Biden Says U.S. Will Have Vaccine Supply For All Adults By May, Prioritizes Teachers [NPR]
"We're now on track to have enough vaccine supply for every adult in America by the end of May," Biden said, crediting his administration's efforts to boost production and moving up the timeline from the end of July, which is what the president was saying just a few weeks ago…. Biden also called on states to prioritize teachers and school staff as essential workers in the vaccination schedule, calling for every grade-school employee and child care provider to receive at least one dose of a vaccine by the end of the month.

Budget nominee Tanden withdraws nomination amid opposition [AP]
Alaska Sen. Lisa Murkowski, who was seen as the last Republican holdout open to supporting Tanden, said Tuesday night that she never told the White House she was a no vote on Tanden, and that the administration never asked…. Tanden’s withdrawal leaves the Biden administration without a clear replacement. The apparent front-runner on Capitol Hill to replace Tanden was Shalanda Young, a former staff director for the House Appropriations Committee who has been actively pushed by members of the Congressional Black Caucus.

Biden Gains Two Key Economic Advisers [NYT]
The Senate confirmed two key members of President Biden’s economic team on Tuesday, ushering in Gina Raimondo, a former governor of Rhode Island and a former venture capitalist, as the next secretary of commerce, and Cecilia Rouse, a Princeton University economist, as chair of the White House Council of Economic Advisers…. Ms. Raimondo was a founding employee at Village Ventures, an investment firm backed by Bain Capital. She also co-founded her own venture capital firm, Point Judith Capital, before being elected treasurer and then governor of Rhode Island….
Dr. Rouse has made clear that she sees a larger set of priorities as council chair: overhauling the inner workings of the federal government to promote racial and gender equity in the economy.

Wall Street Lobbies to Bring More ESG Funds Into 401(k)s [WSJ]
“We don’t want to have people being deterred from looking at investment options where clearly there is a lot of investor demand,” said Eric Pan, chief executive of the asset-management industry’s main lobby group, Investment Company Institute…. The risk is that even index funds or active managers that account for ESG factors could be seen as pursuing nonfinancial goals and locked out of 401(k)s.

Anti-Money-Laundering Unit Must Staff Up to Fulfill Reform Mandate, Official Says [WSJ]
“We’ve waited so long for this kind of legislation,” [FinCEN Director Kenneth] Blanco said. “We need to make sure we’re very thoughtful in implementing it….” He said the law’s purpose was to protect national security by making anti-money-laundering rules more efficient. The agency wasn’t looking to shoulder banks with additional compliance burdens, he said. “People shouldn’t be looking at this as, ‘Oh, my God, more regulation,’” Mr. Blanco said.

Apollo’s Zito Is ‘More Sanguine’ on Inflation, Ready to Pounce [Bloomberg]
“All the inflation signs are rallying, but probably can’t sustain itself for long. We are more sanguine about how the world looks and on inflation,” Zito said in an interview with Bloomberg. “The question is whether or not inflation creates more volatility….” While Zito doesn’t expect a similar wholesale sell-off this year, there may be specific, narrower opportunities. Inflation fears could stir up prices of commodities like lumber and disrupt industries such as the financial sector and Covid-impacted businesses like airlines, he said.

Related

By Heisenberg Media (Flickr: Elon Musk - The Summit 2013) [CC BY 2.0], via Wikimedia Commons

Opening Bell: 1.27.21

Musk made; Boeing crashes; Chase vs. Marcus; Epstein’s legal grand slam; and more!

Opening Bell: 2.3.15

Money-laundering and Merkel and Hobbit rings, oh my!

coldstorage

Opening Bell: 10.6.20

Celebrating the “less dire;” what does Epstein’s accountant know about the Dubins? and more!

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Opening Bell: 8.19.20

Market immunity; Mooch loves Robinhood; Mnuchin doesn’t know; Citi’s snit; garbage company is literally garbage; and more!

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Opening Bell: 8.3.20

HSBC readying the pink slips; Kashkari pushes complete shutdown; Apple takes bite out of Dow; Mercers return to their hole; and more!

tiffany ring

Opening Bell: 10.29.20

Economy rebounds; fear, too; Apollo, Credit Suisse fall; and more!

