First Read

Bits & Pieces & Planes, Trains and Automobiles
By John J. Lothian

The John Lothian News team is in Philadelphia this morning, as thunderstorms in New York cancelled our flight and this was the best option to get near New York. We are headed up to the Big Apple this morning by rental car.

It was the heck of a day, expecting to leave Chicago near noon and finally leaving near 10 PM and arriving in Philly at 1 AM.

Our New York Summer Intern Education Series now has over 100 people signed up to attend, something we could have only dreamed about a week ago. This is about the same base number we had in Chicago that first year, and now we pack them in each year. Thanks again to all who helped get the word out and encourage people to attend. And thanks again to Global Premier sponsor CME Group

Now, off to the road. Ninety-nine bottles of beer on the wall, ninety-nine bottles of beer. Take one down… Come on, guys, sing!

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CFTC’s Energy and Environmental Markets Advisory Committee to Meet on July 29, 2015
CFTC
The U.S. Commodity Futures Trading Commission (Commission) announces that the Energy and Environmental Markets Advisory Committee (EEMAC) will hold a public meeting at the Commission’s Washington, D.C. headquarters located at 1155 21st Street, NW, Washington, DC 20581. This meeting will take place on July 29, 2015 from 10:00 am to 4:00 pm.
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****** There is talk of a TAC meeting in September.

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Construction begins on Chicago Board of Trade Building’s rooftop deck
REJOURNALS.COM
GlenStar Properties, owners of the iconic Chicago Board of Trade Building, has started construction on a new, rooftop terrace on the 23rd floor.
jlne.ws/1I2KlXK

***** I want to party on the top of Wayne Tower from Batman!

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Reg Roadmap: European Regulation Winding Its Way Forward
JohnLothianNews.com

The European regulatory overhaul has been long and winding as industry participants grapple with three major initiatives simultaneously: EMIR, MIFID II and Basel 3, just to name a few.

Even with the recent delay of MIFID II standards to September, regulatory experts say there is progress on some key areas, including an ongoing effort by US and EU regulators to find common ground on key sticking points, such as margin rule differences.
View the Special Report »
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MarketsWiki Education Intern Series 2015
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Disney Unveils Tomorrowland for Chinese in $5.5 Billion Park
Bloomberg
Walt Disney Co.’s new park in China will offer Jet Packs, a rafting adventure, rides on a Tron-themed Lightcycle and the largest parade in any of its resorts, all aimed at winning over Chinese customers.
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***** You should see the stock market ride they built.

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Lead Stories

New York Stock Exchange System Failure Draws Attention to Staff Cuts
By NATHANIEL POPPER, WSJ
When the New York Stock Exchange’s systems went down during the trading day last week, few longtime employees who had helped lead the exchange during past technical problems were on hand.
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ICE world cotton contract on track for launch this year -exchange
Reuters
The IntercontinentalExchange (ICE) said on Tuesday it is poised to launch a long-awaited world cotton futures contract later this year after U.S. policymakers passed a bill that eliminates one of the last hurdles in its way.
jlne.ws/1I213Ip

Social-Media Sentiment Presages Market Moves, ECB Paper Says
By BRIAN BLACKSTONE, WSJ
Twitter has a new follower: the European Central Bank. A paper published Tuesday by the ECB examined the effect that bullish, or bearish, aspects of Twitter content and Google searches has on overall investor sentiment and, finally stock markets.
jlne.ws/1I2Kx9d

EU steps up pressure for rapid deal to revive asset-backed debt
Reuters
European Union reform of the securitized debt market to help to revive the region’s economy is likely to be binding on member countries to speed up change, a senior official from the bloc’s executive body said on Tuesday.
The European Commission is due to come up with concrete proposals in late September for a capital markets union or CMU to make it easier for companies in Europe to raise cash from financial markets.
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Twitter shares spike on fake bid story
Hannah Kuchler in San Francisco, FT
Twitter shares briefly spiked in early New York trading after a fake online news story claimed the messaging company had received an offer valuing it at $31bn.
jlne.ws/1L9b0oh

Beijing will slip if it strains to catch a bubble
Giles Wilkes, FT
Setting policy according to the whims of the stock market is like steering an oil tanker after a school of dolphins, writes Giles Wilkes
jlne.ws/1gBHj2f

