Circle Doomed?27:28 Trust X Bank?28:16 Robinhood wins28:45 outro#Crypto #Bitcoin #Ethereum~Banks Suing Government For Stablecoin Yields!?

Lexington tries to spoil Ashland's OCC title hopes

Lexington hosts it's final OCC game of the season

This week, Elliot and John unpack a whirlwind of global developments impacting financial crime compliance. They break down a major OCCRP report on how Russia, North Korea, and Iran are exploiting cryptocurrency for sanctions evasion and illicit finance—alongside new Chainalysis insights on post-strike crypto movements in Iran. The conversation explores FATF's latest reports on stablecoins, cyber-enabled fraud, and the evolving risk-based approach. On the U.S. regulatory front, they cover the effective date of FinCEN's residential real estate reporting rule, the OCC's proposed stablecoin framework under the GENIUS Act, and the ongoing debate over rollbacks to the Corporate Transparency Act. Across the Atlantic, they examine the FCA's push to strengthen AML supervision for professional bodies. The episode also examines the liquidation of Swiss bank MBaer under U.S. enforcement pressure and amid concerns about recent counterintelligence cuts.

The crew discusses whether prediction markets enable “Bloomberg terminal espionage,,” wonder how to regulate markets that could be on anything, dive into why the OCC is saying no to stablecoin yield and more. Thank you to our sponsors!  ⁠⁠Fuse: The Energy Network Prediction markets are in the spotlight again. On one hand adoption appears to be growing as the Nasdaq has announced plans of entering the space. On the other hand, they scrutinize markets that pose a national security risk.  In this DEX in the City episode, hosts Jessi Brooks, Katherine Kirkpatrick Bos and TuongVy Le discuss suspected insider trading activity around a market tied to the strikes on Iran. Beyond ethical concerns about betting on war, they grapple with the definition of “a death market” and ask whether all prediction markets around an individual are death markets.  The big question: How can these markets on literally any possible event be policed? Plus, is Jane Street manipulating the Bitcoin market? Why the OCC is saying NO to stablecoin yield and the takeaway from Jack Dorsey's Block layoffs. Hosts: ⁠⁠⁠Jessi Brooks⁠⁠⁠, General Counsel at Ribbit Capital ⁠⁠Katherine Kirkpatrick Bos⁠⁠, General Counsel at StarkWare ⁠⁠TuongVy Le, General Counsel at Veda Links: Unchained: Nasdaq Eyes Prediction Markets With SEC Filing Bitcoin Rebounds as ETF Inflows Return, Jane Street Speculation Swirls ZachXBT Alleges Axiom Employee Misused Internal Data White House Talks Make Progress on Stablecoin Yields but No Deal Yet DEX in the City: Insider Trading and Crypto: What the Law Actually Says Learn more about your ad choices. Visit megaphone.fm/adchoices

Top Stories of the DayBitcoin's Consolidation Phase: Bitcoin has retreated toward the $71,000 mark after failing to sustain its breakout above $74,000. While market conviction is currently thin, long-term allocators have reportedly been quietly adding to their positions during recent dips.Link: Bitcoin pulls back to near $71,000NYSE Owner Backs OKX: In a landmark deal, Intercontinental Exchange (ICE) has invested in the OKX exchange at a $25 billion valuation. The partnership plans to bring tokenized stocks and new derivatives to the market later this year.Link: NYSE Parent Invests in OKX at $25B ValuationMorgan Stanley Funds AI-Crypto Pivot: Bitcoin miner Core Scientific secured a massive $1 billion loan facility from Morgan Stanley to expand its data centers for high-performance computing and AI workloads.Link: Core Scientific secures up to $1B credit from Morgan StanleyRevolut's Second U.S. Banking Push: Fintech giant Revolut has officially filed for a U.S. banking license for the second time, aiming for direct access to the Fedwire and ACH payment networks.Link: UK Fintech Revolut Applies for US Banking LicenseThe "Seized Crypto" Heist: Authorities in France have arrested the son of a U.S. government contractor, John Daghita, for allegedly stealing $46 million in crypto from seizure wallets managed by his father's company.Link: Authorities nab suspect accused of stealing $46m in cryptoFederal Charter for Stablecoins: Infrastructure provider ZeroHash has applied to the OCC for a national trust bank charter to streamline its regulated stablecoin operations under a single federal framework.Link: ZeroHash Applies to OCC for National Trust Bank CharterGlobal Adoption Milestones: Cardano's ADA is now a payment option at 137 Spar supermarkets in Switzerland, while Kraken has secured limited master account access from the Kansas City Fed.Link: Cardano's ADA Token Now Accepted at Spar Supermarkets Hosted on Acast. See acast.com/privacy for more information.

Senado otorgará reconocimiento Elvia Carrillo Puerto 2025  a  Cecilia López Pérez Corte avala cobro de ISR por diferencia en avalúoIrán afirma tener control total del estrecho de OrmuzMás información en nuestro podcast

Welcome back to Fintech Recap. I'm Alex Johnson, joined as always by my partner in recapping, Jason Mikula. We kick things off with Block's move into credit scoring. Block stitched together data across Cash App and Afterpay into a proprietary score it's now surfacing to consumers and selling to other lenders, claiming auto lenders could approve 30% more borrowers at identical loss rates using the Cash App score. We dig into adverse selection when consumers choose what to share, where this fits in lender workflows, and the FCRA wrinkle that “transactions and experiences” data can fall outside the definition of a consumer report… Then, we dive into stablecoins. Jason walks through the rebirth of “no KYC” crypto-funded spending cards, including testing several of these services himself (tune in to discover the pattern!). The core mechanic Jason flags is a corporate card loophole: KYB the company, then issue incremental “employee” cards with no legal or regulatory requirement to verify the person behind each card. From there, we zoom out to Bridge, Stripe's stablecoin infrastructure subsidiary. Bridge got conditional OCC approval to form a national trust bank and moved jurisdictions (which include Russia, Belarus, Gaza, South Sudan, and Venezuela) from “controlled” to “prohibited,” while still defining “prohibited” with an “extraordinary situations” carveout. Plus, in our Can't Let It Go corner: prediction markets.  CFTC Chair Mike Sig told the Senate during his nomination hearing that he'd defer to the courts on sports betting and prediction markets. But early this year, he reversed course, asserting the CFTC's exclusive jurisdiction and filing amicus briefs against state prohibitions aimed at sports betting. Kalshi and Polymarket loved it, and I'm sure that's unrelated to the fact that Sig's boss's son is an advisor to both. We close with Substack's new partnership with Polymarket to embed prediction markets into journalism, set against a real-world example of the incentive problem: Israeli authorities investigated and arrested military reservists and a civilian for allegedly using classified information to place bets on Polymarket. This episode is brought to you by Plaid.  Most lenders see the value of cash flow data. The hard part is getting started—and knowing what to do with it once you have it. Plaid makes it easy to access real-time cash flow and behavioral insights in seconds, through a familiar experience borrowers already trust. No heavy lift. No added friction. Learn more at www.plaid.com/ftt Sign up for Alex's Fintech Takes newsletter for the latest insightful analysis on fintech trends, along with a heaping pile of pop culture references and copious footnotes. Every Monday and Thursday: https://workweek.com/brand/fintech-takes/  And for more exclusive insider content, don't forget to check out my YouTube page. Follow Jason: Newsletter: https://fintechbusinessweekly.substack.com/ LinkedIn: https://www.linkedin.com/in/jasonmikula/   Follow Alex:  YouTube: https://www.youtube.com/channel/UCJgfH47QEwbQmkQlz1V9rQA/videos LinkedIn: https://www.linkedin.com/in/alexhjohnson Twitter: https://www.twitter.com/AlexH_Johnson

