This Week’s Under-reported News Summary – July 27, 2022

Compiled by Bob Nixon

  • Banks in China's Henan province freezing millions of dollars in depositor accounts
  • Hedge fund billionaire spends $54 million fighting tax increase for wealthy
  • Texas voter registration hampered by paper supply chain delays

• Police violently broke up a July 10th protest of more than 1,000 angry Chinese depositors who had rallied outside a branch of the People’s Bank of China in the city of Zhengzhou, the provincial capital of Henan. The protesters were demanding their life savings back from banks that have run into a deepening cash crisis.

(“The Chinese Protesters Got What They Wanted—Sort Of,” Foreign Policy, July 13, 2022)

• Two years ago, hedge fund billionaire Ken Griffin spent $54 million to defeat a constitutional amendment in Illinois that would have increased the tax rate on wealth from 5 to 8 percent. The amendment was defeated despite the support of Illinois’ Democratic Gov. J.B. Pritzker. Opposition to the amendment was backed by some of the state’s top billionaires.

(“Ken Griffin Spent $54 Million Fighting a Tax Increase for the Rich. Secret IRS Data Shows it Paid Off for Him, ProPublica, July 7, 2022; “Hedge Fund Cites Crime for Leaving Chicago,” New York Times, June 23, 2022)

• Earlier this year, the Southwest Voter Registration Education Project in San Antonio asked the Texas Secretary of State for 25,000 voter registration applications as part of the organization’s effort to empower Latinos to participate in this November’s election. But the annual request was rejected due to the state’s new restrictive voting law SB1, that meant all registration applications had to be reprinted – a process hampered by supply chain issues in printing new forms.

(“Another Threat to 2022 Election: A Lack of Paper,” Center for Public Integrity, July 15, 2022; “Texas Population has Changed Much Faster than Political Maps,” Texas Tribune, Dec. 8, 2021)

This week’s News Summary was narrated by Anna Manzo.

Subscribe to our Weekly Summary