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Cryptocurrency Channel and Investor Newsletter Launches on TheStreet – TheStreet

Today, finance media company TheStreet announced the launch of a new content vertical, covering the rapid growth of the cryptocurrency ecosystem. The expansion will include Crypto Investor, a subscription newsletter for institutional and retail investors, chronicling Bitcoin adoption on Wall Street. The online destination and newsletter features partnerships with some of the leading voices and names in cryptocurrency and finance. Crypto Investor launches as a weekly newsletter subscription, retailing for $29.99 per month, or $299.99 annually and is positioned to be the preeminent guide and news source for the digital asset economy. A limited subscription offering of $199.99 annually is available now at Subscription.thestreet.com/crypto-investor.

TheStreets digital experience will feature a dedicated section for free daily cryptocurrency news coverage at TheStreet.com/crypto. Additionally, TheStreet has positioned a select team of experts to lead on its cryptocurrency editorial strategy, tapping Michael Bodley, formerly with Hedge Fund Alert, as Crypto Investors Editor-in-Chief. Bodley is joined by four other senior team members:

We believe that our offerings will be the most dynamic in the industry and we are committed to expanding our coverage and partnerships with the most influential leaders in the space, said Ross Levinsohn, CEO of Maven. Maven is the parent company of TheStreet and Sports Illustrated, Mavens platform powers more than 150 online media brand destinations.

Crypto Investor is the first cryptocurrency newsletter created specifically for retail and institutional investors. Powered by TheStreets editorial team, along with the new dedicated analysts and experts, Crypto Investor is positioned to be the authoritative voice on cryptocurrency within the investor community. A snapshot of Crypto Investor content that subscribers can expect:

Rob Barrett, Mavens President of Media, adds, TheStreet has launched several successful wealth-building investment and stock trading subscriptions; Crypto Investor reinforces TheStreets commitment to providing investors and TheStreet readers accredited expertise across the financial continuum.

TheStreet is a leading digital financial media company. We provide our readers and advertisers with a variety of subscription-based and advertising-supported content and tools through a range of online platforms, including websites, mobile devices, email services, widgets, blogs, podcasts and online video channels.

Maven (MVEN) is a technology platform empowering premium publishers who impact, inform, educate and entertain. Maven operates Sports Illustrated Media and TheStreet, and powers more than 150 online destinations including History, Maxim, and Biography. For more information, visit http://www.maven.io

###

Media Contact:

Rachael Fink

Communications Manager, Maven

Comms@maven.io

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Cryptocurrency Channel and Investor Newsletter Launches on TheStreet - TheStreet

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Bitcoin and taxes: EY cryptocurrency expert details what to know – Yahoo Money

