Latest news with #Levitin
Yahoo
11-03-2025
- Business
- Yahoo
The Trump Organization sued Capital One as the bank's proposed merger with Discover hangs in the balance
The Trump Organization sued Capital One over the termination of its accounts after Jan. 6, 2021. The lawsuit alleges it was "de-banked" because of President Donald Trump's political views. The suit was filed as Capital One is seeking federal regulatory approval for its Discover merger. President Donald Trump's family business empire has sued Capital One over what it described in court papers as the bank's "reckless" decision to terminate hundreds of its accounts after the January 6, 2021 attack on the US Capitol by a pro-Trump mob. The Trump Organization alleges in the lawsuit, filed Friday in Florida's Miami-Dade Circuit Court, that Capital One "de-banked" the company's accounts that held millions of dollars because of Trump's political views. "Plaintiffs have reason to believe that Capital One's unilateral decision came about as a result of political and social motivations and Capital One's unsubstantiated, 'woke' beliefs that it needed to distance itself from President Trump and his conservative political views," the lawsuit says. The lawsuit puts Capital One in a somewhat precarious position with the Trump administration. The bank still must obtain approval from federal bank regulators for its proposed $35 billion merger with Discover Financial Services. Trump, during his 2024 presidential campaign, repeatedly pledged revenge against his political rivals and critics if re-elected. Adam Levitin, a Georgetown Law professor who specializes in financial regulation, said in a blog post that Capital One should be able to "easily" get the case dismissed, but that it may not matter "because the Trump Organization has them over a barrel." "If Capital One doesn't pay up, the implicit threat is that the Trump administration will move to block the Capital One-Discover merger and generally make life unpleasant for Capital One," Levitin wrote in the post on "The real question here is whether Capital One is going to fight this, and, if so, how hard," Levitin continued in the post. "Capital One should win this one if it litigates, but it will likely come at the cost of their merger with Discover. Paying a few million to the Trump Organization in a settlement is a very low cost for greasing the wheels for the merger." Levitin didn't return a request for comment from Business Insider. Financial consultant and author Todd Baker called the lawsuit "an example of what might be called the 'protection racket' approach to government." Less than two weeks ago, the federal Consumer Finance Protection Bureau dropped a lawsuit accusing Capital One of cheating customers out of $2 billion in interest payments, Baker noted. The lawsuit and pending Discovery deal now "sends a clear message: 'It sure would be a shame if something happened to your little merger," said Baker, who teaches at Columbia University's law and business schools. "I did you a favor; now do me a favor, and I'll do you another favor," he added. "By any definition other than the Supreme Court's, this is quid pro quo corruption." The White House did not comment for this story. The Trump Organization and Capital One did not immediately respond to a request for comment by Business Insider on Monday. George Hay, a professor at Cornell Law School and former chief economist for the Justice Department's antitrust division, told BI that most antitrust observers "probably believe that the proposed merger was highly pro-competitive, making Discover into a much more serious competitor." Hay said that the DOJ "would be taking a big risk" if it moved to sue to block Capital One's acquisition of Discover "when the chances of winning are so small and it would be hard to get the career staff to get on board with such a case." But getting the merger approved by federal regulators may be another story, the antitrust-law expert said. "A banking authority may simply be able to say no" without having to prove the case in court, said Hay. The Trump Organization — which is helmed by Trump's son, Eric Trump, who is also named as a plaintiff in the lawsuit — said in a statement last week that it's seeking "to hold Capital One accountable for the millions of dollars in damages they caused, not just to our company, but to the many dozens of properties, hundreds of tenants and thousands of Trump Organization employees who relied on these accounts for their livelihoods." "This lawsuit, and those that follow, are necessary steps to protect the integrity of American business practices and to ensure that no company or individual is unfairly targeted for their beliefs, affiliations, or business activities," the Trump Organization said. "We will not stand by while big banks misuse their power to stifle businesses and harm innocent Americans." The lawsuit against Capital One says that Trump's real estate and golf resort company and its affiliated entities have transacted "tens of millions of dollars" through the bank for decades. In March of 2021, Capital One "without warning or provocation" notified