Top Stories; Swalwell calls sexual misconduct allegations 'flat out false,' says he will fight them 'with everything'
Top Stories — Saturday, April 11, 2026
What is trending in the USA today? Here is Breaking News:
- Swalwell calls sexual misconduct allegations 'flat out false,' says he will fight them 'with everything' — Fox News
- What We Know About the U.S.-Iran Cease-Fire Talks in Pakistan — nyt News
- How bond market's private credit crisis fears are playing out in fixed-income ETFs — CNBC
Swalwell calls sexual misconduct allegations 'flat out false,' says he will fight them 'with everything'
Source: Fox News • Published: 4/11/2026, 8:00:08 PM
U.S. Rep. Eric Swalwell, D-Calif., released a video Friday evening strongly denying the allegations of sexual assault made against him, calling the accusations "flat out false" and "absolutely false."
Swalwell, who is the leading Democratic candidate in California's gubernatorial race, was accused by a former female staffer of sexually assaulting her while she was intoxicated on multiple occasions. The bombshell allegations, which included reports of sexual harassment against other female staffers, were reported by the San Francisco Chronicle on Friday.
The unnamed female accuser reportedly worked for Swalwell for about two years and said he pursued her shortly after she was hired as a 21-year-old staffer in his district office — despite him being married.
"A lot has been said about me today through anonymous allegations and I thought it was important that you see and hear from me directly. These allegations of sexual assault are flat out false," Swalwell said in a video on social media. "They are absolutely false. They did not happen. They have never happened. And I will fight them with everything that I have."
Rep. Eric Swalwell, D-Calif., has been accused of sexual assault by a former female staffer. (Anna Moneymaker/Getty Images)
The alleged victim accused Swalwell of pressuring her to send naked pictures of herself, adding that he sent sexually explicit photos of himself to her. She also said he allegedly pulled out his private parts while driving in a car with her and asked her to perform oral sex on him.
On multiple occasions, the young staffer said she blacked out from alcohol consumption before allegedly waking up naked in Swalwell's hotel bed with signs she had engaged in intercourse. Swalwell allegedly distanced himself after the incident and their relationship faded.
The woman said they reunited when she no longer worked for him, and another incident allegedly took place.
In the video, Swalwell said he is not "perfect" or a "saint," but his past "mistakes in judgment" are between him and his wife. He then apologized for "putting [his wife] in this position."
California gubernatorial candidate Eric Swalwell waves before speaking at the 2026 California Democratic Party State Convention in San Francisco, Saturday, Feb. 21, 2026. (AP Photo/Jeff Chiu)
He also apologized to his supporters for potentially causing them to doubt their support for him, but that apology was quickly followed with, "I think you know who I am."
"For over 20 years, I have served the public as a city councilman, as a member of Congress, and as a prosecutor who went to court on behalf of victims, particularly on behalf of sexual assault victims," Swalwell said. "That's who I am and have always been."
The allegations have caused a handful of Swalwell's top Democratic supporters to withdraw their endorsements of him for governor, some even encouraging him to drop out of the race entirely.
Former Los Angeles Mayor Antonio Villaraigosa and former Rep. Katie Porter, D-Calif., have discussed the sexual harassment allegations against Rep. Eric Swalwell, D-Calif., in the final stretch of California's 2026 gubernatorial primary. (Ronaldo Bolaños / Los Angeles Times via Getty Images ; Kevin Dietsch/Getty Images ; Sarah Reingewirtz/MediaNews Group/Los Angeles Daily News via Getty Images)
As of Saturday morning, Swalwell remains a candidate in California's gubernatorial race.
Fox News Digital's Alec Shemmel contributed to this report.
Get the latest updates from the 2024 campaign trail, exclusive interviews and more Fox News politics content.
Read the full story at Fox News.
What We Know About the U.S.-Iran Cease-Fire Talks in Pakistan
Source: nyt News • Published: 4/11/2026, 7:58:03 PM
U.S. and Iranian officials were in Pakistan for high-level peace talks on Saturday as continued strikes in the Middle East and uncertainty about the Strait of Hormuz tested an already fragile cease-fire.
Reopening the strait, a vital oil route, is a central demand for the United States, but on Friday only two ships passed through the waterway, the fewest since the cease-fire began. U.S. officials said on Friday that Iran cannot locate all of the mines it laid in the strait.