The Daily Beast

David L. Ryan/GettyA new book on the Sackler familythe secretive billionaires who kept America in steady supply of OxyContincontains private emails that show the heirs complaining about how hard their lives were as they tried to downplay and shift blame for the deadly opioid crisis that left nearly half a million Americans dead.The messages, along with other revelations in Empire of Pain by Patrick Radden Keefe, shed light on how the Sacklers saw themselves not as beneficiaries of a company that invented, aggressively marketed, and profited from a dangerous drug, but as victims of a smear campaign. They also lay bare the internal tensions behind the familys public profile.In a 2017 email, Mortimer Sackler, son and namesake of one of the three brothers who co-founded Purdue Pharma, requested a $10 million loanand a possible additional $10 million...MAXfrom the family trust to fund his lavish lifestyle, with instructions to keep the cash infusion secret from his relatives.Start off with saying I am not happy, he wrote to a psychiatrist and leadership confidant named Kerry Sulkowicz. I am falling significantly behind financially.The heir was prepared to sell off artworks, jewelry, stock positions, but it would not be enough to get him into the black. I have been working for years on Purdue at what I consider to be a considerably discounted value relative to what MY TIME IS WORTH, Mortimer wrote. I am LOSING money by working in the pharma business.As for the secrecy, he conceded, the money could be reported in the trust accounts as loan/cash flow assistance to family members but not be specific... I dont want to hear my siblings opinion on this and I dont need more stress for this. I need to have this resolved... This needs to happen, the only question is how much DRAMA will be needed for this to happen.Historically, he added, his father, Mortimer Sr., who died in 2010, had been more than willing to help me.Feelings of aggrieved entitlement were not exclusive to Mortimer. When David Sackler, grandson of co-founder Raymond, got married, the book reveals, he wanted to buy a bigger apartment, but was snubbed by his father and boss, Richardthe man who oversaw and pushed the development of OxyContin more than anyone.On June 12, 2015, David wrote an email to his parents to voice some thoughts. He griped that as Richards assistant, he had worked hard to manage the family fortune and make the family richer. He was Richards right hand for everythinga grueling job because beyond pushing myself to excel, I work for a boss (Dad) with little understanding of what I do.All told, he wrote, it was quite literally the hardest job in the world. The Sackler familys Purdue Pharma invented and aggressively pushed OxyContin, the pain pill that sparked the opioid crisis. Erik McGregor/Getty The Sacklers have always publicly denied any wrongdoing related to the opioid crisis, but other emails show the private lengths they went to in order to downplay their own role in the disaster. In one correspondence, Mortimer insisted prescription opioids had little to do with addiction, casting doubt on whether a crisis even existed.In a Feb. 17, 2019, email, Mortimer ranted to family that prescription opioids are NOT the CAUSE of drug abuse, addiction, or the so called opioid crisis,setting off the phrase in scare quotes throughout the message to underscore his skepticism. I also dont think we should use the term opioid crisis or even opioid addiction crisis in our messaging, he added, favoring the terms drug abuse and addiction.The same day, Mortimers cousin, Jonathan, who died from cancer in July, suggested the familys predicament resembled that of the millions imprisoned in Americas bloated carceral system.In a message to two high-profile lawyers and a publicist, Jonathan fingered the tort bar, which he believed had framed pharmaceuticals as the bad guyjust the latest in a series of injustices the judicial system had wrought upon innocents. The billionaire scion compared his familys plightthe legal consequences of peddling faulty science to convince physicians to prescribe their medication in monumental quantities for long-term useto mass incarceration.The problem, Jonathan wrote, wasnt the family or its myriad businesses, or anything either had done, but how the narrative had been framed. The media is eager to distort and portray anything we say or do as grotesque and evil, he griped. To that end, it makes sense that almost none of the Sacklers agreed to comment for and instead militantly fought the publication of Keefes book, which tells the familys story from the birth of patriarch Arthur Sackler in 1913; to the founding of the original company, Purdue Frederick, with his two brothers in 1952; up until the Congressional hearing on its subsidiary Purdue Pharmas role in the opioid crisis at the end of 2020.In Empire of Pain, Keefe paints the picture of a family rife with contradictionsa dynasty that carefully distanced themselves from their company (named, not for the founders, but for its initial office building), while internally micro-managing its operations and siphoning billions into their personal coffers; one that refrained from all publicity, but spent decades slapping the family name on everything from entire museums to minor architectural features, like the Tate Moderns Sackler Escalator.Perhaps the most salient irony concerned the Sacklers stance on mental illness. At the start of his career, it was Arthur Sackler who pioneered the idea that diseases of the mind were not immutable problems brought on by genes or Freudian trauma, but flukes of brain chemistry that could be altered with medication. And yet for decades, his heirs have blamed the rampant abuse of their product, not on the medication itself, but on the intrinsic character of their customerswhom they derided as criminals with addictive personalities.That attitude is reflected in the emails Keefe obtained. In a Dec. 18, 2018, message, the younger Mortimer questioned whether the data on opioid-related overdoses had been fraudulently inflated, asking Purdues general counsel and other attorneys if any victims had taken out life insurance policies. Some insurers, he noted, paid out for accidental drug overdoses, but not suicides. I believe it is fair to assume, he wrote, that some proportion of the overdoses are actually suicides.The Sacklers utter lack of empathy for sufferers of addiction and mental illness carries particular weight, because both afflictions devastated those close to them. In 1975, Robert Bobby Sackler, the first son of founding brother Mortimer Sackler Sr., died at the age of 24. Bobby had struggled with mental illness; Keefe confirmed with the familys former housekeeper of three decades that he had spent time in a psychiatric facility not long before his death. Robert was very distraught. He was off the