Category Archives: Wall St.
Brian Ross reported on ABC that Trump ordered Flynn to contact Russians before the election.
Apparently Wall Street investors believe what the see on on TV and the Dow plunged 350 points.
But ABC says Ross got it wrong and suspended him for four weeks.
Then within a week CNN one upped Ross.
This wasn’t Brian’s first rodeo.
Update 12/10/17: The cartoonist carelessly wrote NBC instead of ABC on Ross’s mic. He has been suspended.
Richard Cordray resigned as Director of the Consumer Financial Protection Bureau on Friday because he wants to run as a Democrat for governor of Ohio.
On his way out the CFPB door, Cordray appointed his chief of staff, Leandra English, deputy director. That spot had been vacant for two years. But the Deputy Director can serve as acting director in the absence of the director, according to the Dodd Frank Act, so it must have seemed like a good time to fill the vacancy.
Trump, however, countered that move by appointing OMB chief Mick Mulvaney acting director. The Federal Vacancies Reform Act gives him the authority to do so.
Two Headed Bureaucratic Monster
On Monday morning both “acting directors” showed up for work. CFPB’s own general counsel opined that the Vacancies Act trumps Dodd Frank. So she sided with Trump.
Uber investors forced C.E.O. Travis Kalanick out of the company he founded.
The resignation sent shockwaves through Silicon Valley and leaves Uber’s board of directors with the problem of finding a dynamic leader who also has a steady hand needed to heal Uber after a bruising six months.
Uber Founder Ejected
And here’s MIT Technology Review on Uber’s driverless car problem:
Its new CEO will inherit many problems, but a business plan based on the elusive dream of driverless cars is the largest.
Trump and Bull Get Swamped
But as allegations from unnamed sources rise in the media, President Trump sinks in the swamp. Apparently, so does the stock market. The Dow lost 373 points on Wednesday. The experts say investors worry that if Trump goes down so will his agenda for tax cuts, less regulation, and more growth.
Most experts that is. Wharton professor Jeremy Siegel, says the market could spike 1,000 points if Trump resigns.
Update: Well, as of noon Friday the Bull has clawed back over 200 points of Wednesday’s losses. Maybe I was just looking for an excuse to draw an alligator.
President Obama had harsh words (at no extra charge) for Wall Street bankers in 2009. He called them “fat cats who don’t get it.”
Elizabeth Warren isn’t happy.