First Read

Back from Miami
By John J. Lothian

I have returned from the sunny skies of Miami back to a brighter Chicago sky than when I left. Thank you to Charley Carey and Greg Doud of the Commodity Markets Council for their hospitality at their State of the Industry 2017 conference in Miami.

My regulatory-focused panel went well, but the recurring theme at the conference was one of uncertainty. This is a theme I will be writing about more soon.

Former CFTC Chairman and NYMEX CEO Jim Newsome was pretty excited about the ability of the industry to go on the offensive after eight years on the defense. It would appear that he is very optimistic about the CFTC’s ability to roll back, ignore and eliminate much of the overreach of the Obama years.

Who the new CFTC Commissioners were going to be was still a mystery, as was whether the current acting Chairman, Chris Giancarlo, will get the permanent nod. His chief-of-staff, Mike Gill, was on my panel and hoping his boss would get the job.

With Giancarlo in place as chairman of the CFTC, the industry could see key issues addressed more quickly, the panel suggested, as he is already up to speed on its agenda. It was noted, though, that Gary Gensler’s 2009 confirmation did not occur until May, so it can take some time to get the commission fully “commissionered,” if that is a word.

It was agreed, though, that the best decisions are made when we have a full commission, and currently we have just three commissioners. Although former Chairman Massad is having a going away party on Thursday in Washington, DC at the CFTC, he is expected to stay on until late February. It is somewhat ambiguous when he will actually leave.

Until he does, the Democrats have a 2 to 1 majority, so expect a lot of nothing until spring. The comment period for Reg AT was put off until May 1, which is perhaps a nod to a do-nothing CFTC until then.


Lesson of the Century: Most U.S. Stocks Can’t Even Beat a T-Bill
by Cormac Mullen – Bloomberg
In their lifetime, 58% of equities fail to beat Treasury bills; Arizona State Professor says a few stocks create most returns
Of the nearly 26,000 stocks in Hendrik Bessembinder’s database, more than half are losers.

**JK: So the trick is ….pick the winners.


2017 Viewpoints
WFE – January 2017
We are delighted to feature: CHOW Chung Kong, Chairman, Hong Kong Exchanges and Clearing Limited; Jeffrey Sprecher, Chairman & CEO, Intercontinental Exchange;Craig Donohue, Chairman & CEO, Options Clearing Corporation; Himmet Karadag, Chairman, Borsa Istanbul; and José-Oriol Bosch, CEO, Bolsa Mexicana de Valores.

**JK: Views from some of WFE’s notable members.


Connecting with China to Strengthen America: Benefits of the Chicago Stock Exchange Acquisition
Anthony Saliba – Medium
You’ve probably heard of this financial acquisition?—?the ratio of media mentions to deal value has been extreme since it was announced early last year. This is a relatively small deal and it’s getting all sorts of media attention because Chinese entities are involved.
The anticipated acquisition I refer to is that of the Chicago Stock Exchange (CHX), an old and venerable, yet small, national U.S. equity exchange being purchased by a buyers group of which I am part. Some of my fellow shareholders-to-be are private Chinese companies, some are American.

**JK: The case for the CHX deal from one of its investors.


Why College Students Are Role-Playing as Central Bankers
Ali Haider Ismail’s hands were shaking. Waiting in a Federal Reserve governor’s corner office in Washington, with its fireplace and shelves of books and manuals, he thought about what it would be like to work for the central bank. Then he had to pee again.
It was early December, and Ismail was preparing to argue that the Fed should raise interest rates three times in the coming year, dissenting from those who supported more gradual increases. He knew he’d be grilled on policy recommendations and economic forecasts, and he knew they’d throw some curveballs.

**JK: Never too early to start.


‘Hamilton’ raises Broadway ticket prices to foil scalpers; Mark-ups on StubHub have fallen since record increase at box office
by: Joanna S Kao and Anna Nicolaou in New York – FT
Hamilton, the US hip-hop phenomenon widely praised for drawing new people to musical theatre, is smashing a different kind of record: theatregoers in the prime orchestra seats are paying $849 a ticket, the highest ever charged for a Broadway show.

**JK: One wonders if Alexander Hamilton would approve of these prices.


This Groundhog Day, Don’t Repeat the Same Financial Mistakes
In the movie “Groundhog Day,” a small-town weatherman is fated to relive over and over again a day he would just as soon forget. Unlike the film, which ends happily, some of us wake up and find ourselves repeating the same financial mistakes time and again, with no happy ending in sight.