charts, a friend of his mother told Keefe. Recalling an instance when Bobby had been found wandering Central Park entirely naked, the friend remarked: Probably, it was drugs.Bobby had used PCP, the hallucinatory tranquilizer known as angel dust, the former housekeeper confirmed. Decades later, Bobbys sister would hint at a heroin addiction in a deposition, without mentioning her brother by name. The circumstances of his death remain unclear. On a Saturday morning, after an audible argument in his mothers New York apartment, the doorman heard the crash of breaking glass and a loud thud. Bobby had fallenor jumpednine stories from the apartment window. There is almost no other information about Bobbys life or death. The Sacklers rarely speak about him.Bobby never used OxyContin; he died before it was invented. But others in the Sackler orbit did. For decades, the family employed an attorney named Howard Udell, a figure so intensely loyal he invites comparisons to Tom Hagen in The Godfather (when Udell died, they would hang a giant portrait of him in the office). For two of those decades, Udell worked with a secretary referred to in the book by a pseudonym: Martha West.In 1999, West recalled in testimony years later, Udell instructed her to research ways people were abusing OxyContin (notably, the Sacklers long maintained they only became aware of abuse risks in 2000). She would log into various online forums to scour drug discussions using the pseudonym Ann Hedonia, a pun on the word anhedonia, meaning an inability to feel pleasure. As Keefe recounts, West later wrote a memo about users who reported crushing OxyContin tablets, sucking the time-release coating off, snorting the drug, cooking it, [and] shooting it with a hypodermic needle.The underlying tragedy of Wests memo (which mysteriously disappeared, but was found in a Department of Justice investigation years after) is that she would later resort to similar methods. After a bout of back pain, West explained, she began taking Oxy. Its effects were supposed to last 12 hours, but West found they wore off much earlier, so she started taking pills for immediate release by crushing the drug and snorting it. She became addicted. Though she had been sober for eight years, she began drinking again and using other substances to deal with Oxy withdrawal. Purdue fired her for poor work performance and West later filed an unsuccessful lawsuit against the company. When she was supposed to testify in a 2006 lawsuit filed by Virginia prosecutors against Purdue for felony misbranding, West never showed. Her lawyer found her the next morning, Keefe wrote, in the emergency room of a local hospital, where she had shown up to beg the staff for painkillers. Among the millions who became addicted to OxyContin was a trusted Purdue secretary, according to Empire of Pain. Getty Hundreds of thousands like West suffered from the Sacklers drug empire, but as Keefe notes, most will not receive compensation or reparations of any kind. In 2019, in response to the 2,500 lawsuits brought by a range of litigants from school districts to Native American tribes, Purdue Pharma filed for bankruptcya move which typically freezes all legal proceedings against the complainant. Perhaps oddly for a company headquartered in Stamford, Connecticut, Purdue filed in White Plains, New York, a district with a single bankruptcy judge who had a curious record. Years prior, the judge had ruled in a similar case to suspend all litigation against not only the bankrupted petitioner, but also some associates who were not even filing for bankruptcypeople like the Sacklers, who are still worth billions.In Purdues case, the judge did the same. His ruling rendered prosecutors powerless to pursue both the company and the family. Instead, the Department of Justice under Trump arranged a sweetheart settlement of $8 billion last fall, in which the company would plead guilty to three criminal charges and transition into a public trust. Almost none of the money will come from the Sacklers themselves, who also wont have to admit any wrongdoing.But Empire of Pain suggests an alternative legal interpretation. Back in the 1960s, before most of the living heirs were born, the original Sackler brothers entered into an agreement about what would happen to their business interests when they died. At the time, Purdue was nothing like what it became; the original iteration hawked more embarrassing treatments, like the laxative Senokot and the earwax remover Cerumenex. But Arthur Sackler already had a hand in many projects. He worked at the top advertising firm, William Douglas McAdams, where he pioneered pharmaceutical advertising by appealing directly to doctors themselves and helped make the tranquilizer Valium the most prescribed drug in America. He also had a secret stake in McAdams rival firm, L. W. Frohlich, whose president, Bill Frohlich, was a close friend.The three Sacklers and Frohlich made for a secretive coalition, referring to themselves as the musketeers, and together arranged a pact. Arthur tended to prefer verbal agreements, but this one had been drafted and formalized by an attorney, Richard Leather, who spoke to Keefe. In keeping with the slogan of Alexandre Dumas novel from which theyd taken their nicknameOne for all and all for onethe men agreed to pool their business holdings. When one died, the remaining three would inherit control of his businesses, instead of his heirs. When a second died, his holdings would go to the other two. The last survivor would get everything, until his deathwhen all would pass into a charitable trust. At various points, the original Sacklers harbored some sympathies for socialism. Even if their businesses did not at all hew to those ideals, the hope was that their inheritance would.The four men honored this pact at least once: when Frohlich died young, his stake into the company hed founded passed to the Sacklers. But Raymond and Mortimer Sackler, who had grown resentful of brother Arthurs power, cut him out of the estate. If a copy of the agreement still exists, it had disappeared by 1987, when Arthur died, leaving his collection of ex-wives and children to battle their cousins for cash.The Sackler family did not respond to Keefes queries about the four-way agreement. But Leather argues that it remains binding, meaning that the Sackler children and grandchildren should never have inherited Purdue, or pocketed its billions. The last of the four musketeers, Raymond, died in 2017. Nobody had a right in any of these assets. Those assets were to go to a charitable trust, Leather said. The Sacklers inheritance was, as he put it, a fraud.Read more at The Daily Beast.Got a tip? Send it to The Daily Beast hereGet our top stories in your inbox every day. Sign up now!Daily Beast Membership: Beast Inside goes deeper on the stories that matter to you. Learn more.

