
More Adams Associates and Supporters Are Said to Face Corruption Charges
The mayor, who is just months away from facing voters in his bid for a second term leading New York City, is not expected to be charged. But the defendants, according to the people with knowledge of the matter, are expected to include his closest political ally and former chief adviser, Ingrid Lewis-Martin, and her son, both of whom are already facing corruption charges handed up late last year.
Also expected to face charges are the mayor's friend Jesse Hamilton, a former state senator whom Mr. Adams installed in a powerful city job, and two influential supporters, Gina and Tony Argento, siblings who run a prominent soundstage company and who, with their employees, have donated more than $20,000 to Mr. Adams's mayoral campaigns.
Details of the charges remain unclear. But the defendants are expected to surrender on Thursday morning to be arraigned on several indictments, the people said. The charges expected to be announced Thursday stem from the corruption investigation that led to the indictment last year against Ms. Lewis-Martin; her son, Glenn D. Martin II; and two businessmen.
Like the earlier indictment, the new charges are being brought by the office of the Manhattan district attorney, Alvin L. Bragg, and the city's Department of Investigation.
The charges are expected to arrive as the mayor is desperately trying to revive his political image. Polls have consistently shown him lagging in a distant fourth place.
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Yahoo
13 minutes ago
- Yahoo
Readers sound off on maligning Mamdani, ending mail-in ballots and training teachers
Manhattan: By failing to endorse Zohran Mamdani for mayor, New York State and national Democratic Party leaders are making a grave mistake. They want to keep the governorship and take back Congress next year. All they are doing by lecturing Mamdani and failing to endorse him is showing disrespect for the city's Democratic Party voters! Rep. Hakeem Jeffries lectures Mamdani about 'broadening his outreach.' Maybe Jeffries should take his own advice, or give it to Andrew Cuomo instead (too late for that, though). If he thinks younger Democratic voters will turn around and support party candidates next year by not endorsing Mamdani, maybe he should think again. Maybe it is the top Democratic leaders who should be expanding their outreach and including Mamdani, his voters and other candidates like him around the country instead of attacking them. The same is true of Gov. Hochul. She says on TV how she can 'control the city' with her powers as governor once Mamdani is elected mayor. Sorry, but if he wins, he should be the one to do that! She will need his voters in her own election. Democratic leaders need to focus more on what the President Trump-MAGA regime is doing to the country than worry about Mamdani. In fact, they need to think about and develop programs like his that help all working and poor people, and stop worrying about offending the billionaires, who don't care about us. Democratic leaders should do what grassroots Democrats have done all over the city and endorse Mamdani for mayor. Ralph Palladino Brooklyn: To Voicers Thomas and Constance Dowd: You folks hit the nail on the head. When Mamdani's lips move, it's almost always a lie. Josie Oliveri Copiague, L.I.: To Voicer Wallington Simpson: To avoid embarrassment, maybe you ought to keep what you think you know — your Simple Simon, bigoted notions about 'Islam' — to yourself. 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I guess that by circumventing the courts for the last eight months, Trump is showing that he doesn't give a whit about America. How does he expect us to have free and fair elections? By raising our hands? Vincent Sgroi Brooklyn: Trump wants to ban mail-in voting. People with disabilities, who can not physically get to the polls, would have their right to vote taken away. Our servicemen and women stationed away from home would have their right to vote taken away. When Volodymyr Zelenskyy said his country could not hold elections while being attacked and fighting a war, Trump thought this was something to think about. I guess he's liking the idea of no elections and just staying in office. He's deploying the National Guard to our cities against the will of the people. He makes laws and levies tariffs without the consent of Congress. The checks and balances issued by our forefathers are gone. This is the road to dictatorship. Democracy was nice while it lasted. Andrea Allen Bronx: Trump has decided to ban mail-in ballots and do away with voting machines on the advice of the head of the KGB, Putin. I guess Trump doesn't want the votes of the military personnel who are stationed overseas, the disabled or anyone in a hospital, or senior citizens who cant leave the house. The aforementioned use mail-in ballots only. This idea came from the advice of the most corrupt country and leader and, of course, Trump's fear of losing an election that he can't rig because of safe, secure and reliable elections. Lydia Milnar Brooklyn: To Voicer Michael Rosenkrantz, who writes that the most violent cities are in Republican states, I ask: Aren't New York, Chicago, Philadelphia, Los Angeles and San Francisco all in Democratic-run states? And D.C. has a Democratic mayor! What cities are more violent than those? Glenn Brown Brooklyn: The braindead people who run NYC are cute. 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Forbes
