Fed Chair Powell Enjoys Support for Reappointment, but He’s Not a Lock [WSJ]
Chairman Jerome Powell, whose term expires in February, is viewed by some inside and many outside the administration as the front-runner for the job. But if Mr. Biden decides he would prefer his own pick, rather than the Republican chosen by President Trump, Fed governor Lael Brainard is the most likely candidate to succeed him…. “If the decision was just on financial regulation, which I don’t think it should be, he should not be reappointed,” said Dennis Kelleher, chief executive of Better Markets, a Washington-based group that lobbies for tighter financial regulations. “Similarly, if climate is one of your most important priorities, Jay Powell’s also not the leader the Fed needs.”

Tom Barrack charged with illegally lobbying then-President Trump on behalf of UAE [CNBC]
The Santa Monica, California, resident is accused with the other defendants of secretly advancing the interests of the UAE at the direction of senior officials of that country by influencing the foreign policy positions of Trump’s 2016 campaign, and then those positions of the U.S. government during Trump’s presidency through April 2018…. Charged with Barrack are Matthew Grimes, 27, of Aspen, Colorado, and a 43-year-old UAE national, Rashid Sultan Rashid Al Malik Alshahhi, who remains at large.
Grimes, who worked directly for Barrack at the Barrack-founded private equity firm Colony Capital, was arrested in California and detained pending a bail hearing next Monday.

AMC board names CEO Adam Aron as chairman [Reuters]
Aron has served as CEO, president and member of AMC's board since 2016, having led the company to become the largest cinema operator in the world and maintain its liquidity when the pandemic hammered its business…. AMC said Ambassador Philip Lader will serve as lead director of the company.

Biden to Name a Critic of Big Tech as the Top Antitrust Cop [NYT]
President Biden’s plan to appoint [Jonathan] Kanter, an antitrust lawyer who has made a career out of representing rivals of American tech giants like Google and Facebook, signals how strongly the administration is siding with the growing field of lawmakers, researchers and regulators who say Silicon Valley has obtained outsize power over the way Americans speak with one another, buy products online and consume news…. The White House took more than six months from Mr. Biden’s swearing-in to land on Mr. Kanter. The administration has had to juggle progressive and moderate factions within its own party, as well as the likelihood of Republican support in a divided Senate.

Carlyle Launches Renewable-Energy Infrastructure Unit [WSJ]
Funds Carlyle operates will inject as much as $700 million in the new venture, Copia Power, enabling it to arrange projects worth over $6 billion, according to Pooja Goyal, Carlyle’s co-head of infrastructure and head of renewable and sustainable energy. Copia will focus on developing large-scale solar generation projects and battery facilities to store power and distribute it after sunset…. Carlyle sees opportunity in building clean-power projects for technology companies and others that are setting targets to reduce or eliminate their carbon-gas emissions, Ms. Goyal said. Such projects can be more profitable than bidding on power-supply agreements for regulated utilities that “have gotten so competitive that contracts are short and rates are low,” she said.

Finance Chiefs Are Still Trying to Replace Excel With New Tools [WSJ]
While many still see it as a helpful tool, some CFOs say finance teams rely on it too much, often for tasks that Excel isn’t well-suited to handle. That can lead to mistakes and wasted time…. The pandemic really exposed the vulnerability that finance teams have as a result of their dependence on Excel,” [Hackett Group principal Glenn] Hafler said.
Inputting data manually, which is what many users still do, can be time-consuming and result in errors that go unnoticed, especially when employees are scattered in remote work locations.

Related

powell

Opening Bell: 9.17.21

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

powell

Opening Bell: 5.20.20

No one in charge knows what they’re doing; trade Luckin Coffee while you can; hedge funds did not, uh, have a good month; maybe Tesla owners should take a page from Elon’s new friends and burn their cars; and more!

Getty Images

Opening Bell: 8.10.21

Banks bet bags of money can cure burnout; Citi quits Australia; looks like Jay Powell may be looking for a job; and more!

powell

Opening Bell: 7.2.20

Will no one take the Fed’s money? Will no one on Wall Street hire Black people? Will no one stand with Valeant? Will no one buy a place in Manhattan? And more??!!?!

Jay Powell

Opening Bell: 10.30.17

It's (probably) gonna be Powell; this week is going to be nuts; whatever happens, buy the dip; how to survive getting locked in a beer cooler; and much more.

powell

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!

KenGriffin

Opening Bell: 4.7.21

Pandemic punching bags bounce back; investors pour into space ETF without space stocks; Jay Powell might want to start looking for a new job; and more!

