Category Archives: Wall St.
Two Headed Bureaucratic Monster
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 Founder Ejected
Uber investors forced C.E.O. Travis Kalanick out of the company he founded.
Here’s Reuters:
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.
Bull in the Swamp
When President Trump rides high so does the stock market. The Dow Bull has surged 2,700 points since his election.
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.
Obama Wall Street Fat Cats Speech
Barack is back. He will give a speech to the Wall Street firm Cantor Fitzgerald in September. HIs fee? $400,000. The same amount as his annual salary as president.
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.
American Health Care Act Repeal and Replace
In a WSJ op-ed this morning, Speaker Paul Ryan calls he American Health Care Act “the boldest and most conservative health-care legislation to come before Congress in decades.” He plans to repeal and replace ObamaCare without “pulling the rug out” from under those who benefit from the new entitlement. President Trump is all in.
But House Freedom Caucus leaders say it’s not bold enough.
We’ll see. They vote today.
