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“#Jamie Dimon says post-COVID boom will stretch into 2023” JPMorgan Chase CEO Jamie Dimon thinks the US economy is poised to come roaring back from the coronavirus crisis over the next two years. In his annual letter to shareholders, America’s most famous banker said hefty government spending and consumers’ pent-up savings have primed the nation…
“#Morgan Stanley dumped $5 billion in Archegos’ stocks: report” Morgan Stanley sold about $5 billion in Archegos Capital Management’s stocks the night before the fire sale hit rivals, CNBC reported on Tuesday citing people with knowledge of the trades. Morgan Stanley had the consent of Archegos, run by former Tiger Management analyst Bill Hwang, to…
“#Cryptocurrency market value tops $2 trillion for first time” The cryptocurrency market’s total value climbed past $2 trillion for the first time this week as big-name corporations continued to embrace the digital assets. Cryptocurrency’s market capitalization crossed the milestone Monday evening before dropping to about $1.99 trillion late Tuesday morning, according to crypto data tracker…
“#Feds’s low-interest rates are subsidizing hedge fund losses” The full postmortem on Archegos Capital won’t be written for a while, but one thing is already clear: This little-known hedge fund run by a trader named Bill Hwang has become the latest lightning rod for Wall Street greed run amok. Greed may indeed be one of…
“#S&P 500 crosses 4,000 for the first time ever” The S&P 500 breached the 4,000 mark for the first time Thursday, powered by gains in technology shares and optimism about a pickup in global economic activity. A mammoth vaccination drive and a massive fiscal stimulus are expected to drive a recovery in the labor market, prompting investors…
“#Bill Hwang of Archegos at center of massive margin call” Despite being a rarefied “Tiger cub,” Bill Hwang was not well known on Wall Street until he blew up in what might be the biggest margin call of all time, causing billions in losses. Hwang, a former protege of noted Tiger Management founder Julian Robertson,…
“#Adam Neumann’s role in SoftBank’s deal to take WeWork public” An unlikely figure helped set the spark for SoftBank Group’s $9 billion deal to take WeWork public. Adam Neumann, WeWork’s co-founder and ousted chief executive, met in November with the head of the special purpose acquisition company that would go on to clinch a deal…
“#Goldman Sachs debated whether Chik-fil-A belonged at dinner: report” Before they complained about brutal hours and missing meal stipends, young Goldman Sachs staffers were reportedly concerned about Chik-fil-A. A group of first-year bankers at the Wall Street powerhouse recently debated whether the fast-food chain’s chicken sandwiches belonged at the corporate dinner table, a new report…
“#Robinhood, brokerage at heart of Reddit rally, files for IPO” Robinhood Markets, the online brokerage at the heart of the historic retail trading frenzy that gripped Wall Street this year, has confidentially submitted plans to regulators for a stock market listing, people familiar with the matter said. Reuters reported in December that the online brokerage…
“#GameStop misses Q4 sales expectations, hires Amazon exec” GameStop shares tumbled on Tuesday despite a slew of high-profile hires after it reported weaker-than-expected quarterly sales during the period that coincided with the most euphoric days of the “Reddit rally.” Shares of the video game retailer plunged more than 11 percent in late trading after it…