Jim Vondruska/Reuters via CNN Newsource
Chicago epicenter of immigration crackdown
(CNN) — As attorneys face off in courtrooms and federal agents on the ground clash with protesters, Chicago is being cemented as the epicenter of the Trump administration’s immigration crackdown after a flurry of developments in the last 24 hours. Now – with the city heading into its first weekend since a fence outside the Broadview immigration enforcement facility has come down, and with the director of Immigration and Customs Enforcement’s Chicago field office ordered to appear in court Monday – the stage is set for a reckoning on crowd-control measures. Several developments on Thursday put the Windy City under the national spotlight, including a federal appeals court upholding a lower court’s ruling temporarily denying the federal government’s effort to deploy National Guard troops in Illinois and a judge separately demanding answers on violent encounters with protesters in Chicago. One week after issuing a sweeping order trying to quell the intense response of federal agents to protests against immigration enforcement activities in Chicago, US District Judge Sara Ellis told attorneys on both sides of the case to come back to her courtroom to have their own discussion.
Wall Street worried about bad loans
(CNN) — Several financial groups are wrestling with bad loans, raising worries on Wall Street of more to come. For weeks, investors have focused on Jefferies Financial Group, an investment bank that has at least $45 million worth of exposure to First Brands, an auto-parts supplier that filed for bankruptcy last month. But on Thursday, they turned some of their attention to two regional banks, Western Alliance Bancorp and Zions Bancorp, after concerns about some of their loans as well. All three banks’ stocks suffered their steepest single-day losses in over six months on Thursday. That anxiety played out in the market at large as well, with the Dow shedding 0.65% that day. Meanwhile, investors flocked to safe havens, including US Treasuries, gold and silver. Jefferies, like several other financial groups, offered funding to First Brands through third-party factoring, which is when a business promises to repay lenders when one of its customers pays an outstanding balance. But creditors allege First Brands used the same invoice multiple times to access funds from private lenders that were unaware of the double dipping. Translation: Lenders like Jefferies might not have provided financing to First Brands if they had had a more complete picture.
Another nationwide day of protest is set for this weekend
(CNN) — As President Donald Trump arrived at his military parade in Washington, DC, this June to a 21-gun salute and members of the crowd singing “Happy Birthday,” about 5 million people across the country took to the streets to protest his administration. Now, amid an ongoing government shutdown and Trump’s push to deploy National Guard troops to American cities, millions are gearing up for round two. More than 2,500 demonstrations – about 450 more than were planned in June – across all 50 states are slated for Saturday in the second round of “No Kings” protests, which aim to broadly reject what organizers describe as Trump’s “authoritarian” agenda. Some Republican leaders have labeled the protests as anti-American. House Speaker Mike Johnson claimed, without evidence, that Saturday’s planned rallies have contributed to the ongoing government shutdown. Tension over immigration raids reached a fever pitch with protests in Los Angeles, where Trump federalized the California National Guard against the wishes of Gov. Gavin Newsom – a move that experts warned was an unprecedented and dangerous escalation of presidential power.
4 universities reject White House funding deal
(CNN) — The battle for academic freedom and institutional sovereignty in higher education continues to play out as another university has rejected a White House offer for expanded access to federal funding in return for agreeing to a series of demands. The University of Southern California and the University of Pennsylvania on Thursday declined an offer by the Trump administration to join a compact that would potentially give preferential funding in exchange for a list of changes to school policy, including no longer considering sex and ethnicity in admissions and capping international enrollment. The letter was sent to nine universities at the beginning of the month, and a total of four schools have rejected the offer so far. Out of the nine offers, USC, Penn, Brown University and the Massachusetts Institute of Technology have rejected the proposal. Other schools – a mix of public and private universities – have either said they are reviewing the compact or haven’t commented publicly.
Picasso painting goes missing en route to exhibition
(CNN) — Spanish police are investigating the disappearance of a painting by Pablo Picasso after it apparently vanished on the way to an exhibition. The 1919 gouache work “Still Life with Guitar,” which measures just 12.7 centimeters by 9.8 centimeters (5 inches x 3.9 inches), was supposed go on display from October 9, as part of a temporary exhibition at CajaGranada Cultural Center in the southern Spanish city of Granada. The work is owned by a private collector and was insured for an estimated 600,000 euros ($700,000), the CajaGranada Foundation, which owns the cultural center, confirmed to Reuters Friday. The Friday before the exhibition was due to open, a van belonging to a transportation company arrived at the cultural center as scheduled to deliver works from Madrid, CajaGranada Foundation said in a press statement Thursday. All the works were moved in a single, continuous movement from the van to a freight elevator that took all the transportation company employees at once from floor -1 to floor 1, the center said. By mid-morning, the CajaGranada Foundation staff had finished unpacking the works and had positioned them in the room. This is when the exhibition curator and head of exhibitions realized Picasso’s “Still Life with Guitar,” known by its Spanish title as “Naturaleza muerta con guitarra,” was missing.
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