How Deutsche Bank’s high-stakes gamble went wrong (FT)
One top 10 investor has signalled that it plans to call for a confidence vote in Cryan at next May’s annual shareholder meeting. Even friends of the CEO doubt he can stay until 2020. “The big trouble is John doesn’t have a vision,” says one. “In 2015 he was the antidote to take the poison out of Deutsche Bank. And he was appointed in the nick of time. But he’ll go — there is pressure from the board, from shareholders, from staff. I’d be surprised if he was still there this time next year.”
How Some Small Banks Are Firing the Fed (WSJ)
Bank of the Ozarks wanted to cut costs, so it ditched the Fed. The Little Rock, Ark., bank was regulated by the Federal Reserve, the Federal Deposit Insurance Corp., a state banking agency and others. It figured one way to reduce expenses would be to remove a layer of oversight. So, the bank in June shed its holding-company structure, an umbrella corporation regulated by the Fed. With that gone, the Fed was out of the picture. “We didn’t really need to be regulated by both,” said CEO George Gleason
Russia Says It Will Ease Debt Burden on Venezuela (NYT)
The Russian finance minister, Anton Siluanov, announced on Wednesday that the two countries had agreed to the restructuring of roughly $3 billion in Kremlin loans. The amount is tiny compared with Venezuela’s crushing $120 billion debt, but it may help President Nicolás Maduro’s government make hundreds of millions of dollars in payments over the next few weeks to other creditors and help reassure bondholders that a default is not imminent.
Leaked Documents Reveal Stunning Plan To Wage Financial War On Qatar—And Steal The World Cup (The Intercept)
The economic warfare involved an attack on Qatar’s currency using bond and derivatives manipulation. The plan, laid out in a slide deck provided to The Intercept through the group Global Leaks, was aimed at tanking Qatar’s economy, according to documents drawn up by a bank outlining the strategy. The Qatar debt project would be grandiose in its ambitions. “Control the yield curve, decide the future,” reads the planning document.
Nearly a Third of Millennials Say They'd Rather Own Bitcoin Than Stocks (BBG)
A survey by venture capital firm Blockchain Capital found that about 30 percent of those in the 18-to-34 age range would rather own $1,000 worth of Bitcoin than $1,000 of government bonds or stocks. The study of more than 2,000 people found that 42 percent of millennials are at least somewhat familiar with bitcoin, compared with 15 percent among those ages 65 and up.
Gary Cohn: Trickle-down is good for the economy (CNBC)
Harwood: Look at the components of the plan: big corporate reductions, big pass-through reductions for business, much more tax cuts for businesses than for individuals. You've got the elimination of the estate tax, you've got the preservation of the step-up basis, you've got the elimination of the alternative minimum tax. What you have is a bunch of people, including you, including the president, who think 'What I do is good for the economy, therefore, taxing the things that I do less will be good for the economy and good for other people' instead of giving direct benefits to those people. Because middle class people in this tax cut do not get very much in direct benefit.
Cohn: I just completely disagree with you.
2 ways of reading Trump’s objections to the AT&T/Time Warner merger (Vox)
On the one hand, there’s a story about a dangerously authoritarian administration finally using its powers of office to retaliate against a news outlet it doesn’t like. On the other hand, there’s a story about an administration that promised “populist” governance finally stepping up to the plate on antitrust enforcement. A former high-ranking federal antitrust official I spoke to said he found it surprising that a Republican administration would raise these objections but also that the objections themselves were not necessarily unreasonable. The larger backdrop to the confusion, of course, is that Trump’s pattern of conduct makes a conspiratorial read of its actions feel plausible.
European leaders seem to determined to remake the “global savings glut” on a massive scale (FT Alphaville)
In the absence of any sufficiently powerful countervailing force, the euro area’s self-imposed safe asset shortage is going to force the rest of the world to dis-save on an unprecedented scale. Europe will have solved its problems at the expense of everyone else. The rest of us should be careful.
At Least Eight Sheep in the World Can Recognize Barack Obama (Motherboard)
Sheep have a reputation for being clueless, but they're actually pretty savvy animals. Their long life spans (compared to other research animals like mice) and relatively large brains, which are closer in size and complexity to humans, make them good subjects for researching brain disorders. Previous studies have shown that sheep recognize their trainers' faces and the faces of other individual sheep in their herd. This new study confirms that sheep are right up there with primates when it comes to recognizing individuals by face.