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Jerome Powell Says Now Is Not the Time to Focus on Reducing Federal Debt [WSJ]
“Given the low level of interest rates, there’s no issue about the United States being able to service its debt at this time or in the foreseeable future,” Mr. Powell said Thursday in an interview with National Public Radio. “Nonetheless, there will come a time—and that time will be when the economy is back to full employment, and taxes are rolling in, and we’re in a strong economy again—when it will be appropriate to return to the issue of getting back on a sustainable fiscal path.”

Yellen supports banks’ share buybacks. Sen. Warren wants BlackRock designated too big to fail [CNBC]
“I have been opposed earlier when we were very concerned about the situation the banks would face about stock buybacks,” Yellen said. “But financial institutions look healthier now, and I believe they should have some of the liberty provided by the rules to make returns to shareholders….”
Warren and Yellen engaged in an at times contentious exchange over the issue, with Warren repeatedly interrupting the Treasury secretary as she sought to respond…. “I understand that when the stock market is going up, it can be easy to ignore risks that can be building up in the system,” Warren countered.
“That was the mindset of regulators that led up to the 2008 crash and that is how taxpayers ended up on the hook for a $700 billion bailout of the giant banks,” she added. “When the party is going strong, it’s the job of regulators to take away the punchbowl.”

Sun Capital Pitching a Roughly $2.5 Billion Fund to Investors [WSJ Pro]
The Boca Raton, Fla.-based firm’s new fund would be roughly $200 million larger than its predecessor, Sun Capital Partners VII LP, which closed on $2.3 billion in 2019.

U.S.-Listed Chinese Stocks Fall Into Bear Market [WSJ]
The S&P/BNY Mellon China Select ADR Index… tumbled 6.4% Wednesday, leaving it 23% below a record hit on Feb. 16…. “It’s a perfect storm” of negative news, Mr. Chua said.

Tribune board backs Alden Global’s bid for newspaper chain over Maryland hotel magnate’s. [NYT]
The filing comes a week after Stewart W. Bainum Jr., a hotel magnate, made an $18.50 per share offer for the whole company…. Alden, Tribune's largest shareholder with a 32 percent stake, agreed last month to buy the rest of the company at $17.25 per share and take it private in a deal that would value the company at $630 million….
Alden has been criticized for laying off journalists and shrinking local news coverage at the roughly 60 newspapers it already owns.

Hedge fund ‘vampire’ buys luxury Hamptons resort for near $20 million [N.Y. Post]
[Alden Global Capital President Heath] Freeman personally, along with a group of investors, has finalized a deal to buy East Hampton Point “for less than $20 million,” according to a source with knowledge of the sale.
The waterfront property — which used to house the celebrity- and billionaire-frequented sunset hotspot Moby’s — boasts a hotel with seven luxury suites, 13 private cottages, a restaurant, a marina, tennis courts and a heated outdoor pool…. They are currently renovating the rooms and the restaurant and plan to be fully open by the summer to take advantage of the much-anticipated Hamptons exodus.



Opening Bell: 8.26.22

Jay Powell sees pain; Jeremy Siegel disagrees; SEC finishes 12-year-old job; dodging delisting; and more!


Opening Bell: 9.17.21

Money management mergers; Jay Powell mulls Fed trading fetters; Steve Cohen seeks his Deep Throat; and more!

By Federalreserve (FED_9638) [Public domain], via Wikimedia Commons

Opening Bell: 8.26.16

Carson Block vs St. Jude Medical; What does JP Morgan have to do to get you in a car today; Yellen, Yellen, Yellen; Couple takes wedding pictures on volcano aside hot lava; and more.


Opening Bell: 5.13.22

Jay Powell loses his confidence (but gains a second term); stocks lose everyone’s confidence; Pelham loses loads more; and more!

By Captain-tucker (Own work) [CC BY-SA 3.0], via Wikimedia Commons

Opening Bell: 9.21.16

Senators vs Wells Fargo; Hedge funds vs SABMiller deal; DOJ vs former Fed staffer; Son of Chinese billionaire buys eight iPhone 7s for his dog; and more.


Opening Bell: 1.30.18

Warren, Jamie and Jeff to save American healthcare; Apple in trouble; Yellen walks away a winner; Jamie Dimon has a stalker who isn't us; and more!


Opening Bell: 5.13.20

More money, (for) more (pandemic) problems; more negative oil prices; more power to Paul Singer; more steps for Tesla; more strip club bailouts; and more generally!


Opening Bell: 3.2.22

It’s a quarter; more inflation inflation; Citi unsurprisingly disappoints; Light Sky darkens; and more!