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Bitcoin and taxes: EY cryptocurrency expert details what to know - Yahoo Money

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Ether (ETH) at a fork in the road, faces key resistance at $2,700: Kraken – Markets Insider

Ethereum's cryptocurrency ether rose 35% in March, Kraken said.

Dado Ruvic/Reuters

Ethereum's cryptocurrency ether is at a fork in the road and faces a big test in climbing above $2,700, according to analysts at crypto exchange Kraken.

Kraken analysts, led by Pete Humiston, said in a review of the market on Wednesday that ether had jumped 35% and outperformed bitcoin's 30% gain in March.

Yet they said: "When looking at historical price action, ETH is at a bit of a fork in the road." The world's second-biggest cryptocurrency stood at around $1,990 on Thursday morning.

Kraken said on Wednesday that chart analysis suggested ether's next big level of resistance is around $2,700. If it passes this level, it could break into a higher band where the next resistance level is $5,000, the report suggested.

Yet the analysts added that there is a danger ether falls below the key support level of around $1,460, in which case it could drop into a lower trading band where the lower support level is $990.

However, cryptocurrencies' wild volatility means movements are hard to predict and makes technical analysis difficult.

Kraken's report also said that the second quarter has historically been a good one for ether, which is yet to see a negative return in the period.

Ether has shot up more than 1,000% over the last year as interest in cryptocurrencies has boomed. It touched an all-time high of around $2,150 earlier in April and has traded around $2,000 over the last week.

Developers on the Ethereum network are set to make major changes to the system in July. The alterations will change how transactions work and start to destroy ether coins, which some analysts have said could lead to the price soaring.

Billionaire investor Mark Cuban told the Unchained podcast on Tuesday that he was bullish on ether and the Ethereum network, thanks to its many applications, including non-fungible tokens and smart contracts.

Yet cryptocurrencies continue to divide the financial world. Economist Nouriel Roubini on Tuesday reiterated his charge that bitcoin and other cryptocurrencies are too volatile and difficult to use to be currencies, on Bloomberg TV.

He questioned that there was any value in bitcoin and called it a "self-fulfilling bubble."

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Ether (ETH) at a fork in the road, faces key resistance at $2,700: Kraken - Markets Insider

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Cryptocurrency’s Slow March Toward The Mainstream – WFAE

Wednesday, March 7, 2021

In 2010, the first economic transaction of bitcoin took place. A man bought two Papa Johns pizzas, valued at $25, in exchange for 10,000 bitcoins.

Today, a single bitcoin is worth nearly $60,000, and valued at todays price, those two pizzas effectively cost hundreds of millions of dollars.

Cryptocurrency is essentially digital money. Unlike the U.S. dollar, it is decentralized and uses an online ledger called blockchain.

Now, the surge in value has ramifications beyond the tech community, as PayPal is now allowing users to pay online with cryptocurrencies and Elon Musks company, Tesla, said it would start accepting bitcoin as payment.

But bitcoin is also notorious for being used in illegal transactions, such as buying and selling drugs online.

What is the future of currencies designed to circumvent the traditional banking infrastructure? And is it just a matter of time before the U.S. dollar is a relic of a bygone era?

GUESTS

Anna Irrera, chief financial technology correspondent at Reuters

Peter Van Valkenburgh, director of research at Coin Center

Carol Goforth, professor of law at the University of Arkansas at Fayetteville, specialist in cryptocurrency regulation

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Cryptocurrency's Slow March Toward The Mainstream - WFAE

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Cryptocurrency market in S’pore remains small, says Tharman – The Straits Times

The size of the cryptocurrency market in Singapore remains small, Senior Minister Tharman Shanmugaratnam has said.

The combined peak daily trading volumes of three major SGD-quoted cryptocurrencies - Bitcoin, Ethereum and XRP2 - was 2 per cent of the average daily trading volume of securities on the Singapore Exchange last year, he pointed out on Monday.

Mr Tharman, who is also chairman of the Monetary Authority of Singapore (MAS), was responding in writing to questions in Parliament from Mr Desmond Choo (Tampines GRC) and Mr Murali Pillai (Bukit Batok) on the crypto asset market in Singapore and how these exchanges are regulated.

Cryptocurrencies like Bitcoin, which may be used for payment purposes, are one of two common types of crypto assets, said Mr Tharman. They can be highly volatile as their value is typically not related to economic fundamentals, he added.

"They are hence highly risky as investment products, and certainly not suitable for retail investors," said Mr Tharman, who noted that MAS had issued numerous consumer advisories to warn the public of the risks of trading these products.

Securities tokens, which are digital representations of traditional securities such as shares and bonds, are another common type of crypto assets.

Mr Tharman said the size of the securities tokens market is also small in Singapore.

Only three of the more than 60 recognised market operators currently regulated by MAS under the Securities and Futures Act offer the trading of securities tokens. Trading volumes are very small.

Recognised market operators are also not allowed to offer their products to retail investors.

MAS has taken steps on three fronts to address the money laundering and terrorism financing risks related to cryptocurrencies.

Firstly, digital payment token service providers need to be licensed.

These providers are entities involved in providing cryptocurrency-related services. They must comply with Anti-Money Laundering/Combating the Financing of Terrorism requirements, such as obligations to perform customer due diligence and transaction monitoring.

Secondly, MAS has stepped up surveillance of the cryptocurrency sector to identify suspicious networks and higher-risk activities for further supervisory scrutiny.

Finally, MAS is raising public awareness on the risks of investing in digital payment tokens. MAS will work with the Commercial Affairs Department to continue to raise public awareness on the risks, said Mr Tharman.

He noted that the crypto asset space is constantly evolving, but said MAS has been "closely monitoring developments and will continue to adapt its rules as needed to ensure that regulation remains effective and commensurate with the risks posed".

"Investors, on their part, should exercise extreme caution when trading cryptocurrencies," he added.

Digital payment token service providers need to be licensed.