Crypto optimism surges as Ripple CEO Brad Garlinghouse signals a deal under the CLARITY Act is imminent. ~This episode is sponsored by Tangem~Tangem ➜ https://bit.ly/TangemPBNUse Code: "PBN" for Additional Discounts!Guest: Guest: Adam Minehardt, Chainlink Head of Public PolicyFollow on X ➜ https://x.com/adam_minehardt00:00 Intro00:10 Sponsor: Tangem00:50 One year anniversary01:30 Patrick March 1st 02:00 Brad puts pressure on banks to accept deal03:30 Why did odds explode today?05:15 Why is it taking so long?06:30 Was having a March 1st deadline a fail?08:30 Who told OCC to put this out?10:15 Admission it was him?12:20 Formal pushback to OCC?15:00 Hoskinson: Nobody is representing Retail investors17:30 Did Iran war kill CLARITY?18:50 Will Iranian outflow flight be seen as a positive21:10 LIGHTNING ROUND28:10 Outro#XRP #Crypto #cryptocurrency ~CLARITY Deadline Fail

Matt and Nic are back with another week of news and deals. In this episode:  Kalshi has detected and banned two accounts for insider trading Is Polymarket going to have to add KYC? Is there a tradeoff between informational efficiency and market fairness The OCC de facto bans stablecoin yield in its rulemaking around GENIUS Meta is considering partnering with a stablecoin issuer Stripe is bullish in their annual report ZachXBT determines that Axiom employees have been abusing the platform Terraform labs accuses Jane Street of insider trading WSJ reports that Binance overlooked Iranian sanctions violations Justin Drake unveils a post-quantum roadmap for Ethereum Matt Corallo says Nic is wrong about Bitcoin and quantum Content mentioned: Larry Cermak: How Crypto Actually Works: The Missing Manual  

Crypto News: U.S. regulator's GENIUS pitch casts dark cloud over crypto sector's stablecoin model. NY Times post bearish crypto article. MetaMask and Mastercard partner to launch the US MetaMask Card. Flare and Xaman unlock one-click DeFi access for over 2 billion XRP sitting idle in wallets. Brought to you by Ayni Gold https://app.ayni.gold/signup?utm_source=youtube&utm_campaign=thimkimgcrypto

The OCC released a sweeping proposal that aims to enforce the GENIUS Act and end stablecoin yield across supervised issuers. Moreover, it creates a decisive regulatory shift that draws a sharp line between compliant issuers and yield products. Anti-Yield lobby are secretly calling stablecoin users "VAMPIRES" for daring to earn real returns and draining trillions from their sleepy deposits.~This episode is sponsored by Tangem~Tangem ➜ https://bit.ly/TangemPBNUse Code: "PBN" for Additional Discounts!00:00 intro00:07 Sponsor: Tangem00:47 Deadline Approaches01:05 CLARITY Odds Climb01:33 Everyone Realized OCC Banned Stablecoin Yields02:22 Jonathan Gould defends banks02:49 "Wild West"03:01 We Are VAMPIRES03:38 Bo Hines: "Just Get A Bank License"04:30 Nobody Cares?05:00 Trump Applies To Be A Bank05:27 Silent Crypto Companies Want Bank Access06:10 Elizabeth Warren vs Jonathan Gould07:41 OCC Corruption?07:50 JP Morgan Wants To Pump Market?08:20 Japan Stablecoin Launches with Yields09:14 DeFi Summer 2.0 Coming10:54 outro#Crypto #bitcoin #ethereum~CLARITY Deadline!

Crypto News: Bitcoin is nearing a point of a major move. Missouri advances bitcoin reserve bill to House committee, reviving crypto treasury push. Chainlink's Taylor Lindman joins SEC as chief counsel for crypto task force. Fidelity is hiring a defi product manager.Brought to you by ✅ VeChain is a versatile enterprise-grade L1 smart contract platform https://www.vechain.org/ 

Ross Bolen and Barrett Dudley discuss and review the season 1 finale of “A Knight of the Seven Kingdoms” on HBO. Later this week, further discussion driven by hotline calls from listeners/viewers in an ad-free podcast available exclusively on ⁠Patreon.com/OystersClamsCockles⁠. Support Our Sponsors: ⁠Squarespace.com/OCC⁠ code “OCC” for 10% OFF your first purchase of a website or domain ⁠Lucy.co/OCC⁠ code “OCC” for 20% OFF your first order ⁠ChillCountry.com/OCC⁠ code “OCC” for 25% OFF your next order! Video Produced by Kade Orris Subscribe on YouTube:⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠YouTube.com/@OystersClamsCockles⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Presented by Bolen Media:⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠BolenMedia.com⁠ Learn more about your ad choices. Visit podcastchoices.com/adchoices

Tried as he might on his African safari vacation, your editor in chief could not ignore the news from back home. He saw a lot of lions, giraffes, zebras, rhinos, hippos, elephants, cheetahs, and leopards, witnessed real-life drama when a cheetah tried and failed to kill a baby wildebeest, and spent countless hours with a guide to point out all the amazing birds in the Serengeti. But all he could focus on was the Kevin Warsh nomination, the FDIC's new willingness to approve Industrial Loan Company charter applications, and the OCC's approval of stablecoin-related trust bank charters. If that was not enough to occupy his attention, he could not stop thinking about how the Small Business Administration's new Small Business Investment Company could be good news for bank treasury.Subscribe to The Bank Treasury Newsletter and Podcast at thebanktreasurynewsletter.com for professional Insights and commentary on bank treasury issues, investment portfolio strategy, and more. Listen on Apple Podcasts,Spotify, and Amazon. Follow us on LinkedIn.

Eli Hemming: From Olympic Triathlon to Trail Ultras, UTMB Goals, and the Joshua Tree TraverseRyan Maguire sits down with Eli Hemming, former elite professional triathlete turned trail runner, for a wide-ranging conversation about reinvention, endurance, and what drives an athlete when the Olympic dream doesn't pan out the way you planned.Eli grew up in triathlon literally from birth. His mom was a triathlete and swim coach, and he was racing by age seven. What started as something social and skill-based eventually evolved into elite draft-legal Olympic-distance racing on the international circuit. He came within reach of the Tokyo Olympics before a broken foot derailed his qualification, and when he looked ahead at another four-year grind toward Paris, with all the travel and time away from family it would require, he decided it wasn't worth it.What came next surprised even him. A race in Buena Vista, Colorado cracked open a new world, and trail running took hold fast. He found a coach in David Roche, started stacking results, and eventually ended up toeing the line against Roche himself at the Broken Arrow Skyrace, a moment that captures just how quickly his trajectory shifted.Ryan and Eli also get into his relationship with his wife Tabor, their shared Adidas sponsorship, and a Joshua Tree traverse FKT attempt the two are chasing together. They dig into what makes Joshua Tree such a singular and strange place to run, and why the project matters to both of them personally.On the racing front, Eli's 2026 calendar includes Black Canyon 100K and a return to Desert Rats 100K, where Ryan first spotted him, to earn his way into UTMB week races. UTMB itself is the long-term goal, even though he's only raced up to 100K so far. His best trail performance to date? OCC during UTMB week in Chamonix, and he lights up talking about the atmosphere there.The conversation also gets honest about the harder parts of moving up in distance, overheating issues, a fried hypothalamus affecting heat regulation, fueling and hydration mistakes, and how his training philosophy is evolving around high volume without necessarily high mileage, muscular endurance work, and staying adaptable.

