Sep 21, 2017

In California, bail could be $75 or $10,000 — for the same crime

An inmate stands at his cell door. Photo: Matt York/AP

California allows counties to set their own bail policies, leading to major differences in how misdemeanors are handled across the state. For example, the bail recommended for public intoxication is $75 in Fresno and $10,000 in Mariposa, according to the Guardian.

Why it matters: It's not just California. Bail reform is an issue in several states, and was introduced in a bill by Senators Kamala Harris and Rand Paul. In a New York Times op-ed, the two senators argue that the current system "wastes taxpayer dollars," and "disproportionately harms people from low-income communities and communities of color." While the suggested bail amount "bears little resemblance to the final decision," Bill Sheppard, a Florida attorney, told the Guardian, "it coerces people to plead guilty."

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SoftBank to cut its stake to get T-Mobile's Sprint deal done

Illustration: Rebecca Zisser/Axios

T-Mobile and Sprint announced a revised merger agreement that will see SoftBank getting a smaller share of the combined company, while most shareholders will receive the previously agreed upon exchange rate. The companies said they hope to get the deal as early as April 1.

Why it matters: The amended deal reflects the decline in Sprint's business, while leaving most shareholders' stake intact and removing another hurdle to the deal's closure.

Trump indulges Wall Street with Milken pardon

Photo Illustration: Sarah Grillo/Axios. Photo: Chris Graythen/Getty Images

Donald Trump loves Wall Street shenanigans. Companies owned by him have declared bankruptcy six different times, and he was once sued alongside Mike Milken for participating in a scheme to artificially inflate junk-bond prices.

Driving the news: Trump pardoned Milken this week, with an official statement positively gushing over Milken's role in developing the wilder side of fixed-income capital markets.