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☆ Bank credit is shrinking for the first time since the Great Recession – and that's a red flag for the economy
▼ + stars: | 2024-01-19 | by ( George Glover | ) www.businessinsider.com time to read: +5 min

The last one was during the Great Recession, brought about by the global financial crisis of 2008-2009. The extended slump in bank lending comes as many Wall Street experts continue to project a pessimistic outlook for the economy, despite the surprisingly upbeat trend seen in 2023. Recession warningsThe US economy defied forecasters' gloomy predictions by dodging a recession last year, with strong consumer spending helping to prop up growth. AdvertisementBut not everyone on Wall Street is so cheerful. It might be a mild recession or a heavy recession," he added, noting it's possible that the downturn bites in 2024.

Persons: —, Jeffrey Gundlach, Henry Kravis, David Rosenberg, Steve Hanke, Gary Shilling, Continentale, Janet Yellen, haven't, JPMorgan Chase, Jamie Dimon, Hanke, Rosenberg, it'd Organizations: Service, Business, Governors, Federal, Wall, Louis Federal Reserve, Bank, Federal Reserve, Philadelphia Fed, JPMorgan, Fox Business Locations: Bank, Ukraine, Gaza

Tiger Woods sounded more optimistic about playing golf next year than he did about the PGA Tour finalizing a deal with Saudi Arabia or private investors by the end of the year. Woods said only there were options, a lot of moving parts and that all sides were working aggressively toward finalizing a deal. “All the parties are talking and we’re aggressively working on trying to get a deal done,” he said. The other direction is working toward a finalized deal by the end of the year, or soon thereafter. Woods also is seen as a top candidate to be the next U.S. Ryder Cup captain for Bethpage Black in 2025.

Persons: Woods, LIV Golf, Jay Monahan, “, ”, Monahan, we’re, PIF, Henry Kravis, George Roberts, ” Woods, LIV, he's, ___ Organizations: PGA, Public Investment Fund, Fenway Sports Group, Riviera, Ryder, Bethpage Black Locations: Saudi Arabia, Bahamas, “

His portrayal came in testimony in an antitrust trial focused on Epic Games' attempt to upend Google's store for Android phone apps. It's similar to a payment system that Epic unsuccessfully challenged in a parallel lawsuit filed against Apple's iPhone app store. Sweeney said Google tried to entice him with a wide range of financial incentives, which he rejected. After rejecting Google's overtures, Epic tried to distribute Fortnite for Android through its own website. “It's an issue I see as existential to all games, including Epic,” Sweeney said.

Persons: Tim Sweeney, Sundar Pichai, Sweeney, Jonathan Kravis, Kravis, ” Sweeney, Fortnite, Sweeney didn't Organizations: FRANCISCO, Google, Games, Washington , D.C, U.S, Supreme, Activision, Android, Apple, Sony, Microsoft, Nintendo, PlayStation Locations: San Francisco, Washington ,, View , California

☆ Epic Games C.E.O. Says Google Has ‘De Facto Control’ on Android App
▼ + stars: | 2023-11-20 | by ( Yiwen Lu | More About Yiwen Lu | ) www.nytimes.com time to read: +1 min

“I want to make it clear to everybody exactly what was happening on these platforms,” Mr. Sweeney said from a witness stand on Monday. If Epic wins, Google could be forced to allow other companies to offer competing payment systems on the Play Store. Since the trial started two weeks ago, Mr. Sweeney has been sitting in the front row of the courtroom almost every day. In September, Google reached a settlement with dozens of state attorneys general who sued the company on similar grounds. In his testimony, Mr. Sweeney insisted that his goal was to distribute the games to more users, rather than seek monetary damages, and that Google’s fee prevented Epic from expanding its business.

Persons: Mr, Sweeney, “, Jonathan Kravis Organizations: Apple, Google, Nintendo, Sony, Microsoft

☆ Fin Capital has become the most prolific fintech investor in the world. Behind the scenes, there's been a phishing attack, whistleblower complaints, and a wave of exits.
▼ + stars: | 2023-08-23 | by ( Ben Bergman | ) www.businessinsider.com time to read: +12 min

It was August 2021, during the waning months of the frothy startup bull market, and Fin Capital was on the ascent. The message was a phishing attack — Fin Capital had been hacked. But there is dispute over how Fin Capital handled the attack and its aftermath. Still, as other firms have sharply pulled back on investing in the downturn, Fin Capital has done the opposite. It's unclear whether the whistleblower complaints that former Fin Capital employees filed with the SEC are being investigated.