Send a textInvest in pre-IPO stocks with AG Dillon & Co. Contact aaron.dillon@agdillon.com to learn more. Financial advisors only. www.agdillon.com00:00 - Intro00:02 - AG Dillon Funds closing on Mar 31, 202600:51 - OpenAI Financials $280B revenue target meets $665B cost wall03:58 - OpenAI “buys” OpenClaw, Steinberger joins OpenAI04:42 - OpenAI Series C aims to shatter records at $850B post money05:41 - OpenAI and Tata bet on India with a 100 MW to 1 GW buildout path06:29 - Grafana's $9B round talks ride a $400M ARR wave07:23 - World Labs lands Autodesk and targets a rumored $5B valuation08:18 - Temporal wants to be the load bearing layer for agent execution09:31 - Mesh Optical's $50M Series A targets the chokepoint inside AI data centers10:43 - Render's $1.5B valuation is a bet that AI apps need a new runtime11:40 - Stash acquired by Grab for $425M13:06 - Physical Superintelligence pitches a physics breakthrough factory with a 20 person team14:07 - Figma plugs Claude Code into design and risks losing the workflow15:00 - Anthropic ships Sonnet 4.6 just 12 days after Opus 4.615:26 - Stripe's Bridge wins OCC trust charter signal as stablecoin scrutiny rises16:37 - Cohere puts 70 plus languages on device with a 3.35B parameter model17:53 - ElevenLabs turns agent risk into an insurable product at $12.2B secondary19:05 - Mistral buys Koyeb and adds 16 engineers to harden its compute stack

Matt and Nic are back with another week of news and deals. In this episode:  Crypto VC funds have some dry powder CFTC chair Mike Selig asserts jurisdiction over prediction markets relative to the States Is Kalshi more reliable than interest rate futures? The CLARITY Act inches closer to passing Shake up at Gemini OpenClaw agents are going to start phishing crypto users Bitwise aims to launch prediction market ETFs Bridge gets their OCC charter Hyperliquid launches a lobbying arm DAT hangover continues Blockfills reveals a $75m hole Ethereum is having an identity crisis Base is moving away from Optimism Neel Kashkari's bad faith stablecoin criticism

In this episode, Elliot Berman and John Byrne break down the major developments from the February FATF Plenary, including Kuwait and Papua New Guinea joining the Grey List and updates on evaluations for Austria, Italy, and Singapore. They also explore FATF leadership changes and the reiteration of Russia's suspension. The conversation moves into rising crypto-enabled human trafficking networks highlighted in a new report from Chainalysis, Cambodia's large-scale crackdown on fraud centers, and several key U.S. regulatory updates. These include FinCEN's new CDD “exceptive relief,” the rollout of a whistleblower portal, and the OCC's proposed changes to the bank appeals process. Elliot and John also discuss recent law enforcement actions, Supreme Court efforts to strengthen conflict-of-interest checks, and a Federal Reserve governor's insight into how AI may reshape the labor market.

www.marktreichel.comhttps://www.linkedin.com/in/mark-treichel/The NCUA has issued a proposed rule implementing the GENIUS Act, establishing a federal licensing framework for payment stablecoin issuers.For the first time, credit union subsidiaries could apply to become Permitted Payment Stablecoin Issuers (PPSIs) — but only under strict supervisory standards.In this episode, Mark breaks down:Why credit unions cannot issue stablecoins directlyHow the subsidiary licensing model worksThe 10% “Parent Company” threshold and joint application structureThe 1% CUSO investment cap and its impact on participationThe 120-day statutory decision clockHow this compares to FDIC, OCC, and Federal Reserve proposalsWhy “rewards vs. interest” could become the next regulatory battlegroundHow the proposed CLARITY Act fits into the broader digital asset frameworkThis proposal represents one of the most significant expansions of NCUA supervisory authority in decades. While stablecoin issuance is optional, the regulatory guardrails are now taking shape.Comments on the proposed rule are due 60 days after Federal Register publication.If your credit union is considering digital asset innovation, payment modernization, or cooperative technology ventures, this episode outlines the strategic considerations.Key TopicsGENIUS Act stablecoin frameworkSubsidiary-only issuance requirementPPSI licensing processCapital and liquidity expectationsCUSO structure implicationsJoint ownership modelsRegulatory cost recovery debateCLARITY Act market structure considerationsWhy This MattersStablecoins are not insured shares. They are not backed by the full faith and credit of the United States. They cannot blur the line between payments and deposits.Understanding these distinctions will be critical as the industry evaluates next steps.If you found this episode helpful, share it with a colleague and subscribe to With Flying Colors for ongoing insights into NCUA policy, supervision trends, and regulatory strategy.

Ross Bolen and Barrett Dudley discuss and review episode 5 of “A Knight of the Seven Kingdoms” on HBO. Later this week, further discussion driven by hotline calls from listeners/viewers in an ad-free podcast available exclusively on Patreon.com/OystersClamsCockles. Support Our Sponsors: ChillCountry.com/OCC code “OCC” for 25% OFF your next order! Video Produced by Kade Orris Subscribe on YouTube:⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠YouTube.com/@OystersClamsCockles⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Presented by Bolen Media:⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠BolenMedia.com Learn more about your ad choices. Visit podcastchoices.com/adchoices

In this week's Live from the Vault, Andrew Maguire examines how last Friday's price drop in gold and silver showed the market had reached a turning point, with physical holders staying firm while derivative trading caused most of the decline.The London wholesaler explains how Chinese regulators and strong buying at the Shanghai Gold Exchange are stabilising markets, prompting momentum shorts to cover and laying the groundwork for a structurally supported rally in both metals.Send your questions to Andy here: https://www.speakpipe.com/LFTVTimestamps: 00:00 Start01:46 Derivative silver sell-off exhaustion and Friday reversal05:54 Concentrated silver short exposed; regulatory investigations begin10:10 Short concentration, Comex stress and delivery risk14:50 Silver monetisation strategy and the golden yuan corridor21:42 Technical inflection: 50-day defence and backwardation spike24:38 Central bank gold accumulation and tokenised bullion growth31:55 Bullion bank positioning, OCC exposure and price projections37:13 Lunar New Year positioning and short-term outlookSign up for Kinesis on desktop:https://kinesis.money/kinesis-precious-metals/?utm_source=youtube&utm_medium=video&utm_campaign=lftv_259Download the Kinesis Mobile app - available App Store and Google Play:Apple: https://kms.kinesis.money/signupGoogle: https://play.google.com/store/apps/details?id=com.kinesis.kinesisappAlso, don't forget to check out our social channels where you can stay up to date with all the latest news and developments from the team.X: https://twitter.com/KinesisMonetaryFacebook: https://www.facebook.com/kinesismoney/Instagram: https://www.instagram.com/kinesismoney/Telegram: https://t.me/kinesismoneyTikTok: https://www.tiktok.com/@kinesismoneyThe opinions expressed in this video by Andrew Maguire and any guest are solely their own and do not reflect the official policy, position, or views of Kinesis. The information provided is for general informational purposes only and does not constitute investment advice, financial advice, or any other type of professional advice.Viewers are encouraged to seek independent financial advice tailored to their individual circumstances before making any decisions related to the gold market or other investments. Kinesis does not accept any responsibility or liability for actions taken based on the content of this video.

