Skip to main content

Biden Eyes Raskin as Top Fed Banking Regulator [WSJ]
Mr. Biden is also considering two economists for other Fed board seats that will soon be vacant: Lisa Cook, a professor of economics and international relations at Michigan State University; and Philip Jefferson, a professor and administrator at Davidson College in North Carolina.
[Sarah Bloom] Raskin’s nomination could mollify progressive Democrats, some of whom opposed Mr. Biden’s decision in November to offer a second term to Fed Chairman Jerome Powell, a Republican first chosen for the top job by former President Trump. They have called for the Fed to take a tougher stance in regulating big banks and a bolder approach in addressing financial risks posed by climate change.

Omicron Disruptions Prompt Easing of Some Restrictions [WSJ]
The CDC now says that infected people who are asymptomatic can leave isolation after five days and should wear masks when around other people for another five, while those vaccinated and exposed to someone with Covid-19 should wear a mask for 10 days and try to get tested five days after exposure…. If the CDC’s new guidelines are adopted, they could enable people to return to work more quickly and avoid snarling key industries. Thousands of flights were canceled over the Christmas weekend, while officials in the U.S. and elsewhere have expressed concern over how quarantines are affecting hospital staffing levels.

Goldman Sachs plans to require Covid boosters, mandate twice weekly testing [CNN]
The new booster policy takes effect February 1 and applies to both employees and visitors. The move comes as a spike in Covid-19 cases complicates the return of office workers in New York and across the United States.
In addition to mandating booster shots for eligible employees, Goldman Sachs plans to double mandatory testing to twice weekly for those entering US offices, beginning January 10.

China is clarifying rules for overseas IPOs. Here’s what we still don’t know. [CNBC]
The CSRC’s proposed rules said an overseas listing could be stopped if authorities deemed it a threat to national security. Domestic companies need to comply with relevant provisions in the areas of foreign investment, cybersecurity and data security, a draft said, without much elaboration… The commission did not ban the variable interest entity structure, which many Chinese companies have used to list in the U.S. The structure creates a listing through a shell company, often based in the Cayman Islands, thereby preventing investors in the U.S.-listed stock from having majority voting rights over the Chinese company.

Credit Suisse Fund Accuses SoftBank Over $440 Million Investment [WSJ]
The filing, which says that the fund is preparing to sue SoftBank in the U.K., deepens the dispute over the demise of Greensill Capital, a supply-chain finance company that tumbled into insolvency earlier this year…. The court filing made Thursday is known as a Section 1782 petition, in which a party can ask a U.S. court to order evidence-gathering for a proceeding outside the U.S. The Credit Suisse fund argues that it has taken enough steps toward suing SoftBank in the U.K. to justify the subpoena, which seeks a variety of documents.

Starboard Value builds 6.5% stake in GoDaddy, sending shares up 8% [CNBC]
The new stake became the biggest holding for Starboard…. The stock is flat on the year even as the company has experienced a surge in online traffic amid the Covid-19 pandemic.

Hedge Funds Kick Risk Addiction at End of Crazy Year for Stocks [Bloomberg]
December’s big sellers were hedge funds, which, chastened by wrong-way bets on high-flying software firms, spent the month slashing high-momentum trades. It helped make this one of the most volatile year-ends for big-cap tech in the past decade, with the absolute size of close-to-close moves in the Nasdaq 100 clocking in around 1.4%.... “The bull market as we knew it, I think, is over,” [Cantor Fitzgerald’s Eric] Johnston said. “The liquidity drain from the system and overall tighter Fed policy will be a headwind for risk taking.”

Colin Kaepernick SPAC Deal Collapses, Testing Celebrity Halo [WSJ]
Mr. Kaepernick balked at requests from Change Co. executives that he sit for an appearance with George Stephanopoulos on “Good Morning America” and declined to participate in interviews as part of the rollout, according to an internal document.
The deal is now dead, these people said.


tv dinner

Holiday Bell: 11.25.20

Trump starts taking credit for Biden rally; Steve Cohen gets some Black, uh, start; bonjour a Paris, Monsiers et Madames Goldman; and more!


Holiday Bell: 5.27.22

The wages of SPAC; Icahn ground to hamburger; inflation eases; digital dollar talk; and more!

covid vaccine

Opening Bell: 3.12.21

Joe Biden does his best Bill Pullman; Grab-ing the biggest SPAC deal; Larry Culp’s “sacrifice;” CDS ETF; and more!

vaccine shot

Opening Bell: 8.27.21

No more Didis; no more Anne Finucane or Tom Montag; just a few more hedge funds without vaccine mandates; plenty more meme-fluent executives; and just generally more!

By World Economic Forum (Flickr: The Global Financial Context: James Dimon) [CC BY-SA 2.0], via Wikimedia Commons

Holiday Bell: 12.28.20

Stimulus signed; Boris’ non-existent blueprint; more bad news for Marianne Lake; bitcoin bull begs Biden’s indulgence; judge tries restraining Bill Gross; and more!

vaccine shot

Opening Bell: 10.14.21

Jamie “whaddyagonnadoboutit” Dimon; Blackstone Blighty vaccine mandate; Kyle Bass got into bed with Steve Bannon and got burned; and more!

(Getty Images)

Holiday Bell: 12.23.16

Deutsche and Credit Suisse settle; Italy rolls out the bailout; Tiger Woods is "Mac Daddy Santa"; and more.


Opening Bell: 1.8.21

SoFi SPACs; Wilbur Ross’ replacement; Credit Suisse undershot a bit; and more!