MAS has stepped up surveillance of the cryptocurrency sector to identify suspicious networks and higher-risk activities for further supervisory scrutiny

MAS is raising public awareness on the risks of investing in digital payment tokens

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Cryptocurrency market in S'pore remains small, says Tharman - The Straits Times

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Cryptocurrency game: Is here to stay or will it crash? – Yahoo News

The Daily Beast

David L. Ryan/GettyA new book on the Sackler familythe secretive billionaires who kept America in steady supply of OxyContincontains private emails that show the heirs complaining about how hard their lives were as they tried to downplay and shift blame for the deadly opioid crisis that left nearly half a million Americans dead.The messages, along with other revelations in Empire of Pain by Patrick Radden Keefe, shed light on how the Sacklers saw themselves not as beneficiaries of a company that invented, aggressively marketed, and profited from a dangerous drug, but as victims of a smear campaign. They also lay bare the internal tensions behind the familys public profile.In a 2017 email, Mortimer Sackler, son and namesake of one of the three brothers who co-founded Purdue Pharma, requested a $10 million loanand a possible additional $10 million...MAXfrom the family trust to fund his lavish lifestyle, with instructions to keep the cash infusion secret from his relatives.Start off with saying I am not happy, he wrote to a psychiatrist and leadership confidant named Kerry Sulkowicz. I am falling significantly behind financially.The heir was prepared to sell off artworks, jewelry, stock positions, but it would not be enough to get him into the black. I have been working for years on Purdue at what I consider to be a considerably discounted value relative to what MY TIME IS WORTH, Mortimer wrote. I am LOSING money by working in the pharma business.As for the secrecy, he conceded, the money could be reported in the trust accounts as loan/cash flow assistance to family members but not be specific... I dont want to hear my siblings opinion on this and I dont need more stress for this. I need to have this resolved... This needs to happen, the only question is how much DRAMA will be needed for this to happen.Historically, he added, his father, Mortimer Sr., who died in 2010, had been more than willing to help me.Feelings of aggrieved entitlement were not exclusive to Mortimer. When David Sackler, grandson of co-founder Raymond, got married, the book reveals, he wanted to buy a bigger apartment, but was snubbed by his father and boss, Richardthe man who oversaw and pushed the development of OxyContin more than anyone.On June 12, 2015, David wrote an email to his parents to voice some thoughts. He griped that as Richards assistant, he had worked hard to manage the family fortune and make the family richer. He was Richards right hand for everythinga grueling job because beyond pushing myself to excel, I work for a boss (Dad) with little understanding of what I do.All told, he wrote, it was quite literally the hardest job in the world. The Sackler familys Purdue Pharma invented and aggressively pushed OxyContin, the pain pill that sparked the opioid crisis. Erik McGregor/Getty The Sacklers have always publicly denied any wrongdoing related to the opioid crisis, but other emails show the private lengths they went to in order to downplay their own role in the disaster. In one correspondence, Mortimer insisted prescription opioids had little to do with addiction, casting doubt on whether a crisis even existed.In a Feb. 17, 2019, email, Mortimer ranted to family that prescription opioids are NOT the CAUSE of drug abuse, addiction, or the so called opioid crisis,setting off the phrase in scare quotes throughout the message to underscore his skepticism. I also dont think we should use the term opioid crisis or even opioid addiction crisis in our messaging, he added, favoring the terms drug abuse and addiction.The same day, Mortimers cousin, Jonathan, who died from cancer in July, suggested the familys predicament resembled that of the millions imprisoned in Americas bloated carceral system.In a message to two high-profile lawyers and a publicist, Jonathan fingered the tort bar, which he believed had framed pharmaceuticals as the bad guyjust the latest in a series of injustices the judicial system had wrought upon innocents. The billionaire scion compared his familys plightthe legal consequences of peddling faulty science to convince physicians to prescribe their medication in monumental quantities for long-term useto mass incarceration.The problem, Jonathan wrote, wasnt the family or its myriad businesses, or anything either had done, but how the narrative had been framed. The media is eager to distort and portray anything we say or do as grotesque and evil, he griped. To that end, it makes sense that almost none of the Sacklers agreed to comment for and instead militantly fought the publication of Keefes book, which tells the familys story from the birth of patriarch Arthur Sackler in 1913; to the founding of the original company, Purdue Frederick, with his two brothers in 1952; up until the Congressional hearing on its subsidiary Purdue Pharmas role in the opioid crisis at the end of 2020.In Empire of Pain, Keefe paints the picture of a family rife with contradictionsa dynasty that carefully distanced themselves from their company (named, not for the founders, but for its initial office building), while internally micro-managing its operations and siphoning billions into their personal coffers; one that refrained from all publicity, but spent decades slapping the family name on everything from entire museums to minor architectural features, like the Tate Moderns Sackler Escalator.Perhaps the most salient irony concerned the Sacklers stance on mental illness. At the start of his career, it was Arthur Sackler who pioneered the idea that diseases of the mind were not immutable problems brought on by genes or Freudian trauma, but flukes of brain chemistry that could be altered with medication. And yet for decades, his heirs have blamed the rampant abuse of their product, not on the medication itself, but on the intrinsic character of their customerswhom they derided as criminals with addictive personalities.That attitude is reflected in the emails Keefe obtained. In a Dec. 18, 2018, message, the younger Mortimer questioned whether the data on opioid-related overdoses had been fraudulently inflated, asking Purdues general counsel and other attorneys if any victims had taken out life insurance policies. Some insurers, he noted, paid out for accidental drug overdoses, but not suicides. I believe it is fair to assume, he wrote, that some proportion of the overdoses are actually suicides.The Sacklers utter lack of empathy for sufferers of addiction and mental illness carries particular weight, because both afflictions devastated those close to them. In 1975, Robert Bobby Sackler, the first son of founding brother Mortimer Sackler Sr., died at