In our latest investigation, reporter Nick Bowlin digs into a troubling question: What happens when families report salty, oily drinking water that leaves sores in their mouths — and the state declines to determine the cause? In “Salty, oily drinking water left sores in their mouths. Oklahoma refused to find out why,” Nick traces complaints of oilfield contamination, examines how regulators responded and explains why key questions remain unanswered. In this conversation, he takes us behind the scenes of the reporting, the documents that shaped the story and what it reveals about oversight of oil and gas pollution in Oklahoma.Dylan Goforth: When you first heard about the Boarmans' situation, what made you think this wasn't just a private well problem but a story about the state's oil and gas regulator? What was the moment where the story “clicked” for you?Nick Bowlin: After my initial conversations with Tammy and Chris, I sent in an open records request with the state. Once I got the files and began to read, the click happened pretty fast. I saw that officials at the OCC had found strong signs of oil and gas pollution using a number of different metrics and tests. And this was for a house that sits in the middle of a legacy oilfield, drilled in the 1940s. Old wells plugged with mud – a common practice at the time – surround their house. But all this evidence didn't seem to lead to urgent action. The agency slow-walked testing nearby oil and gas operations and water sampling for heavy metals. And when they finally ran those tests, they found problems. People all over the state are dealing with pollution threats from historic and current oil and gas. Tammy and Chris were unusually proactive in pushing the state to help them and trying to learn all they could about their situation. If this is how the state handled the Boarmans' case, it didn't bode well for other Oklahomans coming to the OCC for help. Dylan: A huge part of this story relies on internal emails, test results and agency reports. How did you go about getting those records, and what was the most surprising or revealing document you found?Nick: I relied primarily on open records requests to the OCC. My first one took a while, since my request covered over a year of agency work on the Boarmans'. But after that, I could submit requests covering only a few months at a time and the agency tended to return these promptly. To my mind, the most revealing set of emails come from September 2024, after the Boarmans' state senator got involved. His arrival seemed to spur the state to finally order long-delayed tests. I was also struck by the electromagnetic survey images: For the most part, oil and gas reporters don't get to see the pollution we report on. Leaks happen deep below our feet, while CO2 emissions are invisible. But those images taken by the agency offered a rare and disturbing picture of the pollution plume contaminating the Boarmans' drinking water. Dylan: There are several points in the story where agency staff appear to know more than the Boarmans do about what's happening to their water. How did you piece together that timeline of who knew what, and when?Nick: I built out a detailed chronology, based on the records I received and interviews with the Boarmans'. It wasn't hard to do that with the agency emails. But I also built a timeline of the evidence. There isn't a single test that definitively proves oil and gas contamination. Instead, the state relied on an accumulation of data, evaluating things like salts, the presence of certain metals, chemical ratios and the belowground electromagnetic maps. That was a useful exercise: to see the growing pile of evidence pointing to oil and gas, compared to the agency's handling of the Boarmans' pollution case. Dylan: The McCoon injection well becomes central to the story. How did you figure out it might be a...

VLOG Feb 10 Alexander bros in Aspen https://matthewrussellleeicp.substack.com/p/extra-in-us-v-alexander-brothers-293 Crypto Karony SafeMoon @USUN @MichalGWaltz, US journo rights at UN?? https://innercitypress.com/usstate1lewincubaunwaltzicp020526.html Team Luigi writes to SDNYWolff files UN Zampolli 302 https://www.patreon.com/posts/epstein-files-in-150380573 OCC got @FinanceWatchOrg on WLTC

Ross Bolen and Barrett Dudley discuss and review episode 4 of “A Knight of the Seven Kingdoms” on HBO. Later this week, further discussion driven by hotline calls from listeners/viewers in an ad-free podcast available exclusively on Patreon.com/OystersClamsCockles. Support Our Sponsors: FactorMeals.com/occ50off for 50% OFF your first box plus FREE breakfast for 1-year Squarespace.com/OCC code “OCC” for 10% OFF your first purchase of a website or domain Lucy.co/OCC code “OCC” for 20% OFF your first order Video Produced by Kade Orris Subscribe on YouTube:⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠YouTube.com/@OystersClamsCockles⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Presented by Bolen Media:⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠BolenMedia.com Learn more about your ad choices. Visit podcastchoices.com/adchoices

What do James and Andrew soundlike unscripted? Why you all up in our bid-niss? What is the infamous 'e' word in ministry and why does it matter? What is the best-case scenario for OCC? What do we highlight as a church? Who gets the glory for the growth and success of the church? All this and more on this week's episode. Enjoy!

Ross Bolen and Barrett Dudley discuss and review episode 2 of “A Knight of the Seven Kingdoms” on HBO. Later this week, further discussion driven by hotline calls from listeners/viewers in an ad-free podcast available exclusively on Patreon.com/OystersClamsCockles. Support Our Sponsors: Squarespace.com/OCC code “OCC” for 10% OFF your first purchase of a website or domain Lucy.co/OCC code “OCC” for 20% OFF your first order ChillCountry.com/OCC code “OCC” for 25% OFF your next order! Video Produced by Kade Orris Subscribe on YouTube:⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠YouTube.com/@OystersClamsCockles⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Presented by Bolen Media:⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠BolenMedia.com Learn more about your ad choices. Visit podcastchoices.com/adchoices

Vicente Zambada Niebla, also known as "El Vicentillo," is a prominent figure in Mexican organized crime, specifically associated with the Sinaloa Cartel. Born on February 14, 1975, in Culiacán, Sinaloa, Mexico, he is the son of Ismael "El Mayo" Zambada García, one of the top leaders of the Sinaloa Cartel. Vicente Zambada rose through the ranks within the cartel and became one of its key operatives.Zambada was implicated in various drug trafficking activities, including coordinating the transportation and distribution of narcotics, primarily cocaine and marijuana, into the United States. His role within the cartel involved managing logistics, negotiating with other criminal organizations, and overseeing drug shipments.In February 2009, Vicente Zambada was arrested by Mexican authorities in Mexico City. His arrest was a significant blow to the Sinaloa Cartel, as he was considered one of its highest-ranking members at the time. Zambada's capture highlighted the ongoing efforts by law enforcement to dismantle the cartel's leadership structure.During his trial in the United States, Zambada provided extensive testimony against other members of the Sinaloa Cartel, including his own father, Ismael "El Mayo" Zambada García, as well as Joaquín "El Chapo" Guzmán, the infamous former leader of the cartel. His cooperation with U.S. authorities led to the conviction of numerous cartel members and provided valuable insights into the inner workings of the organization.Throughout the trial, Zambada's testimony shed light on the violence, corruption, and vast network of drug trafficking that characterized the Sinaloa Cartel's operations. His insights were crucial in building cases against other cartel leaders and dismantling key aspects of their criminal enterprise.One notable quote from Vicente Zambada during his trial emphasized the pervasive influence of the cartel: "The organization has more power than the government because the government itself is corrupt." This statement underscores the extent to which organized crime has infiltrated various institutions in Mexico.In October 2019, Vicente Zambada was sentenced to 15 years in prison by a U.S. federal court for his involvement in drug trafficking. Despite his cooperation with authorities, Zambada still faced significant legal consequences for his criminal activities.Then in 2023, that cooperation with the United States Government came to an end after a visit from a known Sinaloan sponsored lawyer. In this episode, we begin our exploration of the case brought by the United States of America against Vicente Zambada and what has transpired since.to contact me:bobbycapucci@protonmail.comsource:show_temp-3.pl-1.pdf (wired.com)

