Travis Kalanick stepped down Tuesday as chief executive of Uber, the ride-hailing service that he helped found in 2009 and built into a transportation colossus, after a shareholder revolt made it untenable for him to stay on at the company. Mr. Kalanick’s exit came under pressure after hours of drama involving Uber’s investors, according to […]
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Illinois Comptroller: “The State Can No Longer Function”…
With just 10 days to go until Illinois enters its third year without a budget, resulting in the state’s imminent downgrade to junk status and potentially culminating in a default for the state whose unpaid bills now surpass $15 billion, Democratic Illinois Comptroller Susana Mendoza issued a warning to Illinois Gov. Rauner and other elected […]
Barclays, Former CEO Criminally Charged Over Qatar Fundraising…
Two familiar names are in the news this morning, after the UK’s Serious Fraud Office filed criminal charges against Barclays Plc and four former executives, including former CEO John Varley, for conspiracy to commit fraud regarding the bank’s 2008 capital raising from Qatar. The SFO said Tuesday that former Chief Executive Officer John Varley, former […]
Amazon Eats Up Whole Foods as the New Masters of the Universe Plunder America…
“We must make our choice. We may have democracy, or we may have wealth concentrated in the hands of a few, but we can’t have both.” —Justice Louis Brandeis With his $13.7 billion acquisition of Whole Foods, Amazon’s Jeff Bezos has made clear his determination to dominate every facet of mass retailing, likely at the […]
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Deloitte Audited the Fed for Eight Straight Years of the Financial Crash…
In 2006 the Federal Reserve’s books were audited by PricewaterhouseCoopers. But beginning in 2007 and for every year thereafter through 2014, the Fed’s books were audited by Deloitte & Touche. That’s a very long eight years that just happen to coincide with the greatest economic upheaval in the U.S. since the Great Depression. (Since 2015, […]
Outlook for Oil Looks Bleak, Prices Hit 7-Month Low…
Crude oil started the week with a loss, which may be extended today as U.S. shale drillers continue to add rigs, and Libya and Nigeria ramp up production, undermining their fellow OPEC members’ efforts to reduce output and support prices. Oil prices are now at a 7-month low. Oil prices were pressured when last Friday, […]
David Rubenstein Named Chairman of the Board of the Council on Foreign Relations…
David M. Rubenstein, co-founder and managing director of the private equity firm the Carlyle Group, has been named chairman of the board of the Council on Foreign Relations effective July 1. He succeeds both former U.S. Trade Representative Carla A. Hills, chairman and CEO of Hills & Company, and former U.S. Treasury Secretary Robert E. […]
How Trump Can Make Apprenticeships a Hit…
The former host of “The Apprentice” may have finally found a government program suitable to his talents. As part of “workforce development week,” President Donald Trump and his daughter Ivanka are touting the administration’s commitment to increasing the number of Americans doing apprenticeships. A well-designed apprenticeship system — one that combines classroom instruction with paid, […]
DOJ Moves to Seize DiCaprio’s Picasso, Rights to “Dumb and Dumber to” As Part of 1MDB Case…
As part of the ongoing money-laundering probe of Malaysia’s sovereign wealth fund, 1MDB, which is perhaps best known for Goldman’s enabling and participation in what may end up being one of the world’s biggest, multi-billion, cross-border embezzlement schemes, on Thursday the DOJ moved to seize a Picasso and Basquiat paintings given to Leonardo DiCaprio, as […]
Auto Dealership Stocks Plunge on Bank of America Warning of ‘Looming Tsunami’…
BofA/Merrill analyst John Murphy downgraded Lithia Motors to Underperform from Neutral and cut its price target to $92 from $106. The analyst lowered US sales and North American production forecasts saying year-to-date sales tracking down 2%, following a likely peak in 2016, and there is a “looming tsunami” of off-lease volumes that will hit the […]
U.S. Treasury Unveils Financial Reforms, Critics Attack…
The U.S. Treasury Department unveiled a sweeping plan on Monday to upend the country’s financial regulatory framework, which, if successful, would grant many items on Wall Street’s wishlist. The nearly 150-page report suggested more than 100 changes, most of which would be made through regulators rather than Congress, Treasury Secretary Steven Mnuchin said in an […]
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Dollar Dipsy-Doodle – A Brief Ray of Light…
There are three ledgers that are kept for us in God’s economy: kindness, compassion, and love. Janet made hawkish noises to go along with the 25 bp interest rate increase today. I don’t think they will be raising rates much more this year, if the economy is doing as badly as the data and the […]
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Wells Fargo Is Now Accused of Making Improper Changes to Mortgages…
Even as Wells Fargo was reeling from a major scandal in its consumer bank last year, officials in the company’s mortgage business were putting through unauthorized changes to home loans held by customers in bankruptcy, a new class action and other lawsuits contend. The changes, which surprised the customers, typically lowered their monthly loan payments, […]
Court Finds Approval of Dakota Access Pipeline Violated the Law…
The Standing Rock Sioux Tribe won a significant victory today in its fight to protect the Tribe’s drinking water and ancestral lands from the Dakota Access pipeline. A federal judge ruled that the federal permits authorizing the pipeline to cross the Missouri River just upstream of the Standing Rock reservation, which were hastily issued by […]
Can Uber Ever Deliver? Part Ten: The Uber Death Watch Begins…
On June 13th Uber announced that its Board had accepted all of the management process recommendations of a study led by Eric Holder of the law firm Covington & Burling.[1] Uber also announced that CEO Travis Kalanick would take a temporary leave of absence and that SVP Emil Michael, Kalanick’s closest confidante, had been dismissed. […]
U.S. Exporters, Truckers Exhale As Trump Threats to NAFTA Ease…
It appears the 23-year-old North American Free Trade Agreement (NAFTA) is safe—for now. Hearing pleas from the business lobby, as well as individual transportation companies such as UPS and FedEx, the Trump administration has backed off threats to unilaterally sever NAFTA. Trucking executives, transportation officials and shippers have enjoyed 400% growth in cross-border trade since […]
1.9 Million Obamacare Cancellations…
Roughly 1.9 million Americans canceled their Obamacare coverage in 2017. Most cited high premiums and disruptions in coverage as the reason, according to two reports from the Department of Health and Human Services. The agency announced that 12.2 million consumers had selected an Obamacare plan or were reenrolled by the end of open enrollment on […]
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It’s Confirmed: Without Government Subsidies, Tesla Sales Implode…
According to the latest data from the European Automobile Manufacturers Association (ACEA), sales of Electrically Chargeable Vehicles (which include plug-in hybrids) in Q1 of 2017 were brisk across much of Europe: they rose by 80% Y/Y in eco-friendly Sweden, 78% in Germany, just over 40% in Belgium and grew by roughly 30% across the European […]
In Washington, Is the Glass(-Steagall) Half Empty or Half Full? by Nomi Prins…
Donald, listen, whatever you’ve done so far, whatever you’ve messed up, there’s one thing you could do that would make up for a lot. It would be huge! Terrific! It could change our world for the better in a big-league way! It could save us all from economic disaster! And it isn’t even hard to […]
Tyson Recalls Nearly 2.5M Pounds of Chicken Products…
Tyson Foods Inc. has recalled nearly 2.5 million pounds of ready-to-eat breaded chicken products because of undeclared allergens and misbranding. The Arkansas-based company said it discovered the issue on June 6, when a supplier notified Tyson Foods that the bread crumbs used in certain products could contain undeclared milk. The breaded chicken products were produced […]
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