Persons: Logan Allin, Fin Capital, Allin, you've, Gene Price, Frost Brown Todd, who'd, It's, fiduciaries, Capital, Tom Allin, Obama, Forbes, you'll, he'd, Peter Thiel ., Henry Kravis, Roelof Botha, Thiel, Kravis, Botha, fintech, Pipe's cofounders, Peter Ackerson, Ackerson, Andreessen Horowitz, fundraisings, Ben Bergman, bbergman Organizations: Fin, Sequoia, SEC, Securities and Exchange Commission, Fin Capital, Francis Yacht Club, Constellation, titans, KKR, Sequoia Capital, Caplight, FT Partners, LinkedIn, Twitter, Facebook Locations: York, Los Angeles, Fin, Silicon Valley, San Francisco, fintech, Sequoia

Chris Christie's presidential campaign will report raising $1.65 million in the second quarter, which included the former New Jersey governor's first 25 days in the 2024 campaign. “In 25 days, the Christie campaign is building a strong foundation with small-dollar donors, industry leaders and familiar faces in the Republican Party,” said adviser Maria Comella. In addition, the super PAC aligned with Christie, Tell It Like It Is PAC, said it raised nearly $5.9 million between the former governor's campaign announcement on June 6 and the close of the second quarter on June 30. The Christie campaign also highlighted a number of notable donors who have given support so far, including several — former Mississippi Gov. Haley Barbour and Kentucky Republican donors Kelly and Joe Craft — who have also given support to former Vice President Mike Pence.

Persons: Chris Christie's, “, Christie, ”, Maria Comella, Bill Palatucci, Haley Barbour, Kelly, Joe Craft —, Mike Pence, Ken Mehlman, Anthony Scaramucci, Adam Kinzinger, Henry Kravis, Tom MacArthur, Bobbie, Bill Kilberg Organizations: New Jersey governor's, Republican Party, Mississippi Gov, Republican National, Trump White House, Trump, First PAC, GOP, KKR Locations: New Jersey, Mississippi, Kentucky

☆ Kourtney Kardashian and Travis Barker reveal sex of baby on the way
▼ + stars: | 2023-06-25 | by ( Alli Rosenbloom | ) edition.cnn.com time to read: +1 min

CNN —Kourtney Kardashian and Travis Barker drummed up the reveal of their baby’s sex in true “Kravis” fashion. In a video shared to the couple’s Instagram pages on Sunday, Barker is seen sitting at his drum set with Kardashian proudly showing off her baby bump while sitting on his lap at what appeared to be a backyard gender reveal party. Barker provided a drumroll seconds before the big reveal, and the couple embraced with a kiss when blue confetti shot out to reveal they’re expecting a baby boy. Kardashian shares three children – Mason, Penelope and Reign – with her former longtime partner Scott Disick. Barker is father to Landon, daughter Alabama and stepdaughter Atiana, whom he shares with ex-wife Shanna Moakler.

Persons: CNN — Kourtney Kardashian, Travis Barker, “ Kravis ”, Barker, Kardashian, she’s, “ Travis I’m, ”, ” Kardashian, Domenico Dolce, Stefano, – Mason, Penelope, Scott Disick, Landon, Alabama, Atiana, Shanna Moakler Organizations: CNN

☆ Private equity risks gorging on its secret sauce
▼ + stars: | 2023-06-14 | by ( Liam Proud | ) www.reuters.com time to read: +7 min

Investors prefer pedestrian but steady management fees over the lumpy share of fund profit that is the industry’s special sauce. Private equity firms with a public listing funnel some of the carry to employees and some to shareholders. TPG (TPG.O) last year went public with a similar strategy of paying around two-thirds of performance-related revenue to employees. Assuming the general idea is to keep overall earnings steady, then higher fee-based income for shareholders must be matched by lower cash compensation for employees. It suggests that for KKR, TPG and the rest, there is a limit to just how much of their own secret sauce employees can eat.

Persons: Steve Schwarzman, Carlyle, Blackstone’s, Schwarzman, Henry Kravis, George Roberts, EQT, Blackstone, Harvey Schwartz, Rowe Price, Thoma Bravo, Jeffrey Goldfarb, Sharon Lam, Oliver Taslic Organizations: Reuters, Blackstone, KKR, Apollo Global Management, JPMorgan, Reuters Graphics, TPG, Apollo, Reuters Graphics Reuters, Alpha, Bain Capital, Thoma, Ares Management, Thomson Locations: BlackRock

☆ Apple continues to quietly build on its fintech ambitions
▼ + stars: | 2023-04-18 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

In payments, specifically, its made progress via Apple Pay, the Apple Wallet, and the Apple Card. On Monday, Apple took another step deeper into financial services, announcing the launch of a high-yield savings account (4.15%) via its Apple Card. And now, as Goldman tries to salvage what's left of its consumer dreams, Apple continues to roll on. What's not clear, though, is what type of terms Goldman gets for serving as the back-end partner partner. Click here to read more about the top eight executives shaking up payments, including a key leader at Apple Pay.