ICAP’s Spencer Sees More Days of Wild Volatility in Treasuries
by John Detrixhe, Bloomberg
ICAP Plc Chief Executive Officer Michael Spencer said there will probably be more unusual moves in Treasury trading as markets are increasingly electronic, complex and dominated by computerized firms.
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Rates must rise to avert next crisis
Scott Minerd, FT
Capital is being driven into increasingly speculative investments
In 1898, Swedish economist Knut Wicksell argued that there existed a “natural” rate of interest that balanced the supply and demand of credit, assuring the appropriate allocation of saving and investment.
jlne.ws/1Hu3mAT

Participants must help fix global forex market: Federal Reserve Bank of New York official
By Reuters
Those who trade in the global foreign-exchange market must step up and help regulators restore fairness and public trust after a string of investigations and settlements related to rigging, a top Federal Reserve Bank of New York official said on Tuesday.
jlne.ws/1L7cz5Z

Proprietary traders ‘self trade’ in bond market chaos
Gregory Meyer in New York and Philip Stafford in London, FT
A significant share of the $12tn US Treasury market consists of proprietary trading firms transacting with themselves.
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Blockchain Technology: The Ultimate Disruption in the Financial System
www.fxstreet.com
While bitcoin itself has received a lot of criticism, the blockchain technology is thought to offer great potential, attracting the attention of governments, businesses and venture capital at a rapid pace. Some ideas developed in recent years include a pay-as-you-go system that allows users to stream live video; a structure that allows sharing space-program information; or ways to record business information such as audits. In most cases, these options are thought to offer greater security, speed and reliability at a fraction of the cost of more traditional infrastructures.
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ECB’s Mersch Doesn’t Think Germany Prevailed in Greek Bailout Deal
MoneyBeat – WSJ
European Central Bank Executive Board member Yves Mersch shot back against the belief that Germany got its way in the recent bailout deal with Greece. “I don’t like it when it is said that Germany prevailed,” said Mr. Mersch on a panel in Frankfurt.
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Regulatory

Clawbacks, Buybacks and Bankruptcy
Bloomberg
Here is Andrew Ross Sorkin with the case against the Securities and Exchange Commission’s new clawback rules. I count about five objections:
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NY Fed Official to Currency Traders: Adhere to Industry Best Practices
WSJ
The man responsible for implementing Federal Reserve monetary policy said currency traders need to show they are adhering to industry best practices or face tighter regulation, the latest salvo in the government’s response to currency market manipulation.
In prepared remarks, Simon Potter, head of markets at the Federal Reserve Bank of New York, told currency market practitioners at an industry conference in New York on Tuesday that they risked more rules on the roughly $5 trillion-a-day foreign exchange market if they didn’t establish and follow stricter codes of conduct.
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CFTC’s Energy and Environmental Markets Advisory Committee to Meet on July 29, 2015
CFTC
CFTC Commissioner J. Christopher Giancarlo is the sponsor of this advisory committee. The meeting will focus on the Commission’s proposed rules with respect to position limits, trade options, and its recent final interpretation concerning forward contracts with embedded volumetric optionality and how these initiatives will impact energy and environmental markets.
jlne.ws/1SkRnII

Fund managers to escape ‘systemic’ label
Barney Jopson in Washington, Stephen Foley in San Francisco and Caroline Binham in London, FT
The world’s biggest fund managers have escaped tough new rules that threatened to hit their profits and freedom, as global watchdogs have decided not to treat them as threats to financial stability.
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U.S. appeals court finds SEC cannot retroactively apply Dodd-Frank bans
BY SARAH N. LYNCH, Reuters
Punitive industry bans created by the 2010 Dodd-Frank Wall Street reform law cannot be applied to defendants whose misconduct predated the law, a U.S. appeals court ruled on Tuesday.
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ISDA Publishes EMIR Classification Letter
ISDA
The International Swaps and Derivatives Association, Inc. (ISDA) has published a new classification letter that will enable counterparties to notify each other of their status for clearing and other regulatory requirements under the European Market Infrastructure Regulation (EMIR).
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‘Too big to fail’ banks still exist; Public still likely to pay out for bank failures, warns Carney
Caroline Binham, Financial Regulation Correspondent, FT
Taxpayers would still end up footing the bill if a big bank failed despite seven years of efforts to regulate the industry more tightly, the governor of the Bank of England has suggested.
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SEC Looking Into Fake Web Report That Sent Twitter Up 8%
by Matthew Robinson, Jordan Robertson, Bloomberg
The U.S. Securities and Exchange Commission is looking into possible market manipulation over a fake news article that led to a brief spike in Twitter Inc. shares, said a person familiar with the matter.
jlne.ws/1V2kepc