Opening Bell: 07.25.12

Sandy Weill: Break Up The Big Banks (CNBC) “What we should probably do is go and split up investment banking from banking, have banks be deposit takers, have banks make commercial loans and real estate loans, have banks do something that’s not going to risk the taxpayer dollars, that’s not too big to fail,” Weill told CNBC’s “Squawk Box.” He added: “If they want to hedge what they’re doing with their investments, let them do it in a way that’s going to be market-to-market so they’re never going to be hit.” Bank Of England Spotted Risks At JPMorgan (WSJ) More than a year before JPMorgan racked up billions of dollars in losses from bad trades in its London investment office, Bank of England officials raised concerns internally about potential risks arising from some of the office's activities, but didn't formally alert other regulators, according to people involved in the central bank's talks. In late 2010, employees at the central bank worried that the London arm of J.P. Morgan's Chief Investment Office had come to dominate some important corners of the city's financial markets—including residential mortgage-backed securities—and they were concerned about the potential impact that could have on the stability of U.K. markets, these people said. The concerns were relayed to a top central-bank oficial. But the Bank of England doesn't appear to have acted on the concerns or flagged them to regulators responsible for supervising J.P. Morgan. Private-equity bigs: no proof of bid-rigging (NYP) A handful of the country’s wealthiest and most powerful private-equity firms have asked a federal judge to toss an explosive investor lawsuit that claims the group conspired to rig the bids on $270 billion in deals over four years. The firms — including KKR, Bain Capital, Blackstone Group and Apollo Global Management — agreed not to bid on specific deals headed by a rival, thus fraudulently depressing the value of the deal. As a result, investors in those publicly-traded companies were short-changed. The group of 11 financial giants named in the suit, including Goldman Sachs and JPMorgan Chase, claim there is no evidence of a vast bid-rigging conspiracy. New York Fed Faces Questions Over Policing Wall Street (Dealbook) In recent years, the New York Fed has beefed up oversight. Under the president, William C. Dudley, the regulator has increased the expertise of its examiners and hired new senior officials. Even so, the JPMorgan debacle and the interest-rate investigation have raised questions about the New York Fed. They highlight how the regulator is hampered by its lack of enforcement authority and dogged by concerns that it is overly cozy with the banks. Fed Moves Closer To Action (WSJ) Amid the recent wave of disappointing economic news, conversation inside the Fed has turned more intensely toward the questions of how and when to move. Central bank officials could take new steps at their meeting next week, July 31 and Aug. 1, though they might wait until their September meeting to accumulate more information on the pace of growth and job gains before deciding whether to act. Sidekick of Soccer Mom Madam to court: It's not prostitution if you just pay to watch (NYDN) Jaynie Mae Baker, the woman busted with accused Manhattan brothel operator Anna Gristina, revealed in court papers filed Tuesday that the undercover cop who arrested her watched two women have sex but didn’t participate in any. Baker’s lawyer, Robert Gottlieb, says the only recorded conversation in evidence that includes Baker took place July 19, 2011, at a Manhattan restaurant where his client, Gristina and the cop had lunch. The cop tells Baker and Gristina he is “looking for a little adventure" and to “please corrupt me," but there's no talk of arranging payment, Gottlieb says in the filing. Six days later in the sting operation, the cop is secretly videotaped in a room with two other women at Gristina's alleged brothel on E. 78th St., but he does not participate in the sex. “The undercover officer apparently remains fully clothed and merely observed the two women perform for him,” Gottlieb writes...Gottlieb says there “was not a scintilla of evidence that was produced ... establishing Ms. Baker’s involvement in arranging payment in exchange for any kind of sexual activity.” What occurred not prostitution because the undercover cop was not a participant, Gottlieb says. If watching is prostitution, then every strip club and porno director is guilty, too, he said. Germans React Coolly To Moody's Warning (WSJ) Wolf Klinz, a German member of the European Parliament from the pro-business Free Democrats, Ms. Merkel's junior coalition partner, said he doesn't dispute Moody's conclusions about Germany's risks, but rather the timing of the announcement. "There are no hard facts yet" about Germany's ultimate price tag, Mr. Klinz said. "Why come out with this right now? It may have political implications" even if that wasn't the intention, he said. Preet hit with suit by law student (NYP) Second-year law student Benula Bensam sued Bharara, along with the US Marshals Service and the Justice Department, in Manhattan federal court for “unreasonable search and seizure” after the marshals took her cell phone away during the trial of ex-Goldman Sachs director Rajat Gupta. The 25-year-old Bensam, who is representing herself, said the marshals kept her phone overnight after she refused to answer their questions about letters she wrote to Judge Jed Rakoff during Gupta’s insider-trading trial. Bensam, who attends law school at Yeshiva University and lives in the Woodside section of Queens, stopped writing Rakoff about the case after he reprimanded her. In the complaint, Bensam said Bharara “may have instigated” her dispute with the marshals. Euro Zone as We Know It Has 2 Years Left: Jim O’Neill (CNBC) “Two years maximum is my perception of the time the euro zone has left to survive in its current form, though the reality is probably far less than that. Markets being markets we’ve unveiled a degree of speed with the Spanish and Italian bond yields and I can’t see us getting through the summer without some serious consequences,” said Jim O’Neill, Chairman at Goldman Sachs Asset Management. Child Treated After Being Bit By Rabid Bat Woman Gave Go-Ahead To Touch (CBS) Even as the summer fun rolls on for JoJo Keefe, a freshly healed cut on the 10-year-old’s finger reminds her of a scary detour. “I was like oh my God it bit me!” She’s talking about a rabid bat that sunk its tiny teeth into her finger last Tuesday during a visit to the Spencer Town Beach on Lake Whittemore. The small bat was attracting quite a bit of attention on the shoreline just beyond the picnic area. The trouble really began when a woman picked it up and began asking the children gathered around her if they wanted to hold it. “Another little girl said ‘oh I want to hold it will it bite me?’ And the lady was like no it’s the friendliest thing ever,” she says...Her mother retrieved the sick animal which then tested positive for rabies. Soon after, JoJo was getting the first in a series of life saving antibiotic shots (you can’t wait with rabies).

biden oath

Opening Bell: 11.24.20

Ascertaining ascertainment; everyone wants to be a bank; e-mails from Uncle Jeff; and more!