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President Trump just announced that Peas the turkey will get this year's presidential pardon — but added that carrots "refused to concede and demanded a recount." 175
REDONDO BEACH, Calif. (AP) — Defense contractor Northrop Grumman will be moving secret cargo through a Southern California marina this weekend.The Daily Breeze reports part of King Harbor Marina in Redondo Beach will be shut down from 5 p.m. Friday to 5 p.m. Sunday for the move of what is described as a U.S. Navy demonstration project.The large object will be taken from a Northrop Grumman facility in Redondo Beach to a barge for shipment to San Diego.The newspaper says that during a Redondo Beach City Council meeting this week, Northrop Grumman officials cited national security concerns in declining to provide information about the object.The company agreed on Oct. 15 to pay the city ,000 for a licensing agreement to use the marina and for any costs the city incurs. 787

President Donald Trump's former lawyer, Michael Cohen, is under federal investigation for tax fraud and possibly misrepresenting his finances, people familiar with the investigation told The Wall Street Journal.The reported investigation adds to the wide-ranging federal investigation Cohen is already facing in relation to his business affairs and work with Trump. According to the Journal, authorities are investigating whether Cohen underreported his income in federal tax returns, in which he reaped hundreds of thousands of dollars over the last five years.People familiar with the matter told the Journal that authorities are also investigating whether any bank employees were improperly permitted to offer Cohen loans when he didn't provide adequate documentation. Investigators are reportedly examining Cohen's relationship with Sterling National Bank, which financed Cohen's taxi medallion business, and looking closely at whether Cohen lied or misrepresented information on loan applications.Investigators are also looking into whether Cohen inflated his income "in loan applications and refinancing efforts," people familiar with the matter told the Journal.Cohen's former accountant, Jeffrey Getzel, has been subpoenaed as part of the investigation, the paper reports.Cohen has not been charged with a crime and the Journal said he previously denied wrongdoing. Lanny Davis, Cohen's attorney, declined to comment to the paper "out of respect for the ongoing investigation."CNN has not independently confirmed the Journal's report.Cohen is facing a wide-ranging federal investigation into his finances -- including potential bank fraud, campaign finance violations, and hush payments to women saying they had affairs with Trump, which the President has denied. Authorities raided Cohen's home, office and hotel room in April as part of the investigation.The former Trump "fixer" once said he would take a bullet for his boss, but in recent months, he's suggested that he's willing to cooperate with federal authorities.The-CNN-Wire 2050
Press conference for the #BondFire scheduled for 3 p.m. at the Incident Command Post at Irvine Great Park. We will be live streaming on our Facebook: https://t.co/vQXoKJzdOY pic.twitter.com/vEYW3rcfOr— OCFA PIO (@OCFA_PIO) December 3, 2020 247
President Trump nominated Federal Reserve Governor Jerome Powell on Thursday to lead the world's most influential central bank.A Fed governor since 2012 and former Treasury official under the George H.W. Bush administration, Powell will replace current Fed Chair Janet Yellen. Yellen was nominated in 2013 by President Obama. Her term as the central bank's first female leader expires in February.It will be the first time in four decades that a new president hasn't asked the current Fed chair to stay on for a second term.Powell was among five candidates considered for the job. Also on the president's short list: former Fed governor Kevin Warsh, Stanford University economist John Taylor, the president's top economic adviser, Gary Cohn and Yellen.Ahead of Trump's formal announcement Thursday, Cohn praised the president's choice. "I'm really supportive of the president's decision -- and it's a great decision," he said speaking before The Economic Club of Washington.Related: Fed leaves interest rates alone and waits for TrumpThe position of Fed chair requires Senate confirmation. Republicans currently hold the majority and would be able to confirm Powell without any Democratic support, if necessary.At 64, Powell has been Yellen's ally on monetary policy, while also calling for easing some of the regulations on banks put in place after the 2008 financial crisis.Unlike almost all of his predecessors in the position, Powell is not an economist by training. Instead, he was a lawyer and former partner at private-equity firm, Carlyle Group.Two immediate challenges face Powell once he is confirmed in the role: How quickly to raise interest rates and how to continue to safely unwind the Fed's hefty balance sheet.It's the job of central bankers to shift policy levers, nudging interest rates higher or lower, to boost jobs and keep prices, or inflation, at the optimal level.What's made their job trickier is that inflation is signaling the Fed should not increase rates. But economic growth and a low unemployment rate of 4.2% are saying it should.Related: Powell would be the first investment banker to chair the Fed Powell has been supportive of Yellen's plan to gradually raise interest rates, if there are continued signs of improvement in the economy."The economy is as close to our assigned goals as it has been for many years," said Powell in a June speech at the Economic Club of New York. "Risks to the forecast now seem more balanced than they have been for a some time."Powell will also have to oversee how the central bank continues to shed some of the .5 trillion in investments it made in order to prop up the economy after the financial crisis. The Fed began the process of unwinding almost a decade's worth of stimulus investments in September.For years, the central bank piled up purchases of Treasury and mortgage-backed securities, a strategy intended to stimulate the economy by reducing borrowing costs for everyone. At the time, it also reduced its benchmark interest rate to zero, and only began raising it in December 2015, seven years after the crisis.Related: Fed taps Jerome Powell to head oversight of 'too big to fail' banksPowell voted in favor of winding down the Fed's balance sheet. And like Yellen, he's left the door open for a new round of asset purchases in the event of another crisis.In April, the Fed tapped Powell to serve as the new point man overseeing how Wall Street banks are regulated after Daniel Tarullo, the central bank's regulatory czar stepped down. Tarullo held the position for the past eight years.In this role, the Fed governor has sided with the Trump administration on easing some of the regulatory burdens on banks. He's specifically suggested relaxing the so-called Volcker Rule, which bars banks from taking risky bets with taxpayer money.The-CNN-Wire 3838
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