Jim Kane
@kanejim.bsky.social
Please send me evenings and weekends. @thisisfincap.bsky.social
Whatever the heck this is, existing measures of central bank independence are not capturing it.
Michael Derby@michaelsderby.bsky.social · 3h agoAs evidence for Warsh’s rough start as Fed chair, the Treasury secretary is now going after reporters for their coverage of the central bank.
This article is so satisfying it's nearly sexual
The Wall Street Journal@wsj.com · 17h agoNew York City’s business elites are long accustomed to direct access to City Hall, where even Democratic mayors felt the need to court the city’s wealthiest and most influential corporate leaders. That access is getting shredded by Mayor Zohran Mamdani.
That’s a nice chart but the most important actors are missing: The banks that are the ultimate source of leverage, and the government that will be the ultimate backstop when the music stops.
Seems like the type of premium content he should've saved for the $100k Truth API. giftarticle.ft.com/giftarticle/...
Living the dream, downsizing the unproductive Blackstone execs.
Bloomberg News@bloomberg.com · 2d agoNYC Mayor Mamdani dismissed all the members of a longstanding group of corporate advisers to City Hall’s philanthropic arm
Private equity brings its operational magic to the world of SALT. Jk, they’re doing a $1.2 billion dividend recap of Morton. cdn.mc-weblink.sg-mktg.com/weblink/MTc4...
lmao… “His sweaters and dark turtlenecks added to his reputation as a reclusive oracle of AI.”
His Wedding Guests Were Arriving—Just as His $45 Billion Fund Was Falling Apart
Leopold Aschenbrenner was hailed as the ‘Nostradamus of AI.’ But his Situational Awareness hedge fund took on too much leverage, leading to a crash he never saw coming.
wsj.com
NAIC "noted, 'a multi-collateral structure could invest in an asset that in turn holds an investment in the multi-collateral structure, creating circular ownership'... there was a rising risk that 'independent vehicles invest in the same assets, or potentially in each other'."
US regulators cite ‘circular’ risk in investments used by KKR and Apollo
Warning signals growing concern that investments filling insurance balance sheets could harbour unseen risk
giftarticle.ft.com
SIPTU has reaffirmed that it will support any member who, on grounds of conscience, refuses to participate in the hosting, servicing or facilitation of the upcoming UEFA Nations League fixtures involving the Irish and Israeli national football teams. https://bit.ly/4cdpEw2
SIPTU supports workers' boycott of Israel fixtures and calls on Government to cancel games
When facing an attempt to sportswash a genocide, workers have a right to act in accordance with their conscience and should not face disciplinary action.
siptu.ie
The new space race promises a future among the stars, but as billionaires pursue dreams of Mars, profit and power, are they creating a future for humanity, or sacrificing the only planet we have? Astronomer Lucian Walkowicz (@notnotrocketscience.com) writes for New Internationalist.
Space: the billionaires’ playground
As tycoons like Elon Musk attempt to seize space for profit, the Earth is being trashed, writes astronomer Lucian Walkowicz.
newint.org
okay now we're really on a heater news.bloomberglaw.com/employee-ben...
Democratic Socialists Win $5.2 Million NYU Retirement Account
A deceased New York University sociology professor’s $5.2 million retirement account will go to the Democratic Socialists of America Inc. based on his 50-year-old beneficiary designation favoring the ...
news.bloomberglaw.com
weird for MSCI to be all 'you better think about climate change, idiots' when the Canadian Pension Plan Investment Board is right now being sued by its beneficiaries for relying on MSCI's ridiculous modeling showing a 4% portfolio loss under the most extreme warming scenario in 2100
John Kostyack@kostyack.bsky.social · last wk.MSCI's Fernandes to investors: I understand you're obsessed with quarterly earnings, but “the climate is still changing, the world is still overheating, agricultural productivity is declining and there is an impact on companies.... If you ignore this risk you only have yourself to blame.”
