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Harvey Weinstein’s rape conviction is overturned. Now what?

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HARVEY WEINSTEIN, a former Hollywood mogul and public enemy number one of the #MeToo movement, is a free man again—at least as far as New York’s top court is concerned. On April 25th Manhattan’s Court of Appeals ruled that Mr Weinstein did not receive a fair trial when he was convicted in 2020 of felony sex-crime charges and sentenced to 23 years in prison. He may face a retrial and also has a 16-year jail sentence to serve in California for rape, so will remain behind bars. But the symbolism of the decision—the biggest setback for #MeToo yet—is significant.

Although the ruling came as a shock to the general public, to many in the legal profession it did not. In 2023 a YouGov poll found that 83% of Americans believed that Mr Weinstein was guilty of charges including rape and sexual assault, and only 5% thought him not guilty, “regardless of the verdict”. But while the court of public opinion has little doubt about the guilt of Mr Weinstein—who has been accused by over 100 women of acts ranging from harassment to rape—his criminal conviction in New York was always on shakier ground. As The Economist wrote at the time, the judge’s controversial decision to allow three witnesses, who were not part of the charges, to testify about previous “bad acts” opened the door to an appeal. By allowing these extra accusers, argued Mr Weinstein’s lawyers in their appeal against his conviction, the judge had overwhelmed the trial with “excessive, random and highly dubious prior bad-act evidence”.

Four out of seven appeals-court judges agreed, deciding in their 77-page ruling that the trial court “erroneously admitted testimony of uncharged, alleged prior sexual acts”. Those errors were compounded when the judge ruled that Mr Weinstein could be cross-examined about those and other allegations that portrayed him in “a highly prejudicial light”. The justices emphasised that under New York’s system the accused has a right to be held to account only for the crime charged. “Even the most unpopular criminal defendants deserve a fair trial,” says Daniel Hochheiser, a criminal-defence lawyer. The additional witnesses, he says, “served no other purpose than to poison the minds of the jury against Weinstein”.

The prosecution’s strategy was understandable, if risky. Prosecutors in domestic-violence and sex-crime cases routinely argue to be allowed to call accusers from beyond the case being tried. In the Weinstein trial they argued that the “casting couch” culture, in which women performed sexual favours in exchange for roles, constituted a pattern and that the additional witnesses were necessary to establish that pattern for the jury. According to Deborah Tuerkheimer, author of “Credible: Why We Doubt Accusers and Protect Abusers”, the case exposed a fundamental tension between the legal system’s requirement that any evidence not closely related to the charges be kept out of the courtroom, and society’s requirement for “dozens of accusers” to come forward before a victim is believed. So long as victim credibility is discounted the “gravitational pull” will be towards calling extra witnesses, she says.

#WhereNow?

In their ruling, the New York judges concluded: “The remedy for these egregious errors is a new trial.” The office of Manhattan’s district attorney confirmed it would seek one. In the meantime, all eyes now turn to Mr Weinstein’s appeal in Los Angeles, which he is due to file on May 20th. (Mr Weinstein, who is serving time in upstate New York, will be taken to Los Angeles to start serving his sentence there.) One of his lawyers has argued that because, here too, Mr Weinstein was “subjected to a firehose of uncharged” allegations, this conviction should be similarly overturned. That seems unlikely. As opposed to New York, California (like many other states and indeed federal courts) is more relaxed about allowing “other acts” witnesses to take the stand in sexual-assault cases.

It will be tempting to frame the overturning of Mr Weinstein’s conviction as a backlash against #MeToo. In a spiky dissent, one of the appeal judges, Madeline Singas, wrote: “Men who serially sexually exploit their power over women—especially the most vulnerable groups in society—will reap the benefit of today’s decision.” However, the various cases against Mr Weinstein have not been for nothing. Improvements to the justice system in several states, such as the abolition of non-disclosure agreements that stopped victims from speaking out, and the lengthening of statutes of limitations, can be directly attributed to the #MeToo/Weinstein legacy. Elizabeth Geddes, a former federal prosecutor who convicted R Kelly, a singer, of racketeering and sex crimes in New York in 2021-22, says one challenge that Mr Weinstein’s original verdict helped to overcome was “how to convince potential victims that this time law enforcement is going to take you seriously”.

If it came to a retrial, prosecutors in New York would have a decent shot at convicting Mr Weinstein again. Central to the decision to retry him will be whether his accusers can be persuaded to once again take the stand. That is a battle that one has already said she is willing to fight again.

Accounting

Business Transaction Recording For Financial Success

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Business Transaction Recording For Financial Success

In the world of financial management, accurate transaction recording is much more than a routine task—it is the foundation of fiscal integrity, operational transparency, and informed decision-making. By maintaining meticulous records, businesses ensure their financial ecosystem remains robust and reliable. This article explores the essential practices for precise transaction recording and its critical role in driving business success.

The Importance of Detailed Transaction Recording
At the heart of accurate financial management is detailed transaction recording. Each transaction must include not only the monetary amount but also its nature, the parties involved, and the exact date and time. This level of detail creates a comprehensive audit trail that supports financial analysis, regulatory compliance, and future decision-making. Proper documentation also ensures that stakeholders have a clear and trustworthy view of an organization’s financial health.

