joe penna deutsche bank

Sign Up. According to one of the Freshfields reports dated Nov 28, 2013, Deutsche lent shares to Seriva, a client involved in cum-ex, via a chain of brokers in 2008. After leaving university Ackermann went to work in 1977 for the Swiss multinational investment bank Credit Suisse, which he left in 1996. Deutsche made at least 18 million euros in interest and in the sale of financial products to Ballance, the Freshfields report said. Germany . The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. He was a non-executive director of Vodafone from 2000 to 2002. The summit runs Nov. 17 - 19 and addresses current global challenges, digitisation and disruption, innovation and shifts in economy. Two traders, Simon Pearson and Joe Penna, seem to have been the key figures that triggered the plan initially and dragged along with others. German authorities say that dozens of banks and brokerages in London and other global financial hubs helped investors siphon off billions of euros from the national treasury with the transactions over the course of a decade. To contact the reporters on this story: Karin Matussek in Berlin at kmatussek@bloomberg.net;Donal Griffin in London at dgriffin10@bloomberg.net, To contact the editors responsible for this story: Anthony Aarons at aaarons@bloomberg.net, ;Sree Vidya Bhaktavatsalam at sbhaktavatsa@bloomberg.net, Christopher Elser, Chris Reiter, {{data.symbol | reutersRICLabelFormat:group.RICS}}, {{ stock | formatPrefix }}{{ stock.netChng | formatNetChange }}. NEW YORK, May 18 (Reuters) - Deutsche Bank (DBKGn.DE) has appointed Joe Salama, its U.S. general counsel, as global head of anti-financial crime (AFC) and group anti money laundering officer, the bank said in a memo to employees on Tuesday. Attempts to reach Penna were unsuccessful. Joe Salama succeeds him as bank's Americas general counsel. Joe has been with the bank for more than 10 years and currently serves as Global Head of Litigation & Regulatory Enforcement and General Counsel for the Americas. [7] His included bonus in 2009 was 8.2million and 7.1million in 2010. The bank granted the new client a credit rating, and as part of its prime brokerage arrangement, provided 15- to 20-fold leverage on the funds capital of 32.7 million euros, the report said. Penna did not respond to a letter requesting comment sent to his home in London. People named Joe Penna. Professional. Each of these owners would then be eligible for a dividend and, significantly, a tax credit. But now it has a bigger problem: farmers are revolting against restrictions on how they repair complex equipment. Two traders, Simon Pearson and Joe Penna, appear to have been the key figures involved in enabling the scheme to take place. investing. The April 16 report said that the banks controls over the trading desk headed by Pearson were too weak and this was a serious shortcoming. They are dated from 2013 to 2015 and marked highly confidential. Joe Ravi // Shutterstock #89. Freshfields said in the report that staff at Deutsche and Seriva were aware that no withholding tax had been levied. Under his leadership, the AFC team has demonstrated significant progress in the fight against financial crime. This special highlights the best of the fifth annual event which was held in Singapore from November 14-17. That criticism about oversight is leveled at management generally but it does briefly single out one individual. Karin Matussek and Donal Griffin, Bloomberg News, Josef Ackermann, former chief executive officer of Deutsche Bank AG, looks on before addressing the Sueddeutsche Zeitung Economic Summit in Berlin, Germany, on Thursday, Nov. 17, 2016. On how CEO Josef Ackermann's leadership changed the bank in 2002 Planet Money Episode. He was born in Walenstadt,[1] Canton of St. Gallen, Switzerland, raised in Mels in a Catholic home,[2] and is a graduate of the University of St. Gallen (HSG). Engage via Email. research and events with special focus on electronic trading, banking, and Finance Magnates is a global B2B provider of multi-asset trading news, Deutsche Bank announces additional measures to reinforce net zero commitment, Deutsche Bank and WWF agree on cooperation, A message from Christian Sewing on our full-year results 2022, Deutsche Bank reports 2022 profit before tax of 5.6 billion, Deutsche Bank publishes 2023 SREP requirements, Christian