Morning Headlines - Friday, Mar. 10, 2023

U.S. and World Headlines

Silicon Valley Bank Halts Trading

Silicon Valley Bank suspended trading of its shares in the premarket on Friday pending an announcement, as the bank appeared to teeter on the brink of ruin.

Shares of SVB were down 44% in premarket trading, after slumping about 60% in the previous session, with investors concerned about the strength of its balance sheet. 

On Thursday night, Founders Fund, the venture capital fund co-founded by Peter Thiel, advised startups to pull their money from Silicon Valley Bank amid concerns about its financial stability, according to Bloomberg.

It came after parent company SVB Financial Group announced a massive equity raise to cover a $1.8 billion loss on the sale of bonds, which the bank was forced to liquidate to cover a steep decline in deposits.

McConnell’s Hospitalization Raises Questions For GOP’s Future

Senate Republicans found themselves shaken and disoriented Thursday after finding out their leader, Sen. Mitch McConnell (Ky.) was in the hospital after tripping at a private event, raising questions about his health and future leadership of the GOP conference.

McConnell, who in January became the longest serving party leader in Senate history, has led the Senate GOP conference since 2005 and has helped guide his colleagues through some of the biggest moments in recent history — the 2008 financial collapse, the near default of the U.S. government in 2011, the fiscal cliff of 2012, the two impeachment trials of former President Trump and the Jan. 6, 2021, attack on the Capitol.

Manhattan D.A. Could Be Close To Charging Trump

The Manhattan District Attorney's Office has invited former President Donald Trump to testify before the grand jury investigating a "hush money" payment to an adult film star during the 2016 presidential campaign — a move that suggests Trump could face an indictment in the case, according to a source familiar with the matter.

In New York, the offer to testify often precedes an indictment. The New York Times first reported that Manhattan D.A. Alvin Bragg's office has offered Trump the chance to testify.

A Trump spokesperson said in a statement, "The Manhattan District Attorney's threat to indict President Trump is simply insane. For the past five years, the DA's office has been on a Witch Hunt, investigating every aspect of President Trump's life, and they've come up empty at every turn – and now this."

Iran And Saudi Arabia Agree To Restore Relations

Iran and Saudi Arabia have agreed to re-establish ties and reopen embassies within two months, according to Iranian and Saudi state media.

The agreement came on Friday after talks held in the Chinese capital, Beijing.

“As a result of the talks, Iran and Saudi Arabia agreed to resume diplomatic relations and re-open embassies … within two months,” Iranian news agency IRNA reported on Friday.

Iranian state media posted images and video described as being taken in China with the meeting. It showed Ali Shamkhani, the council’s secretary, with Saudi national security adviser Musaad bin Mohammed al-Aiban and Wang Yi, China’s most senior diplomat.

Daylight Saving Time: Here Are The Biggest Risks Of The ‘Spring Forward’

In the months to come, many Americans will be facing dark mornings — and with them, risks to their health and safety.

Clocks will shift forward in most of the U.S. on Sunday as daylight saving time begins, resulting in later sunrises and sunsets across the country.

Both sleep experts and motor vehicle organizations caution that darker mornings pose health risks and can heighten the threat of driver-related accidents.

To head off these risks, they recommend adjusting sleep schedules in the days before the change and making sure cars are as safe as possible to drive by checking headlights and tire pressure.

Wisconsin Headlines

Janet Protasiewicz, Daniel Kelly On Wisconsin Redistricting

On April 4, voters will choose between Janet Protasiewicz and Daniel Kelly and determine the future ideological balance of the Wisconsin Supreme Court. But that same election will determine whether the court will look backwards as well.

“So that’s when I say, yes, those maps are rigged,” said Protasiewicz, who has made clear she believes Wisconsin’s legislative maps are gerrymandered in favor of Republicans.

Protasiewicz said the state Supreme Court erred twice on its path to approving those maps.

The first error came in 2021 when the court’s conservative majority announced they would not draw new legislative boundaries, but would instead choose from maps submitted by Gov. Tony Evers and the Republican-controlled Legislature.

State Trooper Hit By Car On I-94

A Wisconsin State Patrol Trooper is hurt after he was hit by a car on I-94.

According to the Dunn County Sheriff’s Office, the crash happened in the Town of Lucas just before 10 p.m. Thursday night.

Sheriff Kevin Bygd reports the trooper was investigating an unrelated crash in the westbound lanes of the interstate, when a car with three women inside it hit the trooper and the pickup truck he was standing next to. The trooper was taken to the hospital with non-life-threatening injuries. The two men inside the pickup were not hurt; neither were the women inside the car.

More Than 1.6M Wisconsinites Will Soon Need To Renew Medicaid Enrollment Or Risk Losing Coverage

More than 1.6 million Wisconsinites will soon need to apply to renew their Medicaid enrollment or risk losing health coverage.

In exchange for extra funding to state health departments during the COVID-19 public health emergency, Congress passed a law in March 2020 that prevented states from kicking people out of Medicaid programs. That meant many of those already enrolled as of mid-March 2020 could stay enrolled without needing to renew.

But that is set to change after federal lawmakers voted in December of last year to phase out the continuous coverage requirement. Now, state health officials are warning the more than 1.6 million Wisconsin residents enrolled in BadgerCare Plus and other Medicaid programs to be on the lookout for renewal deadlines that will come up between June 2023 and May 2024.

They're also urging Wisconsinites to update their contact information in their online Access portals, so the health department can send them a packet, which will let them know when they have 45 days to renew. Members should not attempt to renew coverage until they receive that packet, since renewing too early could result in premature termination of existing coverage, state officials say.

State Appeals Court Finds Assembly Violated Records Law In Gruszynski Harassment Case

A state appeals court ruled the Assembly violated the state’s open records law when it initially denied outright a media request for documents related to allegations then-state Rep. Staush Gruszynski had sexually harassed a legislative staffer.

The court yesterday also ruled the Assembly violated the law when it later provided redacted documents, adding the media outlets that sued for the documents are entitled to attorneys’ fees.

The attorneys representing the Wisconsin State Journal, The Associated Press, The Capital Times, the Milwaukee Journal Sentinel and open records advocate Jonathan Anderson praised the ruling.

“The court agreed with us that the Assembly’s initial denial of the records requests and nearly all of the challenged redactions were unlawful,” said attorneys Christa Westerberg and Tom Kamenick. “The court also reaffirmed that judges have the power to rule on whether an initial delay or denial was illegal, even if the custodian turns over records after the lawsuit is filed.”

Bills Relating To School Security Pass Assembly Education Committee

Legislation requiring Wisconsin high schools to collect data on crimes including sexual assault and homicide passed the Assembly education committee Wednesday.

The bill’s author, Representative Cindi Duchow (R-Delafield) said parents want to know what’s happening in their school. “They want to know what’s happening their school at 8am, and at 8pm. Because I don’t care if it’s somebody from outside the school that comes in and does something wrong. That’s someone who’s in my building where my kid is, and I want to know that.”