the age of 24. Bobby had struggled with mental illness; Keefe confirmed with the familys former housekeeper of three decades that he had spent time in a psychiatric facility not long before his death. Robert was very distraught. He was off the charts, a friend of his mother told Keefe. Recalling an instance when Bobby had been found wandering Central Park entirely naked, the friend remarked: Probably, it was drugs.Bobby had used PCP, the hallucinatory tranquilizer known as angel dust, the former housekeeper confirmed. Decades later, Bobbys sister would hint at a heroin addiction in a deposition, without mentioning her brother by name. The circumstances of his death remain unclear. On a Saturday morning, after an audible argument in his mothers New York apartment, the doorman heard the crash of breaking glass and a loud thud. Bobby had fallenor jumpednine stories from the apartment window. There is almost no other information about Bobbys life or death. The Sacklers rarely speak about him.Bobby never used OxyContin; he died before it was invented. But others in the Sackler orbit did. For decades, the family employed an attorney named Howard Udell, a figure so intensely loyal he invites comparisons to Tom Hagen in The Godfather (when Udell died, they would hang a giant portrait of him in the office). For two of those decades, Udell worked with a secretary referred to in the book by a pseudonym: Martha West.In 1999, West recalled in testimony years later, Udell instructed her to research ways people were abusing OxyContin (notably, the Sacklers long maintained they only became aware of abuse risks in 2000). She would log into various online forums to scour drug discussions using the pseudonym Ann Hedonia, a pun on the word anhedonia, meaning an inability to feel pleasure. As Keefe recounts, West later wrote a memo about users who reported crushing OxyContin tablets, sucking the time-release coating off, snorting the drug, cooking it, [and] shooting it with a hypodermic needle.The underlying tragedy of Wests memo (which mysteriously disappeared, but was found in a Department of Justice investigation years after) is that she would later resort to similar methods. After a bout of back pain, West explained, she began taking Oxy. Its effects were supposed to last 12 hours, but West found they wore off much earlier, so she started taking pills for immediate release by crushing the drug and snorting it. She became addicted. Though she had been sober for eight years, she began drinking again and using other substances to deal with Oxy withdrawal. Purdue fired her for poor work performance and West later filed an unsuccessful lawsuit against the company. When she was supposed to testify in a 2006 lawsuit filed by Virginia prosecutors against Purdue for felony misbranding, West never showed. Her lawyer found her the next morning, Keefe wrote, in the emergency room of a local hospital, where she had shown up to beg the staff for painkillers. Among the millions who became addicted to OxyContin was a trusted Purdue secretary, according to Empire of Pain. Getty Hundreds of thousands like West suffered from the Sacklers drug empire, but as Keefe notes, most will not receive compensation or reparations of any kind. In 2019, in response to the 2,500 lawsuits brought by a range of litigants from school districts to Native American tribes, Purdue Pharma filed for bankruptcya move which typically freezes all legal proceedings against the complainant. Perhaps oddly for a company headquartered in Stamford, Connecticut, Purdue filed in White Plains, New York, a district with a single bankruptcy judge who had a curious record. Years prior, the judge had ruled in a similar case to suspend all litigation against not only the bankrupted petitioner, but also some associates who were not even filing for bankruptcypeople like the Sacklers, who are still worth billions.In Purdues case, the judge did the same. His ruling rendered prosecutors powerless to pursue both the company and the family. Instead, the Department of Justice under Trump arranged a sweetheart settlement of $8 billion last fall, in which the company would plead guilty to three criminal charges and transition into a public trust. Almost none of the money will come from the Sacklers themselves, who also wont have to admit any wrongdoing.But Empire of Pain suggests an alternative legal interpretation. Back in the 1960s, before most of the living heirs were born, the original Sackler brothers entered into an agreement about what would happen to their business interests when they died. At the time, Purdue was nothing like what it became; the original iteration hawked more embarrassing treatments, like the laxative Senokot and the earwax remover Cerumenex. But Arthur Sackler already had a hand in many projects. He worked at the top advertising firm, William Douglas McAdams, where he pioneered pharmaceutical advertising by appealing directly to doctors themselves and helped make the tranquilizer Valium the most prescribed drug in America. He also had a secret stake in McAdams rival firm, L. W. Frohlich, whose president, Bill Frohlich, was a close friend.The three Sacklers and Frohlich made for a secretive coalition, referring to themselves as the musketeers, and together arranged a pact. Arthur tended to prefer verbal agreements, but this one had been drafted and formalized by an attorney, Richard Leather, who spoke to Keefe. In keeping with the slogan of Alexandre Dumas novel from which theyd taken their nicknameOne for all and all for onethe men agreed to pool their business holdings. When one died, the remaining three would inherit control of his businesses, instead of his heirs. When a second died, his holdings would go to the other two. The last survivor would get everything, until his deathwhen all would pass into a charitable trust. At various points, the original Sacklers harbored some sympathies for socialism. Even if their businesses did not at all hew to those ideals, the hope was that their inheritance would.The four men honored this pact at least once: when Frohlich died young, his stake into the company hed founded passed to the Sacklers. But Raymond and Mortimer Sackler, who had grown resentful of brother Arthurs power, cut him out of the estate. If a copy of the agreement still exists, it had disappeared by 1987, when Arthur died, leaving his collection of ex-wives and children to battle their cousins for cash.The Sackler family did not respond to Keefes queries about the four-way agreement. But Leather argues that it remains binding, meaning that the Sackler children and grandchildren should never have inherited Purdue, or pocketed its billions. The last of the four musketeers, Raymond, died in 2017. Nobody had a right in any of these assets. Those assets were to go to a charitable trust, Leather said. The Sacklers inheritance was, as he put it, a fraud.Read more at The Daily Beast.Got a tip? Send it to The Daily Beast hereGet our top stories in your inbox every day. Sign up now!Daily Beast Membership: Beast Inside goes deeper on the stories that matter to you. Learn more.

