
Opening Bell: 11.22.21
Jerome Powell tapped for second term as Fed chair [Reuters]
Lael Brainard, the Federal Reserve board member who was the other top candidate for the job, will be vice chair, the White House said…. The decision to stick with Powell, a Republican and former private equity lawyer elevated to the Fed's top job by Trump, rejuvenates what in recent decades had been a bipartisan approach to filling the position, and several Republican senators have already endorsed the reappointment despite Powell's rocky relationship with Trump.
Deutsche Bank Names Alexander Wynaendts as Next Chairman [WSJ]
Wynaendts, a 61-year-old Dutchman, was the chief executive officer of Dutch insurer Aegon NV for 12 years through 2020. He began his career at lender ABN Amro NV, where he spent 13 years in private and investment banking in Amsterdam and London…. He will succeed longtime chairman Paul Achleitner, who has led the company’s supervisory board for nearly decade…. Deutsche Bank shares have fallen more than 50% since Mr. Achleitner became chairman, weighed down by massive regulatory fines and repeated capital raisings.
McKinsey Paying $18 Million to Settle SEC Investigation Over Insider-Trading Controls [WSJ]
The SEC didn’t accuse McKinsey or any employees of insider trading but said the firm should have had better policies to ensure partners didn’t misuse confidential information. McKinsey’s MIO unit settled the SEC’s investigation without admitting or denying wrongdoing…. McKinsey partners who decided on investments for MIO sold about $1 million of Puerto Rican bonds in 2017, when they had access to confidential information about the island’s financial situation, the SEC said in a settlement order.
Wall Street Fines Fall 18% in First Year of Biden Administration [WSJ]
The Securities and Exchange Commission obtained $3.9 billion in fines during its latest fiscal year, which ended in September. The SEC set a record for fines imposed through its civil enforcement actions in 2020, when the total surpassed $4.6 billion.
The Securities and Exchange Commission obtained $3.9 billion in fines during its latest fiscal year, which ended in September. The SEC set a record for fines imposed through its civil enforcement actions in 2020, when the total surpassed $4.6 billion.
Ray Dalio Says, ‘If You Worry, You Don’t Have to Worry’ [DealBook]
In two weeks, his third book in five years, “The Changing World Order,” will be published. It is an attempt to better understand the current economic environment and the challenges that it presents by delving into centuries of economic ups and downs…. “300 years seems like a very long time ago to Americans, but for the Chinese, it isn’t long at all. While the prospect of a revolution or a war that will overturn the US system is unimaginable to most Americans, both seem inevitable to the Chinese because they have seen those things happen again and again and have studied the patterns that inevitably precede them. While most Americans focus on particular events, especially those that are happening now, most Chinese leaders view current events in the context of larger, more evolutionary patterns.”
J.P. Morgan Offers a “Reimagined” World for Its 2022 List of Books and Experiences [Penta]
Among them is the pop-rock Six the Musical on Broadway in New York, which was originally scheduled to open just as New York theater shut down in March 2020, and the contemporary art collection of Kering Group founder François Pinault, which is being shown in a Pinault-developed museum, the Bourse de Commerce, in Paris…. The book recommendations include titles on leadership and business strategy, entrepreneurship, technology, spirituality, and medicine.