☆ Inside the 5-hour psychological interview that can make or break your career at Citadel, Blackstone, and other finance titans
▼ + stars: | 2023-04-10 | by ( Emmalyse Brownstein | Alex Morrell | ) www.businessinsider.com time to read: +16 min

ghSmartThe company's unusual but rigorous approach to screening job candidates has won it the trust of some of the finance industry's most competitive and coveted workplaces, as well as other blue-chip corporations. "That became the kernel for ghSmart," Smart recounted in a podcast interview. That means the ghSmart interview isn't something you can necessarily prepare for in the same way you might, for example, read up on certain stocks or industry trends. The company's team of psychologists spends hours drilling into each candidate's job and life experiences. Unlike some executive-search firms, ghSmart disconnects its fee from whether it fills the role.

☆ Thomas Lee, Private-Equity Pioneer, Struggled to Reprise Early Successes
▼ + stars: | 2023-03-05 | by ( Miriam Gottfried | ) www.wsj.com time to read: 1 min

Thomas Lee at his New York office in 2019. Thomas H. Lee, who helped create the private-equity industry in the 1970s, struggled to capitalize on its explosive growth over the past two decades. The investor, who last month was found dead in his office from a self-inflicted gunshot wound to the head, came of age in the era of such buyout legends as KKR & Co.’s Henry Kravis and George Roberts , Blackstone Inc.’s Stephen Schwarzman and Apollo Global Management Inc.’s Leon Black .

☆ Joshua Kushner's $3 billion Thrive Capital VC fund has lost 31% in the past year, according to a major endowment backer
▼ + stars: | 2023-02-13 | by ( Ben Bergman | ) www.businessinsider.com time to read: +3 min

Thrive announced at the beginning of last year it closed a massive $3 billion fund. By the end of the year, one of the fund's major investors marked down its stake by 31%. Thrive Capital, the New York-based venture firm founded in 2009 by Joshua Kushner, announced at the beginning of last year it closed a massive $3 billion fund, with $500 million earmarked for early-stage startups and another $2.5 billion devoted later-stage companies. Thrive is also in talks to make another $1 billion investment in Stripe, Bloomberg recently reported. And Thrive is also in talks to invest in OpenAI through a tender offer, the Wall Street Journal reported.

☆ Private-equity salaries revealed: Here's how much top firms like Blackstone, KKR, and Oaktree are offering 2024 associates
▼ + stars: | 2023-02-09 | by ( Emmalyse Brownstein | Rachel Durose | ) www.businessinsider.com time to read: +8 min

Some of the most recent private equity recruits will rake in nearly $200,000 in base pay alone. Among the firms recruiting are Bain Capital, Blackstone, and KKR & Co. — three of the largest private-equity firms in the world based on funds raised in the last five years. These private-equity firms, along with others, have increasingly accelerated their recruiting timelines to get ahead of competitors, as Insider previously reported. To woo promising junior talent, private-equity firms offer sky-high salaries and even more enticing bonus propositions, much like in investment banking, from which these firms cull most of their talent. Oaktree Capital ManagementOaktree Capital Management was founded in 1995, and has $170 billion in AUM, according to its website.

☆ It's not all gloom and doom on Wall Street. Here's where finance firms are still hiring.
▼ + stars: | 2023-01-25 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

For many on Wall Street, those questions are top of mind. Insider's finance team canvassed more than a dozen recruiters to get their takes on the job market. From investment banking to hedge funds to fintechs, here's who's hiring and who's at risk of making more cuts. Click here to read more about the hiring landscape across Wall Street, from banks to hedge funds and fintechs. We've got a list of the best and worst US airlines, according to The Wall Street Journal.

☆ Robert Iger, Henry Kravis to Buy Minority Stake in Thrive Capital
▼ + stars: | 2023-01-24 | by ( Berber Jin | ) www.wsj.com time to read: 1 min

Venture firm Thrive Capital is selling a stake to a group of investors including Walt Disney Co. CEO Robert Iger and KKR & Co. co-founder Henry Kravis , a rare move designed to expand its investing reach and give the founders of the startups it backs access to some of the world’s most powerful business figures. As a part of the transaction, Brazilian food magnate Jorge Paulo Lemann , French telecoms executive Xavier Niel , Indian oil tycoon Mukesh Ambani , Mr. Iger and Mr. Kravis will invest about $175 million to purchase a 3.3% stake in Thrive, the New York-based firm said Tuesday. The deal values the venture firm at $5.3 billion.