**JK: Good advice. The fundamentals. Always the fundamentals.


Tuesday’s Top Three
Yesterday’s top read piece was the white paper from our friends at Contango, The Changing Face of Client Derivatives Clearing
Second went to the New York Times piece on Sergey Aleynikov, in [[|
A Former Goldman Employee’s Long, Strange Legal Odyssey]]. Third went to the New York Times article Republicans’ Paths to Unraveling the Dodd-Frank Act


MarketsWiki Stats
93,028,120 pages viewed; 22,328 pages; 203,447 edits
MarketsWiki Statistics


Lead Stories

Deutsche Bank Beset by Grim Morale, Uncertain Profit Outlook
Executives and investors see a host of open questions ranging from unsettled litigation to unresolved capital rules
Chief Executive John Cryan has knocked some major items off his to-do list at Deutsche Bank AG, but the grim mood inside the bank and its cloudy profit outlook still weigh on the lender, employees, analysts and investors say.

Nasdaq to overhaul its fixed-income trading business
Philip Stafford in London – Financial Times
Nasdaq has unveiled a radical overhaul to its underperforming fixed-income trading business, taking a $578m charge to end its eSpeed brand name and close its London futures venue. The US exchanges operator said that the impairment charge was because of a decline in operating performance and “a strategic change in the direction of our fixed-income business”.

Polar Vortex Is Wolf at Door for Europeans as Cold Snap Ends
by Kelly Gilblom – Bloomberg
Western Europe seen warmer than normal amid low pressure; Spots of cold weather seen in Italy and Balkans, bringing snow
Europeans can expect some relief this month after the most ferocious cold blast in a decade, provided polar air masses stay at bay.

Bloomberg to shut Tradebook currencies-trading platform
by: Philip Stafford – FT
Bloomberg is shutting Tradebook FX, one of its foreign exchange trading platforms, from the start of March, according to two sources familiar with its operations. The platform was unable to make headway against rivals in an increasingly competitive market.

Blockchain could eliminate fraud on trading platforms; Trading platforms launched on blockchain protocol would remove threat or risk of fraud.
By Hayley McDowell – The Trade
Blockchain technology has the potential to completely eliminate fraud on trading platforms created by banks, according to a recent whitepaper.

Deutsche Boerse-LSE Said to Extend EU’s March 13 Deal Deadline
John Detrixhe – Bloomberg
European competition watchdogs may again extend their deadline for ruling on Deutsche Boerse AG’s takeover of London Stock Exchange Group Plc, according to people familiar with the discussions, giving regulators more time to review the firms’ clearinghouse operations.

Capital Group pushes for changes to stymie HFTs
Robin Wigglesworth – Financial Times
Capital Group, one of the world’s biggest investment groups and a cornerstone backer of upstart stock exchange IEX, wants the incoming Trump administration to stymie high-frequency traders by overhauling one of the US equity market’s biggest but controversial regulatory planks.

Trump Schools Dollar Bulls With Currencies for ‘Dummies’ Lesson
by Lananh Nguyen – Bloomberg
Market favorite Trump Trade on growth and stimulus backfires; Dollar gauge pares portion of gain registered since election
Dollar bulls in the $5.1 trillion-a-day currency market are being taught a lesson by Donald Trump and administration officials, who’ve repeatedly said the greenback is too strong, upending speculation they will focus on pro-growth policies that would boost the currency. On Tuesday, Trump and a key adviser criticized Japan and Germany for having currencies that are too weak, expanding the list of nations that have been accused of having unfair trading advantages over the U.S., including China and Mexico.

Computers Start To Take Over List Of Most Successful Hedge Funds
Nathan Vardi – Forbes
Top hedge funds that use computers and quantitative models to trade financial markets have generated $113 billion in net gains over the years, making up a quarter of the total amount of net gains produced by the top 20 hedge funds in history.

Computer-driven hedge funds join industry top performers; High-profile Rothschild list shows growing acceptance of trading using algorithms
by: Lindsay Fortado and Miles Johnson – FT
Computer-based hedge funds have been admitted to a list of the all-time top 20 best performers for the first time in a sign that the dominance of traditional human investing is being radically challenged by technology.