Sewing: "We need an Agenda 2030 for Europe", Global Advisory Board to advise Deutsche Bank on key trends in business and politics, A message from Christian Sewing on Q3 results 2022, Copyright 2023 Deutsche Bank AG, Frankfurt am Main, 0 College of the Holy Cross Updated 42 min ago - Mid-career pay: $127,100 - Early career pay: $65,600 . Now, its approaching the highest levels of the German lender, with three key figures -- investment banking chief Garth Ritchie, former co-Chief Executive Officer Anshu Jain and his predecessor Josef Ackermann -- among 80 suspects linked to the bank and being probed by prosecutors in the so-called Cum-Ex affair, according to people familiar with the matter. The bulk of the trading involved that facilitated the scheme took place between 2006 and 2011. As it attempts to stymie ongoing losses, it has also been caught up in Danske Banks Estonian Money Laundering What is your availability? Josef Meinrad Ackermann (born 7 February 1948) is a Swiss banker, former Chairman of the Bank of Cyprus, and former chief executive officer of Deutsche Bank. December 20, 2022. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. As a result the AFC team has grown to over 1,600 people. Jnatas "Joe" de Moura Penna (born May 29, 1987) is a Brazilian musician and filmmaker best known from both his YouTube channel MysteryGuitarMan and his feature films. PDF PDF (Q1 2018 results) PDF PDF (Ad-hoc release strategy) PDF PDF (Release strategy) PDF PDF (Q2 2018 segment and financial statements structure) XLS (Q2 2018 segment and financial statements structure) PDF PDF. content May 20, 2021 at 03:29 PM. Contact Head Office U.S.A. Deutsche Bank One Columbus Circle New York, NY, 10019 Telephone: +1(212) 250-2500 Deutsche made at least 18 million. Please join me in thanking Stephan for his work and wishing Joe all the best in his new role. Our Standards: The Thomson Reuters Trust Principles. Reuters could not find any remaining parts of Ballance. It garnered international attention. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars worth of criminally derived money are laund Laura Scott ankleboot Nero Nuovo PUMPS schnrpumps Scarpe da donna 10cm paragrafo Qualit di eccellenza Autentico Merchandise Alta qualit, sconti elevati ctexperiential.org, 58.88 Le migliori offerte per LAURA SCOTT ANKLEBOOT SCHWARZ NEU PUMPS SCHNRPUMPS DAMEN . Reuters also contacted his spokeswoman by email, who did not respond. For other people named Josef Ackermann, see, Video eferencing studying in Switzerland, while accepting an award for Deutsche Bank in 2011, St. Gallen Foundation for International Studies, "Was Ackermanns Ex-Medienchef ber den Topbanker weiss", "Deutsche Bank and Trump: $2 Billion in Loans and a Wary Board", Ackermann to stay as Deutsche Bank CEO until 2013, "Deutsche Bank details duties of co-CEOs", "Siemens Appoints Board Replacement for Ackermann", "Bank of Cyprus Funded and Controlled by Ex-KGB, Billionaires and Controversial Former Financiers", "Former Chairman and CEO of Deutsche Bank Joins Macro Hive's Board", https://en.wikipedia.org/w/index.php?title=Josef_Ackermann&oldid=1121086632, Members of the Steering Committee of the Bilderberg Group, Pages using infobox person with multiple employers, Creative Commons Attribution-ShareAlike License 3.0, President of the Board of Trustees of the, Chairman of the Board of Directors of the, Bilderberg Meetings attendee 2010, 2011, 2012, 2013, 2014, This page was last edited on 10 November 2022, at 12:23. In June 2019, Penna began shooting on the sci-fi movie Stowaway starring Anna Kendrick and Toni Collette.[25]. Some Ballance units were dissolved. Deutsche Bank commissioned law firm Freshfields to write the five audits as part of an internal investigation into its role in cum-ex trading between 2006 and 2011. I want to work. Some Deutsche Bank AG managers may have discussed the reputational risk of issuing withholding tax certificates at the center of a "cum-ex" share trading scheme, Reuters reported Jan. 4, citing an audit by Freshfields. They are dated from 2013 to 2015 and marked highly confidential. Among key figures. He will report to Simon and split his time between New York and Frankfurt. AFC remains to be critically important. In February 2017, Penna began production of his directorial debut feature film, Arctic. See here for a complete list of exchanges and delays. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Cologne prosecutors are still probing the banks activities related to other investors and declined to comment. Investment Bank Private Bank Awards Client logins Locations worldwide Mobile services Reports Responsibility Sustainability Sustainability Deep Dive Society Art, Culture & Sports Responsibility reports Focus topics Cloud Corporate venture capital Deutsche Bank at COP Digital disruption Entrepreneurial success Innovation network Responsible growth One part of the audit addresses Deutsche Banks decision to lend money to companies what the audit calls provision of finance so that those companies could carry out cum-ex trades and the discussion of risks to its reputation. A German probe found that Deutsche Bank even had a profit-sharing agreement with one firm that specialized in the transactions, according to people familiar with the findings. Full List", https://en.wikipedia.org/w/index.php?title=Joe_Penna&oldid=1131180368, Brazilian expatriates in the United States, Short description is different from Wikidata, Articles containing potentially dated statements from January 2019, All articles containing potentially dated statements, Creative Commons Attribution-ShareAlike License 3.0, Guitar, bass guitar, drums, keyboards, vocals, This page was last edited on 2 January 2023, at 23:15. In 2007, Penna was one of the first YouTube channels to receive mainstream media coverage, including attention from DC Fox News,[7] after his video The Puzzle was featured on the front page of YouTube. On this Wikipedia the language links are at the top of the page across from the article title. A Corporate Bank as hub for corporate and commercial clients. The documents, seen by Reuters, suggest that Deutsche traders discussed the associated reputational risk and concluded that it was acceptable, although they add that the evidence is "not clear-cut.". [8], Days after retirement and on the eve of a conference call by G7 finance ministers and central bank governors on the continuing European debt crisis, Ackerman said in a speech to the Atlantic Council that "Germany will ultimately take whatever steps [are] necessary to keep the euro zone intact", according to one report. Photographer: Krisztian Bocsi/Bloomberg Barclays Capital, and Deutsche Bank. How can companies and decision-makers reset for growth beyond corona virus. Ford selected Penna as a Fiesta Agent for the 2009 Ford Fiesta Movement. The controversial transactions -- widely reported to have cost German taxpayers more than 10 billion euros -- involved the sale of borrowed shares just before a company was due to pay a dividend. I also want to thank Stephan for his great contributions. Many of you know him as a great team player across the regions and a true culture carrier. The bank issued tax certificates for withholding tax that had never been deducted and made loans to clients to allow them to participate in the scheme to claim tax rebates, according to the audits. The practice was named after the Latin term cum/ex, meaning with/without, because the stocks were sold with and delivered without a dividend payment. Barclays Capital, and Deutsche Bank. Log in or sign up for Facebook to connect with friends, family and people you know. Amazon Pauses Construction on Second Headquarters in Virginia as It Cuts Jobs, iPhone Maker Plans $700 Million India Plant in Shift From China, S&P 500 Notches Best Week Since Late January: Markets Wrap, Amazon Is Closing Its Cashierless Stores in NYC, San Francisco and Seattle, Zoom Abruptly FiresPresident Greg Tomb Without Cause. Deutsche Bank is just one of many firms tied to the scandal, and the company maintains it didnt act as a buyer or seller in the Cum-Ex deals. [16][17], In 2012, Penna co-wrote and directed an original interactive thriller series titled Meridian starring Orlando Jones and Rick Overton in conjunction with Fourth Wall Studios. He was also a finalist in the "Oreo Global Moments" video competition. Deutsche Bank's Joseph Salama was critical in negotiating settlements with global regulators on the bank's behalf, the bank's chief administrative officer said. Money laundering is a blanket term to describe the process by which criminals disguise the original ownership and proceeds of criminal conduct by making such proceeds appear to be derived from a legitimate source.Money