☆ Thrive Capital kicks off bestie race
▼ + stars: | 2023-01-24 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, Jan 24 (Reuters Breakingviews) - Josh Kushner is getting some help from friends. Thrive sold that same small stake to Goldman Sachs (GS.N) in mid-2021, then bought it back last December. If Kushner has trouble raising capital down the road, it’ll help having wealthy friends with an established rolodex. As the venture market faces a downturn the likes of Kushner haven’t seen, a seasoned set of confidants will be needed. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ New guidelines for treating childhood obesity include medications and surgery for first time
▼ + stars: | 2023-01-09 | by ( Kaitlin Sullivan | Kaitlin Sullivan Is A Contributor For Nbcnews.Com Who Has Worked With Nbc News Investigations. She Reports On Health | Science | ) www.nbcnews.com time to read: +8 min

Intensive behavioral and lifestyle changes should be the first-line approach, but the AAP also includes recommendations for anti-obesity medications and surgery for the first time. The guidelines say that pediatricians should offer weight-loss drugs for children age 12 and up with obesity. She also acknowledged that these lifestyle changes can be really hard to adopt, especially for overworked and low-income parents. The more adverse the environment around you, the harder it is to live a healthy lifestyle,” Hassink said. Medications and surgery are expensive, and asking overstretched parents to implement lifestyle changes is not always realistic.

WASHINGTON, Dec 1 (Reuters) - U.S. President Joe Biden rolled out the red carpet on Thursday for celebrities, lawmakers, and titans of industry at the White House's first state dinner in honor of French President Emmanuel Macron. The guest list included actress Jennifer Garner and her daughter with Ben Affleck, Violet; singer John Legend and model Chrissy Teigen; "Vogue" editor Anna Wintour; and director Baz Luhrmann. On Thursday night, Biden and his wife, Jill, welcomed the Macrons back to the White House for the dinner after diplomatic meetings earlier in the day. [1/7] Jennifer Garner and her daughter Violet Affleck arrive for a state dinner in honor of French President Emmanuel Macron at the White House in Washington, U.S., December 1, 2022. The lavish Washington dinner is one of few events that bring together people including the president's son Hunter and Kevin McCarthy, who leads a Republican congressional delegation that has vowed to investigate his business dealings.

☆ KKR is canceling its plans for a big new Manhattan office. It joins Meta, Netflix, and other big firms pulling back on office space.
▼ + stars: | 2022-11-22 | by ( Daniel Geiger | ) www.businessinsider.com time to read: +6 min

Two senior leasing executives in Los Angeles told Insider that Meta just canceled its plans to expand by 300,000 square feet in the city. KKR's decision comes as New York City's office market flagsTenants who are on the fence about taking space have little incentive to rush to commit to deals as the city's office market continues to soften. Leasing activity in Manhattan totaled 20.27 million square feet through October, according to CBRE, 38% more than the same period last year. Leasing is on track to finish the year well below prepandemic activity in 2018 and 2019, when 32.4 million and 31.6 million square feet were leased respectively in total. Cushman & Wakefield data showed there was over 21 million square feet of sublease space available in Manhattan in September.

☆ Private-equity salaries revealed: How much Blackstone, KKR, and Bain Capital employees earn at all levels
▼ + stars: | 2022-09-22 | by ( Rachel Durose | ) www.businessinsider.com time to read: +2 min

Bain Capital, Blackstone, and KKR are among the largest private-equity firms in the world. Private-equity employees often make six-figure salaries, even at the entry level. These private-equity firms, along with others, are accelerating their recruiting timelines to get ahead of their competitors, Insider previously reported. To woo promising junior talent, many private-equity firms are offering high salaries. Additionally, some private-equity employees earn carried interest, which is compensation based off a certain percent of a private-equity fund's earnings that is collected after the minimum return is met.

☆ How Josh Harris, the owner of the 76ers and Devils, upset Apollo insiders with the time he spent on personal investments
▼ + stars: | 2022-09-20 | by ( Casey Sullivan | Hayley Cuccinello | ) www.businessinsider.com time to read: +16 min

One former Apollo executive couldn't wrap his mind around how the firm got investors onboard with Harris' personal activities. One advisor to Harris' family office said there would be an internal conversation every year to ensure the proper expense allocations. Several former Apollo employees, however, said other Apollo executives were concerned about Harris' use of firm resources. Few if any sources Insider spoke with expected much to change in how private-equity executives managed their personal investments. The lawyer said that the documents often state that a firm's executives will dedicate "as much time as reasonably necessary" to managing their investments.

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