Goldman Sachs slumps to its worst ever position in IB ranking (FT)
For the first half of 2017, Goldman came joint third in the rankings compiled by industry monitor Coalition, which is based on revenue for advising on deals and fundraisings as well as selling bonds and shares on behalf of clients. Goldman’s investment bank revenue is now on a par with Bank of America Merrill Lynch and behind JPMorgan and Citigroup, which came first and second respectively. It is the first time Goldman has been ranked lower than second since the rankings began in 2007.
Facebook to Turn Over Russian-Linked Ads to Congress (NYT)
“I care deeply about the democratic process and protecting its integrity,” Facebook’s chief executive, Mark Zuckerberg, said during an appearance on Facebook Live, the company’s video service. He added that he did not want anyone “to use our tools to undermine democracy...That’s not what we stand for.”
SEC Hack Threatens a Bedrock of U.S. Capitalism: Transparency (BBG)
If such breaches continue, or if the SEC is too underfunded or outgunned to fix them, it could undermine company and investor confidence in the agency. That might threaten the regulator’s ability to provide a bedrock principle of the U.S. financial system: market transparency.
Wall Street’s Newest Puzzle: What Passive Buying and Selling Means for Individual Stocks (WSJ)
Roughly $9 billion poured into more than two dozen financial-stock ETFs in the month following the election, according to Keefe, Bruyette & Woods. Melissa Roberts and Pell Bermingham, quantitative analysts at the firm, found that ETF flows had a meaningful impact both on the daily trading volumes and performance of certain financial-sector stocks. Shares of companies included in financial ETFs rose by a median 19.4% over the period, compared with 14.2% for financial stocks not in these ETFs.
Jamie Dimon lays into bitcoin again, says it’s ‘worth nothing’ (CNBC)
"Right now these crypto things are kind of a novelty. People think they're kind of neat. But the bigger they get, the more governments are going to close them down," Dimon said during an interview with CNBC-TV18 in New Delhi, India, on Friday. "It's creating something out of nothing that to me is worth nothing," he said. "It will end badly."
Investors ride more than one cab with stakes in Uber and rivals (FT)
Hillhouse, the Chinese investment fund, is invested in Uber, Didi and Grab, which is locked in a fierce price war with Uber in Southeast Asia. Tiger Global, the hedge fund, has stakes in five car-booking companies, including Uber and its rivals Ola and Grab. Sometimes, these crossholdings can cause unexpected overlaps. Saudi Arabia’s Public Investment Fund, which made headlines last year by investing $3.5bn in Uber, is one of the biggest backers of the SoftBank Vision Fund; the PIF’s chief executive Yasir Al Rumayyan sits on the boards of Uber and SoftBank. ALSO: Uber stripped of its license to operate in London
Let’s Throw Some Keynesian Bombs (PragCap)
It seems like the problem isn’t just that government officials misunderstand Keynesian economics, but economists seem to misunderstand it as well. And while Keynes would have perfectly understood this environment it seems like a lot people use his name to scare the world about government insolvency in a world where the insolvency and inflation never arrives and growth underperforms…..And so here we are muddling along.
The NFL Should Legalize Holding (Deadspin)
So here is what happens if you legalize holding. First of all, you get more downfield offense. All those dinky short passes that everyone hates that artificially inflate completion percentages? Gone. College football is just as evil as the NFL and has far longer games, and yet no one gives them much shit for it because college offenses MOVE. Secondly, you protect quarterbacks better, therefore making them better as well. Third, you reduce penalties. Last of all, you make the game somewhat almost a little bit safer for those poor linemen, because what was once a battle of collisions along the line of scrimmage is now more about close-in grappling instead.
Netflix Pulls Children’s-Show Episode for Inappropriate Drawing (It Was a Penis) (Vulture)
Maya the Bee is an animated children’s show about a talking bee named Maya and her adventures with various other anthropomorphic insects, mostly bees. It’s also, according to some very concerned parents, a filthy, filthy peddler of smut. Although the series has been out since 2012, Variety reports that one mother named Chey Robinson spotted something recently in season one, episode 35. And that something is a very faint line drawing of a penis on a log … in the background … for about half a second.