President Trump Unlikely to Nominate Gary Cohn to Become Fed Chairman (WSJ)
President Donald Trump is unlikely to nominate Gary Cohn, his top economic adviser, as the next Federal Reserve chairman, according to people familiar with the president’s thinking, adding to the uncertainty over the U.S. central bank’s leadership and policies next year. [...] The shift in Mr. Cohn’s prospects for the top Fed job arises largely from his criticism of Mr. Trump’s response to the violence in Charlottesville, Va., the people familiar with the matter said.
Blankfein on Markets: ‘Things Have Been Going Up for Too Long’ (WSJ)
Mr. Blankfein said the current market environment “doesn’t feel like tulip-bulb-mania,” a reference to the famous speculative bubble in the Netherlands in 1637, but was nonetheless concerning. “Things have been going up for too long,” he told attendees at a Handelsblatt business conference in Frankfurt. “When yields on corporate bonds are lower than dividends on stocks? That unnerves me.”
Milan back in vogue as Italy’s financial capital (FT)
On September 13, Milan will put on its glad rags. Nearly 1,000 guests, the elite of Italian politics, business and finance, will gather in Galleria Vittorio Emanuele II for a charity dinner to celebrate the 150th anniversary of the four-tiered arcade known locally as “the drawing room of Milan”. The public show of power and wealth, a first for the traditionally discreet city, is a sign of Milan’s pitch for status and influence in post-Brexit Europe.
Investor Who Lost Millions Finally Gives Up on His China Bet (BBG)
Mark Hart spent seven years and $240 million waiting on a crash in China’s currency. He lost sleep. He lost clients. He damn near lost his sanity. And now he’s lost his conviction: Hart, who called for a more than 50 percent yuan devaluation last year, has turned bullish on China and its currency.
Here's Why Irma Is Such A Frightening Storm (BuzzFeed)
The closest analogue to Hurricane Irma striking Miami is 1992’s Hurricane Andrew, which caused $50 billion in damages and destroyed or damaged 125,000 homes. A recent Swiss Re analysis concluded that if Andrew hit Miami today, it would cause as much as $300 billion in damages.
Facebook Identifies $100,000 In Ad Spending By Fake Accounts With Suspected Ties to Russia (WSJ)
The social-media giant said Wednesday that the ads it identified didn’t typically reference any particular political candidate. Rather, the company review found that the ads focused on “amplifying divisive social and political messages across the ideological spectrum—touching on topics from LGBT matters to race issues to immigration to gun rights.” Facebook officials provided their findings to House and Senate investigators looking into Russian interference in the presidential election, according to people familiar with the matter.
Don’t believe the hype about the tremendous returns on “initial coin offerings” [Qz]
Many of these offerings were priced in ether, the cryptocurrency used by the ethereum network, which has risen 45-fold since the start of the year. An ICO has to outperform ether to generate a return for an investor—which isn’t the case for [most] tokens. The Golem token, which is meant to be used in a new, decentralized prediction market, has risen 29 times in US dollar terms, but it incurs a loss when priced in either, according to the data provider ICO Stats. SEE ALSO: 'Roaches': SEC Chief Speaks Out Against Malicious ICOs
Wall Street's oldest steakhouse has a secret menu for billionaires — here's what's on it (BI)
Here's the "Wall Street Grilled Cheese," which is priced at $100. It's definitely not your typical grilled cheese sandwich. This one comes with Scharfe Maxx and L'Etivaz cheeses, in-house cured bacon that's been slow-roasted for 18 hours, black truffle shavings, and fig mustard.
Global Synchronized Growth: Why Now? [Yardeni]
The global economy is running on all six cylinders. It may not be a global synchronized boom, but it is the most synchronized expansion of economic activity that the global economy has had since the recovery from the 2008/2009 recession.
How Red Sox Used Tech, Step by Step, to Steal Signs From Yankees (NYT)
Knowing what pitch is coming can give a batter a huge advantage. That’s why trying to steal a catcher’s signs to the pitcher is nearly as old as baseball itself. It is considered a bit of gamesmanship and is usually not against the rules. But what got the Red Sox in trouble was how they used Apple Watches in the dugout in their quest to steal the Yankees’ signs. Here is the method the Red Sox were believed to have used.
Dennis Rodman Offers to ‘Straighten Things Out’ Between Trump and Kim Jong-un (NYMag)
Dennis Rodman, the ex–NBA star who claims both Trump and Kim as friends, told Good Morning Britain Wednesday, “I just want to try to straighten things out for everyone to get along together.” In addition to his own mediation, Rodman suggested that Trump attempt to talk with Kim to find common ground and avoid violent confrontation. The Worm is clearly not keeping up with Trump’s tweets.