Goldman Asks Whether Country Risk Will Return to Europe
by Tracy Alloway – Bloomberg
European elections likely to boost country-related risk; But sector selection will still matter more for equities
What Brussels hath brought together, let no election tear asunder?

Dow Jones to Cut Jobs Amid Overseas Reorganization
Faced with steep declines in advertising revenue, Dow Jones & Co. is reorganizing some of its operations across Europe and Asia to further reduce costs, moves that will result in the layoffs of dozens of news staffers at The Wall Street Journal, according to people familiar with the matter.

BlackRock U.S. ETF business tops $1 trillion in assets for first time
BlackRock Inc’s exchange-traded fund unit, iShares, topped $1 trillion in assets in the United States for the first time, a spokeswoman said on Tuesday.
The milestone, reached last Thursday, came after a dramatic shift in markets since the November U.S. presidential election, including a rally in U.S. stocks, and is a capstone in a move by investors to lower-cost ETFs.

Fed’s message on portfolio trimming: prepare, don’t fret
Federal Reserve policymakers are putting markets on notice that the central bank’s $4.5 trillion balance sheet is back on the agenda in an apparent effort to give investors time to prepare for changes rather than to signal any action is imminent.
Policymakers want to minimize any volatility that slimming the Fed’s massive balance sheet might cause, and have said they will only do so after interest rate increases are “well underway.”


Banks must plan for ‘hard’ Brexit, industry report warns
Huw Jones and Anjuli Davies – Reuters
Global banks must plan for a “hard” Brexit or risk breaching regulatory requirements and disrupting business, according to an industry report seen by Reuters, the first since Prime Minister May said she would take Britain out of the single market.

UK finance hails new opportunities despite Brexit uncertainty
Huw Jones and Andrew MacAskill – Reuters
Britain’s finance industry can benefit from new global opportunities allowing it to remain a world leading financial center after Brexit, top industry officials said on Tuesday, in a softening of their tone toward leaving the trading bloc.

What the world’s biggest bank bosses say about Brexit exodus
Gavin Finch – Livemint
Frankfurt and Dublin are emerging as the biggest winners at London’s expense as banks prepare for Brexit by planning new hubs in the European Union.

Exchanges, OTC and Clearing

Intercontinental Exchange – NYSE Finalizes Acquisition of National Stock Exchange
The New York Stock Exchange (NYSE), part of Intercontinental Exchange (NYSE:ICE), today announced that it completed its acquisition of the National Stock Exchange, Inc. (NSX), now renamed NYSE National, Inc. Terms were not disclosed and the financial impact will not be material to ICE.
The acquisition will give the NYSE Group an additional U.S. exchange license, bringing its total to four. NYSE National will be distinct from NYSE’s three listings exchanges – NYSE, NYSE MKT and NYSE Arca, which have unique market models designed for corporate and ETF issuers.

Nasdaq Reports Fourth Quarter 2016 With Record Revenues(1); Announces Segment Realignment and Rebranding of Fixed Income
By GlobeNewswire
Net revenues were a record $599 million in the fourth quarter of 2016, up 12% year-over-year. Subscription and recurring revenues in the fourth quarter of 2016 represented 75% of total net revenues; Revenues in non-trading segments in the fourth quarter of 2016 grew 11%, including organic revenue growth of 5%4; At December 31, 2016, the company achieved $38 million in annualized run-rate cost synergies for the acquisitions completed in 2016 out of a targeted $60 million expected upon completion of integration; Fourth quarter GAAP 2016 diluted loss per share was $1.35. Non-GAAP diluted EPS was $0.95. GAAP diluted EPS declined $2.23 from the fourth quarter of 2015, while non-GAAP diluted EPS increased $0.06, or 7%; Non-GAAP results exclude $646 million in pre-tax charges primarily related to the write-off of the eSpeed trade name; Nasdaq realigned reporting segments to better reflect client orientation. A new Corporate Services segment incorporates Listing Services and Corporate Solutions while Market Technology is now a stand-alone segment.
Nasdaq, Inc. (Nasdaq:NDAQ) today reported financial results for the fourth quarter of 2016. Fourth quarter net revenues were $599 million, up $63 million or 12% from $536 million in the prior year period, driven primarily by a $54 million positive impact from acquisitions. Organic growth in non-trading segments was 5%4 as compared to the fourth quarter of 2015.

