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☆ Blackstone Investment Strategist Byron Wien Dies at 90
▼ + stars: | 2023-10-26 | by ( Laura Cooper | Ted Bunker | ) www.wsj.com time to read: 1 min

Byron Wien had joined Blackstone’s quarterly partners meeting last week. Photo: Christopher Goodney/Bloomberg NewsByron Wien, the longtime Blackstone executive known for his market prognostications and intense networking, died at 90 on Wednesday. Wien, who developed a wide following with his annual “Ten Surprises” list, was vice chairman of the private wealth group at Blackstone, which he joined 14 years ago. For decades, his lists detailed economic, political and financial market surprises he expected to see in the year ahead. He produced the 38th edition last January.

Persons: Byron Wien, Christopher Goodney Organizations: Bloomberg, Blackstone

☆ Genesis and Gemini face civil suit alleging $1 billion fraud
▼ + stars: | 2023-10-19 | by ( Allison Morrow | ) edition.cnn.com time to read: +3 min

The lawsuit accused the companies of lying to investors and covering up more than $1 billion in losses. According to the latest lawsuit, Gemini knew that Genesis’ loans were risky and, at one point, “highly concentrated” with Bankman-Fried’s crypto trading house Alameda Research. “Gemini hid the risks of investing with Genesis, and Genesis lied to the public about its losses,” James said. Gemini’s owners, the Winklevoss twins, have said Genesis owed more than $900 million to some 340,000 customers using the Earn program. The AG’s lawsuit follows another civil action brought by the Securities and Exchange Commission, which in January sued Genesis and Gemini for offering unregistered securities through the Earn product.

Persons: Sam Bankman, —, Cameron, Tyler Winklevoss, Letitia James, James, James ’, Crypto, Cameron Winklevoss, Christopher Goodney, Gemini, Fried, “ Gemini, Genesis, ” James, Soichiro “ Michael ” Moro, Barry Silbert, DCG didn’t Organizations: CNN, New, — Gemini Trust, Genesis Global Capital, Digital Currency Group, Yorkers, Gemini Trust, Bloomberg, Getty, Alameda Research, Securities and Exchange Commission, Gemini, Genesis Locations: New York

☆ Sanctions Against Russia Could Be Better, These Harvard Economists Say
▼ + stars: | 2023-04-22 | by ( Paul Hannon | ) www.wsj.com time to read: 1 min

Ricardo Hausmann, a former Venezuelan official, leads a group of Harvard economists proposing ways to further degrade Russia’s economy. Photo: Christopher Goodney/Bloomberg NewsIn response to Russia’s invasion of Ukraine, Western nations have targeted Moscow with the biggest coordinated package of economic restrictions ever levied against a major economy, including sanctions, export controls, asset freezes and energy price caps. Many of those measures, though, have proven less costly so far to Russia than some economists had expected and many officials in Washington and Brussels had hoped. Some Russian officials, meanwhile, had braced for more economic damage from the sanctions barrage by now.

☆ U.S. Container Imports Are Plummeting to Close the Year
▼ + stars: | 2022-12-15 | by ( Paul Berger | ) www.wsj.com time to read: +4 min

Big U.S. ports are reporting steep declines in inbound container volumes for November, signaling a downturn in goods imports is accelerating and adding to concerns over a deeper slowdown in 2023. The ports also handled about 98,000 fewer inbound boxes last month than in November 2019 and imports have been below prepandemic levels since September. Port of Los Angeles Executive Director Gene Seroka said the U.S. is seeing a slowing of imports. They also diverted goods to Gulf Coast and East Coast ports due to fears of a work slowdown as West Coast dockworkers negotiate a new multiyear labor agreement. The downturn is reaching East Coast ports, which have seen relatively strong trade as companies shipped around California’s congested gateways.

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