The Fed’s newest governor sees America’s inflation pop as temporary. [NYT]
“I do buy into the idea that this is going to be temporary,” Mr. Waller said on CNBC, during his first television interview since President Donald J. Trump nominated him to the role and the Senate confirmed him. “Whatever temporary surge in inflation we see right now is not going to last….” Mr. Waller said that investors themselves are not betting on “outrageous, runaway inflation” and that even if the data show a stronger pickup, the Fed stands ready to contain that and is not going to just let inflation “rip.”

ABN Amro to settle money laundering probe for $574 million [Reuters]
The fine was the outcome of a settlement with Dutch prosecutors who in 2019 said ABN Amro, one of three dominant lenders in the Netherlands, had failed to detect money laundering and other criminal activities by its clients for years.

Bond Giant Pimco Attempts to Change Its Culture [WSJ]
In recent years, Pimco has overhauled how employees are evaluated, promoted and trained, hiring consultant McKinsey & Co. to conduct regular staff workplace surveys and appointing an employee ombudsman. It has sought to narrow the wide gaps in pay between its top executives and those a rung or two below…. “It’s a type-A environment with high work thresholds/expectations and high reward,” the report said, according to one of the people. “Many flourish in this environment, but it does not fit everyone.”

Goldman Sachs invests $69 million in Britain's Starling Bank [Reuters]
The investment is an extension of Starling's oversubscribed 272 million pound funding round, valuing the bank in excess of 1.1 billion pounds, Starling said in a statement.

WeWork’s New Stock-Listing Plan Has Echoes of Its Past [WSJ]
BowX’s chairman described WeWork in a call with investors as a $5 billion revenue company, though that figure is a projection rather than a current number. When describing WeWork’s size, the company counted units that WeWork doesn’t own directly…. “The SEC could push back hard again,” [UConn law professor Minor Myers] said, unless WeWork tones down these claims in its official filings with regulators, expected later this month.

The Bull Case for a $100 Million New Jersey Deli [WSJ]
Hometown, owner of a single deli in Paulsboro, New Jersey, recently attained a market value in excess of $100 million, despite booking just over $35,000 in combined sales over the past two years…. In a stock market that could hardly be more forgiving, Hometown International will have a chance to grow into its lofty valuation. It could expand into new product sales like cigarettes or lotto tickets—two categories not mentioned in its annual report with the Securities and Exchange Commission. And with just one location in the Philadelphia suburbs, expansion opportunities abound, from Perth Amboy to Piscataway. That is to say nothing of the “international” wing of its business promised in its name.

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Opening Bell: 10.30.20

Surges and slumps; Susan Collins’ reward; bring on the revolution; bring on the revolution; and more!

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Opening Bell: 9.24.20

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Opening Bell: 3.23.21

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Opening Bell: 9.4.18

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Opening Bell: 7.26.21

Mulling mandates; Barclays’ bounce; a deal on the deal; cybersecurity surge; and more!

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Opening Bell: 6.9.20

Stocks surge; millennials > Druckenmiller; Macy’s survives; Paul Singer counsels patience; and more!

battle of the texel

Opening Bell: 2.12.21

Another underpriced IPO; the Glorious Stock Market Revolution; it’s still Och-Ziff to investors; Elon Musk would prefer not to kill you; and more!

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Opening Bell: 10.20.17

Meet "Paul in a Box"; WeWork runs on tequila and pixie dust; Goldman trading bitcoin would mean a stampede; bald eagle eats black cat in act of overt symbolism; and more.