Trading on loyalty, exchange seeks rewards from points programs
Those loyalty points are worth more than you think.
Later this year, institutional investors will be able to create and trade securities based on reward programs offered by airlines, banks, phone companies, shops and hotels, potentially turbocharging a market worth nearly half a trillion dollars.

Deutsche Bank plans new bonus system for senior staff: Handelsblatt
Deutsche Bank (DBKGn.DE) is working on a new, more transparent bonus system for its top executives, German newspaper Handelsblatt reported on Tuesday, citing sources.
Deutsche Bank will propose the new system to its annual shareholders meeting, which is scheduled for May 18, the newspaper said.

Connecting with China to Strengthen America: Benefits of the Chicago Stock Exchange Acquisition
Anthony J. Saliba – Medium
You’ve probably heard of this financial acquisition?—?the ratio of media mentions to deal value has been extreme since it was announced early last year. This is a relatively small deal and it’s getting all sorts of media attention because Chinese entities are involved. The anticipated acquisition I refer to is that of the Chicago Stock Exchange (CHX), an old and venerable, yet small, national U.S. equity exchange being purchased by a buyers group of which I am part. Some of my fellow shareholders-to-be are private Chinese companies, some are American.

Ashwin Kumar and Eric Müller speak about the new concept of a collateralised coin: Combining the best of two worlds
Eurex Group
Deutsche Börse developed a concept for riskless peer-to-peer transfer of commercial bank money via a blockchain-based infrastructure, using the functionalities of a central counterparty (CCP). In this interview, Ashwin Kumar, Global Head of Product Development at Deutsche Börse Group, and Eric Müller, CEO of Eurex Clearing, speak about the new concept of a collateralised coin.

Eurex tees up OTC forex clearing with CLS; Net settlement at CLS could slash liquidity risks for CCPs clearing OTC forex contracts
Robert Mackenzie Smith –
Eurex Clearing has struck a deal with CLS to utilise its net settlement service for cleared over-the-counter foreign exchange derivatives, has learned. The move allows Deustche Börse-owned Eurex, which currently clears and settles forex futures and listed options, to add OTC forex products such as swaps and forwards to its clearing service. “This co-operation [with CLS] allows us to further expand our forex product portfolio,” says Heike Eckert, deputy chief executive of Eurex Clearing…

TSX Welcomes Freshii; Canadian-born global restaurant brand celebrates Toronto Stock Exchange listing with market open ceremony
Toronto Stock Exchange (TSX) today welcomes Freshii Inc. (Freshii) to Canada’s leading equities exchange. Freshii, the global leader in the health-casual restaurant business, will begin trading on TSX this morning under the symbol TSX:FRII.

Growth companies from the venture network finance more than a billion euros; Companies will receive a total of EUR 1.09 billion in 30 financing rounds. In January, cash market translates into EUR 116.8 billion
Deutsche Börse
The growth companies from the Deutsche Börse Venture Network have now taken a total of EUR 1.09 billion in 30 financing rounds. Deutsche Börse today announced this by publishing its January figures for the Cash Market, Pre-IPO & Growth Financing segment.
/ AG replaces Braas Monier Building Group SA in SDAX; Extraordinary change to 3 February 2017 effective
Deutsche Börse
Deutsche Börse announced an unscheduled adjustment in the SDAX index on Tuesday. The shares of AG replace the shares of BraasMonier Building Group SA Due to a takeover by Marsella Holdings S.à.rl, the free float of BraasMonier Building Group SA will be 6.1 per cent after the end of the final acceptance period Decreased. According to the rules of the Deutsche Börse AG stock index, the company does not meet the minimum criterion of 10 percent free float in the index.

Nasdaq to overhaul its fixed-income trading business
Financial Times
Nasdaq has unveiled a radical overhaul to its underperforming fixed-income trading business, taking a $578m charge to end its eSpeed brand name and close its London futures venue.

All Eyes on March 1
From March 1, thousands of financial institutions will find themselves subject to new rules that will require them to exchange variation margin on their non-cleared derivatives trades. Four weeks out, the task of meeting that deadline looks as daunting as ever. In fact, it looks a probable that many firms won’t make it, raising the prospect they’ll be temporarily unable to access derivatives markets


A Trump-Era Guide to Ignoring All That Noise
Albert R. Hunt – Bloomberg
The first 10 days of President Donald Trump’s administration were a blur. For Trump, chaos is a feature, not a bug. That means the rest of us could use some help sorting things out. With that in mind, here’s a guide to what not to focus on.

