Blythe Masters Sees Tech Answer to Banks' Existential Woes (Bloomberg)
Revenue, expenses and capital requirements “are structurally heading in the wrong direction” for the financial services industry, Masters said Wednesday at a conference in London. Blockchain, also known as distributed ledger, and other advances could cut costs in areas such as post-trade processing by 30 to 50 percent, she said.
One Firm Getting What It Wants in Washington: BlackRock (WSJ)
As recently as 2008, BlackRock spent nothing on lobbying and by the end of 2009 hadn’t registered a single in-house lobbyist in Washington, D.C., according to federal filings. Now, it is one of the town’s most powerful and prominent financial firms. Senior executives are on a first-name basis with the Treasury secretary, the Fed’s most powerful banking regulator and many congressional staffers. Since 2009, it has spent $14.21 million on lobbying, compared with $12.55 million by Vanguard and $23.28 million by Fidelity, according to the Center for Responsive Politics.
A Wine Mogul Says Fidelity Cheated Him Out of Millions (Bloomberg)
Deutsch says his unease turned to shock later that day when he fielded a call from a Fidelity employee he’d never spoken with before. Deutsch remembers the man informing him that Fidelity was “uncomfortable” with his purchases of China Medical Technologies, a Beijing-based maker of cancer-treatment devices. Effective immediately, the man told Deutsch, he could no longer buy the stock. And with that, a hefty slice of his family’s net worth was toast.
"Forceful' In-Flight Nipple Tweak Lands Olympic Swimmer In Hot Water (HP)
Grant Hackett, a three-time Olympic gold medalist swimmer from Australia, allegedly groped the chest of a male passenger and tweaked his nipple during a flight. Sunday’s incident happened in business class on a Virgin Australia flight from Adelaide to Melbourne. The passenger told the Herald Sun that Hackett reacted after he had reclined his seat too far for Hackett’s liking. He said Hackett grabbed his chair and shoved it forward. “Then he put his hand through and groped my chest and tweaked my nipple quite forcefully,” the passenger told the Herald Sun. The freestyle great was said to have stroked the victim’s arm and said “it’s OK, it’s all right” but the victim, a real estate executive traveling with his partner to a family reunion, said he “felt unsafe and violated.”
Tech Firms Dominate the Top-Paying Companies in U.S. (WSJ)
The tech industry, where a dearth of talent is driving up annual salaries well past $100,000, dominates a new list of the top-paying companies in the U.S. Companies including Alphabet Inc.’s Google, Facebook Inc. and Twitter Inc. all pay median compensation of at least $150,000 a year, according to a study published Wednesday by online career site Glassdoor Inc. Tech firms make up 20 of the 25 highest-paying companies in the U.S. in 2016, according to salary data users provided to Glassdoor.
U.S. Cannabis Industry Employs More Than 100,000 People (Bloomberg)
...there are about as many employees of legal weed businesses as there are insurance underwriters, Web developers or nurse practitioners, according to Marijuana Business Daily.
General Mills Bets on Pumpkin Spice Cheerios (Bloomberg)
The company is introducing a pumpkin spice version of the cereal later this year, tapping a flavor that gained cult status at coffee houses before appearing in everything from vodka to Jell-O. It’s a rare foray into limited-time flavors for Cheerios, a brand that has suffered from an industrywide U.S. cereal slump.
Never Get Between A Thief And The Cheetos Puffs Hidden In Her Groin Area (TSG)
A Florida woman allegedly punched a convenience store employee in the eye after the worker demanded the return of a bag of Cheetos Puffs that the suspect had stashed “under her sundress in her groin area,” according to cops. Melissa Mower, 49, sought to steal the Cheetos and a six-pack of Bud Light Lime (total value: $13.11) from a store in Indian Rocks Beach. But when confronted by an employee as she walked out of the store, Mower returned the beer, “but did not return the Cheetos,” an arrest affidavit reports. Mower then crossed the street into a wooded area. For some reason, worker Holly Harris followed Mower in pursuit of the stolen Cheetos. When Harris demanded that Mower “return the Cheetos Puffs that were stolen,” Mower responded by punching Harris in the left eye, a blow that caused “swelling and redness” in the “victim’s eye socket and eye.” Mower was subsequently apprehended by a sheriff’s deputy “with the Cheetos Puffs on her person.”