Stories by Marisa Fernandez

Overstock CEO resigns due to romantic involvement with Russian agent

Patrick Byrne resigned as CEO of online retailer Overstock.com Thursday after the company publicly announced his relationship with admitted Russian agent Maria Butina, the New York Times reports.

The big picture: Writing in a letter to shareholders, Byrne said his disclosure "may affect and complicate all manner of business relationships." The relationship lasted from 2015 to 2018 and was mostly unknown until Overstock posted a news release last week. Byrne was involved in the federal inquiry into the 2016 presidential election that was handled separately from special counsel Robert Mueller's investigation into Russian interference. He said he had helped law enforcement agents with their "Clinton Investigation" and "Russia Investigation," per NYT.

Go deeper130 Words

"Thus, while I believe that I did what was necessary for the good of the country, for the good of the firm, I am in the sad position of having to sever ties with Overstock, both as C.E.O. and board member."

— Patrick Byrne wrote

Background: Butina was the first Russian national convicted for seeking to influence U.S. politics during the 2016 campaign. She was sentenced to 18 months in prison — with credit for 9 months already served — in April.

Butina pleaded guilty to a conspiracy charge, admitting she and her American boyfriend, Republican operative Paul Erickson, worked with a Russian government
official to "establish unofficial lines of communication with Americans having power and influence over U.S. politics."

What's next: Jonathan Johnson has been named interim CEO of Overstock.com.

Maria Butina

Marisa Fernandez7 hours ago

U.S. manufacturing sector contracts for first time since 2009

Workers assemble cars at the newly renovated Ford's Assembly Plant in Chicago, — Workers assemble cars at the newly renovated Ford's Assembly Plant in Chicago. Photo: Jim Young/AFP/Getty Images

The U.S. manufacturing sector contracted for the first time since 2009 in August, CNBC reports from data by IHS Markit.

Why it matters: The industry, which has flourished during the Trump administration, is not only facing ongoing concerns of a global economic slowdown, but is also staring down increased pressure from the U.S.-China trade war. The report also saw a slowdown in business growth, which IHS Markit's economics associate director told CNBC was its "most concerning aspect"

Go deeper: U.S. Steel plant in Michigan will temporarily lay off up to 200 employees

Manufacturing

Marisa Fernandez8 hours ago

Mitch McConnell defends the Senate filibuster

Senate Majority Leader Mitch McConnell urged Democrats to stop considering abolishing the filibuster Thursday, arguing "America needs the Senate to be the Senate" in a New York Times op-ed.

The state of play: The Kentucky senator, responding to calls to from his predecessor Harry Reid and a number of 2020 contenders to end the filibuster to move forward Democratic proposals on gun control and climate change, said it was "their half-baked proposals and not the centuries-old wisdom that need retooling."

Go deeper197 Words

The big picture: In 2013, Reid eliminated the use of the filibuster for most federal judicial nominees — except for the Supreme Court. McConnell then nuked the filibuster for Supreme Court and Cabinet appointments once Republicans regained control of the chamber.

That allowed Republicans to install two Supreme Court justices, Neil Gorsuch and Brett Kavanaugh. In addition, per NPR, President Trump has appointed a quarter of federal appeals judges and 1 in 7 federal district court judges.
McConnell admits that he took advantage: "The consequences of taking Senator Reid’s advice will haunt liberals for decades."

Other highlights:

"Our country doesn’t need a second House of Representatives with fewer members and longer terms. America needs the Senate to be the Senate."
"I recognize it may seem odd that a Senate majority leader opposes a proposal to increase his own power. Certainly it is curious that liberals are choosing this moment, when Americans have elected Republican majorities three consecutive times and counting, to attack the minority’s powers."
"If future Democrats shortsightedly decide to reduce the Senate to majority rule, we’ll have lost a key safeguard of American government."

Go deeper: Where 2020 Democrats stand on ending the Senate filibuster

Mitch McConnell