Treasury’s Mnuchin backs narrower coronavirus aid package as talks with Congress resume [CNBC]
He did not say whether he backed a potential $40,000 income cap floated by GOP lawmakers — lower than the $75,000 where the previous payment started to phase out…. Mnuchin said the White House wants to change rather than extend the enhanced unemployment provision…. “You can assume that it will be no more than 100%” of a worker’s usual pay, Mnuchin said. He echoed Republicans who argue the generous insurance deters some people from resuming work because they make more at home than they otherwise would at their jobs.

Oxy’s Sweetener a Bitter Pill for Warren Buffett [WSJ]
It offered shareholders of record as of July 6 the ability to buy an eighth of a share for each one they own at $22 for the next seven years. The warrants can be sold for cash starting next month…. Mr. Icahn’s fingerprints are on the move to issue the warrants. In a statement relating to their issuance, he said he is pleased that the new chairman, along with his “three director representatives,” have helped create “a more stockholder friendly board….”
But the warrants are also a quiet snub to Mr. Buffett, whose Berkshire Hathaway helped fund Occidental’s gigantic acquisition with preferred shares not eligible to receive warrants. Occidental needed the $10 billion in cash to prevail over Chevron while avoiding a shareholder vote on—ironically—issuing new shares.

Elon Musk Gloats as Rally Drives Tesla Shares to New Heights [WSJ]
A gleeful Mr. Musk has celebrated in recent days by taunting the short sellers, announcing over the weekend the launch of a line of Tesla “short shorts,” skimpy red-satin garments that the company said sold out quickly. Tesla’s website said the shorts included the company’s model names spelling out S-3-X-Y, and Mr. Musk noted they were selling for “only $69.420!!”—numerical references to both a sexual position and marijuana—themes Mr. Musk has hit on before on Twitter…. “Will send some to the Shortseller Enrichment Commission to comfort them through these difficult times,” he tweeted last week about the shorts, reviving a term he used in 2018 after settling with the SEC over claims that he had misled investors with tweets saying he had secured funding to take the auto maker private.

Fintech disruptor SoFi wants to become a national bank — again [CNBC]
The company previously applied in 2017 for a bank license in Utah with the FDIC under co-founder and former CEO Mike Cagney, who resigned later that year amid sexual harassment allegations made by two former SoFi employees. Following the departure of Cagney and other senior executives, the company withdrew its application later that year….
“We firmly believe that by pursuing a national bank charter, we will be able to help even more people get their money right with enhanced value and more products and services,” Noto said in a statement emailed to CNBC.

Two Suitors Compete to Scoop Brooks Brothers Out of Bankruptcy [WSJ]
Sparc Group LLC, an apparel company backed by Authentic Brands Group LLC and mall owner Simon Property Group Inc., is considering bidding to buy Brooks Brothers out of bankruptcy, these people said.
WHP Global Inc., which has agreed to finance Brooks Brothers during its bankruptcy, is also crafting a buyout offer, according to people familiar with the matter….
Both potential bidders are planning to keep most Brooks Brothers stores intact, betting that the retailer’s survival is tied to a strong brick-and-mortar presence, according to people familiar with the matter.

‘Stablecoins’ Vulnerable to Criminal Abuse, Watchdog Says [WSJ]
Their promise of price stability could make them more likely to reach wider adoption than some existing virtual assets, particularly if they are sponsored by large technology, telecom or financial companies… However, stablecoins face some of the same money-laundering and terrorist-financing risks as other virtual assets, such as increased anonymity and quick exchanges of virtual assets to help disguise the origins of illicit funds, the FATF said.

Indian Bank Hit by Third Huge Fraud [WSJ]
Punjab National Bank said late Thursday that a customer, the ailing property lender Dewan Housing Finance Corp., had defrauded it of the equivalent of $491 million…. India’s second largest state-owned lender… has been beset by difficulties with borrowers. In 2018, it said fraudulent transactions allegedly undertaken by two jewelers could total $2 billion. And last July, it said a power and steel company had defrauded it of close to $550 million.

Why Is a Tech Executive Installing Security Cameras Around San Francisco? [NYT]
How do they reconcile “defund the police” with “stop the smash and grabs”?
Mr. Larsen believes he has the answer: Put security cameras in the hands of neighborhood groups. Put them everywhere. He’s happy to pay for it….
Mr. Larsen balked at the idea of his cameras using facial recognition: “We’re strongly opposed to facial recognition technology,” he said. “Facial recognition is too powerful given the lack of laws and protections to make it acceptable.”

Cohen bidding $2B for Mets franchise and $2B for cable network: Gasparino [Fox Business]
Earlier this year, the Wilpon family was close to selling most of the Mets franchise to Cohen for $2.6 billion, but Cohen walked away from the deal over control issues…. Thursday was the deadline for the first round of bidding for the franchise.

Hedge fund managers grudgingly accept Mayfair life will stay in the ‘Zoomosphere’ [FN]
“Everything is so hard to arrange. When the pubs re-opened, a group of us who used to regularly meet at The Market Tavern [a pub in Shepherd Market in Mayfair] wanted to meet up during the week. But they told us there would be a limit of six people, we would have to sit at a reserved table and we couldn’t drink outside.”
They ended up cancelling their plans: “It’s like, why bother meeting at the moment?”…
“In-person conferences won’t realistically come back until April or May next year,” said Vernon Bratton, former director of business development at Context Summits, who now works for IT solutions provider Align. “Going forward, I think companies will mix it up between having virtual and face-to-face events.”

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