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Mary Jo White, the head of the Securities and Exchange Commission (SEC), was granted a waiver last year allowing her to vote on agency issues affecting a major corporate law firm that was also a former client of hers. White was permitted to handle SEC business affecting Simpson Thacher & Bartlett LLP, a firm that has represented some of the biggest names on Wall Street. The waiver was issued in February 2014 but remained undisclosed while various matters involving Simpson Thacher played out before the Commission. The Project On Government Oversight found the waiver posted online last week by the Office of Government Ethics (OGE).

At a time when Members of Congress are sounding the alarm about the over-representation of Wall Street veterans in government positions, White’s waiver shows how the government must grapple with tough choices when it recruits industry representatives through the revolving door. Should White and other officials be allowed to handle agency business that affects former employers or clients, despite the potential conflict of interest? Or should they be forced to remain on the sidelines, limiting their work as public servants?

The Justice Department is preparing to announce that Barclays, JPMorgan Chase, Citigroup and the Royal Bank of Scotland will collectively pay several billion dollars and plead guilty to criminal antitrust violations for rigging the price of foreign currencies, according to people briefed on the matter who spoke on the condition of anonymity. Most if not all of the pleas are expected to come from the banks’ holding companies, the people said — a first for Wall Street giants that until now have had only subsidiaries or their biggest banking units plead guilty.

The Justice Department is also preparing to resolve accusations of foreign currency misconduct at UBS. As part of that deal, prosecutors are taking the rare step of tearing up a 2012 nonprosecution agreement with the bank over the manipulation of benchmark interest rates, the people said, citing the bank’s foreign currency misconduct as a violation of the earlier agreement. UBS A.G., the banking unit that signed the 2012 nonprosecution agreement, is expected to plead guilty to the earlier charges and pay a fine that could be as high as $500 million rather than go to trial, the people said.

Holding companies, while appearing to be the most important entities at the banks, are in less jeopardy of suffering the consequences of guilty pleas. Some banks worried that a guilty plea by their biggest banking units, which hold licenses that enable them to operate branches and make loans, would be riskier, two of the people briefed on the matter said. The fear, they said, centered on whether state or federal regulators might revoke those licenses in response to the pleas. Advertisement Continue reading the main story Behind the scenes in Washington, the banks’ lawyers are also seeking assurances from federal regulators — including the Securities and Exchange Commission and the Labor Department — that the banks will not be barred from certain business practices after the guilty pleas, the people said. While the S.E.C.’s five commissioners have not yet voted on the requests for waivers, which would allow the banks to conduct business as usual despite being felons, the people briefed on the matter expected a majority of commissioners to grant them.In reality, those accommodations render the plea deals, at least in part, an exercise in stagecraft. And while banks might prefer a deferred-prosecution agreement that suspends charges in exchange for fines and other concessions — or a nonprosecution deal like the one that UBS is on the verge of losing — the reputational blow of being a felon does not spell disaster.

On Thursday, the Senate passed a bill that puts every American who travels by plane at risk.  It is among the stupidest pieces of legislation ever written and it explains– to a great extent– why the US Congress has a public approval rating of 13 percent and is among the most loathed institutions in America. The 2017 National Defense Authorization Act (NDAA) passed the House last Friday in a 375-34 vote. On Thursday, it cleared the senate with a 92 to 7 margin.  The bill will now be sent to Obama where it is expected to be signed into law. According to an article on SOFREP titled  “Congress authorizes anti-aircraft missiles for Syrian opposition”: Congress for the first time authorized the Department of Defense to provide vetted-Syrian rebels with anti-aircraft missiles. The provision is contained within the $619 billion Fiscal Year 2017 National Defense Authorization Act, which passed the Senate on Dec. 8 and the House on Dec. 2. Under the bill, the Secretaries of Defense and State must submit a report to Congress explaining why they determined Syrian groups need man-portable air defense systems (MANPADS). (SOFREP: Trusted News and Intelligence From Spec Ops Veterans, “Congress authorizes anti-aircraft missiles for Syrian opposition”)

You read that right, Congress just passed a bill that will provide shoulder-launched ground-to-air missiles to lunatic jihadists who will undoubtedly use them to take down American or Israeli jetliners. The argument that these Islamic militants are fully vetted is complete nonsense as both the New York Times and the Wall Street Journal have repeatedly shown. According to a recent article in the New York Times, rebel groups supported by the USG  “have entered into battlefield alliances with the affiliate of al Qaida in Syria formerly known as al Nusra.”  The Wall Street Journal reports that rebel groups are “doubling-down on their alliance with al Qaida. This alliance has rendered the phrase ‘moderate rebels’ meaningless.” Everyone who has followed developments on the ground in Syria knows that the distinction between the “good” terrorists and the “bad” terrorists is pure bunkum. The various militias are merely the many heads of the same homicidal anti-government hydra that has killed over 400,000 Syrians and decimated a large part of the country. The CIA should not be assisting any of these madmen let alone providing them with lethal state-of the-art weapons that will inevitably be used to take down US aircraft.  Here’s more from the same article: The inclusion of the provision represents a departure from previous versions of the NDAA. The original House bill specifically prohibited the transfer of MANPADS to “any entity” in Syria, while the Senate bill did not address it. So, the original bill forbid “the transfer of MANPADS” to Syrian militants because it was considered too dangerous. But now that Obama’s proxy-army is getting pulverized in Aleppo,  Congress has taken off the gloves and gone into full-revenge mode.  Isn’t that what’s really going on?