Trump’s top trade adviser accuses Germany of currency exploitation
Shawn Donnan – Financial Times
Germany is using a “grossly undervalued” euro to “exploit” the US and its EU partners, Donald Trump’s top trade adviser has said in comments likely to trigger alarm in Europe’s largest economy.

Federal Reserve preview January 2017 meeting
Pedro Nicolaci da Costa – Business Insider
Refugee bans, looming trade wars, and worldwide protests. Investors can be forgiven for forgetting the Federal Reserve is meeting this week to set US interest-rate policy. It wasn’t hard to see that Donald Trump’s ascent to the White House, with all the whirlwind volatility it entailed, would quickly obfuscate Fed policy as a driver of financial-market activity.

The Story Behind Scaramucci’s Delayed Appointment Amid Trump White House Bickering
By Charles Gasparino , Brian Schwartz – Fox Business
The official appointment of Anthony Scaramucci as a senior adviser to President Trump has been delayed over possible conflicts involving his past work on Wall Street, even as people inside the White House say an announcement of his role could come as early as today, the FOX Business Network has learned.

Trump is right: Germany is running an illegal currency racket
As a matter of strict objective fact, Donald Trump’s trade guru is correct. Germany is the planet’s ultimate currency manipulator.

Ray Dalio Sours on Trump After Immigrant Ban, Joining Soros
by Saijel Kishan and Sabrina Willmer – Bloomberg
Bridgewater founder was initially bullish on new U.S. leader; Sees significant risk that populist policies may hurt economy
Billionaire Ray Dalio’s honeymoon with President Donald Trump is looking to be short lived.

Investing and Trading

Stock Investors Are Finally Starting to Buy Hedges Again
Joseph Ciolli – Bloomberg
With the U.S. equity market waking from its slumber, investors are finally taking the hint to hedge their post-election gains.

Boom and bust returns as oil market loses its swing; For the first time in years, the global oil market is lacking a swing producer
by: Robert McNally – FT
Even in these hyper-partisan times, loathing for Opec still unites most Americans. Yet paradoxically, over four decades from the early 1930s to early 1970s, the United States was Opec, and much better at oil supply manipulation and price fixing than today’s Opec ever was.

Dawn Fitzpatrick to Lead Investing at George Soros’s Investment Firm
One of Wall Street’s biggest hedge fund names, Soros Fund Management, will soon have a woman at its investing helm.


Warren Buffett: I bought $12 billion of stock after Trump won
Jonathan Stempel – Reuters
The failure of Warren Buffett’s favored candidate to capture the White House has not dimmed the billionaire’s appetite for stocks. Buffett revealed that he has bought $12 billion of stock for his company Berkshire Hathaway Inc (BRKa.N) since the Republican Donald Trump beat Democrat Hillary Clinton in the Nov. 8 U.S. presidential election.

Robo-adviser Betterment adds human advice
Anna Irrera – Reuters
Betterment, one the earliest and largest online wealth managers known as robo-advisers, is launching new services that will allow clients to receive financial advice from human advisers, as digital and traditional investment management models converge.

As Trump thunders, investors watch for rain
Ross Kerber – Reuters
A dizzying stream of market-moving tweets and policy talk by President Donald Trump is finding a hopeful but anxious audience among professional investors looking to make stockpicking great again.

BlackRock U.S. ETF business tops $1 trillion in assets for first time
BlackRock Inc’s exchange-traded fund unit, iShares, topped $1 trillion in assets in the United States for the first time, a spokeswoman said on Tuesday.

Ex-JPMorgan analyst largely cleared in U.S. of insider trading
By Nate Raymond – Reuters
A former JPMorgan Chase & Co (JPM.N) investment banking analyst has been largely cleared of U.S. charges that he disclosed information about upcoming mergers that allowed a friend and another man to make over $600,000 through insider trading.


Can FIS Meet Expectations in 4Q16?
Fidelity National Information Services (FIS) is slated to report its 4Q16 results on February 7, 2017. Wall Street analysts expect it to post EPS (earnings per share) of $1.14, a rise of 23.0% year-over-year.

Honeywell International Inc. Cuts Stake in Fidelity National Information Services, Inc. (FIS)
Honeywell International Inc. decreased its position in Fidelity National Information Services, Inc. (NYSE:FIS) by 35.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 215,500 shares of the company’s stock after selling 118,600 shares during the period.

