Fri 8/25 - Biden Admin Restores Medicaid to TX Individuals, JPMorgan Wins Under Howey, RFK Loses ...

On this day in history, August 25, 1921, the U.S.–German Peace Treaty was signed in Berlin, marking a significant moment in the aftermath of World War I. The treaty was necessitated by the U.S. Senate's refusal to ratify the multilateral peace treaty signed in Versailles, leading to a separate peace agreement with Germany. The U.S. had declared war on Germany on April 6, 1917, and was part of the Allied Powers that defeated the German Empire. The end of the war saw the overthrow of the German monarchy and the establishment of a republic. Spoiler alert for those that haven’t read the next chapter in the metaphorical history book yet, that would not go well.
The U.S. Senate's objections to the Versailles Treaty were largely due to its provisions regarding the League of Nations. As a result, the U.S. and Germany began negotiations for a bilateral peace treaty, culminating in the signing of the treaty on August 25, 1921. The treaty became effective on November 11, 1921, after ratifications were exchanged in Berlin. It laid the foundations for American-German cooperation outside the strict supervision of the League of Nations, partially assisting the Weimar Republic in easing the burden of war reparations. Diplomatic relations were reestablished, and a supplementary treaty was signed in 1922 to decide the amount of reparations to be paid by Germany to the U.S. The signing of the treaty also led to the retirement of the Morgan silver dollar in favor of the new Peace dollar design, symbolizing a new era of peace and cooperation–in aspirations if not in reality. 
Treaty between the United States and Germany restoring friendly relations, signed at Berlin August 25, 1921 (https://history.state.gov/historicaldocuments/frus1919Parisv13/ch3subch1)
The Biden administration is collaborating with Texas to restore Medicaid coverage to approximately 90,000 individuals who had lost it erroneously, according to senior officials from the Centers for Medicare & Medicaid Services (CMS). The officials are working with the state's Medicaid agency to reinstate coverage back to the date when it was terminated. The restoration is expected to be completed by the end of the month. This move follows a letter from Democratic House members from Texas, urging the CMS to investigate reported problems at the Texas Medicaid agency. A whistleblower letter had alleged system failures leading to incorrect coverage terminations, affecting thousands of pregnant women and seniors. The Texas Democrats accused the state of not complying with federal Medicaid requirements and called for CMS intervention. Nearly 600,000 Texans have already lost Medicaid coverage in recent months, mostly due to procedural reasons. Legislators have warned of further "catastrophic coverage losses" as Texas sends renewal notices to more enrollees. Rep. Lloyd Doggett emphasized the need for swift federal action to prevent interruptions in care for disadvantaged families.
HHS Moves to Restore Medicaid Coverage to 90,000 in Texas (1) (https://news.bloomberglaw.com/health-law-and-business/hhs-moves-to-pause-medicaid-coverage-terminations-in-texas)
JPMorgan Chase & Co. has won a federal appeals court ruling that a $1.8 billion leveraged loan was not a security, marking a significant victory for the banking and private equity sectors. The ruling came in a securities fraud lawsuit related to a 2014 syndicated loan deal led by JPMorgan for drug-testing company Millennium Health, which later filed for bankruptcy. Currently, loan notes are not considered securities, so a ruling against JPMorgan could have had broad implications for the regulation of the leveraged loan market. If classified as securities, loans would require additional disclosures, more financial data, and quicker settlement of trades. The decision is seen as favorable for banks and private equity firms, which frequently use leveraged loans in buyout deals. Advocates for reclassifying leveraged loans have argued that it would bring transparency to an opaque part of the financial markets. The appeals court agreed with a lower court's dismissal of the plaintiff's fraud claims, finding that the notes were not securities. The Securities and Exchange Commission declined to offer its opinion on the matter, despite heavy lobbying from the Loan Syndications and Trading Association. The trustee had claimed that JPMorgan and other banks withheld crucial information about Millennium's troubles. The appeals court found that the notes did not meet three of the four factors required to be considered a security under U.S. law.
The test to determine whether a financial instrument is considered a security under U.S. law comes from the Supreme Court case of SEC v. W. J. Howey Co., 328 U.S. 293 (1946) (https://supreme.justia.com/cases/federal/us/328/293/) . This test is commonly referred to as the Howey Test, and it has four factors that must be considered:
* Investment of Money: There must be an investment of money o...

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