Police in Baton Rouge say they have arrested three people who stole guns with the goal of killing police officers. They are still looking for a fourth suspect in the alleged plot, NPR's Greg Allen reports.

"Police say the thefts were at a Baton Rouge pawn shop early Saturday morning," Greg says. "One person was arrested at the scene. Since then, two others have been arrested and six of the eight stolen handguns have been recovered. Police are still looking for one other man."

A 13-year-old boy is among those arrested, Greg says.

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After an international tribunal invalidated Beijing's claims to the South China Sea, Chinese authorities have declared in no uncertain terms that they will be ignoring the ruling.

The Philippines brought the case to the Permanent Court of Arbitration in The Hague, objecting to China's claims to maritime rights in the disputed waters. The tribunal agreed that China had no legal authority to claim the waters, and was infringing on the sovereign rights of the Philippines.

Donald Trump is firing back at Supreme Court Justice Ruth Bader Ginsburg after she made disparaging comments about him in several media interviews. He tweeted late Tuesday that she "has embarrassed all" with her "very dumb" comments about the candidate. Trump ended his tweet with "Her mind is shot - resign!":

Donald Trump wrapped up his public tryout of potential vice presidential candidates in Indiana Tuesday night with Gov. Mike Pence giving the final audition.

The Indiana governor's stock as Trump's possible running mate is believed to be on the rise, with New Jersey Gov. Chris Christie and former House Speaker Newt Gingrich also atop the list. Sources tell NPR the presumptive GOP presidential nominee is close to making a decision, which he's widely expected to announce by Friday.

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The unassuming hero of Jonas Karlsson's clever, Kafkaesque parable is the opposite of a malcontent. Despite scant education, a limited social life, and no prospects for success as it is usually defined, he's that rarity, a most happy fella with an amazing ability to content himself with very little. But one day, returning to his barebones flat from his dead-end, part-time job at a video store, he finds an astronomical bill from an entity called W.R.D. He assumes it's a scam. Actually, it is more sinister-- and it forces him to take a good hard look at his life and values.

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Donald Trump picked a military town — Virginia Beach, Va. — to give a speech Monday on how he would go about overhauling the Department of Veterans Affairs if elected.

He blamed the Obama administration for a string of scandals at the VA during the past two years, and claimed that his rival, Hillary Clinton, has downplayed the problems and won't fix them.

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Occupy Groups Reimagine The Bank

Mar 27, 2012
Originally published on March 27, 2012 5:29 pm

Groups within the Occupy Wall Street movement are trying to overhaul the banking system and even dream of creating a new kind of bank.

Occupy isn't in the headlines so much these days, but work continues behind the scenes. The Alternative Banking Group of Occupy Wall Street meets weekly in different places. Members are older than some might think — in their 30s, 40s and 50s — and many work or formerly worked in the financial industry.

"We have almost no consensus opinion, except that the system is not working," says Cathy O'Neil, who often facilitates the group that is working on legislation and regulation to reform the financial system. "A lot of these people are from finance or have a background in law or SEC regulation. There's lots of people from banks and hedge funds."

She herself was a quant — a quantitative analyst at a hedge fund. She even worked with former Treasury Secretary Larry Summers for a while, but she got disillusioned. Within the Alternative Banking Group are smaller groups working on specific projects. O'Neil talks about their plans for a mobile app to help people move their money away from large banks.

"It would show you which credit unions you're eligible for, which is a big obstacle for people," O'Neil explains, "where the ATMs are in your neighborhood, what kind of paperwork you would need, and what the investing philosophy of that credit union is and what their services are."

This group also wrote an article in the Financial Times about former Republican presidential candidate Jon Huntsman's plan to deal with banks that were "too big to fail." The group members hope to get President Obama and the GOP candidates to take the issue seriously.

'Pretty Radical Stuff'

Another group wants to create a new kind of bank. One of the facilitators of the Occupy Bank Working Group is former British diplomat Carne Ross. He says it's amazing that the banking system is so broken that some people in finance share the concerns of people who were sleeping in New York City's Zuccotti Park — the heart of the Occupy movement.

"To the extent that actually we're talking about setting up an alternative system, that's pretty radical stuff," Ross says. "And the fact that you have Wall Street bankers, former regulators, hedge fund traders, as part of that project, I find pretty striking."

There is always lively discussion. Jerry Weinstein, a writer, wants the new bank to help educate people. "How do you get people to spend within their means, to save, to make better choices about not being surprised about a balloon loan?" he asks.

Elizabeth Friedrich works for a trade association of credit unions. "The communities I work in, low-income communities of color, [are] completely underserved and underbanked, and I think that's part of the target market we're looking for in this bank," she says.

A couple of times a week, Occupy Wall Street has a Spokes Council where decisions are made by consensus. Each working group sends a representative.

"I'm Carne from the Occupy Bank Working Group, greetings to you all," Ross says to a group of about 60 people in the room at one of the meetings. "We're not common attendees at Spokes."

A Democratic Bank

Ross makes a presentation about how this new bank, if it existed, would fulfill the values and ideals of Occupy Wall Street. "A bank that would be democratic, that would be owned by its employees and by its customers; it would be transparent, it would follow banking practices that did not expose the broader economy to systemic risk," he says.