China Telecom Americas Opens a New Office in Dallas
Press Release
China Telecom Americas (CTA) is pleased to announce the opening of a new office in Dallas, Texas.

Cambridge Blockchain Raises $2 Million from Digital Currency Group, Partech Ventures; Fintech vendor’s solution aims to help firms with know-your-customer (KYC) costs via blockchain technology.
Dan DeFrancesco – Waters Technology
Cambridge Blockchain, a startup focused on identity-management solutions developed on the blockchain, announced the closing of a $2 million convertible note from Digital Currency Group and Partech Ventures.

Japan Exchange Group invests in UK fintech startup OpenGamma
Japan Exchange Group Inc (JPX) , the operator of the Tokyo Stock Exchange, has taken a minority stake in UK-based fintech company OpenGamma Limited, as corporate investors account for a growing share of venture funding in fintech.
OpenGamma, which provides software to help derivatives traders better calculate risk, said that the strategic investment will help it expand in the Japanese market. The companies did not disclose the size of the investment.

AmEx Joins JPMorgan, IBM in Hyperledger Effort
American Express Co. is elbowing its way into the crowded blockchain party. – Bloomberg
The biggest credit-card issuer by purchases has signed on to the Hyperledger Project, a industry group of more than 100 members developing blockchain technology for corporate use.


Why U.K. Regulators Won’t Say Who Helped Russians Move $10 Billion
Suzi Ring – Bloomberg
Deutsche Bank AG was fined 163 million pounds ($204 million) by the U.K. Tuesday for helping wealthy Russians move about $10 billion out of the country. But if you were looking for information about who was responsible for the breaches, the British regulator’s report won’t be much help.

U.S. securities class actions soar to two-decade high
Jonathan Stempel – Reuters
U.S. securities class actions have soared to a two-decade high, topping levels during the financial crisis, after a landmark January 2016 ruling meant to deter lawsuits in Delaware that accomplish nothing for shareholders sent many lawyers scurrying instead to federal courts.

Acting SEC chair seeks to scale back ‘conflict minerals’ rule
The top Republican at the U.S. Securities and Exchange Commission on Tuesday took the first step toward scaling back the controversial “conflict minerals” rule, which requires companies to trace whether their products contain minerals from a war-torn part of Africa.

A Derivatives Trader’s Compliance Checklist
The first two months of 2017 present several important new regulatory deadlines potentially affecting all asset managers that trade derivatives subject to U.S. regulation. Certain deadlines potentially will apply to all derivatives traders whether or not the asset manager is a member of the National Futures Association and registered with the U.S. Commodity Futures Trading Commission as a commodity pool operator (CPO) or commodity trading adviser (CTA).

Lynn Tilton sees more reasonable SEC under Trump
By Carleton English – NY Post
Lynn Tilton is hoping for a little love from the Trump administration.

Proposed Rule Change to Adopt the FINRA Rule 6800 Series (Consolidated Audit Trail Compliance Rule)
Financial Industry Regulatory Authority, Inc. (“FINRA”) is filing with the Securities and Exchange Commission (“SEC” or “Commission”) a proposed rule change to adopt the FINRA Rule 6800 Series to implement the compliance rule regarding the National Market System Plan Governing the Consolidated Audit Trail (the “CAT NMS Plan” or “Plan”).


Chinese IPOs surge after regulator eases flow; Fundamental reform of approval process still years away, say market watchers
by: Gabriel Wildau in Shanghai – FT
China’s stock market regulator has accelerated approvals for initial public offerings in recent months but market watchers say that long-awaited deregulation of the process is still years away.


WSJ to Cut Jobs in Europe, Asia Bureaus of Paper, Union Rep Says
Gerry Smith – Bloomberg
The Wall Street Journal is laying off employees at bureaus in Asia and Europe as the publisher cuts costs in the face of declining print advertising, a union representative said.

The FBI Has Quietly Investigated White Supremacist Infiltration of Law Enforcement
Alice Speri – The Intercept
White supremacists and other domestic extremists maintain an active presence in U.S. police departments and other law enforcement agencies. A striking reference to that conclusion, notable for its confidence and the policy prescriptions that accompany it, appears in a classified FBI Counterterrorism Policy Guide from April 2015, obtained by The Intercept.

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