Self-Regulatory Organization (SRO) Rulemaking and National Market System (NMS) Plans
SEC

    • CBOE: Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Amend the Fees Schedule (Release No. 34-75442; File No. SR-CBOE-2015-066; July 13, 2015); see also Exhibit 5

 

    • NYSE: Notice of Filing of Amendment No. 2 and Order Granting Accelerated Approval of a Proposed Rule Change, as Modified by Amendment No. 2, to Amend NYSE Rule 13 and Related Rules Governing Order Types and Modifier (Release No. 34-75444; File No. SR-NYSE-2015-15; July 13, 2015)

 

    • NYSEMKT: Notice of Filing of Amendment No. 2 and Order Granting Accelerated Approval of a Proposed Rule Change, as Modified by Amendment No. 2, to Amend NYSEMKT Rule 13 Equities and Related Rules Governing Order Types and Modifier (Release No. 34-75443; File No. SR-NYSEMKT-2015-22; July 13, 2015)

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Exchanges & Trading Facilities

Canada’s TMX sells its Equicom PR business to National
By Alastair Sharp, Reuters
TMX Group Ltd said on Tuesday it has sold its investor relations and financial communications arm Equicom to National Public Relations, marking the first decisive move by the stock exchange operator since completing a strategic review.
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NYSE says earlier technical issue resolved
Reuters
Several options exchanges including MIAX, NYSE Amex and NYSE Arca, declared “self-help” against the Chicago Board Options Exchange on Tuesday, routing orders away due to what was later called a technical issue.
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ICE Benchmark Administration Publishes Feedback Statement For LBMA Gold Price Consultation
Mondovisione
Intercontinental Exchange (NYSE: ICE), the leading global network of exchanges and clearing houses, has published a feedback statement on the responses received to the ICE Benchmark Administration (IBA) market consultation on the LBMA Gold Price and the gold auction process.
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Tessenderlo Chemie lists successful bond public offer on Euronext Brussels
Euronext
EnterNext today welcomes the listing of a successful EUR250 million bond public offer on Euronext Brussels by Tessenderlo Chemie NV, the Belgium-based specialty company, focused on food, agriculture, water management and valorising bio-residuals.
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Hedge Funds & Managed Futures

Mine Games: Clash of the Commodity Kingpins; Glencore boss Ivan Glasenberg takes on Rio Tinto’s Sam Walsh—and an entire industry.
by Jeremy Kahn, Bloomberg
Sam Walsh, the mild-mannered Australian CEO of London-based mining giant Rio Tinto Group, insists he remains on cordial terms with Ivan Glasenberg, the brash South African who leads the global mining and commodities trading firm Glencore. Sure, Glasenberg approached Walsh’s boss—Rio Tinto Chairman Jandu Plessis—in July 2014 and proposed a merger that would likely have cost Walsh his job. Sure, Glasenberg doesn’t miss a chance to tell the world that Walsh and his fellow Big Mining executives don’t comprehend the basic economics of supply and demand. Still, Walsh told the Times of London in December, “We’re big boys, and this is business. It’s not personal.”
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Yellen Has Tough Time Convincing Traders She’ll Raise Rates Soon
by Lukanyo Mnyanda, Wes Goodman, Bloomberg
Janet Yellen has work to do if she’s going to convince the holdouts in the bond market that the Federal Reserve will raise U.S. interest rates this year.
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Should You Let an Algorithm Do Your Saving for You?; An increasing number of companies want to identify—and whisk away—your excess cash
by Suzanne Woolley, Bloomberg
Setting up regular automated deposits that zap money from checking right into a savings or investment account is the easiest—and often, most painless—way to save money. Once it’s set up, you can save with zero effort every time a paycheck is directly deposited into your checking account.
jlne.ws/1Li1BJj

Lawyers, Funds and Money in Toxic Irish Stew
By STEVEN DAVIDOFF SOLOMON, NY Times
An unfolding scandal in Northern Ireland has cast a harsh light on what can happen when a private equity firm goes trolling for distressed assets and a big return. It is a toxic mix of money, lawyers, politicians and the continued wreckage of the financial crisis.
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Banks & Brokers