Opening Bell: 03.19.12

Goldman Sachs Board Must Act on Smith Op-Ed, Ex-Partner Writes (Bloomberg) Goldman Sachs directors must investigate a former employee’s allegations about a change in the firm’s culture, Jacki Zehner, who was a partner when she left the firm in 2002, wrote on her blog. “These are very serious accusations from a credible person in my view and I hope it does indeed provide a ‘wake-up’ call to the board of directors,” wrote Zehner, who was the first female trader promoted to partner and is married to a former partner. She is now CEO and president of Women Moving Millions, a non- profit supporting the advancement of women and girls worldwide. “It is the board that is accountable to shareholders and before they take another paycheck I hope they ask a heck of a lot of questions and get honest answers,” Zehner, 47, wrote in her March 16 commentary...Janet Tiebout Hanson, who left Goldman Sachs after almost 14 years in 1993 and in 1997 founded the women’s networking firm 85 Broads, wrote her own blog response to Smith’s op-ed piece, calling it a “cowardly act.” “By tossing a verbal hand grenade on his way out the door, he sullied the reputations of the vast majority of the people at the firm who work and live by the highest possible professional standards every single day,” wrote Hanson, who was the first woman at Goldman Sachs to be promoted into sales management. “He is just a quitter who never gave management an opportunity to respond before he verbally strafed the entire firm in print.” Is it Magic Johnson vs. Steve Cohen for Dodgers? (CBS) Cohen's appeal? Cash, mostly. Although Johnson is believed to have the highest total offer on the table (a rumored $1.6 billion), Cohen's bid has more cold, hard, redeemable U.S. currency involved ($900 million, to be precise). That may appeal to McCourt, who's facing a pricey divorce settlement with little more than exposed pocket linings and the Dodger Stadium parking lots to his sullied name. Additionally, as CBSSports.com Insider Jon Heyman has reported, Cohen may have additional credibility in the eyes of MLB because of his willingness to bring on board seasoned baseball men like Tony La Russa and former deputy commissioner Steve Greenberg. Lagarde Says World Can’t Be Lulled Into Sense of Security (Bloomberg) nternational Monetary Fund Managing Director Christine Lagarde urged policy makers to be vigilant as oil prices, debt levels, and the risk of slowing growth in emerging markets threaten global economic stability. “Optimism should not give us a sense of comfort or lull us into a false sense of security,” Lagarde said today at a speech in Beijing at the China Development Forum. “We cannot go back to business as usual.” Gupta’s Lawyer Says ‘Wrong Man’ on Trial in Insider Case (Bloomberg) Gupta’s lawyer, Gary Naftalis, said that Rajaratnam had a different Goldman Sachs tipper, who gave him confidential information about Intel Corp. and Apple, the lawyer said. That Goldman source was also caught on government wiretaps passing the inside information, Naftalis said. Where Was The Bracket Born? (WSJ) Steven Murray, a Colorado Mesa University professor who has studied the history of sports, said the concept that inspired the bracket—a single-elimination sporting competition with many rounds—isn't a modern invention. He said the ancient Greeks held wrestling and boxing competitions starting around 700 B.C. where the combatants would draw lots to set pairings. If the tournament pairings were posted in a bracket form, Murray said, they probably would have been painted with pigment on scrolls, placards or walls and wouldn't have survived...By some accounts, the oldest existing sports bracket lies in the archives of the Wimbledon Lawn Tennis Museum, which houses memorabilia from the famous tennis tournament. According to the curator, Honor Godfrey, the Lawn Tennis Championship printed a bracket in the program to display the pairings in its inaugural year, 1877. Godfrey said she couldn't find a copy of that program, but she did unearth a Xeroxed copy of the program from the following year, 1878. That program, issued by the "All England Croquet and Lawn-Tennis Club" announced the "Lawn Tennis Championship Meeting," which would be contested for a prize of 19 Guineas. Inside, on a full page, is a one-sided bracket with 34 names. To make the pairings add up correctly, a certain E.R. Seymour and a certain H.F. Lawford were awarded byes. To this day, Wimbledon's program includes a bracket of the tournament field. Apple To Say Monday How It Will Use Cash Hoard (NYT) Apple has finally decided what to do with its cash hoard of nearly $100 billion. The company issued an unusual media alert on Sunday evening saying it planned to announce on Monday morning the long-awaited outcome to a discussion by its board about what to do with its cash balance. It will announce its plans in a conference call at 9 a.m. Eastern time. Goldman's God Problem Goes Away, For Now (Reuters) For the past two years, a group of religious institutions that hold Goldman shares has asked the investment bank to review executive compensation packages and has been successful in getting its proposal taken up at regular shareholders' meetings. This year, the group, including the Sisters of St. Francis of Philadelphia, again sought to have its proposal voted on by shareholders. But for the first time, the U.S. Securities and Exchange Commission sided with Goldman, which argued it had already complied with the request Scores Arrested as the Police Clear Zuccotti Park (City Room) The operation occurred after hundreds of people had gathered in the financial district to observe the founding of Occupy Wall Street six months ago. Earlier, protesters had embarked upon a winding march, after which police officers made initial arrests of about a dozen people near the park...Kobi Skolnick, 30, said that officers pushed him in several directions and that as he tried to walk away, he was struck from behind in the neck. “One of the police ran and hit me with a baton,” he said. Cambodia Embracing Capitalism With First IPO Since Khmer Rouge (Bloomberg) Enthusiasm about the start of trading at the exchange, which opened last July without a single listed company, extends beyond the borders of the Southeast Asian country. Investors including Templeton Emerging Markets Group Chairman Mark Mobius said they plan to participate in Cambodia’s stock market after state-owned Phnom Penh Water Supply Authority has its initial public offering next month. “The potential for investors in Cambodia is excellent,” Mobius, who oversees about $50 billion, wrote in an e-mail. “The listing of publicly traded stocks will drive up interest and demand. If a country can list its state-owned enterprises and list enough stocks so that foreign investors can get involved, then it can be very, very good.” E! Network Brings Clint Eastwood Clan (WSJ) Actor and director Clint Eastwood is about to add a credit to his nearly 60-year career: reality-television star. Mr. Eastwood; his wife, Dina; and two of his children, 18-year-old Francesca and 15-year-old Morgan, will appear in "Mrs. Eastwood & Co.," a reality series that tracks the family in Los Angeles, at their Carmel, Calif., home and beyond. The 10-episode series also will follow Overtone, a South African singing group that Mrs. Eastwood manages. The band appeared on the soundtrack of Mr. Eastwood's 2009 film "Invictus," which recounts Nelson Mandela's attempt to use rugby to help unify post-apartheid South Africa.