Tag: Wall Street

The CEOs Are Warming to Trump

As Brian Beutler pointed out in his Off Message newsletter, this was worthy of alarm bells: “The question of whether elites, particularly center-right elites, choose to abide fascism is central to the survival of democracy.” In a later post, Beutler dove deeper into Dimon’s rhetoric, and found evidence that whatever ties that might have bound […]

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Corporation Buying U.S. Homes Makes Cringey Taylor Swift-Inspired Music Video

(Photo via YouTube screengrab)  One of the largest private equity firms in the world released a truly (and hopefully intentionally) awful new holiday video this week, apparently inspired by Taylor Swift’s “Eras” Tour. The cringe-inducing video released by Blackstone on Thursday almost immediately led to widespread roasting online. “holy shit what the hell was Blackstone […]

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That Insufferable Billionaire Tyrannizing Harvard Enriches Himself by Tyrannizing the Bond Market

Why would Ackman do this? One interlocutor on X pointed out that Pershing Square invested $10 million in X back when it was Twitter, but that’s pocket change to Ackman, and anyway, that money is long gone. I think Ackman defends Musk and stays on X because the site has been Ackman’s tool lately for controlling the […]

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GameStop Debuts ‘Alarming’ Plan To Let Its CEO Gamble Millions On The Stock Market

GameStop, the darling of the WallStreetBets retail-trading movement, has decided to allow CEO Ryan Cohen to start gambling the company’s excess cash on the stock market. It’s a highly unusual move that some financial analysts are calling “inane” and “alarming,” and the meme-stock community is celebrating as the first step toward the company becoming the […]

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Even Bank Workers Want to Unionize Now

In a 2022 letter to shareholders, Wells Fargo chief executive Charles Scharf insisted that “we have a different company today” and that “hubris, contempt and indifference” were no longer acceptable there. “We will listen and not retaliate,” Scharf pledged at a Senate Banking Committee hearing last year, when asked whether he’d interfere with unionization efforts. […]

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Unions Are Finally Going Where the Money Is

In a 2022 letter to shareholders, Wells Fargo chief executive Charles Scharf insisted that “we have a different company today” and that “hubris, contempt and indifference” were no longer acceptable there. “We will listen and not retaliate,” Scharf pledged at a Senate Banking Committee hearing last year, when asked whether he’d interfere with unionization efforts. […]

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Unions Are Finally Going Where the Money Is

In a 2022 letter to shareholders, Wells Fargo chief executive Charles Scharf insisted that “we have a different company today” and that “hubris, contempt and indifference” were no longer acceptable there. “We will listen and not retaliate,” Scharf pledged at a Senate Banking Committee hearing last year, when asked whether he’d interfere with unionization efforts. […]

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Wall Street Embraces AI Despite Risks of Catastrophe

Across Wall Street, the artificial intelligence arms race is heating up. Vanguard is already using AI to generate retirement portfolios. Morgan Stanley has launched a ChatGPT-fueled assistant for financial advisers, saying generative AI would “revolutionize client interactions.” JPMorgan Chase filed a patent for a product called “IndexGPT” to help traders decide where to invest.  Advertisement […]

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Are AI Bot Brokers Ready to Manage Your Investments?

Software never sleeps: You don’t have to worry about getting your broker on the phone if it’s a bot. And given conversational AI’s limited phone presence, you’re probably better off just texting with it. That was the sales pitch for robo-investing services a decade ago when they began going up against traditional advisors by applying algorithms to make and […]

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Who Did in Kevin McCarthy? Maybe Not Gaetz. Maybe Not Even Trump.

For four decades the chief economic worry about large federal deficits has been that federal borrowing will “crowd out” private spending needed to make the economy grow. But evidence of such crowding out has seldom appeared. The last time it did was in 1994, when President Bill Clinton, who’d campaigned promising a fiscal stimulus, instead […]

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Who Did in Kevin McCarthy? Maybe Not Gaetz. Maybe Not Even Trump.

For four decades the chief economic worry about large federal deficits has been that federal borrowing will “crowd out” private spending needed to make the economy grow. But evidence of such crowding out has seldom appeared. The last time it did was in 1994, when President Bill Clinton, who’d campaigned promising a fiscal stimulus, instead […]

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