Outspoken Dimon says he plans to do a little less talking
Bloomberg
Jamie Dimon wants you to know: It’s not you, it’s him.
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Former HSBC chairman admits mistakes over acquisitions
Martin Arnold, Banking Editor, FT
The former HSBC chairman and chief executive Lord Green of Hurstpierpoint has admitted to making mistakes on some of the acquisitions he oversaw that later contributed to the bank being tarnished by scandal.
jlne.ws/1JhdxXl

J.P. Morgan: Curb Your Enthusiasm; Bank’s quarterly results are solid but not very inspiring
By JOHN CARNEY, WSJ
Even the chief executive of J.P. Morgan Chase doesn’t get overly excited about his bank’s earnings these days.
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Wells Fargo’s wealth sector posts record quarterly profit
Reuters
Wells Fargo Corp’s more than 15,000 brokers marched to their parent’s cross-marketing drum beat in the second quarter, increasing sales of loans and money-management products to clients, the San Francisco-based bank said on Tuesday.
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Things to Watch in Bank of America’s Results
WSJ
Bank of America Corp. will report second-quarter results on Wednesday before the market opens. This is the last earnings call before the bank has to submit a reworked stress test to the Federal Reserve, which said in March that it had concerns about the bank’s ability to predict losses and revenue in a stressed economy. Here’s what to watch for:
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ON THE MOVE-Morgan Stanley lands $1 bln broker team from Barclays
Reuters
Morgan Stanley, the world’s largest retail brokerage by its number of advisers, said on Tuesday it hired two brokers who managed $1 billion in client assets at Barclays Plc’s U.S. wealth and investment management unit.
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ICAP sees strong growth in electronic markets
Stock Market Wire
ICAP has made progress on its strategic goals against a backdrop of mixed market conditions, shareholders at the annual general meeting today will be told.
ICAP , a leading markets operator and provider of post trade risk mitigation and information services, says group revenue for the quarter to the end of June decreased by 1% compared to the corresponding period last year on a constant currency basis (increased by 2% on a reported basis), albeit on a lower cost base than a year ago.
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Banks Forgot Who Was Supposed to Own Dell Shares
Bloomberg
Here are three stylized facts about stocks:
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Clearing & Settlement

Thomson Reuters SEF completes certification testing with LCH.Clearnet’s ForexClear
Reuters
Thomson Reuters, the world’s leading source of intelligent information for businesses and professionals, announced that the Thomson Reuters SEF has completed certification testing for FX non-deliverable forwards (NDF) clearing by LCH.Clearnet’s ForexClear service. This is part of Thomson Reuters commitment to achieving the highest standards of best practice across its platforms.
jlne.ws/1HLYVyk

ISDA publishes EMIR classification letter
LeapRate
The International Swaps and Derivatives Association, Inc. (ISDA) has published a new classification letter that will enable counterparties to notify each other of their status for clearing and other regulatory requirements under the European Market Infrastructure Regulation (EMIR).
jlne.ws/1HLZtUN

Indexes & Products

Nasdaq Lists The Global X SuperDividend Alternatives ETF
NASDAQ.com
Nasdaq announced that Global X Funds will list a new exchange-traded fund (ETF), the Global X SuperDividend Alternatives ETF (Symbol: ALTY), which will begin trading on The Nasdaq Stock Market Tuesday, July 14, 2015.
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FTSE Russell Introduces New US Quality Dividend Index
Mondovisione
Expands FTSE Global Factor Index Series to US equity markets
Responds to investor demand for more efficient ways to combine factor exposures
O’Shares to use index as the basis for new suite of ETFs
Leading global index provider FTSE Russell today announced the launch of the FTSE US Qual / Vol / Yiel Factor Index. The Index represents an expansion of the FTSE Global Factor Index Series and reflects specific factor characteristics – quality, low volatility and yield – for U.S. large- and mid-cap companies.
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Leveraged ETFs don’t pack as much punch these days
By Chris Dieterich, Barron’s
Leveraged exchange-traded funds are throwing around less weight as major stock benchmarks see milder zigs and zags.
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Barclays partners with ‘Dr Doom’ for global stock indexes
By Chris Dieterich, Barron’s
UK banking giant Barclays teaming up with Nouriel Roubini on factor-based stock indexes.
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Technology