15 minutes ago
- Forbes
Private Equity In Your 401(k)? What Trump's Order Opens—And Doesn't
Earlier this month, President Donald Trump signed an executive order titled 'Democratizing Access to Alternative Assets for 401(k) Investors,' directing the Department of Labor (DOL) and the Securities and Exchange Commission (SEC) to explore ways to include private market investments and crypto in retirement plans. The order argues that American workers should have access to the same alternative investment opportunities long available to institutions and the wealthy. What what does this all mean for holding private equity in your 401(k)? What Trump's Executive Order Sets in Motion With its bold framing, the order has already prompted some regulatory policy shifts. The SEC was asked to revisit accredited investor and qualified purchaser rules that currently limit retail participation. And indeed, earlier this week, the SEC issued guidance in ADI 2025-16 ending the 15% private investment limit in registered closed-end funds and related practices in place since 2002. The DOL, meanwhile, must reconsider past guidance on fiduciary duties under ERISA, including whether to establish safe harbors for fiduciaries who add private assets to 401(k) menus. The private equity (PE) industry has been preparing for this opening. With more than $12 trillion in defined-contribution retirement accounts, the 401(k) market is an enormous opportunity. And Trump's executive order comes at a moment when private capital firms face a liquidity crunch: since 2018, capital calls have outpaced distributions by $1.5 trillion, according to Morgan Stanley. That imbalance is pushing managers to look toward retail dollars. Measuring Private Equity's Appeal and Trade-Offs Still, access is not the same as advantage. Ludovic Phalippou, professor at Oxford's Said Business School, warns that private equity's favored performance metric—the internal rate of return (IRR)—is a 'mathematical artifact' that flatters results. If IRR claims were taken literally, he notes, modest 1970s funds would today be worth trillions—numbers that defy reality. Even when presented cleanly, PE performance may be more incremental than transformational. Of course, the time period of observation is key. Hamilton Lane, a leading private markets investor, calculates that $1 invested in private equity over the past decade would now be worth $3.96. That solid return edges out the S&P 500 ($3.51). Yet the gains come with trade-offs—illiquidity, opaque valuations, and higher fees—that can matter more to individuals than to large institutions. Diversification claims also deserve a second look. Private equity is still equity. While PE managers stress operational improvements and active ownership, today's higher interest rates and thinner IPO pipelines expose the limits of the model. The easy returns of the 2010s may not repeat. Another hurdle lies in fiduciary duty. ERISA requires plan sponsors to act solely in the interests of participants, leaving them vulnerable to lawsuits if high-fee, illiquid assets are added without clear justification. This litigation risk has kept most fiduciaries away from alternatives. As the Financial Times reported, firms like Apollo and BlackRock lobbied aggressively for the order, but ultimately the DOL—and the courts—will decide whether these products can withstand scrutiny. How the Industry is Adapting to Retail Access So the question lingers: will PE firms offer some of their best opportunities to retail investors—or their leftovers? Some skepticism is warranted, but there are already signs of good faith. Take KKR. The firm recently renegotiated terms with some institutional investors, increasing the carve-out share from the traditional 7.5% to as much as 20%. The change helps KKR deploy the increasing amounts of cash they are raising from individuals in perpetual vehicles. While controversial, the shift shows a willingness to integrate retail investors on a more equity footing. Even with such examples, executive action alone won't deliver democratization. Regulators must craft rules that are protective yet practical--safe harbors for fiduciaries, updated investor eligibility standards, and far greater transparency on fees and liquidity. Access is Not Alignment Private equity now faces a crossroads. It can broaden access responsibly, building trust with retail investors, or reinforce perceptions that it serves others first. For 401(k) plan sponsors and participants, the prudent course is cautious engagement—welcoming innovation in expansion of access to private markets while maintaining investor protections through disclosure and oversight. Access, after all, is not alignment. Done thoughtfully, private equity investment in 401(k)s provides broader investment solutions for retirement savers. Done poorly, it risks harming individuals and eroding confidence in the retirement system itself.


Bloomberg
15 minutes ago
- Bloomberg
Indonesia Says Cabinet Member Caught in Sting By Anti-Graft Body
A member of Indonesian President Prabowo Subianto's cabinet has been caught in a sting operation by the nation's anti-graft agency, according to an official. The President has been informed and will respect the legal process, said State Secretary Prasetyo Hadi in Jakarta on Thursday, adding that a replacement will be made if the allegations against the cabinet member are proven.