SoftBank shares surge on $11 billion DoorDash investment gain [Reuters]
SoftBank, which invested $680 million in DoorDash in the last three years, saw the value of its 25% stake in the company rise to $11.9 billion on the first day of trading in New York…. SoftBank’s recent wins include a rally in the shares of ride-hailing app Uber Technologies Inc, where it is a top shareholder, and the sale of chip designer Arm to Nvidia Corp for $40 billion.
Democrats Are Divided Over Biden’s Coming Pick of a Top Bank Regulator [WSJ]
Some progressive Democrats are making a last-ditch effort to install Mehrsa Baradaran, an Iranian-born law professor at the University of California, Irvine and author of “The Color of Money: Black Banks and the Racial Wealth Gap….” Ms. Baradaran could end up in a top financial post, even if she isn’t chosen to lead the OCC, say people familiar with the process.
Wirecard Red Flags Should Have Prompted Earlier Response, Former Executive Says [WSJ]
“So many people could have and should have stepped up and said something,” [Wirecard legal and compliance chief James] Freis said in a recent interview with The Wall Street Journal…. Key to the alleged fraud was the dual role Wirecard played as a commercial services firm that controlled a bank, Mr. Freis said. “The bank would make loans in the strategic interest of the parent company,” he said. “That’s something that a third-party bank at arm’s length might have treated differently.”
David Correia, who used Rudy Giuliani’s name to defraud investors, sentenced to 1 year [N.Y. Daily News]
“The irony of the business’s name, Fraud Guarantee, is hard to ignore,” Manhattan Federal Judge Paul Oetken said, noting that Correia lied to investors about how much money was raised for the project and how their money would be used…. Oetken’s sentence was officially one year and one day, which allows Correia the chance to receive credit for good behavior. The judge noted that Correia spent only $43,000 of investors’ money. [Lev] Parnas is alleged to have spent much more.
Reddit CEO Backs WallStreetBets Amid Calls for Stiffer Moderation [WSJ]
Reddit CEO Steve Huffman said the WallStreetBets episode has demonstrated the durability of the company’s model, as it matures and grows…. “This whole event is showing the power of large communities of everyday people,” said Mr. Huffman. “Not just massive institutional and professional investors get to participate in the stock market….”
“I do often think about what Reddit looks like as a public company,” Mr. Huffman said. “We still have some growing to do, but we are looking forward to that.”
Angry Robinhood Traders Take Aim at the Wrong Robin Hood [WSJ]
Bob White…. chairman of the World Wide Robin Hood Society… handles the group’s Twitter account, @robinhood. Most days, he said, he gets one or two pings…. “The thing was just going ping, ping, ping, ping,” the 77-year-old author and amateur historian said. “All these messages were just scrolling off the screen, about how they couldn’t trade these stocks….”
Among those joining the bandwagon was Four Seasons Total Landscaping in Philadelphia, the outfit confusingly selected—instead of, say, the city’s Four Seasons hotel—for a news conference to claim fraud in the Nov. 3 presidential election. “Huzzah! Let us know if Sherwood Forest needs any tree pruning done,” a company tweet said.