I Will Champion Fintech Internationally: Burbidge [VIDEO]
Bloomberg
Passion Capital Partner Eileen Burbidge discusses driverless cars, Amazon’s Prime Day and Apple Pay in a tech roundup with Manus Cranny on “The Pulse.” She also reveals more about her new fintech role with the U.K. government.
jlne.ws/1CDz7ZA

Vancouver’s Tio Networks acquires U.S. fintech Softgate for US$31m | Technology
Technology | Business in Vancouver
Financial technology (fintech) firm Tio Networks is acquiring Softgate Systems for US$31 million, in a deal the Vancouver-based company says will create North America’s largest walk-in bill payment network.
jlne.ws/1CDze7j

30 fintech jobs in Dublin as Numerix joins the fold
www.siliconrepublic.com
Financial analytics company Numerix is opening a new Dublin office, seeking to fill 30 new positions, including roles in financial engineering and analytics.
jlne.ws/1CDzu6p

Will Robo-Advisors Kill Personal Service?
thefinancialbrand.com
Personal service has been the cornerstone of community banking for decades — the ultimate defense against banking’s behemoths. But cracks are starting to show in the bedrock of community banking. No collapsing walls or shattered glass yet, but if you look closely, you’ll see ominous signs suggesting a service megaquake may be on hand.
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Binary Options Trading Indicator Stochastic v1.0 Released By ITM Financial To VIP Forex and Binary Trading Members
Press Release
The new forex and binary options trading indicator Stochastic v1.0 has been released by ITM Financial to all of their members at VIP trading level.
Forex and binary options software startup ITM Financial has released their latest software update, Stochastic v1.0 to their VIP level trading members. The binary option indicator took over two months to develop and took two teams of algorithmic trading data scientist to get it right.
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Enforcement

SEC Charges 34 Defendants in Microcap Market Manipulation Schemes
SEC
The Securities and Exchange Commission today charged 15 individuals and 19 entities for their roles in alleged schemes to manipulate the trading of microcap stocks. The 34 defendants include six firms alleged to have acted as unregistered broker-dealers catering to customers who sought to conceal their stock ownership and manipulate the market for microcap securities.
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OZ Management LP Admits Providing Inaccurate Data, Impacting Brokers’ Records and “Blue Sheets”
SEC.gov
According to the SEC’s order instituting a settled cease-and-desist proceeding, for nearly six years, ending in December 2013, OZ Management misidentified some trades in data provided to four of its prime brokers. Although trade settlement was unaffected, the erroneous data had a significant impact, causing the four prime brokers to inaccurately list approximately 552 million shares in their own books and records. The erroneous information also was incorporated into data that brokers provide electronically to regulators, resulting in approximately 14.4 million shares being inaccurately reported in response to the SEC’s “blue sheet” requests. FINRA made several referrals to the Commission based on the incorrect trade data.
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Hong Kong Regulator Orders Suspension of All Hanergy Trading
Bloomberg
Hong Kong’s stock watchdog took the rare step of saying trading in Hanergy Thin Film Power Group Ltd. shares can’t resume without its approval, raising the prospect they’ll remain suspended for the foreseeable future.
jlne.ws/1HLNBCc

HSBC Money-Laundering Case Yields $116 Million Bounty for Queens D.A.; Prosecutor Richard Brown wants to use his office’s share of settlement to expand into the jail next door
By RACHEL LOUISE ENSIGN, WSJ
When lawyers with the district attorney’s office in Queens, N.Y., need to get documents to court, they sometimes load up carts and push them across the six bustling lanes of Queens Boulevard.
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Environmental & Energy

Startups have figured out how to remove carbon from the air. Will anyone pay them to do it?
By Marc Gunther – The Guardian
In Squamish, British Columbia, a Canadian town halfway between Vancouver and Whistler where the ocean meets the mountains, a startup led by Harvard physicist David Keith – and funded in part by Bill Gates – is building an industrial plant to capture carbon dioxide from the air.
jlne.ws/1I0cP68

Church of England governing body approves divestment policy
By Andrew Brown – The Guardian
The Church of England’s governing body has thrown its weight behind efforts to slow climate change by backing the move earlier this year to divest its resources from from companies involved in extracting two of the most polluting fossil fuels.
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The Latest Sign That Coal Is Getting Killed
By Tom Randall – Bloomberg News
Coal is having a hard time lately. U.S. power plants are switching to natural gas, environmental restrictions are kicking in, and the industry is being derided as the world’s No. 1 climate criminal.
jlne.ws/1JfUAVb

