SYDNEY/HONG KONG,: An Australian regulatory push to boost banks' capital buffers, which is expected to unleash about A$83 billion ($60 billion) of new junior debt to market, risks causing a spike in borrowing costs and has prompted industry calls for softer requirements.
After a judge decided that a lawsuit against the Donald J. Trump Foundation could move forward, the Donald J. Trump Foundation decided its best course of action was to close up shop.
The lawsuit was filed by New York Attorney General Barbara Underwood, who accused the foundation of “a shocking pattern of illegality” that was “willful and repeated” and included self-dealing and unlawful coordination with Trump’s 2016 presidential campaign. “This amounted to the Trump Foundation functioning as little more than a checkbook to serve Mr. Trump’s business and political interests,” Underwood said in a statement.
While the closure of the foundation is a significant milestone in the investigation, the New York Times reports that the lawsuit, which is seeking millions in restitution and penalties, is proceeding, perhaps at a faster pace than Robert Mueller’s investigation.