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☆ Big bank earnings season is over. Here's how our stocks stack up against peers
▼ + stars: | 2023-04-23 | by ( Zev Fima | ) www.cnbc.com time to read: +9 min

Big bank earnings are behind us. Investment banks Goldman Sachs (GS) and Club holding Morgan Stanley (MS) are the two pure-play investment banks we care about. Third place was tight, but the combination of better earnings growth and a significantly better ROTCE made Bank of America (BAC) the better performer. Sizing up bank valuations Morgan Stanley is currently trading at a premium at 13.7 times forward earnings, compared to 10.3 for GS. Morgan Stanley Chairman and Chief Executive James Gorman speaks during the Institute of International Finance Annual Meeting in Washington, October 10, 2014.

☆ How two of North America's richest families came together to fortify Greg Fleming's Rockefeller Capital Management
▼ + stars: | 2023-04-10 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +5 min

A firm owned by one of Canada's richest clans has invested $622 million in wealth firm Rockefeller. Two of North America's richest families have partnered up to invest in wealth management powerhouse Rockefeller Capital Management. The Desmarais family invested $622 million through the Power Corporation of Canada, the financial services conglomerate the family controls, for a 20.5% stake in Rockefeller Capital Management. Paul's son and deputy chairman of Power Corp., Andre Desmarais considered the late David Rockefeller Sr. as a mentor. Courtesy of Rockefeller Capital ManagementThe Desmarais family has worked with Rockefeller on big dealsRockefeller chief executive Fleming also has a two-decade-long relationship with the Desmarais clan.

☆ Why two of North America's richest families are coming together to fortify Greg Fleming's Rockefeller Capital Management
▼ + stars: | 2023-04-05 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +5 min

A firm owned by one of Canada's richest clans has invested $622 million in wealth firm Rockefeller. Two of North America's richest families have partnered up to invest in wealth management powerhouse Rockefeller Capital Management. The Desmarais family invested $622 million through the Power Corporation of Canada, the financial services conglomerate the family controls, for a 20.5% stake in Rockefeller Capital Management. Paul's son and deputy chairman of Power Corp, Andre Desmarais considered the late David Rockefeller Sr. as a mentor. Courtesy of Rockefeller Capital ManagementThe Desmarais family has worked with Rockefeller on big dealsRockefeller chief executive Fleming also has a two-decade-long relationship with the Desmarais clan.

☆ A Christian school that 'celebrates childhood' becomes killing scene in Nashville
▼ + stars: | 2023-03-27 | by ( Sharon Bernstein | ) www.reuters.com time to read: +2 min

[1/4] A child weeps while on the bus leaving The Covenant School, following a mass shooting at the school in Nashville, Tennessee, U.S. March 27, 2023. Nicole Hester/USA Today Network via REUTERSMarch 27 (Reuters) - The 200 young children enrolled at The Covenant School, a private Christian elementary school in Nashville, start each day with chapel, and study the Bible twice a week. "The beauty of a PreSchool-6th school is in its simplicity and innocence," the introductory paragraph of the school's website reads. The carnage made a stark and horrible contrast to the images of everyday life on the school's website and Facebook page. The private elementary school is affiliated with Covenant Presbyterian Church, part of an evangelical movement that branched off from the more liberal Presbyterian Church in 1981.

☆ The Rise of Jazz Singer Samara Joy
▼ + stars: | 2023-03-21 | by ( ) www.wsj.com time to read: 1 min

Nancy Pelosi on Crafting a Career With PurposeIn 35 years on Capitol Hill, the former top Democrat made history as the first female speaker of the House, shepherding the Affordable Care Act and passing the biggest climate bill to date. She discusses her path to the top and advice for women in any occupation.

WASHINGTON — Sen. Debbie Stabenow, D-Mich., announced Thursday that she won't seek re-election in 2024, setting the stage for a competitive Senate race in a key battleground state during a presidential election year. Garlin Gilchrist, Secretary of State Jocelyn Benson, Attorney General Dana Nessel and state Sen. Mallory McMorrow, who gained a national following last year after going viral with her pushback against anti-LGBTQ rhetoric. Stabenow has served in the Senate since 2001 and previously served in the House from 1997 until her career began in the upper chamber. She holds several Democratic leadership roles including Senate Democratic Policy Committee chair and chair of the Senate Agriculture Committee. She has served alongside Sen. Gary Peters, D-Mich., since he came to Congress in 2015.

☆ Miami Mayor Francis Suarez tapped several people close to Elon Musk to urge him to relocate Twitter out of San Francisco: 'They belong here'
▼ + stars: | 2022-12-28 | by ( Kimberly Leonard | ) www.businessinsider.com time to read: +6 min

Miami Mayor Francis Suarez wants Twitter to relocate from San Francisco to Miami. He told Insider he has reached out to people close to Twitter CEO Elon Musk. Suarez publicly urged Twitter to move its headquarters to Miami by tweeting the suggestion to CEO Elon Musk at the beginning of December. Suarez, 45, is a Republican but the office of the Miami mayor is considered nonpartisan. As CEO of Twitter, Musk has promised to unleash free speech.