The Latest Sign That Coal Is Getting Killed
By Tom Randall – Bloomberg News
Coal is having a hard time lately. U.S. power plants are switching to natural gas, environmental restrictions are kicking in, and the industry is being derided as the world’s No. 1 climate criminal.
jlne.ws/1JfUAVb

Asia-Pacific

Investors in China not allowed to jump
Tom Mitchell in Beijing, FT
Zhu Rongji, when mayor of Shanghai, apparently once complained about the retail investors who would sometimes protest outside city hall when the value of their portfolios collapsed. In a perhaps apocryphal quip, Mr Zhu — who went on to become Chinese premier — claimed it would have been easier to be mayor in the city’s pre-revolutionary 1920s and 30s heyday, when angry investors were more likely to jump out of windows.
jlne.ws/1Hu3bFC

China Stocks Tumble as Investors Doubt Beijing’s Help; Better-than-expected second-quarter GDP could mean Chinese officials will hold back on stimulus
By CHAO DENG, WSJ
Stocks in China fell a second straight day Wednesday, with a government-engineered recovery proving fleeting and surprisingly strong growth data dimming hopes for more stimulus.
jlne.ws/1MtwoSq

China’s Tamed Stock Market Might Bite Its Economy
By Noah Smith
China pulled out all the stops last week to end the plunge in its stock markets. After markets slid about 30 percent, erasing more than $3 trillion of notional wealth, the mighty Chinese government engaged in perhaps the most spectacular act of market manipulation of all time.
jlne.ws/1V2kqVI

What’s Behind China’s Stock Market Gamble?
knowledge.wharton.upenn.edu
The roller-coaster ride of the Chinese stock markets in the past 13 months reveals the snowballing effect of the actions of disparate players. The Shanghai Composite Index soared 150% over the past year before shedding 30% in a little more than three trading weeks. But neither the wild ride up nor down seems related to the underlying performance of the listed companies. As China attempts to regain its poise after last week’s rout, Wharton experts note that several obstacles stand in the way of greater stability in the market.
jlne.ws/1CDAmYH

Frontier Markets

What Iran Nuclear Deal Mean For Emerging And Frontier Markets?
By Avatrade
Historic deals are not achieved every day, but Iran has clinched a deal with its negotiators in the face of outright fear mongering and pessimism. Both parties have ended up with a deal which is beneficial for them, unlike what we have experienced in the Greek saga. Perhaps, John Kerry, the US secretary of State, should also have handled the negotiations rather than German Chancellor Angela Merkel.
We believe that the Iranian nuclear deal is welcome news for many emerging and frontier markets. The deal is driving optimism across Turkey, Dubai, Abu Dhabi, Pakistan and India.
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Emerging markets pioneer Mark Mobius to step down as lead manager on Templeton Emerging Markets Investment Trust
By Bloomberg News
Mark Mobius, who is credited as a pioneer in emerging-market investing, will step down as the lead manager of one of the oldest developing-nation stock funds after trailing his benchmarks in recent years.
The Templeton Emerging Markets Investment Trust, a 1.9 billion pound ($2.9 billion) fund traded in London and New Zealand, has selected Carlos Hardenberg to take over from Oct. 1, it said in a filing.
jlne.ws/1IZQbdf

Vietnam leads emerging market greenfield FDI performance index
Glenn Barklie, FT.com
Southeast Asian nation punching more than 8 times above its weight
Vietnam has topped a performance index for greenfield foreign direct investment, leading all other emerging markets by a wide margin.
The southeast Asian country ranked number one in a study by fDi Intelligence, an FT data division, which looked at inbound greenfield investment since 2003 relative to the size of each country’s economy. Vietnam scored 8.14 in the index, far ahead of next placed Romania and Hungary, as well as its regional competitors Malaysia and Thailand.
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Miscellaneous

Hastert’s attorney: I’ve got ‘an 800-pound gorilla in this case’
AP via Crain’s Chicago Business
Allegations of past sexual misconduct by former U.S. Speaker Dennis Hastert present a quandary for the defense in the hush-money case, an attorney told a federal judge Tuesday, saying the claims are “an 800-pound gorilla” in the room.
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