Vicente Zambada Niebla, also known as "El Vicentillo," is a prominent figure in Mexican organized crime, specifically associated with the Sinaloa Cartel. Born on February 14, 1975, in Culiacán, Sinaloa, Mexico, he is the son of Ismael "El Mayo" Zambada García, one of the top leaders of the Sinaloa Cartel. Vicente Zambada rose through the ranks within the cartel and became one of its key operatives.Zambada was implicated in various drug trafficking activities, including coordinating the transportation and distribution of narcotics, primarily cocaine and marijuana, into the United States. His role within the cartel involved managing logistics, negotiating with other criminal organizations, and overseeing drug shipments.In February 2009, Vicente Zambada was arrested by Mexican authorities in Mexico City. His arrest was a significant blow to the Sinaloa Cartel, as he was considered one of its highest-ranking members at the time. Zambada's capture highlighted the ongoing efforts by law enforcement to dismantle the cartel's leadership structure.During his trial in the United States, Zambada provided extensive testimony against other members of the Sinaloa Cartel, including his own father, Ismael "El Mayo" Zambada García, as well as Joaquín "El Chapo" Guzmán, the infamous former leader of the cartel. His cooperation with U.S. authorities led to the conviction of numerous cartel members and provided valuable insights into the inner workings of the organization.Throughout the trial, Zambada's testimony shed light on the violence, corruption, and vast network of drug trafficking that characterized the Sinaloa Cartel's operations. His insights were crucial in building cases against other cartel leaders and dismantling key aspects of their criminal enterprise.One notable quote from Vicente Zambada during his trial emphasized the pervasive influence of the cartel: "The organization has more power than the government because the government itself is corrupt." This statement underscores the extent to which organized crime has infiltrated various institutions in Mexico.In October 2019, Vicente Zambada was sentenced to 15 years in prison by a U.S. federal court for his involvement in drug trafficking. Despite his cooperation with authorities, Zambada still faced significant legal consequences for his criminal activities.Then in 2023, that cooperation with the United States Government came to an end after a visit from a known Sinaloan sponsored lawyer. In this episode, we begin our exploration of the case brought by the United States of America against Vicente Zambada and what has transpired since.to contact me:bobbycapucci@protonmail.comsource:show_temp-3.pl-1.pdf (wired.com)

Vicente Zambada Niebla, also known as "El Vicentillo," is a prominent figure in Mexican organized crime, specifically associated with the Sinaloa Cartel. Born on February 14, 1975, in Culiacán, Sinaloa, Mexico, he is the son of Ismael "El Mayo" Zambada García, one of the top leaders of the Sinaloa Cartel. Vicente Zambada rose through the ranks within the cartel and became one of its key operatives.Zambada was implicated in various drug trafficking activities, including coordinating the transportation and distribution of narcotics, primarily cocaine and marijuana, into the United States. His role within the cartel involved managing logistics, negotiating with other criminal organizations, and overseeing drug shipments.In February 2009, Vicente Zambada was arrested by Mexican authorities in Mexico City. His arrest was a significant blow to the Sinaloa Cartel, as he was considered one of its highest-ranking members at the time. Zambada's capture highlighted the ongoing efforts by law enforcement to dismantle the cartel's leadership structure.During his trial in the United States, Zambada provided extensive testimony against other members of the Sinaloa Cartel, including his own father, Ismael "El Mayo" Zambada García, as well as Joaquín "El Chapo" Guzmán, the infamous former leader of the cartel. His cooperation with U.S. authorities led to the conviction of numerous cartel members and provided valuable insights into the inner workings of the organization.Throughout the trial, Zambada's testimony shed light on the violence, corruption, and vast network of drug trafficking that characterized the Sinaloa Cartel's operations. His insights were crucial in building cases against other cartel leaders and dismantling key aspects of their criminal enterprise.One notable quote from Vicente Zambada during his trial emphasized the pervasive influence of the cartel: "The organization has more power than the government because the government itself is corrupt." This statement underscores the extent to which organized crime has infiltrated various institutions in Mexico.In October 2019, Vicente Zambada was sentenced to 15 years in prison by a U.S. federal court for his involvement in drug trafficking. Despite his cooperation with authorities, Zambada still faced significant legal consequences for his criminal activities.Then in 2023, that cooperation with the United States Government came to an end after a visit from a known Sinaloan sponsored lawyer. In this episode, we begin our exploration of the case brought by the United States of America against Vicente Zambada and what has transpired since.to contact me:bobbycapucci@protonmail.comsource:show_temp-3.pl-1.pdf (wired.com)

Vicente Zambada Niebla, also known as "El Vicentillo," is a prominent figure in Mexican organized crime, specifically associated with the Sinaloa Cartel. Born on February 14, 1975, in Culiacán, Sinaloa, Mexico, he is the son of Ismael "El Mayo" Zambada García, one of the top leaders of the Sinaloa Cartel. Vicente Zambada rose through the ranks within the cartel and became one of its key operatives.Zambada was implicated in various drug trafficking activities, including coordinating the transportation and distribution of narcotics, primarily cocaine and marijuana, into the United States. His role within the cartel involved managing logistics, negotiating with other criminal organizations, and overseeing drug shipments.In February 2009, Vicente Zambada was arrested by Mexican authorities in Mexico City. His arrest was a significant blow to the Sinaloa Cartel, as he was considered one of its highest-ranking members at the time. Zambada's capture highlighted the ongoing efforts by law enforcement to dismantle the cartel's leadership structure.During his trial in the United States, Zambada provided extensive testimony against other members of the Sinaloa Cartel, including his own father, Ismael "El Mayo" Zambada García, as well as Joaquín "El Chapo" Guzmán, the infamous former leader of the cartel. His cooperation with U.S. authorities led to the conviction of numerous cartel members and provided valuable insights into the inner workings of the organization.Throughout the trial, Zambada's testimony shed light on the violence, corruption, and vast network of drug trafficking that characterized the Sinaloa Cartel's operations. His insights were crucial in building cases against other cartel leaders and dismantling key aspects of their criminal enterprise.One notable quote from Vicente Zambada during his trial emphasized the pervasive influence of the cartel: "The organization has more power than the government because the government itself is corrupt." This statement underscores the extent to which organized crime has infiltrated various institutions in Mexico.In October 2019, Vicente Zambada was sentenced to 15 years in prison by a U.S. federal court for his involvement in drug trafficking. Despite his cooperation with authorities, Zambada still faced significant legal consequences for his criminal activities.Then in 2023, that cooperation with the United States Government came to an end after a visit from a known Sinaloan sponsored lawyer. In this episode, we begin our exploration of the case brought by the United States of America against Vicente Zambada and what has transpired since.to contact me:bobbycapucci@protonmail.comsource:show_temp-3.pl-1.pdf (wired.com)