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UTRGV Just Won Its Third Consecutive National Chess Championship – Texas Monthly

WHO: The stunningly talented members of the University of Texas Rio Grande Valley chess team.

WHAT: The team just snagged its third consecutive national title.

WHY ITS SO GREAT:When you think of South Texas, you probably dont think of chess. But you absolutely should. Brownsville, the working-class, primarily Hispanic city just across the Rio Grande from Matamoros, has quietly become an international chess powerhouse. Over the last decade, the University of Texas Rio Grande Valleys Vaqueros chess team (motto: Dominate the board) has risen through the ranks, establishing itself as one of the best collegiate teams in the nationand, arguably, the world. On Sunday, the Vaqueros bested Webster University 3.50.5 to take home their third consecutive national title at the Presidents Cup, aka the Final Four of college chess.

It was not an easy win, says Bartek Macieja, who has coached the team since 2012. The Vaqueros initially lagged behind the Gorloks of Webster University; as five-time champion, the Missouri team was the favorite. After five rounds, we were still in the second position...We knew we had to completely crush them. And thats what we did.

Macieja, a chess grandmaster who moved to Texas from his native Warsaw, Poland, after UTRGV recruited him for the coaching job, is himself a key factor in the teams success. He was named European champion in 2002yknow, no big dealand has twice won the Polish national title. When UTRGV came calling, he was looking for a new challenge. I still compete with the Polish national team, and I knew I could do that for many more years, or I could try this, Macieja says. He knew nothing about South Texas before he moved for the job, but today hes a loyal Texan: I am very proud that Brownsville has become so famous for chess, not only in Texas or even the United States, but the entire world.

This weeks win isnt the only recent victory for the Vaqueros. In February, the UTRGV students beat 125 other teams to win the Kasparov Chess Foundation University Cup, which came with a prize they all geeked out about: a private training session with Garry Kasparov, one of the all-time greats.

The teams sixteen members hail from ten countries: Armenia, Azerbaijan, France, Georgia, Kazakhstan, Poland, Russia, Ukraine, and Venezuelaplus two Texans. Many of the players receive full scholarships, which are funded in part by the students of UTRGV; a portion of the student activity fee goes to chess. The students have voted to say that our team is one they want to support, says Douglas Stoves, an associate dean who oversees the chess program. He says the team enjoys strong support from the campus community, as well as from Brownsville at largenot unlike the way another town might cheer for a football or basketball squad. At some point, it was decided that [chess] was going to be more than just a nice thing to do, he says, and it became a regional success story.

As Texas Monthlys Katy Vine reported in 2007, Brownsvilles path to chess domination can be traced as far back as 1989. Thats when a teacher named Jose Juan J. J. Guajardo started a chess program at Emaline B. Russell Elementary. The school clinched seven consecutive state titles from 1993 to 1999, and the local chess scene ballooned from there. Another catalyzing event came in 2003, when a former high-school chess star named Clemente Rendon moved home to Brownsville and helped start the college team. Now, according to Macieja, almost every K-12 public school in Brownsville has some kind of chess program.

Not long ago, there was a big scholastic tournament in London, and they were proud that they had over one hundred [players], Macieja says. Well, here in Brownsville, before the pandemic, we had six hundred kids competing every second or third weekend! The college team regularly holds workshops in the local schools, so the kindergarten-through-campus pipeline has come full circle.

Stoves also credits Juliet Garcia, former UT-Brownsville president, for championing chess at the college level: She saw the potential, and she understood that because of the socioeconomic reality of South Texas, this was something that could be accessible. As extracurricular pursuits go, chess is affordable: you need only a board and someone to play with. These days, a board is often swapped for a laptopsince COVID struck, the Vaqueros have trained and played all their matches online. You can watch their most recent win on Twitch.

Macieja says he couldnt be prouder of his team. Its really an amazing story, how we did it by defeating our biggest rival. Everybody was celebrating. As the team is still quarantining at home, the victory party was a little muted this year. The players couldnt gather in person, but the group chat on WhatsApp was going like crazy, Macieja laughs.

UTRGV, by the way, wasnt the only team from the Lone Star State in the Final Four: Texas Tech came in fourth. UT Dallas is also extremely good, having finished fourth in the Kasparov Cup. Next time you think Texas, you better think chess.