laundering is an issue that traverses countless industries and sectors, which includes the financial services space. A German lawyer for Pearson declined to comment. For CEO Christian Sewing, whos trying to turn the tide at Germanys biggest bank after years of painful missteps, the escalation couldnt come at a more precarious time. Insight and analysis of top stories from our award winning magazine "Bloomberg Businessweek". Stephan will assume a new responsibility within our bank, which we will announce in due course. In order to get their plan, however, Deutsche Bank had to give money to companies with which to do the transactions in question, in return for them to obtain tax preferences. Further documents: Annual Financial Statements and; Financial Data Supplement Q4 / Full-year City. Jnatas "Joe" de Moura Penna (born May 29, 1987) is a Brazilian musician and filmmaker best known from both his YouTube channel MysteryGuitarMan and his feature films. Joe Penna, the husband of Irish model Georgia Salpa, has been caught up in a share-trading scandal that may have cost German taxpayers billions of euro. In 2009, Penna was again seen on the front page of YouTube with his video Guitar: Impossible, which has been covered by De Wereld Draait Door, the highest-rated primetime show in the Netherlands. Prior roles include Americas Head of Litigation and Head of Legal for the Non-Core Operations Unit. In 2010, Penna's Root Beer Mozart"l was featured on CNN's morning show Morning Express with Robin Meade and on Germany's nationally broadcast Taff show. How cloud technology is silently revolutionising our economy. Senior Sales Representative Comm/Data at Graybar. Group Tax confirmed in March 2009 the provision of leverage for cum-ex trades through Deutsche Bank. A Deutsche Bank spokesman said that Deutsche Bank was involved in some of its clients cum-ex transactions and that it was fully cooperating with investigators. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars worth of criminally derived money are laund, The Impact of Rising Interest Rates on Banking Operations, Fintech Innovation in the Payments Industry in 2023, The German banking giant is already embroiled in Danske Bank's money laundering scandal. Will greater investment in water resources make for a more sustainable future? Reuters does not know whether the Freshfields documents are the final versions, but prosecutors have been given the summary for use in their investigation, according to a letter sent to the chief prosecutor, seen by Reuters. In March 2019 the New York Times reported that Ackermann was aware of the business dealings between the New York branch of the bank and Donald Trump. In order for the scheme to work, Deutsche Bank would loan money to firms which would then make trades which, in turn, they could then claim tax credits on. College of the Holy Cross - Mid-career pay: $127,100 - Early career pay: $65,600 - Percent high meaning: 48% . Money laundering is a blanket term to describe the process by which criminals disguise the original ownership and proceeds of criminal conduct by making such proceeds appear to be derived from a legitimate source.Money laundering is an issue that traverses countless industries and sectors, which includes the financial services space. German tax authorities say that the scheme, which also involved several other global firms including Santander and Macquarie, cost them a total of 5.6 billion ($6.36 billion). In an email to Reuters he said: I have not seen, nor have been provided with any copies of the reports you mention in your communication. Deutsche Bank (DBKGn.DE) has appointed Joe Salama, its U.S. general counsel, as global head of anti-financial crime (AFC) and group anti money laundering officer, the bank said in a memo to . Deutsche Bank also had a profit-sharing agreement with Ballance in 2009 and 2010 under which it received 30% to 50% of the money the asset manager made, according to people familiar with the findings of the Cologne probe. More: The Tax Dodge That Cost the German Treasury Billions of Euros. After studying economics and social Sciences at the University of St. Gallen in Switzerland,[3] he continued his time there as a research assistant at the Department of Economics and went on to receive a doctorate in the subject. Carson has since left Deutsche Bank. Rating(s), 5 Joe Salama will