☆ Meet the little-known Google exec steering the company's $209 billion ad business through an uncertain economy and the minefield of privacy concerns
▼ + stars: | 2022-12-24 | by ( Ryan Joe | ) www.businessinsider.com time to read: +10 min

Jerry Dischler is steering Google's $209 billion ads business through major challenges. It falls to him to reinvent digital advertising to keep its $209 billion ad business going. At the same time, he has to keep growing Google's ad business amid increasingly dour spend forecasts. He went on to search ads in 2008, and by 2009, he was overseeing Google's team that developed new ad formats. Even when some parts of Google's ad business slows, as YouTube and Google network ads did last quarter, it gains strength in other areas, such as search.

☆ Benjamin Netanyahu Seeks New Israeli Laws to Satisfy Political Allies’ Demands
▼ + stars: | 2022-12-14 | by ( Dov Lieber | ) www.wsj.com time to read: 1 min

Benjamin Netanyahu, seated in red tie, is pushing a law that would allow his ally Aryeh Deri, standing, to serve in the cabinet. TEL AVIV— Benjamin Netanyahu is shepherding through Israel’s parliament several laws that would codify the unusual agreements he has made with coalition partners in exchange for their support, the final hurdle in his comeback bid as prime minister. One such law would grant Aryeh Deri , an ultra-Orthodox Jewish politician and Netanyahu ally convicted less than a year ago of tax evasion, a workaround to the prohibition on convicts serving in the cabinet. The law would allow people recently convicted of crimes to serve as ministers if they had suspended jail terms and didn’t serve time in prison, like Mr. Deri. Mr. Netanyahu has pegged Mr. Deri for three different ministerial positions: health, interior and alternating finance minister.

☆ Parents of Sam Bankman-Fried face scrutiny over their roles in FTX
▼ + stars: | 2022-12-14 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

Now, Joseph Bankman and Barbara Fried, the FTX founder’s parents, may face legal troubles of their own. Bankman-Fried’s lawyer declined to comment when asked about scrutiny of his parents. The new CEO of FTX is John Ray III, a restructuring expert tasked with shepherding the company through its complex bankruptcy. They have told friends that their son’s legal bills will likely wipe them out financially, according to the paper. A judge ordered that Bankman-Fried must remain in custody after denying a request for bail, calling him a flight risk.

☆ 'Metaverse' lost the word of the year contest to 'goblin mode'
▼ + stars: | 2022-12-05 | by ( Travis Clark | ) www.businessinsider.com time to read: +3 min

"Goblin mode" is Oxford English Dictionary's word of the year after going viral in February. Regarding "goblin mode," it wrote that it's "a type of behaviour which is unapologetically self-indulgent, lazy, slovenly, or greedy, typically in a way that rejects social norms or expectations." The headline, falsely attributed to Bollywood news site Pinkvilla, incorrectly quoted actress and model Julia Fox as saying that her ex Kanye West "didn't like when I went goblin mode," something she never said. "The term then rose in popularity over the months following as Covid lockdown restrictions eased in many countries and people ventured out of their homes more regularly," Oxford wrote about "goblin mode." But while "metaverse" couldn't top "goblin mode," maybe Zuckerberg can take solace that it gained enough traction to be in the running this year.

☆ Sam Bankman-Fried says he ‘got a little cocky’ before FTX collapsed
▼ + stars: | 2022-12-01 | by ( Allison Morrow | ) edition.cnn.com time to read: +3 min

New York CNN Business —Sam Bankman-Fried, the founder of now-bankrupt FTX, has fallen from the peak of crypto celebrity, but he’s not going quietly. “I think I got a little cocky — I mean, more than a little bit,” he told ABC’s George Stephanopoulos in an interview on Good Morning America. Bankman-Fried, echoing comments he also made to The New York Times on Wednesday, denied knowing of any improper transfers of customer funds between the exchange and Alameda. “I don’t think that’s who I am at all, but I understand why they’re saying that,” Bankman-Fried told Stephanopoulos. In that interview, Bankman-Fried said he “didn’t ever try to commit fraud on anyone,” while admitting he made mistakes as chief executive.

☆ SBF won’t shut up, and it’s driving lawyers mad
▼ + stars: | 2022-11-29 | by ( Allison Morrow | ) edition.cnn.com time to read: +7 min

SBF has repeatedly admitted that he “f—ked up.” He has apologized on Twitter and in a letter to staff. “What SBF is doing is a form of litigation suicide,” Howard Fischer, a former Securities and Exchange Commission lawyer tells me. SBF resigned as CEO when his crypto exchange, FTX, declared bankruptcy on November 11. Ray sought to make clear that SBF does not speak for FTX or its affiliates. (And no, I don’t mean extra sick days — I mean any sick days, which workers currently have to take unpaid).

