Financial Daily Dose 3.2.2021 | Top Story: U.S. Markets Bounce Back as Bonds Settle
March 02, 2021
Senators on the Banking Committee will take up the nomination of Gary Gensler for the top spot at the SEC today. Gensler, who served as CFTC chair under President Obama, is expected to face questions about the recent GameStop frenzy, cryptos, and corporate diversity, among other things – Law360 and Bloomberg
New number-crunching from the Urban-Brookings Tax Policy Center and Moody’s Analytics found that after getting hammered in the first months of the pandemic, more states than expected managed to make it through 2020 without the massive drop in tax collections anticipated as the coronavirus took hold across America - NYTimes
More on our story yesterday about the SoftBank-backed Greensill Capital, which is now facing the prospect of insolvency after Credit Suisse’s sudden decision to suspend $10 billion of investment funds - WSJ
How to best help struggling American manufacturing? Well, why not an old solution to an old problem: devalue the dollar—an idea senior economic advisors to President Biden are apparently kicking around - NYTimes
The inflation worriers are giving the economy some slack. But they’re not going away - WSJ
A day after Walmart nabbed two top Goldman bankers, DJ D Sol lost another senior exec in Eric Lane, the co-head of Goldman’s asset-management business, who’s decamping for Chase Coleman’s Tiger Global management - Bloomberg
While the Fed’s content in throwing the occasional bone to those pushing for a national U.S. digital currency, China is going full steam ahead with its eCNY (that would be electronic Chinese yuan) experiment, recently expanding existing e-currency trials to “bigger cities such as Beijing and Shanghai” - NYTimes
At the same time, NY AG Letitia James is warning investors to use “extreme caution” when snapping up cryptos and be wary of “scams following a recent run-up in bitcoin’s price” - WSJ
Committed to besting GM, Volvo announced that it will convert its entire fleet to battery power by 2030—an aggressive schedule for the Geely owned Swedish carmaker - NYTimes
Wall Street watcher and former investment banker William D. Cohan weighs in on what SDNY Judge Jed Rakoff’s recent decision involving Jones Group execs and their failure to “anticipate that selling” their company to PE firm Sycamore Group “in such a convoluted and leveraged deal might lead to bankruptcy court” could mean for the entire private equity industry - NYTimes
Just top-notch stuff here from 99PI, which introduces us to Anne Carroll Moore—the librarian who both did more for children’s literature and dedicated library spaces than anyone else in the world and also ruled the genre with an iron fist for decades, virtually depriving kids of utter classics like “Goodnight Moon.” Seriously, make time for this – 99PI
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