The Texan Podcast - Daily Rundown - June 5, 2024

Episode Date: June 5, 2024

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Howdy folks, today is Wednesday, June 5th, and you're listening to the Texans Daily Rundown. I'm the Texans Assistant Editor Rob Lausches, and here is the rundown of today's news in Texas politics. First up, Governor Greg Abbott, in conjunction with the Texas Department of Public Safety, has released a top 10 most wanted criminal illegal immigrants list. Abbott said in a press release, quote, When President Joe Biden took office, he dismantled every effective border policy his predecessor put into place. As a result, we have seen record high levels of illegal immigration, including dangerous criminals and terrorists who are a threat to the public safety of our state and our nation. These illegal immigrants will now be spotlighted on our 10 Most Wanted Criminal Illegal Immigrants list, end quote. Eight of the 10 criminal illegal

immigrants on the list are charged with sexual assault, many of which were directed towards a child. Next, a new stock exchange headquartered in Dallas will launch next year, aimed at competing with New York City's exchanges, whose rules and regulations some companies have found onerous. TXSE Group Incorporated is founded and operated by James Lee, who says the company has already raised $120 million for the project,

the largest backers of which are BlackRock and Citadel Securities. The plan was first reported by the Wall Street Journal. TXSE Group intends to register with the Securities and Exchange Commission later this year. It will operate virtually, but also eventually establish a physical presence in Dallas. TXSE sees the Nasdaq's and the New York Stock Exchange's approach to compliance and non-financial regulations, such as diversity targets, as heavy-handed and onerous. In other news, Texas Attorney General Ken Paxton is pushing back against an effort by the state bar to issue sanctions against both his and First Assistant Attorney General Brent Webster's licenses to practice law, as punishment for the state's lawsuit challenging the results of the 2020 presidential election,

and is asking the Supreme Court of Texas to intervene. The original election challenge, styled Texas v. Pennsylvania, was a lawsuit led by the Texas Office of the Attorney General, and was joined by 17 other states before the Supreme Court of the United States. The suit alleges that multiple states, including Pennsylvania, Georgia, Michigan, and Wisconsin, had significant and unconstitutional irregularities in how they conducted their elections and asked the high court to stay the results. SCOTUS declined to accept the case, dismissing the claims as moot and explaining the state did not demonstrate

a case that could be judicially cognizable. Justices Samuel Alito and Clarence Thomas dissented from the rejection, writing they did not believe the court had the discretion to reject a case brought within its original jurisdiction, that is, hearing lawsuits between states. That case led the state bar, through its Commission on Lawyer Discipline, to file a complaint against both Paxton and Webster, alleging they made material misrepresentations in the pleadings. It is seeking to penalize both through placing sanctions on their licenses to practice law. Also, the Tarrant County Commissioner's Court held a briefing about the recent death of another inmate at the Tarrant County Jail at its

meeting on Tuesday, June 4th. On Monday, May 27th, Chastity Bonner, age 35, was found unresponsive in her cell. According to the Tarrant County Sheriff's Office press release, she was examined in the medical area of the jail at 9.15 a.m., but refused any further medical treatment. At about 11 a.m., she was again examined, and personnel from John Peter Smith Hospital began administering life-saving measures, including Narcan. She was then transported to the hospital, where she was pronounced dead. Bonner had been in custody since May 16th, being held on a warrant from North Richland Hills for property theft and parole violation. Last but not least, ConocoPhillips announced on Wednesday that it will absorb Marathon Oil

in an all-stock deal. ConocoPhillips said that it expects share buybacks to approximate $7 billion in the first year, and around $20 billion in the first three years following the deal. The company will conclude the transaction after gaining Marathon Oil's enterprise value of $22.5 billion and nearly $5.4 billion of debt. Chairman and CEO of Conoco Phillips, Ryan Lance, said in a press release, quote, This acquisition of Marathon Oil further deepens our portfolio and fits within our financial framework, adding high-quality, low-cost-of-supply inventory adjacent to our leading U.S. unconventional position. According to the terms of the agreement, Marathon Oil shareholders are promised 0.255 CanocoPhillips common stock shares per share of Marathon Oil common stock.

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