Vicente Zambada Niebla, also known as "El Vicentillo," is a prominent figure in Mexican organized crime, specifically associated with the Sinaloa Cartel. Born on February 14, 1975, in Culiacán, Sinaloa, Mexico, he is the son of Ismael "El Mayo" Zambada García, one of the top leaders of the Sinaloa Cartel. Vicente Zambada rose through the ranks within the cartel and became one of its key operatives.Zambada was implicated in various drug trafficking activities, including coordinating the transportation and distribution of narcotics, primarily cocaine and marijuana, into the United States. His role within the cartel involved managing logistics, negotiating with other criminal organizations, and overseeing drug shipments.In February 2009, Vicente Zambada was arrested by Mexican authorities in Mexico City. His arrest was a significant blow to the Sinaloa Cartel, as he was considered one of its highest-ranking members at the time. Zambada's capture highlighted the ongoing efforts by law enforcement to dismantle the cartel's leadership structure.During his trial in the United States, Zambada provided extensive testimony against other members of the Sinaloa Cartel, including his own father, Ismael "El Mayo" Zambada García, as well as Joaquín "El Chapo" Guzmán, the infamous former leader of the cartel. His cooperation with U.S. authorities led to the conviction of numerous cartel members and provided valuable insights into the inner workings of the organization.Throughout the trial, Zambada's testimony shed light on the violence, corruption, and vast network of drug trafficking that characterized the Sinaloa Cartel's operations. His insights were crucial in building cases against other cartel leaders and dismantling key aspects of their criminal enterprise.One notable quote from Vicente Zambada during his trial emphasized the pervasive influence of the cartel: "The organization has more power than the government because the government itself is corrupt." This statement underscores the extent to which organized crime has infiltrated various institutions in Mexico.In October 2019, Vicente Zambada was sentenced to 15 years in prison by a U.S. federal court for his involvement in drug trafficking. Despite his cooperation with authorities, Zambada still faced significant legal consequences for his criminal activities.Then in 2023, that cooperation with the United States Government came to an end after a visit from a known Sinaloan sponsored lawyer. In this episode, we begin our exploration of the case brought by the United States of America against Vicente Zambada and what has transpired since.to contact me:bobbycapucci@protonmail.comsource:show_temp-3.pl-1.pdf (wired.com)

Vicente Zambada Niebla, also known as "El Vicentillo," is a prominent figure in Mexican organized crime, specifically associated with the Sinaloa Cartel. Born on February 14, 1975, in Culiacán, Sinaloa, Mexico, he is the son of Ismael "El Mayo" Zambada García, one of the top leaders of the Sinaloa Cartel. Vicente Zambada rose through the ranks within the cartel and became one of its key operatives.Zambada was implicated in various drug trafficking activities, including coordinating the transportation and distribution of narcotics, primarily cocaine and marijuana, into the United States. His role within the cartel involved managing logistics, negotiating with other criminal organizations, and overseeing drug shipments.In February 2009, Vicente Zambada was arrested by Mexican authorities in Mexico City. His arrest was a significant blow to the Sinaloa Cartel, as he was considered one of its highest-ranking members at the time. Zambada's capture highlighted the ongoing efforts by law enforcement to dismantle the cartel's leadership structure.During his trial in the United States, Zambada provided extensive testimony against other members of the Sinaloa Cartel, including his own father, Ismael "El Mayo" Zambada García, as well as Joaquín "El Chapo" Guzmán, the infamous former leader of the cartel. His cooperation with U.S. authorities led to the conviction of numerous cartel members and provided valuable insights into the inner workings of the organization.Throughout the trial, Zambada's testimony shed light on the violence, corruption, and vast network of drug trafficking that characterized the Sinaloa Cartel's operations. His insights were crucial in building cases against other cartel leaders and dismantling key aspects of their criminal enterprise.One notable quote from Vicente Zambada during his trial emphasized the pervasive influence of the cartel: "The organization has more power than the government because the government itself is corrupt." This statement underscores the extent to which organized crime has infiltrated various institutions in Mexico.In October 2019, Vicente Zambada was sentenced to 15 years in prison by a U.S. federal court for his involvement in drug trafficking. Despite his cooperation with authorities, Zambada still faced significant legal consequences for his criminal activities.Then in 2023, that cooperation with the United States Government came to an end after a visit from a known Sinaloan sponsored lawyer. In this episode, we begin our exploration of the case brought by the United States of America against Vicente Zambada and what has transpired since.to contact me:bobbycapucci@protonmail.comsource:show_temp-3.pl-1.pdf (wired.com)

Vicente Zambada Niebla, also known as "El Vicentillo," is a prominent figure in Mexican organized crime, specifically associated with the Sinaloa Cartel. Born on February 14, 1975, in Culiacán, Sinaloa, Mexico, he is the son of Ismael "El Mayo" Zambada García, one of the top leaders of the Sinaloa Cartel. Vicente Zambada rose through the ranks within the cartel and became one of its key operatives.Zambada was implicated in various drug trafficking activities, including coordinating the transportation and distribution of narcotics, primarily cocaine and marijuana, into the United States. His role within the cartel involved managing logistics, negotiating with other criminal organizations, and overseeing drug shipments.In February 2009, Vicente Zambada was arrested by Mexican authorities in Mexico City. His arrest was a significant blow to the Sinaloa Cartel, as he was considered one of its highest-ranking members at the time. Zambada's capture highlighted the ongoing efforts by law enforcement to dismantle the cartel's leadership structure.During his trial in the United States, Zambada provided extensive testimony against other members of the Sinaloa Cartel, including his own father, Ismael "El Mayo" Zambada García, as well as Joaquín "El Chapo" Guzmán, the infamous former leader of the cartel. His cooperation with U.S. authorities led to the conviction of numerous cartel members and provided valuable insights into the inner workings of the organization.Throughout the trial, Zambada's testimony shed light on the violence, corruption, and vast network of drug trafficking that characterized the Sinaloa Cartel's operations. His insights were crucial in building cases against other cartel leaders and dismantling key aspects of their criminal enterprise.One notable quote from Vicente Zambada during his trial emphasized the pervasive influence of the cartel: "The organization has more power than the government because the government itself is corrupt." This statement underscores the extent to which organized crime has infiltrated various institutions in Mexico.In October 2019, Vicente Zambada was sentenced to 15 years in prison by a U.S. federal court for his involvement in drug trafficking. Despite his cooperation with authorities, Zambada still faced significant legal consequences for his criminal activities.Then in 2023, that cooperation with the United States Government came to an end after a visit from a known Sinaloan sponsored lawyer. In this episode, we begin our exploration of the case brought by the United States of America against Vicente Zambada and what has transpired since.to contact me:bobbycapucci@protonmail.comsource:show_temp-3.pl-1.pdf (wired.com)

Vicente Zambada Niebla, also known as "El Vicentillo," is a prominent figure in Mexican organized crime, specifically associated with the Sinaloa Cartel. Born on February 14, 1975, in Culiacán, Sinaloa, Mexico, he is the son of Ismael "El Mayo" Zambada García, one of the top leaders of the Sinaloa Cartel. Vicente Zambada rose through the ranks within the cartel and became one of its key operatives.Zambada was implicated in various drug trafficking activities, including coordinating the transportation and distribution of narcotics, primarily cocaine and marijuana, into the United States. His role within the cartel involved managing logistics, negotiating with other criminal organizations, and overseeing drug shipments.In February 2009, Vicente Zambada was arrested by Mexican authorities in Mexico City. His arrest was a significant blow to the Sinaloa Cartel, as he was considered one of its highest-ranking members at the time. Zambada's capture highlighted the ongoing efforts by law enforcement to dismantle the cartel's leadership structure.During his trial in the United States, Zambada provided extensive testimony against other members of the Sinaloa Cartel, including his own father, Ismael "El Mayo" Zambada García, as well as Joaquín "El Chapo" Guzmán, the infamous former leader of the cartel. His cooperation with U.S. authorities led to the conviction of numerous cartel members and provided valuable insights into the inner workings of the organization.Throughout the trial, Zambada's testimony shed light on the violence, corruption, and vast network of drug trafficking that characterized the Sinaloa Cartel's operations. His insights were crucial in building cases against other cartel leaders and dismantling key aspects of their criminal enterprise.One notable quote from Vicente Zambada during his trial emphasized the pervasive influence of the cartel: "The organization has more power than the government because the government itself is corrupt." This statement underscores the extent to which organized crime has infiltrated various institutions in Mexico.In October 2019, Vicente Zambada was sentenced to 15 years in prison by a U.S. federal court for his involvement in drug trafficking. Despite his cooperation with authorities, Zambada still faced significant legal consequences for his criminal activities.Then in 2023, that cooperation with the United States Government came to an end after a visit from a known Sinaloan sponsored lawyer. In this episode, we begin our exploration of the case brought by the United States of America against Vicente Zambada and what has transpired since.to contact me:bobbycapucci@protonmail.comsource:show_temp-3.pl-1.pdf (wired.com)