Establishing a Robust Chart of Accounts
A well-organized chart of accounts is fundamental to accurate transaction recording. This structured framework categorizes financial activities into meaningful groups, enabling businesses to track income, expenses, assets, and liabilities consistently. Regularly reviewing and updating the chart of accounts ensures it stays relevant as the business evolves, allowing for meaningful comparisons and trend analysis over time.

Leveraging Modern Accounting Software
Advanced accounting software has revolutionized how businesses handle transaction recording. These tools automate repetitive tasks like data entry, synchronize transactions in real-time with bank feeds, and perform validation checks to minimize errors. Features such as cloud integration and customizable reports make these platforms invaluable for maintaining accurate, accessible, and up-to-date financial records.

The Power of Double-Entry Bookkeeping
Double-entry bookkeeping remains a cornerstone of precise transaction management. By ensuring every transaction affects at least two accounts, this system inherently checks for errors and maintains balance within the financial records. For example, recording both a debit and a credit ensures that discrepancies are caught early, providing a reliable framework for accurate reporting.

The Role of Timely Documentation
Prompt transaction recording is another critical factor in financial accuracy. Delays in documentation can lead to missing or incorrect entries, which may skew financial reports and complicate decision-making. A culture that prioritizes timely and accurate record-keeping ensures that a company always has real-time insights into its financial position, helping it adapt to changing conditions quickly.

Regular Reconciliation for Financial Integrity
Periodic reconciliations act as a vital checkpoint in transaction recording. Whether conducted daily, weekly, or monthly, these reviews compare recorded transactions with external records, such as bank statements, to identify discrepancies. Early detection of errors ensures that records remain accurate and that the company’s financial statements are trustworthy.

Conclusion
Mastering the art of accurate transaction recording is far more than a compliance requirement—it is a strategic necessity. By implementing detailed recording practices, leveraging advanced technology, and adhering to time-tested principles like double-entry bookkeeping, businesses can ensure financial transparency and operational efficiency. For finance professionals and business leaders, precise transaction recording is the bedrock of informed decision-making, stakeholder confidence, and long-term success.

With these strategies, businesses can build a reliable financial foundation that supports growth, resilience, and the ability to navigate an ever-changing economic landscape.

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Economics

A protest against America’s TikTok ban is mired in contradiction

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AS A SHUTDOWN looms, TikTok in America has the air of the last day of school. The Brits are saying goodbye to the Americans. Australians are waiting in the wings to replace banished American influencers. And American users are bidding farewell to their fictional Chinese spies—a joke referencing the American government’s accusation that China is using the app (which is owned by ByteDance, a Chinese tech giant) to surveil American citizens.

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Economics

Home insurance costs soar as climate events surge, Treasury Dept. says

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Firefighters battle flames during the Eaton Fire in Pasadena, California, U.S., Jan. 7, 2025.

Mario Anzuoni | Reuters

Climate-related natural disasters are driving up insurance costs for homeowners in the most-affected regions, according to a Treasury Department report released Thursday.

In a voluminous study covering 2018-22 and including some data beyond that, the department found that there were 84 disasters costing $1 billion or more, excluding floods, and that they caused a combined $609 billion in damages. Floods are not covered under homeowner policies.

During the period, costs for policies across all categories rose 8.7% faster than the rate of inflation. However, the burden went largely to those living in areas most hit by climate-related events.

For consumers living in the 20% of zip codes with the highest expected annual losses, premiums averaged $2,321, or 82% more than those living in the 20% of lowest-risk zip codes.

“Homeowners insurance is becoming more costly and less accessible for consumers as the costs of climate-related events pose growing challenges to both homeowners and insurers alike,” said Nellie Liang, undersecretary of the Treasury for domestic finance.

The report comes as rescue workers continue to battle raging wildfires in the Los Angeles area. At least 25 people have been killed and 180,000 homeowners have been displaced.

Treasury Secretary Janet Yellen said the costs from the fires are still unknown, but noted that the report reflected an ongoing serious problem. During the period studied, there was nearly double the annual total of disasters declared for climate-related events as in the period of 1960-2010 combined.

“Moreover, this [wildfire disaster] does not stand alone as evidence of this impact, with other climate-related events leading to challenges for Americans in finding affordable insurance coverage – from severe storms in the Great Plans to hurricanes in the Southeast,” Yellen said in a statement. “This report identifies alarming trends of rising costs of insurance, all of which threaten the long-term prosperity of American families.”

Both homeowners and insurers in the most-affected areas were paying in other ways as well.

Nonrenewal rates in the highest-risk areas were about 80% higher than those in less-risky areas, while insurers paid average claims of $24,000 in higher-risk areas compared to $19,000 in lowest-risk regions.

In the Southeast, which includes states such as Florida and Louisiana that frequently are slammed by hurricanes, the claim frequency was 20% higher than the national average.

In the Southwest, which includes California, wildfires tore through 3.3 million acres during the time period, with five events causing more than $100 million in damages. The average loss claim was nearly $27,000, or nearly 50% higher than the national average. Nonrenewal rates for insurance were 23.5% higher than the national average.

The Treasury Department released its findings with just three days left in the current administration. Treasury officials said they hope the administration under President-elect Donald Trump uses the report as a springboard for action.

“We certainly are hopeful that our successors stay focused on this issue and continue to produce important research on this issue and think about important and creative ways to address it,” an official said.

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