In Lebanon, state media on Saturday reported renewed gunfire and Israeli military activity. Hours earlier, the Iranian delegation had said that the talks in Pakistan could not begin without a cease-fire in Lebanon. Israel and the United States say the current truce does not apply to Lebanon. Iran, Pakistan and a group of European countries have said that it does.
Washington and Tehran will enter the talks in Islamabad, the Pakistani capital, with significant differences about the conditions for a longer-term settlement.
A strained diplomatic history also casts a shadow over the talks. Twice in the past year, Iran was deep in indirect negotiations with the United States when talks fell apart and the United States and Israel attacked.
Iran and the White House, which is under increasing pressure to end the war, want to come away from any talks with an outcome each can cast as a victory.
Pakistan is acting as a mediator. It helped negotiate a two-week cease-fire last week, scoring a major diplomatic victory.
Pakistan shares deep bonds and a 565-mile border with Iran. It has also spent the last year wooing Mr. Trump — lavishing him with praise, nominating him for the Nobel Peace Prize and striking a series of business deals with his administration.
Vice President JD Vance is leading the U.S. delegation, which also includes Steve Witkoff, Mr. Trump’s special envoy, and Jared Kushner, his son-in-law.
Mr. Witkoff and Mr. Kushner led the last round of talks with Iranian officials in late February, when they concluded that Tehran was not open to a deal over its nuclear program. Veteran diplomats have raised concerns that Mr. Trump has sidelined skilled experts while placing complex Middle East diplomacy in the hands of a friend and family member who have backgrounds in real estate.
A team of at least 70 people is representing Iran at the talks — led by its speaker of Parliament, Mohammad Bagher Ghalibaf, one of the highest-ranking officials left in the country — signaling how seriously it is taking the negotiations. The Iranian delegation, which arrived in Islamabad on Friday, includes experienced diplomats and negotiators, military officials and legal advisers, as well as experts in finance and sanctions.
It was unclear if the talks would involve face-to-face meetings between the U.S. and Iranian delegations.
Sanctions, shipping traffic, nuclear enrichment and Israel’s military attacks on Lebanon are on the agenda.
A central demand from the U.S. side is the reopening of the Strait of Hormuz, the vital waterway that serves as a conduit for a quarter of the world’s seaborne oil and one-fifth of its natural gas. Iran has effectively blockaded the strait, and reopening it was the focus of an apocalyptic ultimatum by President Trump, who said he would wipe out a “whole civilization” if Tehran didn’t do so.
Since the current truce was struck, Iran’s military has signaled it plans to maintain control of the strait, while Mr. Trump has suggested that the United States might jointly control it with Iran. On Friday, he described Iran’s continued efforts to restrict shipping traffic as “extortion.”
Iran’s nuclear program is also likely to be a key issue. Iran wants the United States to accept its ability to enrich uranium, but Mr. Trump’s most recent statements reiterated calls for zero enrichment.
Mr. Ghalibaf, the leader of Iran’s delegation, said on Friday that negotiations with the United States could not start until there is a cease-fire in Lebanon and introduced what appeared to be a new demand for frozen Iranian assets to be released.
Iranians are also seeking a guarantee that the United States will not attack Iran again. That final condition would mean a permanent end to hostilities, and go further than the cease-fire that U.S. mediators are currently offering.
Iran released its peace proposal on Wednesday, outlining sweeping demands that would be difficult, if not impossible, to reconcile with U.S. aims.
Iran’s framework allows it to maintain control of the Strait of Hormuz, requires the United States to withdraw its forces from all bases in the region and preserves Iran’s right to pursue nuclear enrichment. It also calls for an end to Israeli attacks on Hezbollah targets in Lebanon.
Mr. Trump initially described the Iranian framework as “a workable basis on which to negotiate” an end to the war. But a White House official, who spoke on the condition of anonymity to discuss sensitive talks, said the demands in the 10-point plan released by Iran were not the same as the ones referenced by Mr. Trump.
Many of Iran’s conditions are likely to conflict with a 15-point proposal that U.S. mediators sent to Iran through Pakistani intermediaries last month. Officials said that proposal addressed Iran’s ballistic missile and nuclear programs, as well as maritime trade.
On Thursday, Mr. Trump referred to the 15 points and claimed that Iran had already agreed to many of them. But it was unclear how widely the plan had been shared among Iranian officials after it was first passed to Iran several weeks ago.
Ashley Ahn covers breaking news for The Times from New York.
Pranav Baskar is an international reporter and a member of the 2025-26 Times Fellowship class, a program for journalists early in their careers.
Lynsey Chutel is a Times reporter based in London who covers breaking news in Africa, the Middle East and Europe.