Joaquin "El Chapo" Guzman, the former leader of the Sinaloa Cartel, has had his appeal to overturn his 2019 life sentence rejected by a U.S. court. Guzman was convicted on charges including drug trafficking, operating a criminal enterprise, and firearms violations. His legal team argued that his trial was unfair due to jury misconduct and the harsh conditions of his solitary confinement, which they claimed impacted his ability to mount a defense.Despite these arguments, the Second Circuit Court of Appeals upheld the original verdict, praising the trial judge's management of the high-profile case and rejecting the claims of juror misconduct. The court also dismissed the argument regarding Guzman's solitary confinement, stating it did not infringe on his right to a fair trial.In this episode, we take a look at the DOJ's El Chapo Brief.to contact me:bobbycapucci@protonmail.comsource:Chapo-ca2-us-brief.pdf (courthousenews.com)

Joaquin "El Chapo" Guzman, the former leader of the Sinaloa Cartel, has had his appeal to overturn his 2019 life sentence rejected by a U.S. court. Guzman was convicted on charges including drug trafficking, operating a criminal enterprise, and firearms violations. His legal team argued that his trial was unfair due to jury misconduct and the harsh conditions of his solitary confinement, which they claimed impacted his ability to mount a defense.Despite these arguments, the Second Circuit Court of Appeals upheld the original verdict, praising the trial judge's management of the high-profile case and rejecting the claims of juror misconduct. The court also dismissed the argument regarding Guzman's solitary confinement, stating it did not infringe on his right to a fair trial.In this episode, we take a look at the DOJ's El Chapo Brief.to contact me:bobbycapucci@protonmail.comsource:Chapo-ca2-us-brief.pdf (courthousenews.com)

Joaquin "El Chapo" Guzman, the former leader of the Sinaloa Cartel, has had his appeal to overturn his 2019 life sentence rejected by a U.S. court. Guzman was convicted on charges including drug trafficking, operating a criminal enterprise, and firearms violations. His legal team argued that his trial was unfair due to jury misconduct and the harsh conditions of his solitary confinement, which they claimed impacted his ability to mount a defense.Despite these arguments, the Second Circuit Court of Appeals upheld the original verdict, praising the trial judge's management of the high-profile case and rejecting the claims of juror misconduct. The court also dismissed the argument regarding Guzman's solitary confinement, stating it did not infringe on his right to a fair trial.In this episode, we take a look at the DOJ's El Chapo Brief.to contact me:bobbycapucci@protonmail.comsource:Chapo-ca2-us-brief.pdf (courthousenews.com)

Joaquin "El Chapo" Guzman, the former leader of the Sinaloa Cartel, has had his appeal to overturn his 2019 life sentence rejected by a U.S. court. Guzman was convicted on charges including drug trafficking, operating a criminal enterprise, and firearms violations. His legal team argued that his trial was unfair due to jury misconduct and the harsh conditions of his solitary confinement, which they claimed impacted his ability to mount a defense.Despite these arguments, the Second Circuit Court of Appeals upheld the original verdict, praising the trial judge's management of the high-profile case and rejecting the claims of juror misconduct. The court also dismissed the argument regarding Guzman's solitary confinement, stating it did not infringe on his right to a fair trial.In this episode, we take a look at the DOJ's El Chapo Brief.to contact me:bobbycapucci@protonmail.comsource:Chapo-ca2-us-brief.pdf (courthousenews.com)

Ross Bolen and Barrett Dudley discuss and review the series premiere of “A Knight of the Seven Kingdoms” on HBO. Later this week, we'll further discuss this episode by taking hotline calls from listeners/viewers in an ad-free podcast available exclusively on Patreon.com/OystersClamsCockles. Support Our Sponsors: ChillCountry.com/OCC code "OCC" for 25% OFF your next order! Video Produced by Kade Orris Subscribe on YouTube:⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠YouTube.com/@OystersClamsCockles⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Presented by Bolen Media:⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠BolenMedia.com Learn more about your ad choices. Visit podcastchoices.com/adchoices

Ross Bolen and Barrett Dudley prepare for A Knight of the Seven Kingdoms, finally try Heated Rivalry and The Pitt, . While you're here, join us in watching "The Wire" season 2 with our companion podcasts exclusively on ⁠⁠Patreon.com/OystersClamsCockles⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ – friendly to first-timers and re-watchers. Support Our Sponsors: Squarespace.com/OCC for 10% OFF your first purchase of a website or domain FactorMeals.com/occ50off for 50% off your first Factor box PLUS free breakfast for 1-year Lucy.co/OCC promo code OCC for 20% OFF your first order Video Produced by Kade Orris Subscribe on YouTube:⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠YouTube.com/@OystersClamsCockles⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Presented by Bolen Media:⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠BolenMedia.com Learn more about your ad choices. Visit podcastchoices.com/adchoices

Today we welcome the #1 Trail Runners of the Year, Jim Walmsley and Katie Schide, both Americans who currently reside in France. This is the second time each has won our prestigious award and they've both been featured all four years of TROY's existence.     Jim's season was anything but straight forward. He started with a big win at Chianti by UTMB in the spring before an injury prevented him from defending his win at the Western States 100. Luckily, he bounced back in a big way, winning OCC in August and then the Long Trail World Championship in September - the second individual gold medal of his career.         On the other hand, Katie is crowned TROY for the second year in a row. She started with a win at Madeira Island Ultra Trail before winning and setting a new course record at the Hardrock 100 in July. Only three weeks later she was second at Sierre-Zinal before winning the Long Trail World Championship in September.      This episode is part of Freetrail's annual Trail Runner of the Year Rollout -- an opportunity to reflect on the 2025 season and celebrate the athletes who performed the best according to the global trail running community. We're proud to partner with All Conditions Gear to bring the awards to life.    REGISTER FOR THE BIG ALTA     REGISTER FOR GORGE WATERFALLS   Sponsors: Grab a trail running pack from Osprey Use code FREETRAIL25 for 25% off your first order of NEVERSECOND nutrition at never2.com Go to ketone.com/freetrail30 for 30% off a subscription of Ketone IQ Freetrail Links: Website | Freetrail Pro | Patreon | Instagram | YouTube | Freetrail Experts   Dylan Links: Instagram | Twitter | LinkedIn | Strava

