Reinforcing priors since at least 1996. @Breakingviews ex @ft @nytimes @cbsnews @bloomberg @fortunemagazine @time. On Signal. DM for contact info.
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Stephen Gandel's coverage mainly focuses on finance and economy, particularly in the context of Wall Street, banking, financial services, bank profits, and regulations. He often includes investment analysis as well as government announcements.
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Wall Street seems a mere passenger on the rocket-maker’s flight to a $75 bln debut. Fixing the offer early at $135 a share skips price discovery. Index buying and Elon Musk’s aura serve as propulsion. The risk is that others copy the launch sequence but lack the hype to lift off.
With regulatory relief and $200 bln of excess capital, US banks are looking for deals. Fiserv’s debit-card payment rails have drawn a look and could unlock lucrative fees. Doing so could end lenders' regulatory honeymoon, though. It's best to wait for an even bigger opportunity.
Small money manager Cox Capital offered to buy shares of non-traded Apollo, Ares and BlackRock HPS loan vehicles at 15% to 30% discounts. Crystallizing losses would sting, but skipping lines to cash out and buy elsewhere is also tempting. The sticky part: pricing the trades.
Profits at the big combined retail and investment banks rose up to 45% in the second quarter. JPMorgan gleaned $29 bln from lines beyond lending, buoyed by the SpaceX IPO and volatile markets. Traditional banking is in the back seat as capital flows to accelerating, dicier areas.
Donald Trump's social media platform is selling speedy access to his posts. Demand from hedge funds for market-moving news could produce a $1.5 bln sales boost for the almost revenue-free group. Only the president's limited time in office restricts his self-monetization efforts.
The business empire of Los Angeles Dodgers owner Mark Walter faces US investigations for failing to disclose $16 bln of related-party debt investments held by his insurers. It's a quirky situation, but also highlights the risks of opaque connections growing across the industry.
Stuffed inside a recently passed US housing bill are provisions that widen loopholes lenders use to snag extra deposit insurance. It’s ostensibly a sop to the nation’s 3,852 community banks, an endangered breed. Propping them up might just increase hazards for the broader system.
Fresh data show big banks diving yet further into the kind of lending that fueled a crisis at once-$45 bln hedge fund Situational Awareness. Wunderkind investors are just a taste of the dangers in a boom that is servicing increasingly speculative activity by giant market makers.
The bank led by David Solomon is buying ETF provider NEOS for $2.3 bln to better balance steadier money management with more volatile deal fees. For now, investors reward the merger-advice edge. Bracing for an M&A slide makes sense, but looks pricey at 7.5% of assets.
World Liberty secured an OCC license to issue stablecoins and settle transactions. The venture, backed by the US president's family, has similar flaws cited in regulatory rejections of peers such as Wise and Bunq. At a minimum, the optics undermine a solid policy initiative.