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UTRGV Wins ‘Final Four’ Of Chess For Third Time Against Favored Rival Team – Texas Standard

The term final four is most often associated with college basketball and March Madness. But it also applies to another collegiate sport; chess. And last Sunday, the University of Texas-Rio Grande Valley took home the Presidents Cup Chess Championship for the third consecutive time.

That was an amazing feeling for us. said Bartek Macieja, chess grandmaster and UT RGV chess coach since 2012. The competition was really tough, very close. We were not leading the entire competition. We were on the second place, but in that last round we played so well that we managed to defend our championship title, the one which we won on in 2019, and then in 2018 for the first time.

Due to the pandemic, there was no Presidents Cup tournament in 2020. And this year, instead of playing face-to-face the teams played online.

Macieja says even though UTRGV won the previous two championships, they were not the favorite to win.

The Rio Grande Valley, and Brownsville in particular, is a chess hot spot. Players from the area consistently place and win in national and international tournaments like the Kasparov Chess Foundation University Cup.

Webster University, Macieja says had won the previous five consecutive championships from 2012 to 2017. And then they were still the favorites in 2018 but we defeated them. And in 2019 the same happened. And now 2021 again.

Since UTRGV wasnt leading at the time of the final match, Macieja says in order for them to win, it had to be a blowout.

Actually, the last round, he said the one I mentioned in order to defend our championship title, we had to not only win it against a Webster University, but literally you had to crush them to secure our first spot. And thats what happened. And that was really extraordinary effort of my students. Im really proud of them. Everybody was super motivated and weve made it.

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Teenager killed in crash, a chess master, musician and investor, ‘represented the best of Pomperaug’ – The Wilton Bulletin

SOUTHBURY The 17-year-old Pomperaug High School student killed in a rollover crash Monday night is remembered by loved ones as an athletic and talented young man with a wide variety of interests.

Ryan Anthony Rutledge died at the scene of a single-vehicle crash on Roxbury Road after the 2020 Jeep Wrangler he was driving went over a wire cable guardrail and crashed down an embankment.

Our community is hurting, Pomperaug High School Principal Paul Jones said Wednesday morning. Ryan was a great young man and (his death) is a huge loss.

Another Pomperaug student a 16-year-old girl from Woodbury was seriously injured in the crash and transported to Waterbury Hospital. A GoFundMe started Wednesday morning to help the hospitalized teen has raised more than $27,000.

Police said she and Rutledge were both ejected from the Jeep after it veered off Roxbury Road, crashed through a wire rope guide rail and went down an embankment into the Pomperaug River.

This tragic event has impacted our whole school community, Jones said.

Rutledge was a junior at Pomperaug High School, where he not only participated in several sports including football, lacrosse, skiing, weight-lifting and golf but was also enrolled in AP courses and achieving high honors, according to his obituary.

Jones said Rutledge was not only a great student and friend, but a hard-working, positive and caring person.

We all loved the dedication that Ryan brought to every situation, he said. He always had a smile and genuinely cared about those around him. It was through this humble spirit and that infectious smile that he was able to leave such a lasting mark on our school community.

Jones said Rutledge represented the best of Pomperaug and it was an honor to watch him grow.

We know that the leadership Ryan gave will continue to positively impact his peers in the classroom, on the football or lacrosse fields, and in our community as a whole, he said.

Rutledges family described him in the obituary as a master chess player, who also could play several instruments, solve a Rubiks Cube in seconds and enjoyed watching and investing in the stock market, saltwater fishing, sailing, snowmobiling and playing Xbox.

Ryan was loved vehemently by everyone who knew him, and he will be missed by many classmates, teammates, and friends, his obituary states.

In the wake of Monday nights tragedy, Pomperaug High School has made counselors, social worker and psychologists available to students in need of support. Jones said the school has also contacted a regional crisis team for additional support.

We will continue to support our students, staff and school community over the coming days, he said.

Rutledges wake will take place Thursday from 4 to 8 p.m. at Sacred Heart Church, and a privately held burial is scheduled for Friday at 1 p.m.

The fatal Monday night crash remains under investigation and anyone with information is asked to call the Southbury Police Department at 203-264-5912.

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Invitational chess tournament to be held in Benin for IDSDP | sportanddev.org – sportanddev.org

Three Nigerian organisations Heritage & Sports Colony Limited, Life and Chess Club, and CSED Initiative will be working together to hold an invitational chess tournament, as part of the nationwide event marking the International Day of Sport for Development and Peace (IDSDP) in Nigeria.

Thirty chess players, drawn from primary school, secondary school and university, will take part in this tournament. The winners will be presented with trophies and medals, and all participating students will receive a certificate of attendance at the end of the tournament. Five chess officials will supervise the players and the event.

The tournament organisers intend to use this event to promote the grassroots development of chess and, more importantly, to promote peace and unity in the local community.

The tournament aims to provide school-aged children and youth, especially girls, with more access to take part in sport events in the local community.

The collaborative effort also hopes to highlight the need to work together to bring about development and opportunities in the local community especially in a post-COVID world.

The event will be held in compliance with all COVID-19 safety protocols.

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