Day: June 18, 2020

Two More Suspects Charged for Burning Down Minneapolis Third Precinct

Matt Naham

Two suspects have been charged in connection with the arson of the Minneapolis Police Department’s (MPD) 3rd Precinct. The station was torched days after the George Floyd was killed by Minneapolis police.

a group of people performing on stage in front of a crowd © Provided by Law & Crime The U.S. Attorney’s Office (USAO) for the District of Minnesota that 26-year-old Bryce Michael Williams of Staples, Minnesota has been charged with the federal crime of conspiracy to commit arson.  The USAO said that a masked and baseball cap wearing Williams was taken into custody on Tuesday and appeared in court on Wednesday.

Authorities claim that a man identified as Williams was seen on police station surveillance video holding a Molotov cocktail as unnamed individuals attempted to light the wick. Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) say that videos posted on Williams’s TikTok showed the defendant wearing clothes that matched video of the clothing of the person holding the Molotov cocktail. The USAO said Williams’s face was visible in a different video.

On Tuesday, United States Attorney Erica H. MacDonald that 22-year-old Breckenridge, Colorado man Dylan Shakespeare Robinson was charged with aiding and abetting the arson of the Third Precinct.

a group of people posing for the camera: Braden Michael Wolfe, Dylan Shakespeare Robinson, Bryce Michael Williams © Provided by Law & Crime Braden Michael Wolfe, Dylan Shakespeare Robinson, Bryce Michael Williams

As in the case of Williams, authorities say Robinson was identified through police station surveillance footage and through video that was posted on the suspect’s social media account. There, Robinson allegedly typed some incriminating things, like “These guys have never made a Molotov… Rookies” and “We need gasoline”:

According to the allegations in the complaint, ATF investigators reviewed a video posted on ROBINSON’s Snapchat account that shows at least one individual appearing to make a Molotov cocktail while multiple unidentified voices provide directions on how to make the device. During the video, ROBINSON typed several comments, including “These guys have never made a Molotov… Rookies,” and “We need gasoline.” Investigators reviewed another Snapchat video in which ROBINSON can be seen setting a fire in a stairwell inside the Third Precinct.

The latest charges come just over a week after 23-year-old Braden Michael Wolfe of St. Paul, Minnesota was charged in connection with the arson of the Third Precinct.

Wolfe was also charged with aiding and abetting arson.

Authorities say Wolfe was wearing “body armor and a law enforcement duty belt and carrying a baton” when trying to get into a store where he worked as a security guard. He is now out of a job.

“WOLFE’s name was handwritten in duct tape on the back of the body armor. Law enforcement later recovered from WOLFE’s apartment additional items belonging to the Minneapolis Police Department, including a riot helmet, 9mm pistol magazine, police radio, and police issue overdose kit,” the USAO said in a press release. “According to the allegations in the complaint, during a law enforcement interview, WOLFE admitted to being inside the Third Precinct the night of the arson, to taking property from the building, and to pushing a wooden barrel into the fire. ”

Wolfe allegedly identified himself in photos in “multiple witness photographs depicting [himself] in front of the Third Precinct holding a police baton, with smoke and flames visible in the background.” The defendant allegedly admitted pushing a wooden barrel in a fire that had been started at the Third Precinct.

5 Retirement Planning Myths Busted (To Help You Plan Your Finances Better)

When it comes to financial myths related to retirement planning, there exists plenty. Thankfully, younger citizens are becoming more conscious by the day and are opening up to embracing less conventional financing options. However, even the most well-informed people can sometimes fall prey to some of the existing retirement planning myths. It’s high time we reboot our thinking process and break free from such shortsighted ideas today.

Here are 5 retirement planning myths that we really need to abolish as fast as possible.

Myth 1: There’s plenty of time to start retirement planning later

retirement plan

One of the biggest mistakes that you can commit is to procrastinate retirement planning. When someone in their 20s starts their career as a fresher, low income makes them think that it’s not feasible to start investing in retirement planning just now.

Well, this is probably the biggest mistake in your financial planning. People tend to think that when they start earning more at a later stage of life, it will be easier to spare money for investing in retirement plans. But they tend to forget that as they grow older, so do their responsibilities and expenditure. In short, it doesn’t get easier to start saving at a later stage of life.

Another important factor to consider here is that the later you start investing in your retirement plans, the more monthly investment you need to reach your target. It is easier to save $1000/month for 35 years than to save $3000/month for 15 years (and don’t forget about the amount of interest you’ll gain for the extra 20 years of investment).

Myth 2: I’ll inherit a lot of money from my parents/relatives

You might have rich parents or close relatives, but that does not secure your future as much as you think.

Firstly, you do not know when you will be able to inherit. It’s pretty possible that you are in your late sixties and they are still thriving and enjoying the fruits of their lifelong labor well into their nineties. In that case, you will not get any immediate benefit from their wealth.