And ultimately, the dream is a national bank. Ross believes that if you change banking, you change the whole nervous system of the economy. But he realizes it's a tall order to take on the banking system. The regulatory obstacles are huge, and failure is very possible.

The Occupy Bank Working Group is inspired by innovative financial institutions like the ShoreBank. Started in the 1970s, it was once the largest certified community development financial institution in the U.S., but it failed during the financial crisis.

At a weekly meeting, members of the group try to hammer out a news release. They want to acquire or partner with a bank. One of the founders of the ShoreBank, Mary Houghton, is on the phone from Chicago. "Is there a third option in which you buy a substantial stake, but you don't control the bank?" Houghton asks.

The group is looking to partner with or acquire an existing financial institution to create the Occupy Bank — democratic, transparent, accessible, competitive — but it shouldn't maximize profits over everything.

The group is now discussing structure, and a survey of what people in diverse communities want and need. But so far, no partner has knocked on the door.

Copyright 2013 NPR. To see more, visit http://www.npr.org/.

Transcript

DAVID GREENE, HOST:

The movement against the corrupting influence of money and power known as Occupy Wall Street is not in the headlines much these days, but behind the scenes there are still many events and working groups. And two we'll hear about now, are most unusual. One is trying to reform the current banking system. The other is trying to create a new kind of bank. NPR's Margot Adler tells us about it.

MARGOT ADLER, BYLINE: Who is the Alternative Banking Group of Occupy Wall Street? You might be surprised. There are actually two groups of people who meet in different places, once a week. Members are older than you might think - 30's, 40's 50's - and many work, or formerly worked, in the financial industry. Cathy O'Neill often facilitates the group that's working on legislation and regulation, to reform the financial system.

CATHY O'NEILL: We have almost no consensus opinion, except that the system's not working. A lot of these people are from finance or have a background in law or SEC regulation. There's lots of people from banks and hedge funds.

ADLER: She, herself was a quant, a quantitative analyst at a hedge fund. She even worked with former Treasury Secretary Larry Summers for a while, but she got disillusioned. Within the Alternative Banking Group are smaller groups working on specific projects. O'Neil talks about their plans for a mobile app to help you move your money away from large banks.

O'NEILL: It would show you which credit unions you are eligible for, which is a big obstacle for people; where the ATM's are in your neighborhood; what kind of paperwork you would need; and what the investing philosophy of that credit union is and what their services are.

ADLER: This group also wrote an article in the Financial Times, looking at a plan by former Republican candidate Jon Huntsman to deal with banks that were too big to fail. They wrote the article in order to say: Hey, President Obama, hey Republican candidates, you should be looking at this too.

The other group, the Occupy Bank Working Group, wants to create a new kind of bank. One of the facilitators is former British diplomat Carne Ross, who says, it's amazing that the system is so broken that some people in finance share the concerns of people who were sleeping in Zuccotti Park.

CARNE ROSS: To the extent that actually we're talking about setting up an alternative system, that's pretty radical stuff. And the fact that you have Wall Street bankers, you know, former regulators, hedge fund traders as part of that project, I find pretty striking.

ADLER: There is always lively discussion. Jerry Weinstein, a writer, wants the new bank to help educate people.

JERRY WEINSTEIN: How do you get people to spend within their means, to save, to make better choices, about not be surprised about a balloon loan?

ADLER: Elizabeth Friedrich works for a trade association of credit unions.

ELIZABTH FRIEDICH: The communities I work in, low income communities of color, like completely underserved and under-banked. And I think that's part of the target market we're looking for with this bank.

ADLER: A couple of times a week, Occupy Wall Street has a spokes council where decisions are made by consensus. Each working group sends a representative.

ROSS: I'm Carne from the Occupy Working Group, greetings to you all. We're not common attendees at spokes.

ADLER: Ross makes a presentation to some 60 people in the room, talking about how this new bank, if it existed, would fulfill the values and ideals of Occupy Wall Street.

ROSS: A bank that would be democratic, that would be owned by its employees and by the customers; it would be transparent; it would follow banking practices that did not expose the broader economy to systemic risk.

ADLER: And ultimately the dream is a national bank. Ross believes if you change banking, you change the whole nervous system of the economy. But he realizes it's a tall order to take on the banking system. The regulatory obstacles are huge, failure very possible.

The Occupy Bank group is inspired by innovative financial institutions like the ShoreBank. Started in the '70s, it was once the largest certified community development financial institution in the U.S., but it failed during the financial crisis. At a weekly meeting, members of the group try to hammer out a press release. They want to acquire or partner with a bank.

Speaking on the phone from Chicago, proposing a third option, is Mary Houghton one of the founders of the ShoreBank.

UNIDENTIFIED MAN: Chicago, you are recognized.

MARY HOUGHTON: Is there a third option in which you buy a substantial stake but you don't control the bank?

ADLER: The group is looking to partner with or acquire an existing financial institution to create the Occupy Bank; democratic, transparent, accessible, competitive, but it shouldn't maximize profits over everything.

The group is now discussing structure and a survey of what people in diverse communities want and need. But so far, no partner has yet knocked on the door.

Margot Adler, NPR News, New York.

GREENE: And you're listening to MORNING EDITION from NPR News. Transcript provided by NPR, Copyright NPR.