And it looks like Obama has already given this crazy policy a big thumbs up. Check out this “Presidential Determination and Waiver ….on the Arms Export Control Act to Support U.S. Special Operations to Combat Terrorism in Syria” that the White House issued late Thursday: By the authority vested in me as President by the Constitution and the laws of the United States, including section 2249a of title 10, United States Code, sections 40 and 40A of the Arms Export Control Act (AECA) (22 U.S.C. 2780 and 2781), and section 301 of title 3, United States Code, I hereby: determine that the transaction, encompassing the provision of defense articles and services to foreign forces, irregular forces, groups, or individuals engaged in supporting or facilitating ongoing U.S. military operations to counter terrorism in Syria, is essential to the national security interests of the United States.(Presidential Determination and Waiver) It looks to me like our Nobel prize-winning president just gave Congress’s idiot plan his ringing endorsement.

As reported by the Washington Post, yesterday President Trump signed an Executive Order ( full text) suspending for 90 days immigrant and non-immigrant entry into the U.S. of aliens from seven Muslim-majority countries-- Iraq, Iran, Syria, Yemen, Sudan, Libya and Somalia. (It should be noted that the countries to which the Executive Order is applicable is discoverable only by elaborate cross references in Sec. 3(c) of the Order that ultimately lead to this list developed last year by the Department of Homeland Security under the Visa Waiver Program Improvement and Terrorist Travel Prevention Act of travelers not eligible to participate in the visa waiver program). The Executive Order does not apply to those entering under various diplomatic visas. The Executive Order also suspends admission of all refugees for 120 days, and of Syrian refugees for an indefinite period. It provides that when refugee admissions are resumed: the Secretary of State, in consultation with the Secretary of Homeland Security, is further directed to make changes, to the extent permitted by law, to prioritize refugee claims made by individuals on the basis of religious-based persecution, provided that the religion of the individual is a minority religion in the individual's country of nationality. Following up on this provision, Trump told the Christian Broadcasting Network that priority will be given to persecuted Christians in the Middle East, particularly Syria. The Legal Director of the ACLU in a post earlier today argued that the Executive Order's targeting of Muslims and favoring of Christians violates the Establishment Clause. Meanwhile CAIR announced that it will be holding a news conference Monday on a lawsuit that it will file in federal district court in Virginia to "challenge the constitutionality of the order because its apparent purpose and underlying motive is to ban people of the Islamic faith from Muslim-majority countries from entering the United States."

One of the consequences of the Iran Deal was the declaration by countless politicians that they were going to crack down on Iran’s sponsorship of terrorism. Even the White House signed on to this idea. Well now some of the backlash has officially begun: Congress is linking Iran with ISIS, even though Iran is fighting ISIS. [and ISIS is supported by the US, GR ed.] Few mainstream publications have picked up on the fact that in a response to the San Bernardino killings, the Congress last week passed legislation, which the president duly signed, that puts Iran in an axis of international-terrorist evil along with Syria, Iraq and Sudan. The legislation amends our country’s visa waiver program. Iranian dual nationals, as well as US citizens who have visited Iran, will need visas to get into the U.S. Reuters: Iranian Foreign Minister Mohammad Javad Zarif on Friday said it was “absurd” that Tehran should be included on the list. “No Iranian nor anybody who visited Iran had anything to do with the tragedies that have taken place in Paris or in San Bernardino or anywhere else,” he said in an interview with Middle East-focused website Al Monitor. Secretary of State John Kerry promptly met with Zarif, his Iranian counterpart, to assure him that the new law doesn’t undercut the Iran deal. But the Iranians say that the legislation is the result of pro-Israel lobbying. And even the State Department describes Iran as a state sponsor of terrorism.  

 Iranians say the bill reflects pro-Israel lobbying. Reuters: Iran said on Monday that Israeli lobbying was behind a new measure passed by the U.S. Congress that will prevent visa-free travel to the United States for people who have visited Iran or hold Iranian nationality. The measure, which President Barack Obama signed into law on Friday, also applies to Iraq, Syria and Sudan, and was introduced as a security measure after the Islamic State attacks in Paris and a similar attack in San Bernardino, California.

More from Reuters‘ description of the Israel lobby angle: Iran, a Shi’ite Muslim theocracy staunchly opposed to Sunni radicalism espoused by groups like Islamic State, says its inclusion on the list is intended to undermine a deal on its nuclear programme that Tehran reached with world powers, including the United States, in July, known as the JCPOA. Iranian Foreign Ministry spokesman Hossein Jaberi Ansari said in a televised news conference that the U.S. measure had been passed “under pressure from the Zionist lobby and currents opposed to the JCPOA”. The administration wants to have it both ways on blaming Iran. Yesterday on National Public Radio, Adam Szubin, the counter-terrorism finance under secretary at the Treasury Department, also put Iran in the category of ISIS, as an international terror deliverer: if you are familiar with the model of how al-Qaida or groups like Hamas and even Hezbollah have financed themselves, they’ve typically been heavily reliant on foreign donations, whether from state sponsors like Iran or whether from wealthy what we call deep-pocket donors, often in the Gulf. But that financing model is not ISIL. When you have a group that’s raising hundreds of millions of dollars in a year from internal sources, we don’t have those same chokepoints to go after in terms of the foreign flows.