interest

L.A. Councilmember Curren Price taken to hospital after fainting at City Hall

Los Angeles City Councilmember Curren Price was taken to a hospital by paramedics on Wednesday after fainting during a Black History Month event at City Hall.

Price, 75, was taken by ambulance at Los Angeles General Medical Center, where he was in stable condition, Council President Marqueece Harris-Dawson said.

Price is “in stable condition, is in recovery and doing well,” Harris-Dawson told the audience at Wednesday’s council meeting. “But out of abundance of caution, he obviously won’t be with us in council today.”

The incident took place on the third floor bridge linking City Hall and City Hall East, which is currently displaying an exhibit of prominent Black women community leaders, according to Price spokesperson Angelina Valencia-Dumarot. Price spoke at a ceremony celebrating the exhibit, which had scores of attendees, before feeling faint and needing to lean on one of his aides for help, she said.

It was not the first such medical incident to involve Price at a public event. Last year, Price fainted while appearing at a groundbreaking for the upgrade of the Los Angeles Convention Center, which is located in his district.

At the time, a Price staffer said he was suffering from dehydration. He missed a month of council meetings after that event.

On Wednesday, Valencia-Dumarot said her boss was getting “the care that he needs” at the hospital.

“His wife is with him, his family is with him, and we’re all just wishing him well and sending our prayers,” she said.

The medical incident comes a roughly week after a judge ruled that a corruption case against Price can proceed to trial. Price has been charged with embezzlement, perjury and having a conflict of interest, by casting votes on real estate projects whose developers had hired his wife.

Price’s lawyer said there is no evidence that the council member was aware of the conflicts. All of the projects were approved with overwhelming support, and Price’s vote made no difference in the final result, the attorney said.

Source link

Corruption case against Curren Price can move to trial, judge rules

A Los Angeles County judge ruled Wednesday that a corruption case against L.A. City Councilman Curren Price can move forward to trial, ensuring the misconduct scandal will hang over the veteran politician’s final year in office.

L.A. County Superior Court Judge Shelly Torrealba determined that prosecutors had provided enough evidence to move forward on four counts of voting on matters in which Price had a conflict of interest, four counts of embezzlement and four counts of perjury.

Price, who is set to leave the City Council after reaching his term limit at the end of the year, declined to comment after the hearing.

The councilman, who has represented South L.A. for more than a decade, was charged in June 2023. Prosecutors allege Price repeatedly voted to approve sales of land to developers or funding for agencies who had done business with his wife, Del Richardson, and her consulting company. Some of the votes involved funding and grants for the L.A. County Metropolitan Transportation Authority and the city housing authority.

Price, 75, is also accused of perjury for failing to include Richardson’s income on disclosure forms and embezzlement for including her on his city health insurance plan before they were legally married. He is due back in court in March, Torrealba said.

Richardson was named as a “suspect” in the district attorney’s office’s initial investigation in 2022, according to documents made public last year, but she was never charged with a crime. She has been among a group of Price’s supporters who have been in court for the past week. The two wore matching burgundy suits during Wednesday’s hearing.

Much of the weeklong proceeding centered around whether Price knew of potential conflicts of interest before casting votes, or intended to hide his financial stakes in them from the public. Delphi Smith, a former staffer for the councilman, and Price’s deputy chief of staff Maritza Alcaraz took the stand to explain the process they used to flag problematic council votes for Price and insisted they made their best efforts to highlight agenda items linked to vendors or agencies who had worked with Richardson.

“If the Councilman voted on something that was a potential conflict, he did so without knowing,” Alcaraz testified Wednesday.

L.A. County Deputy Dist. Atty. Casey Higgins, however, said Price is ultimately responsible for disclosing conflicts of interest and argued blaming his subordinates was not a defense to corruption charges.

“It’s not only hiding. It’s trying to create a wall around himself, to create this plausible deniability,” Higgins said. “It’s this ostrich with his head in the sand approach.”

Higgins said Alcaraz and Smith were “trying to jump in front of the bus” and that it was impossible to believe that Price had no knowledge of the conflicts. The dealings allegedly took place between 2019 and 2021 — after a 2019 Times investigation revealed he voted on decisions involving at least 10 companies in the same years they were listed as providing at least $10,000 in income to Richardson’s firm.

Price’s defense attorney, Michael Schafler, has argued there is no evidence that Price knew of the conflicts, and claimed payments to Richardson had no influence on Price’s voting decisions. All of the votes referenced in the criminal complaint passed with overwhelming support, and Price’s vote made no difference in the final result.

“There’s been no evidence presented that Mr. Price acted with any wrongful intent. No testimony from any witness … who said Mr. Price acted with willful intent,” Schafler said Wednesday. “I’ve never seen a public corruption case like that in my life.”

There were enormous sums of money on the line in each vote referenced in the criminal complaint. Richardson took in more than a half-million from October 2019 to June 2020 from the city housing authority before Price voted in favor of millions in grant funding for the agency, according to an amended complaint filed against Price last year.

Prosecutors also alleged Price wrote a motion to give $30 million to the L.A. County Metropolitan Transportation Authority during a time frame when Richardson was paid upward of $200,000 by the agency.

After Torrealba’s ruling, Schafler said he was “disappointed” but thought the evidence presented over the past week revealed that “the prosecution’s case has a lot of gaps, a lot of holes, it’s based largely on speculation.”