split his time between Frankfurt and the U.S., as the bank tries to keep a close relationship with U.S. authorities Germany's Deutsche Bank has run into problems with. He declined to comment further. According to Deutsche Bank, "Monetary stimulus has been equally breath-taking. Copyright 2023 "Finance Magnates CY Ltd." All Manage Cookies, Deutsche Bank Execs Were Aware of Tax Fraud Scheme. Other global banks, including Santander and Macquarie, are also under investigation for their roles in cum-ex trading schemes. [12], Following the success of the original, Penna and the original cast were hired to produce a national television and cinema spot for Coca-Cola and McDonald's. Results: 4934. News. Ballance Overseas Management Ltd., a London-based entity where he was a director, became a client of Deutsche Banks prime brokerage in February 2010 and had borrowed about 404 million euros within months, U.K. filings show. rights reserved.For more information, read our In October 2001, Deutsche Bank was the first German bank to list on the NYSE and one of the largest foreign-based employers in New York City. Deutsche Bank will no longer do business with President Donald Trump, a move that will cut off his business from a major source of loans that once helped fund his golf courses and hotels. See here for a complete list of exchanges and delays. 18 of 152 19 of 152 #89. [10] Penna's "Guitar: Impossible" video was also featured by YouTube as one of the best videos of 2009. (Charles W. Lamb; Carl McDaniel; Joe F. Hair) Business-To-Business Marketing (Robert P. Vitale; Joseph Giglierano; Waldemar Pfoertsch) Cognitive Psychology (Robert . Contacted for this story, spokesmen for both banks said they are cooperating with investigators. All quotes delayed a minimum of 15 minutes. Investments in improving data and technology continue. The audit dated April 16, 2015 pointed to significant failings in overseeing two traders, Simon Pearson and Joe Penna, who they say acted as middle men between the clients and the bank departments that lent money to fund the cum-ex scheme and issued tax certificates. I am pleased to announce that the Management Board has appointed Joe Salama as Global Head of Anti-Financial Crime (AFC) and Group Anti Money Laundering Officer. View Joe Pehar's profile on LinkedIn, the world's largest professional community. Cash, card, crypto: how the way you pay will affect your life, My way, your way different paths to success. Deutsche issued Seriva with 5.8 million euros of withholding tax certificates, allowing Seriva to make claims for tax rebates. Joe Penna Deutsche Bank Alias or nickname Find other people named Joe Pennas General Info at Deutsche Bank Not who you're looking for? Pearson and Penna have been suspects in the investigation since at least 2014 for their role in cum-ex trading, according to court documents. It was reported in December 2018 that Deutsche had agreed to pay 4 million to settle an investigation by Frankfurt prosecutors into its involvement in the so-called cum-ex trades. /marketintelligence/en/news-insights/trending/bNfD9yUmwF2-mqAqA1EEoQ2 He will report to me and become a member of my Executive Committee. Report: Internal Deutsche audit details links to 'cum-ex' scandal, Banking Essentials Newsletter: Feb 22nd Edition, Wells Fargo Securities Now Available in S&P Globals Aftermarket Research Collection, A Central Bank Gains Market Intelligence to Support its Supervision and Stability Roles, According to Market Intelligence, February 2023. Philadelphia, PA. GRAYBAR, +3 more. Found email list ings include: j***@db.com. Company profile for Deutsche Bank AG including key executives, insider trading, ownership, revenue and average growth rates. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. The mens work and Ballances role are described in detail in an indictment Cologne prosecutors filed in April against two former London bankers who worked at Ballance, according to the people. esgSubNav, Discover more about S&P Globals offerings, Global Economies in Flux: Drive Decisions with the Purchasing Managers Index (PMI) Data, Staying Strong in Volatile Markets: How Banks Can Overcome Challenges to Funding and Lending, The Rising Importance of Sustainability in Credit Risk, 10:00 - 11:00 am EST | 4:00 - 5:00 pm CET. The tax certificates existed until 2017, when Deutsche Bank canceled them, two