White House Considering at Least Six for Fed Chair (BBG)
Some of the other possible contenders include former Fed Governor Kevin Warsh, Columbia University economist Glenn Hubbard and Stanford University professor John Taylor, one of the people familiar said. Lawrence Lindsey, a former economic adviser to President George W. Bush, has been discussed. Former US Bancorp CEO Richard Davis and John Allison, the former CEO of BB&T Corp., have also been considered.
Trump anger at Cohn raises doubts about his White House tenure: sources (Reuters)
“The calculus has shifted for Gary. He’s gone, essentially, from untouchable to possibly being bounced out,” the source said. “The message is clear that suddenly Cohn’s job in the White House has real downside risk.” [...] One source close to the White House said Trump wanted to fire Cohn. “Hates him. But that could be ephemeral,” the source said.
The case for Janet Yellen to remain Fed chair (FT)
The first reason is her record. The unemployment rate has fallen more than two percentage points during her time as chair and the US labour market has added jobs at a robust monthly pace. Nominal wage growth remains weak but has gradually trended higher. Second, Ms Yellen represents welcome continuity and stability amid the seemingly endless political chaos and the Fed’s particular challenges. Is it likely that nobody has spent as much time thinking about the Fed’s logistical and philosophical puzzles.
Three Equifax Managers Sold Stock Before Cyber Hack Revealed (BBG)
The credit-reporting service said late Thursday in a statement that it discovered the intrusion on July 29. Regulatory filings show that three days later, Chief Financial Officer John Gamble sold shares worth $946,374 and Joseph Loughran, president of U.S. information solutions, exercised options to dispose of stock worth $584,099. Rodolfo Ploder, president of workforce solutions, sold $250,458 of stock on Aug. 2. None of the filings lists the transactions as being part of 10b5-1 scheduled trading plans. SEE ALSO: Here's How to (Sort of) Find Out if You Were Affected by the Equifax Hack
Wife of Trump Organization Ethics Lawyer Arrested After Alleged Tryst With Inmate (Daily Beast)
Teresa Jo Burchfield, 53, was outside Virginia’s Fauquier County Adult Detention Center when deputies charged her with a crime of her own. Burchfield and an unnamed 23-year-old inmate were spotted in the backseat of a car, along with a bag of pills and other contraband items that Burchfield had allegedly given the inmate. Burchfield’s husband, Bobby Burchfield, is an ethics advisor to the Donald J. Trump Revocable Trust, an entity intended to keep Trump’s business and political ties separate.
Bill Ackman: I won’t insist on replacing ADP directors (NYP)
“It is our strong preference that we end the proxy contest and come to a resolution on governance,” Ackman wrote in a letter Thursday, two days after he met with the board. “This would eliminate the need for us to replace existing directors and we could begin working together immediately,” Ackman wrote. Nevertheless, ADP said in a statement late Thursday that it will not add Ackman’s nominees to its board.
Private Equity Prowls for Young Bankers Early in Frenetic Ritual (BBG)
Buyout firms are tapping junior bankers earlier -- advancing the annual recruiting cycle, the industry’s biggest window of hiring, for the fifth consecutive year after an agreement to hold back fell apart. The shift comes as a war for talent heats up in private equity, where firms are raising record amounts of capital from investors starved for yield while competing for talent against rivals and Silicon Valley technology companies. To lock down the brightest candidates, mega-funds such as KKR & Co., Warburg Pincus and Carlyle Group LP fill up their classes as early as the first day of interviews.
Goldman Sachs Interns Have Spoken. Here's What They Had To Say (BuzzFeed)
The firm has been modifying its programs for young employees, including recent changes to its analyst program. One of those future changes could be around how employees will dress. Seventy-nine percent of the interns said they would prefer "more casual workwear," including 17% who said they prefer hoodies and jeans and 51% who said they prefer not to wear a jacket or tie. Only 21% prefer "traditional business attire," while 11% said "anything goes."
School apologizes for suggesting students masturbate to avoid sex assault (AP via NYP)
The Rochester Institute of Technology’s slide featured the Winnie the Pooh character Roo, using the kangaroo character’s name as an acronym about masturbation. A screenshot of the slide was shared via social media and included closed-captioning at the bottom that read: “Self-gratification can prevent sexual assault.” Roo was short for “rub one out.”