Some of Price’s City Council colleagues have said Price’s alleged crimes were tantamount to paperwork errors, and should have been handled by the city’s Ethics Commission.

While questioning former employees of Price and Richardson, Higgins sought to paint a more nefarious picture. He repeatedly scrutinized the way that Price’s staff and a former employee of Del Richardson & Associates compiled a list of the firm’s projects that could represent conflicts and communicated about them.

Much of the conflict information was placed on a flash drive and given to Smith in person by Martisa Garcia, an employee of Richardson, Higgins said. Updates to the file were then made over the phone, and not discussed via e-mail, according to Higgins. When Smith and Alcaraz discussed votes in which Price might have to recuse himself, they did so on personal phones rather than city-issued devices, according to evidence Higgins put forth.

Higgins suggested Price’s staff was trying to hide the conflicts of interest.

“Was the thumb drive used to avoid public records requests?” Higgins asked Alcaraz, who curtly replied “No.”

Generally speaking, California Public Records Act requests for an elected official’s communications will only capture what is contained on government devices, not personal phones or e-mails. A spokeswoman for Price, Angelina Valenica, said there was no “intent to avoid PRA requirements” on the part of Price’s staff.

“The Councilmember was not involved in the handling, transport or storage of this information,” she said. “He relied on and trusted his staff to handle the matter appropriately and to seek guidance as necessary.”

While it’s unlikely Price will stand trial before his term runs out, the case could loom large over the race to replace him. A field of seven candidates is running for his council seat, including Price’s deputy chief of staff, Jose Ugarte, who has faced allegations that he failed to disclose consulting income that are similar to the basis of the perjury charges against his boss.

Chris Martin, a candidate and civil rights attorney with Black Lives Matter Los Angeles, said Wednesday that if the allegations are true, Price and his staff need to step down.

“It’s a serious breach of public trust. It’s important that we have leaders in the 9th District who will walk with integrity,” Martin said. “It also seems like he’s got a major issue with his staff enabling him. They should all resign.”

Source link

US Federal Reserve holds interest rates steady despite political pressure | Business and Economy News

The United States Federal Reserve is holding interest rates steady in its first rate decision of 2026.

Rates will remain at 3.5 to 3.75 percent, the Fed said on Wednesday, defying US President Donald Trump’s calls for more aggressive interest rate cuts.

Recommended Stories

list of 4 itemsend of list

“The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. Uncertainty about the economic outlook remains elevated,” the central bank said in its release announcing the decision.

Wednesday’s decision was widely expected. CME FedWatch, a tool that tracks expectations for monetary policy, forecast a more than 97 percent chance that the central bank would hold rates steady.

The tracker also expects two rate cuts in 2026, with the highest probability for the first cut occurring in June at the earliest.

“Available indicators suggest that economic activity has been expanding at a solid pace. Job gains have remained low, and the unemployment rate has shown some signs of stabilization,” the central bank said.

The decision comes amid signs of stabilisation in the US labour market. The US economy added 584,000 jobs in 2025, marking the lowest annual job growth since 2003. Payrolls rose by 64,000 jobs in October and 50,000 in December. While job growth remains weak, December’s figure represents a modest rebound from October, when the economy lost 105,000 jobs, according to the Bureau of Labor Statistics.

There are indications that the labour market may cool further in the months ahead. This week, both Amazon and UPS announced tens of thousands of job cuts, some of which were driven by a push towards increasing the use of artificial intelligence in the workplace.

Another threat to the US economy and the job market comes in the form of a looming government shutdown. That can happen as early as Saturday, and depending on its duration, it could slow spending as federal workers are temporarily left without paycheques.

Political tensions

The decision to hold interest rates steady comes despite Trump’s increased pressure on the central bank to cut rates. Fed Chairman Jerome Powell has long stressed the Federal Reserve’s independence, and Wednesday’s decision is the first since Powell’s rebuke of a criminal Department of Justice investigation into him. The central bank chair, whose term expires in May, called the inquiry a “pretext” to pressure him.

“The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the president,” Powell said in remarks in early January in response to a subpoena.

Last week, the Supreme Court heard arguments in a case examining whether Trump has the legal authority to remove Fed Governor Lisa Cook amid allegations of mortgage fraud.

Meanwhile, Fed Governor Stephan Miran’s term is set to expire this week. Trump picked Miran to temporarily fill the seat vacated by Adriana Kugler in August while seeking a more permanent replacement.

Miran was one of two central bank governors who voted to lower interest rates alongside Christopher Waller.

The developments come as Trump searches for a new Fed chair. He has explicitly called for further interest rate cuts and for a chairman who shares his views.

“Anybody that disagrees with me will never be the Fed Chairman!” Trump said in a post on Truth Social in December.

The political pressure has caught the attention of global central banks as well.

“The Federal Reserve is the biggest, most important central bank in the world, and we all need it to work well. A loss of independence of the Fed would affect us all,” Bank of Canada Governor Tiff Macklem said on Wednesday. Canada’s central bank held rates steady ahead of the US central bank’s decision.

Macklem was one of the central bank heads who earlier this month issued a joint statement backing Powell. Last September, Macklem said Trump’s attempts to pressure the Fed were starting to hit markets.

The Dow Jones Industrial Average is flat, as is the Nasdaq, and the S&P 500 is down 0.1 in midday trading.

Source link