people with knowledge of the matter said. I am convinced that together we will be able to achieve our objectives. Are sustainable cities a solution to climate change? College of the Holy Cross - Mid-career pay: $127,100 - Early career pay: $65,600 . It granted one fund a loan of 942 million euros for the trades; another, 743 million euros. In the shadow of a turbulent future, The Bloomberg New Economy Forum brought together world leaders for face-to-face discussions on the global threats we face. [15], His stop-motion short film Guitar: Impossible was selected to be displayed at the Guggenheim museum. In what is being described as Germanys largest post-World War Two fraud scandal, audits into a tax rebate scheme run by Deutsche Bank have allegedly revealed that senior management at the firm was aware that they were scamming the government. German prosecutors say the schemes participants misled the government into thinking a stock had multiple owners on its dividend payday who were each owed a dividend and a tax credit, according to court documents. articles a month for anyone to read, even non-subscribers! Deutsche Bank launched its US intermediate holding company, DB USA Corporation, on July 1, 2016, under which most of its US-based operations were consolidated as required by the Dodd-Frank Act. Nummus specialized in Cum-Ex deals, and the men would have known the nature of its work because of the material they reviewed, according to the report. Reuters contacted the lawyer who would not confirm that he represented either, citing client confidentiality. Corporate title. The spokesman for Deutsche Bank declined to comment. The audits were prepared by Freshfields in Germany and London. One part of the audit addresses Deutsche Banks decision to lend money to companies what the audit calls provision of finance -- so that those companies could carry out cum-ex trades and the discussion of risks to its reputation. The Freshfields audits say the two traders were aware the prime brokerage services were being used to help other companies carry out cum-ex deals. He also chairs the Legal Diversity and Inclusion Council. After Penna and Pearson joined Ballance, Pearson maintained close ties with his former employer. Deutsche Bank said that it never "participated in an organized Cum-Ex market, neither as a short seller nor as a Cum-Ex buyer." Terms, Cookies We will continue to strengthen our controls and increase collaboration within the AFC function as well as our collaboration with the business lines and the tech organization. Deutsche Bank commissioned law firm Freshfields to write the five audits as part of an internal investigation into its role in cum-ex trading between 2006 and 2011. Search Reset. Numerous probes are ongoing. Share Your Design Ideas, New JerseysMurphy Defends $10 Billion Rainy Day Fund as States Economy Slows, What Led to Europe's Deadliest Train Crash in a Decade, This Week in Crypto: Ukraine War, Marathon Digital, FTX. Will Covid-19 be an opportunity or threat to sustainable development? I was not personally involved in any Cum-Ex activity, and I am very confident that the investigation will show no personal wrongdoing by me, Ritchie said in an email sent by the bank. Bank provided services to clients exploiting tax loophole, Lender says it never directly participated in Cum-Ex deals. During the height of the activity from 2008 to 2011, the bank took on clients that did nothing but such deals. 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Husband of model Salpa embroiled in German share-trading scandal Total losses from the Cum-Ex trade across Europe have been estimated at 55 billion; Joe Penna was a key figure in the Deutsche Bank unit financing the controversial transactions Barry J Whyte June 23, 2019 Irish model Georgia Salpa with her husband Joe Penna Picture: Xposure American Airlines and its flight attendants union on Friday jointly applied for federal mediation in contract negotiations. Now, its approaching the highest levels of the German lender, with three key figures -- investment banking chief Garth Ritchie, former co-Chief Executive Officer Anshu Jain and his predecessor Josef Ackermann -- among 80 suspects linked to the bank and being probed by prosecutors in the so-called Cum-Ex affair, according to people familiar with the matter.

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