The Crypto Story [Bloomberg Businessweek/Matt]
In a sense it’s a dumb time to be talking about crypto, because the lines went down. But really it’s a good time to be talking about crypto. There’s a pause; there’s some repose. Whatever is left in crypto is not just speculation and get-rich-quick schemes. We can think about what crypto means—divorced, a little bit, from the lines going up….
I’m not a true believer. I didn’t own any crypto until I started working on this article; now I own roughly $100 worth…. Conversely, I didn’t sit down and write 40,000 words to tell you that crypto is dumb and worthless and will now vanish without a trace.
Musk signals $44bn Twitter deal on track to close this week [FT]
Elon Musk has confirmed on a video call with his advisers that he intends to close his $44bn acquisition of Twitter on Friday…. In another sign that the deal will close by the end of the week, Musk’s lawyers at Skadden, Arps, Slate, Meagher & Flom sent paperwork to equity investors in the deal….
Deutsche Bank reports big jump in profit despite slump in dealmaking [Reuters via Yahoo!]
Despite its ninth consecutive quarter of profit after years of losses Germany's largest lender warned of an "increasingly challenging" environment and "intensified" cost pressures….
Net profit attributable to shareholders was 1.115 billion euros ($1.11 billion) versus 194 million euros a year earlier, and better than analyst expectations of about 835 million.
Barclays posts profit beat for the third quarter on strong bond trading revenue [CNBC]
The British lender posted a net profit attributable to shareholders of £1.512 billion ($1.73 billion), above consensus analyst expectations of £1.152 billion and marking an increase from a restated £1.374 billion for the same period last year…. The group continued to take a hit from an over-issuance of securities in the U.S., which have led to £996 million in litigation and conduct charges so far this year.
SEC rule would claw back executive pay if 'material error' is made in financial statements [Yahoo!]
The vote will occur at Wednesday's Open Commission Meeting…. The SEC would also require that national securities exchanges create standards making companies listed on the exchanges adopt and comply with a clawback policy and require issuers to provide details about the policies are being implemented.
Republicans Denounce Inflation, but Few Economists Expect Their Plans to Help [NYT]
“It is unlikely that any of the policies proposed by Republicans would meaningfully reduce inflation in 2023, when rapidly rising prices will still be a major problem for the economy and for consumers,” said Michael R. Strain, an economist at the conservative American Enterprise Institute…. “The amount of cuts you’d have to do to move the needle on inflation are completely off the table,” said Jon Lieber, a former aide to Senator Mitch McConnell of Kentucky who is now the Eurasia Group’s managing director for the United States.