☆ I've been a licensed psychotherapist in Silicon Valley for the past decade, and I've never witnessed such an atmosphere of panic and insecurity amid the massive tech layoffs
▼ + stars: | 2022-11-17 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +5 min

Since the Twitter and Meta layoffs, she and her team are speaking to hundreds of patients a week. For many across Silicon Valley, that all contributed to an environment of professional safety and security. Over time, I too, became convinced that Silicon Valley was untouchable. Since Twitter announced mass layoffs in early November, shockwaves have been rippling through Silicon Valley. There's a general sobering across Silicon Valley that will extend into the new year.

☆ Several lawmakers have asked Nancy Pelosi to continue leading the House Democratic caucus, pointing to her ability to maintain discipline: report
▼ + stars: | 2022-11-12 | by ( John L. Dorman | ) www.businessinsider.com time to read: +2 min

Several lawmakers have approached Pelosi about staying on as House Democratic leader, per CNN. In a closely-divided House, some Democrats want to see Pelosi remain in her leadership role. "Until then, let's all enjoy watching Kevin McCarthy lose a speakership his party hasn't even won in the first place." As of Nov. 12, Republicans have won 210 seats, while Democrats have claimed 198 seats, according to Insider and DDHQ. Republicans last controlled the lower chamber in January 2019, when they ceded their majority to the Democratic Party after losing seats in the 2018 midterms.

☆ Tiger Global, Coatue, and other hedge funds tried to upend venture capital. It backfired and now they're 'licking their wounds,' VCs say.
▼ + stars: | 2022-11-11 | by ( Darius Rafieyan | Melia Russell | ) www.businessinsider.com time to read: +10 min

New investments by Tiger Global and Coatue fell 60% and 67%, respectively, this year. "They're licking their wounds," said Nihal Mehta, a founding partner at Eniac Ventures, whose portfolio includes the marketing-tech startup Attentive, a crown jewel of Tiger Global and Coatue's portfolios. Speaking to founders, Mehta hears crossover funds come up less and less in conversation, and partners at some crossover funds tell him they're pulling back from new deals, though crossover funds haven't disappeared altogether. Crossover funds found themselves with billions of dollars in deployed capital and few exits in sight. Last month, Tiger Global and Coatue both revealed they are seeking to raise new funds earmarked for early-stage startup deals.

☆ Premarket stocks: The Fed may have changed markets forever
▼ + stars: | 2022-10-25 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

Federal Reserve officials have clearly stated that they have no plans to pivot away from their policy of aggressive rate hikes to fight persistent inflation. It’s become pointless to try to apply economic rationale to stock markets, Prins told me in a recent interview. Another mandate: The Federal Reserve is mandated to keep unemployment and prices in check, but the third unofficial mandate of the Fed is to boost markets, said Prins. They understand, says Prins, that eventually the Fed will return to its long-term policy of aiding markets. The Federal Reserve has stepped up its efforts to tamp down high prices via a series of blockbuster interest rate hikes.

☆ Pound holds ground as Rishi Sunak leads race to become UK prime minister
▼ + stars: | 2022-10-24 | by ( Julia Horowitz | ) edition.cnn.com time to read: +6 min

London CNN Business —Britain’s third prime minister in seven weeks will face the huge challenge of projecting stability after a period of historic political and financial market chaos. Rishi Sunak emerged over the weekend as the clear front-runner in the dramatic race to replace Liz Truss, who’s set to be the shortest-serving prime minister in UK history. “A key focus for the next Prime Minister and their chosen Chancellor needs to be fiscal responsibility,” Carl Emmerson, deputy director of the Institute for Fiscal Studies, said in a statement. An economy in recessionThe Bank of England forecast last month that the UK economy was already in recession. 10 Downing Street, investors and economists expect the revamped economic plan outlined by current finance minister Jeremy Hunt to remain intact.

☆ Mayor Michelle Wu Wants to Change Boston. But Can Boston Change?
▼ + stars: | 2022-10-17 | by ( David Marchese | ) www.nytimes.com time to read: +14 min

Mamadi Doumbouya for The New York Times Talk Mayor Michelle Wu Wants to Change Boston. “I was sworn in and immediately was trying to navigate Boston through the Omicron surge,” says Wu, who is 37. So the question is: How do we ensure that we can be a green and growing city that’s healthy and affordable for everyone? Does that rethinking involve abolishing the Boston Planning and Development Agency? For example, if you take the school system, there are a lot of structural challenges that our Boston public schools have been facing.

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