the plaintiffs that more than 300 of their accounts would be terminated, according to the lawsuit and the Trump Organization's statement. "In essence, Capital One 'de-banked' Plaintiffs' Accounts because Capital One believed that the political tide at the moment favored doing so," says the lawsuit, which accuses the bank of "unlawful, deceptive, and reckless conduct." The lawsuit, which seeks damages, alleges violations of several states' consumer protection and fraud laws. Aaron Klein of the Brookings Institution think-tank told BI that when he researches America's debanking problem, Eric Trump and the Trump Organization are hardly the victims he has in mind. "People are kicked out of the banking system all the time," he said. "The No. 1 reason is they don't have enough money because the bank account fees are too damn expensive." Klein, a senior fellow and Miriam K. Carliner Chair at Brookings, also said that the timing of the lawsuit was notable. "It's quite interesting timing that right before the biggest bank merger that's currently pending, this allegation is made about activity that occurred years ago. When Trump himself was talking about debanking at Davos he didn't mention this," Klein added. "One thinks he might have mentioned it then." Read the original article on Business Insider Sign in to access your portfolio
Yahoo
28-01-2025
- Entertainment
- Yahoo
Savannah Book Festival: author Dr. Daniel J. Levitin
SAVANNAH, Ga. (WSAV) — Music can uplift and heal. But music is also very subjective. What you like is not necessarily what others like. Why is this? Dr. Daniel Levitin, a renowned cognitive psychiatrist, has written a book, I Heard There Was A Secret Chord, exploring the curative powers of music, showing us how and why it is one of the most potent therapies today. He brings together, for the first time, the results of numerous studies on music and the brain, demonstrating how music can contribute to the treatment of a host of ailments, from neurodegenerative diseases such as Parkinson's and Alzheimer's, to cognitive injury, depression, and pain. And he will be at the 2025 Savannah Book Festival to discuss his findings. So to begin with, why do we like some music and not other kinds? Dr. Levitin says it's not that cut and dried. 'There's not good music and bad music. There's music I like and music I don't care for. And maybe someday I'll care for it. Maybe I never will. But I retain an open mind. Musical preferences is an area of active research in my field. Why do people like the music they like? And it's complicated.' Complicated because there are so many factors. 'There are genetic instructions for things like a propensity to be open-minded and curious that will go a long way in terms of musical taste. Some people are genetically predisposed to say, 'I don't want to hear that.' Others will say, 'Wow, that's new and shiny and interesting. Let me explore that.' Dr. Levitin says environment also plays a part in musical preference. 'Whether you're rebelling, or a conformist, we tend to listen to music that our friends are listening to or what the people we care about are listening to.' As a scientist, Dr. Levitin is very qualified to discuss the many ways music impacts our lives. But he is also a talented musician himself. He plays piano, clarinet, saxophone, and guitar. He also writes music and songs. He has worked with some of the biggest music acts, producing and engineering their work. When asked who he listens to, he said, 'Well, you know, most of my friends are songwriters, and so I get a constant stream of stuff they're working on. A lot of it [hasn't been] released yet.' Levitan is always on the hunt for something new too. 'It goes back to my days in the eighties when I was a talent scout for Columbia Records, and I would get mail bins full of stuff every day that nobody had ever heard. And I still listen to some of it.' Levitin is excited to come to the Savannah Book Festival for the first time to promote his latest book. 'I'm looking forward to presenting the book to this esteemed and celebrated festival.' His session will feature something different than others: he'll be joined on stage by Howard Paul, president and CEO of Benedetto Guitars, the premier jazz guitars made right here in Savannah. They've known each other for years. Paul will play one of his favorite Benedettos during Levitin's session as an example of how music impacts us. Levitin is also participating in the Festival's 'SBF@Schools' program, where authors go into local schools. They discuss their writing process and answer questions from students. He's scheduled to participate in an American Literature class at Herschel V. Jenkins High School the day before Free Festival Saturday. 'With any scientist in any field, when we find something that doesn't make sense, we love that. It means there's some knowledge in the canon that's missing.' Levitin's I Heard There Was a Secret Chord brings together dazzling ideas, cutting-edge research, and a love of all things music. For more on Dr. Daniel Levitin's Savannah Book Festival appearance, go to Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