Read the full story at nyt News.
How bond market's private credit crisis fears are playing out in fixed-income ETFs
Source: CNBC • Published: 4/11/2026, 7:45:29 PM
Fears of a private credit crisis are rising as firms at the heart of the growing, but less liquid and less transparent, bond market face investor redemptions. That stress test has arrived just as private loans became more prevalent in the ETF market. It was a little over a year ago that the Securities and Exchange Commission approved the first ETF branded as a private credit fund.
For ETF investors, the good news it that the risks represented by the asset class are showing up in a more controlled way, as ETFs invest directly in private credit issues are still limited in how much exposure they can have to the asset class — up to, but not exceeding 35%.
Some other, older ETF products that are tied to private credit get indirect exposure only, according to Todd Rosenbluth, head of research at VettaFi, said on CNBC's "ETF Edge. They use vehicles like business development companies and closed end funds that primarily invest in the private credit sector. While that adds liquidity compared to holding private loans directly, it is not without investor concern in the current environment.
The VanEck BDC Income ETF (BIZD), which has roughly $1.5 billion in assets and dates back to 2013, is down 13% since the start of the year. The reason is clear: among BIZD's top holdings are publicly traded shares of some of the private credit managers in the news, including Blue Owl Capital and Ares Capital. Blue Owl shares are down over 46% this year.
The Simplify VettaFi Private Credit Strategy ETF (PCR) is down around 20% in the past year and also focused its investments in business development companies and closed end funds.
Liquidity remains the main concern for investors, and private credit is not meant for daily trading the way ETFs are, which has resulted in issues between private credit managers and investors wanting to pull out their funds. But in the ETF space, daily liquidity and trading always give investors the option to sell, though it may come at a cost.
"You can get out, you're just going to pay or you're going to sell at a discount to net asset value," Rosenbluth said.
BIZD closed at a discount to its net asset value 37 times in calendar year 2025, and so far, 12 times this year.
Private credit funds, meanwhile, often restrict withdrawals during times of stress. "You're gating because you said we can't have a run on the bank," Rosenbluth said.
Limits on redemptions help prevent forced selling and instability, though they don't necessarily help to calm market fears.
State Street's private credit ETFs, developed with alternative investments manager Apollo Global and which included the first private credit branded ETF approved by the SEC, are examples of how access is being structured within ETFs. The State Street IG Public & Private Credit ETF (PRIV) was the first of its kind, approved by the SEC in February 2025. The State Street Short Duration IG Public & Private Credit ETF (PRSD) launched later in 2025.
These funds are meant to outperform standard bond benchmarks by including investment-grade private credit, and can both hold as much as 35% in private credit issues, or at times less than 10%. According to the State Street ETF web site, only one of PRIV's current top 10 holdings is private credit, with treasury and mortgage-backed securities dominating in the top 10. PRSD's top holdings are a mix of government, mortgage and currency holdings.
PRIV has $831 million assets under management; PRSD is much smaller, at $48 million in assets under management. Both have seen relatively flat performance since the beginning of the year. Both PRIV and PRSD hold slightly over 20% of assets in Apollo-sourced investments, according to State Street data.
Jeffrey Rosenberg, systematic fixed income senior portfolio manager at BlackRock, who runs a long-short strategy in an ETF wrapper, says the private credit investing issues are one example of how much ETFs have changed fixed income markets. As active portfolio managers in the bond market meet more investors through ETFs, it allows them more precision in targeting specific parts of the credit market. "They've just completely changed how liquidity provisioning, price discovery ... how the ecosystem of credit market-making functions in a modern credit market," he said on "ETF Edge."
Money has been on the move during the recent market volatility, according to Rosenbluth, with ETF investors "taking some risk off" and moving from longer-duration bond funds into shorter-duration funds.
The biggest systemic risk in private credit markets comes from the asset-liability mismatch. "The run on the bank," Rosenburg said. But it is his view that this type of risk is less pronounced today since many private credit vehicles limit liquidity by design. That cannot eliminate risk, but can make the risks surface more gradually, Rosenburg explained, saying impact could take place over longer time horizons as companies face refinancing at higher rates.
Both Rosenbluth and Rosenburg explained that the result of this is a system that absorbs shock differently. Private credit funds may restrict redemptions and ETFs allow for continuous trading with real-time price adjustments — allowing markets to keep functioning while reflecting stress as it develops. Both approaches, they say, aim to prevent disorderly outcomes.
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