Feb 8, 2019

Virginia black lawmakers call for probe into Fairfax allegations

Virginia Lt. Governor Justin Fairfax. Photo: Drew Angerer/Getty Images

Amid scandals involving three of Virginia’s top Democratic officials, the Virginia Legislative Black Caucus on Thursday called for a thorough state investigation into the "troubling" 2004 sexual assault allegation leveled against Lt. Gov. Justin Fairfax.

The big picture: The lawmakers doubled down on their call for Democratic Gov. Ralph Northam to resign over a racist photo in his 1984 medical school yearbook, but stopped short of calling on Fairfax to do the same. They also did not ask Attorney General Mark Herring to resign, and said that while they recognized Herring's "candor" in admitting to wearing blackface at a college party in 1980, "we await further action on his part to reassure the citizens of the Commonwealth of his fitness for leadership."

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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.