Financial Daily Dose 6.8.2021 | Top Story: DOJ Recovers Most of Ransom Colonial Pipeline Paid to Hackers

June 08, 2021

In a rare cyber win for the good guys (at least one that’s publicly acknowledged), the DOJ revealed on Monday that it “had seized much of the ransom that a major U.S. pipeline operator had paid last month to a Russian hacking collective, turning the tables on the hackers by reaching into a digital wallet to snatch back millions of dollars in crypto currency.” In the end, federal authorities recovered more than 63 of the 75 bitcoins paid in ransom by Colonial Pipeline - NYTimes and WSJ and Bloomberg and Law360

All the hits from Apple’s big WWDC 2021, including coming software that “would add a so-called app privacy report that tells people what data apps are collecting about them” along with expanded FaceTime and digital wallet offerings and camera-based text-recognition (and translation) abilities - NYTimes and WSJ and Bloomberg and MarketWatch and Mashable and TechCrunch

The Journal gives us the full story on the $5.5 billion disaster for Credit Suisse caused by the implosion of Bill Hwang’s Archegos Capital Management, with early signs pointing to yet more failings from the bank’s “creaky risk-management systems” - WSJ

Shaved head? Check. Recently developed buffness? Check. Comically massive yacht with its own “service yacht”? Check and check. It seems that his own private rocket to space was pretty much the only thing left on Jeffy’s official Bond villain checklist, and as of next month, that box’ll be checked, too - NYTimes and WSJ and Bloomberg and MarketWatch

New SEC chief Gary Gensler, speaking at the Journal’s CFO Network event on Monday, called for restrictions on “plans that corporate insiders use to avoid insider-trading claims when buying or selling their own company’s stock.” The arrangements, known as 10b5-1 plans, “often generate controversy because there is no required public disclosure of a plan at the time an insider sets one up” - WSJ and Law360

Ten-year Tesla veteran and “top Musk lieutenant” Jerome Guillen—the “brains behind the ramp up of Model 3 production in 2018”—has left the company in what’s being called a “huge and unexpected loss” for the electric vehicle maker. Guillen was “one of four top executives running the company alongside Chief Executive Officer Elon Musk” - Bloomberg and MarketWatch and TechCrunch and WSJ

The link between meme stocks and a boom in the options market—the “once-obscure” area of finance that includes call options, which “allow investors the right to purchase stocks at a set price in the future”—where trading activity can at times “stoke bigger moves in the shares themselves” - WSJ

Rising commodities prices aren’t doing anything good to allay fears of inflation and are “casting a cloud over the global economic recovery.” This week’s release of an updated producer-price index from China and the U.S.’s CPI are likely to confirm the trend - WSJ

Thoughts on what last week’s big PE-driven Medline deal means for the return of old-school massive LBOs - WSJ

Sure, the CONCACAF Nations League Final technically means nothing in the grand football scheme of things, but boy, did the other night’s tilt between the US and Mexico set a solid stage for what could be a nasty 2022 World Cup qualifying round this fall. Do yourself a favor and find some video highlights of this one - ThePost

Stay safe and get vaxxed,
MDR