Secondly, when they are not around anymore and you do inherit their property, you can never be sure of the amount. If your parents have lived throughout their eighties and their nineties, it’s pretty much possible that they have spent the major portion of their wealth on themselves owing to their luxury lifestyle, charities and other responsibilities, or even their medical expenditure.

In short, until you get your hands on it, you can never know how much you are going to get from inheritance. In any case, it’s not very prudent to depend on it and abandon saving up for yourself.

Myth 3: My monthly expenditure will decrease

Contrary to popular belief, your monthly expenditure will not decrease as much as you think. Many people tend to think that they will only need 50%-60% of their current income after retirement. But, unfortunately, that’s not true. Rather, your income will stop but your expenditure will remain almost the same. Vacations with family, joining a club, and attending social events are some of the few things that will require plenty of money.

And unless you have a solid health insurance plan, the skyrocketing medical costs will take another big chunk of your savings.

Myth 4: I won’t live much longer after retirement

This was true once, but not anymore. In the past, human lifespan used to be only 70-75 years, but with the blessings of modern medical sciences, it has significantly improved. A person with a healthy and active lifestyle can expect to live well into their late eighties to the early nineties. So, you need solid financial planning for at least 20-25 years of your life after retirement.

Myth 5: My spouse will take care of it

retirement savings plan

Depending on your spouse for post-retirement financial planning is not the best idea in the world. We don’t want to sound too negative, but of course, there are practical factors to keep in mind.

Firstly, things can go wrong in your relationship and you might end up being divorced.

If we still overlook the chances of that happening and believe you are going to live together happily ever after, there are still factors to consider. Most retirement plans work in a way that, if your spouse only covers himself/herself in their retirement policy, it will yield better payoff. But if they are opting for joint benefits, they will have to pay a lot more premium and the payoff will be lesser.

That’s why it’s a good idea to have individual investments for your spouse and yourself rather than opting for joint plans.

So, now we’ve busted the 5 biggest myths around retirement planning. We hope you make better decisions after reading this.

The post 5 Retirement Planning Myths Busted (To Help You Plan Your Finances Better) appeared first on Dumb Little Man.

Former Facebook exec thinks big tech will get broken up “over the next 10 years”

Investor Chamath Palihapitiya made part of his fortune at Facebook, where he was a vice president for more than four years, leaving one year before its 2012 IPO.

Though he has voiced concerns numerous times since about his former employer, he also believes it has played an active role in enabling users to report and disseminate important information. For example, he suggests it was smart phones and social media that has made so many Americans aware of the George Floyd tragedy and enabled citizens in the U.S. and at least 12 other countries to organize protests against racism. Without these platforms, he suggests, we might even be engaged in a traditional civil war in this country.

That doesn’t mean Facebook or others of its gigantic peers are any more immune to be regulated, however — not in his view.  As Palihapitiya said today of the companies during an online tech event: “Are they going to get broken up? Yes. Will every single government go after them? Absolutely.”

His more specific prediction is that Facebook, as well as Amazon, Google, and Apple, will continue to be investigated and fined by regulators around the world until they are no longer the leviathans they have become. “First, they’ll taxed to death, then they’ll get trust-busted,” said Palihapitiya.

He doesn’t think it will take all that much longer, either.

While investors are currently being rewarded for “going long” on the companies as they grow largely unabated, Palihapitiya said that, “on the margin, over the next 10 years . . . regulators will get their way” because “these internet companies undermine what regulators want, which is power. And the more you distribute power and information to the edges, the more in the crosshairs you will be.” (Palihapitiya noted that the only big tech company that hasn’t become a target of antitrust regulators is Microsoft, and he suggested it won’t be spared forever, either. He more or less thinks the company was given a break, following the consent decree approved in 2002 that curbed some of Microsoft’s practices and that only expired in 2011.)

Interestingly, no matter Facebook’s size going forward, Palihapitiya thinks the “pendulum will swing for it to be more sort of Middle America, the sort of ‘Fox News,’” of social media, as Twitter meanwhile swings to the “coastal cities in the United States.” It’s already easy to see these “demographic segmentations that are happening amongst these huge products,” he said.

The latter development may be much closer at hand. Kevin Roose, a New York Times columnist covering the intersection of technology, business and culture, occasionally tweets about the top-performing posts on Facebook. Yesterday, as is often the case, the searches skewed heavily toward conservative figures and themes.

Top-performing posts on Facebook today (link posts only, ranked by interactions, data from @crowdtangle) are from:

1. Donald J. Trump
2. Franklin Graham
3. Fox News
4. Fox News
5. Ben Shapiro
6. Ben Shapiro
7. Ben Shapiro
8. Blue Lives Matter
9. Occupy Democrats
10. Sean Hannity

— Kevin Roose (@kevinroose) June 16, 2020

Teased by interviewer Robin Wigglesworth of the FT about how Facebook might react to the comparison, Palihapitiya said matter-of-factly of the different platforms, “The content reinforces the kind of person that wants to be using them. It’s no different today than when you choose to watch MSNBC versus CBS versus Fox News.”

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