Our Chief Fixed Income Strategist Vishy Tirupattur is joined by Dan Toscano, the firm's Chairman of Markets in Private Equity, unpack how credit markets are changing—and what the AI buildup means for the road ahead.Read more insights from Morgan Stanley.----- Transcript -----Vishy Tirupattur: Welcome to Thoughts on the Market. I am Vishy Tirupattur, Morgan Stanley's Chief Fixed Income Strategist. Today is a special edition of our podcast. We are joined by Dan Toscano, Chairman of Markets in Private Equity at Morgan Stanley, and a seasoned practitioner of credit markets over many, many credit cycles. We will get his thoughts on the ongoing evolution and revolution in credit marketsIt's Wednesday, January 7th at 10am in New York. Dan, welcome.Dan Toscano: Glad to be here.Vishy Tirupattur: So, to get our – the listeners familiar with your journey, can you talk a little bit about your experience in the credit markets, and how you got to where we are today?Dan Toscano: Yeah, sure. So, I've been doing this a long time. You used the nice word seasoned. My kids would refer to it as old. But I started in this journey in 1988. And to make a long story short, my first job on Wall Street was buying junk bonds in the infancy of the junk bond market, when most of what we were financing were LBOs. So, if you're familiar with Barbarians at the Gate, one of the first bonds we bought were RJR Nabisco reset notes. And I've been doing this ever since, so over almost four decades now.Vishy Tirupattur: So, the junk bond market evolved into high yield market, syndicated loan market, CLO market, financial crisis. So, talk to us about your experiences during this transition.Dan Toscano: Yeah. I mean, one of the things these markets do is they finance evolution in industries. So, when I think back to the early days of financing leveraged buyouts, they were called bootstrap deals. The first deal I did as an intermediary on Wall Street as opposed to as an investor, was a buyout with Bain Capital in 1993. At the time, Bain Capital had a $600 million AUM private equity platform. Think about that in the scale of what Bain Capital does in private equity today. You know, back then it was corporate carve outs, and trying to make the global economy more efficient. And you remember the rise of the conglomerate. And so, one of the early things we financed a lot of was the de-conglomeration of big corporates. So, they would spin off assets that were not central to the business or the strengths that they had as an organization.So, that was the early days of private equity. There was obviously the telecom build out in the late 90's and the resulting bust. And then into the GFC. And we sit here today with the distinctions of private capital, private credit, public credit, syndicated credit, and all the amazing things that are being financed in, you know, what I think of as the next industrial revolution.Vishy Tirupattur: In terms of things that have changed a lot – a lot also changed following the financial crisis. So, if you dig deep into that one thing that happened was the introduction of leveraged lending guidelines. Can you talk about what leveraged lending guidelines did to the credit markets?Dan Toscano: Yeah, I mean, it was a big change for underwriters because it dictated what you could and couldn't participate in as an underwriter or a lender, and so it really cut off one end of the market that was determined by – and I think the thing most famously attributed to the leveraged lending guidelines was this maximum leverage notion of six times leverage is the cap. Nothing beyond that. And so that really limited the ability for Wall Street firms to underwrite and distribute capital to support those deals.And inadvertently, or maybe by plan, really gave rise to the growth in the private credit market. So, when you think about everything that's going on in the world today, including, which I'm sure we'll talk about, the relaxation of the leveraged lending guidelines, it was really fuel for private credit.Vishy Tirupattur: So private credit, this relaxation that you mentioned, you know, a few weeks ago, the FDIC and the OCC withdrew the leveraged lending guidelines in total. What do you expect that will do to the private credit markets? Will that make private credit market share decrease and bank market share increase?Dan Toscano: I think many people think of these as being mutually exclusive. We've never thought of it that way. It exists more on a continuum. And so, what I think the relaxation of those guidelines or the elimination of those guidelines really frees the banks to participate in the entire continuum, either as lenders or as underwriters.And so, in addition to the opportunity that gives the banks to really find the best solutions for their clients, I think this will also continue the blurring of distinctions between public market credit and private market credit. Because now the banks can participate in all of it. And when you think about what defines in people's minds – public credit versus private credit, in many cases it's driven by what terms look like. Customary terms for a syndicated bond or loan versus a private credit loan.Also, who's participating in it. You know, these things have been blurring, right? There's a cost differential or a perceived cost differential that has been blurring for some time now. That will continue to happen, in my opinion anyway.Vishy Tirupattur: I totally agree with you, Dan, on that. I think not only the distinction between public credit and private credit, but also within the various credit channels – secured, unsecured, securitized, structured – all these distinctions are also blurring. So, in that context, let's talk a little bit more about what private credit's focus has been and where private credit focus will be going forward. So, what we'll call private credit 1.0. Focused predominantly on lending to small and medium-sized enterprises. And we now see that potentially changing. What is driving private credit 2.0 in your mind?Dan Toscano: Well, the elephant in the room is digital infrastructure. Absolutely. When you think about the scale of what is happening, the type of capital that's required for the build out, the structure you need around it, the ability to use elements of structure. You mentioned several of them earlier. To come up with an appropriate risk structure for lending is really where the market is heading. When you think about the trillions of dollars that we anticipate is needed for the technology industry to complete this transformation – not just around digital infrastructure, but around everything associated with it.And the big one I think of most often is power, right? So, you need capital to build out sources of power, and you need capital to build out the data centers to be able to handle the compute demand that is expected to be there. This is a scale unlike anything we have ever seen. It is the backbone of what will be the next industrial revolution.We've never seen anything like this in terms of the scale of the capital needed for the transformation that is already underway.Vishy Tirupattur: We are very much on board with this idea as well, Dan, in terms of the scale of the investment, the capital investment that is needed. So, when you look ahead for 2026, what worries you about the ind ustrial revolution financing that is underway?Dan Toscano: Given all that's going on in the world, this massive capital investment that's going on globally around digital infrastructure, we've never seen this before. And so, when I look at the capital raising that has been done in 2025 versus what will be done in 2026, I think one of the differences that we have to be mindful of is – nothing's gone wrong while we were raising capital in 2025 because we were very much in the infancy of these buildouts. Once you get further into these buildouts and the capital raises in 2025 that are funding the development of data centers start to season, problems will emerge. The essence of credit risk is there will be problems and it's really trying to predict and foresee where the problems will be and make sure you can manage your way through them.That is the essence of successful credit investing. And so there will definitely be issues when you think about the scale of the build out that is happening. Even if you look just in the U.S., where you need access to all sorts of commodities to build out. And you know, people focus on chips, but you also need steel and roofing, and importantly labor.And as we talk to people about the build outs, one of the concerns is supply of labor supply and cost of labor. So, when you run into situations where maybe a project is delayed a bit, or the costs are a bit more than what was expected, there will be a reaction. And we haven't had that yet. We will start to see that in 2026 and how investors and the markets react to that, I think will be very important. And I'm a little bit worried that there could be some overreaction because people have trained themselves in 2025 to think of like, ‘I'm operating in a perfect environment,' because we haven't really done anything yet. And now that we've done something, something can and will go wrong. So, you know, we'll see how that plays out.I am very fixated in 2026 on the laws of supply and demand. When I think about what's going on right now, we usually have visibility on demand. And we usually have some level of visibility on supply. Right now, we have neither – and I say that in a positive way. We don't know how big the demand is in the capital world to fund these projects. We don't know how big that can be. And almost with every passing day, the supply – and what we're hearing from our clients about what they need to execute their plans – continues to grow in a way that we don't know where it ends. And the scale, we're talking trillions of dollars, right? Not billions, not millions, but trillions.And so, I look at that – not so much as something I worry about, but something I'm really curious about. Will we run out of money to fund all of the ambitions of the Industrial Revolution? I don't think so. I think money will find great projects, but when you think about the scale of what we're looking at, we've never seen anything like it before. And it will be fascinating to watch as the year goes on.Vishy Tirupattur: Thanks Dan. That's very useful. And thanks for taking the time to speak to us and share your wisdom and insights. Dan Toscano: Well, it's great to be here.Vishy Tirupattur: And to our audience, thanks for listening. If you enjoyed the show, please leave us a review wherever you listen and share thoughts on the market with a friend or colleague today