The guy who unintentionally gave us the 401(k) is back to see if he can (unintentionally) make things even worse: “Called Radish, it’s an employer-funded incentive program that lets companies deposit money into an account for workers who hit performance goals…”
The Father of the 401(k) Has a New Savings Plan
Many workers can’t afford to put money away in a 401(k). The man who popularized the retirement accounts says he has a better idea.
bloomberg.com
breaking: Wikimedia Foundation says it will not voluntarily recognize its workers union, instead insisting on an election held under Trump's NLRB. Wiki Foundation execs dodged this question at its massive conference last week. www.404media.co/wikimedia-wa...
Wikimedia Waits Until After Its Massive Conference to Say It Won’t Voluntarily Recognize Union
A supermajority of Wikimedia Foundation workers say they have signed union cards, but the foundation is insisting on an election.
404media.co
Who said it couldn't get any worse: 12% of London properties originally intended for private sale sold in bulk deals this past year. Housing as an asset class, it's coming home.
Investors snap up bundles of UK properties as housebuilders offer discounts
Bulk buyers win double-digit reductions while cautious consumers stay on sidelines
ft.com
Moody's on higher ed sports deals with PE/PC (1/2) "Even if formal control remains with the board of trustees, investor consent rights, information rights, budget covenants or board representation can create a side governance structure around athletics. This may make it harder for the university...
Moody's - credit ratings, research, and data for global capital markets
moodys.com
Big private equity firms are doing the most major investment in Kuwait since nationalisation of oil, to build a pipeline to circumvent Hormuz: www.ft.com/content/780b...
Blackstone, KKR and Brookfield take Kuwait pipelines stake in $16bn deal
Largest ever foreign investment in the Gulf state comes as it seeks to raise capital in face of Iranian attacks
ft.com
Ok, everybody make this circle thicker on your AI financing graphics www.wsj.com/tech/ai/nvid...
The Wall Street Journal@wsj.com · last wk.Nvidia is in talks to provide a roughly $250 billion backstop for OpenAI as part of a massive data center project, one of the most ambitious financial transactions yet in America’s artificial-intelligence boom.
great odd lots episode with @briancallaci.bsky.social discussing the making of the franchise model.
How Franchise Restaurants Opened the Door to the Gig Economy
Podcast Episode · Odd Lots · July 24 · 45m
podcasts.apple.com
”Compared to federal deposit insurance, insurance guaranty funds socialize risk more sharply, but lack comparable risk-regulation infrastructure… PE firms have powerful incentives to exploit this regime and use insurance balance sheets to earn profits while taking on more risk in several ways.”
The Real Reason Behind the Private Credit-Insurance Nexus
Private gains and public losses.
bloomberg.com
Here is my latest on how one particular company ended up dominating our skies: phenomenalworld.org/analysis/orb...
Orbital Enclosure - Phenomenal World
In mid-June, SpaceX went public. The company’s initial public offering share price of $150 quickly crowned Elon Musk the world’s first dollar trillionaire. As the company’s executives rang the Nasdaq ...
phenomenalworld.org
How data center lobbyists kept Virginia's lucrative sales tax intact, and their plans to keep the public money flowing, in @bloomberg.com news.bloombergtax.com/daily-tax-re...
How Data Centers Preserved Their $2 Billion Virginia Tax Break
After months of legislative chaos, the industry saved a $2 billion sales tax break for data centers in Virginia by agreeing to a novel tax that could offer a possible road map to other states.
news.bloombergtax.com
IRAs and employer retirement plans were created to give tax breaks to working Americans saving for old age. But a loophole gives startup founders and hedge-fund managers with access to insider investments "the mother of all tax breaks." 🎁🔗 www.wsj.com/personal-fin...
The Startup Insiders Who Stash Huge Sums in Tax-Subsidized Retirement Accounts
More than 1,000 Americans racked up IRAs worth at least $25 million. “This is yacht financing or dynasty building.”
wsj.com
I found a paper published by a think tank linked to a German asset manager that advocates the removal of the right to strike in state-owned or controlled monopolies. Plus some stuff on Elon Musk, BlackRock's fragmented voting power etc... tompowdrill.substack.com/p/social-fac...
Social Factor round-up
Asset manager backed think tank vs right to strike, Passions and Interests, voting rights fragmentation, exec pay rises, listed or listing?
tompowdrill.substack.com
