Q on POTUS's ability to manage tariffs without hurting economy? Cohn: President actually has some fundamentally correct beliefs about tariffs. What China has done to us in recent decades is just wrong... #reuterslive
...If China is just knocking off our inventions for cheap, that doesn't work, says Cohn. POTUS wants to make sure Americans get paid for our products and ideas. We will trade w them, buy more, if they pay for our tech and don't steal... #ReutersLive
..."So the ultimate goal, we agree upon." #ReutersLive
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New details about the @FBI probe into Brett Kavanaugh's past have emerged, and Democratic Senators are not happy.
.@SenWhitehouse accuses the @FBI of running a "fake tip line" and @SenBlumenthal calls the process "an injustice" that was "orchestrated by the White House under Donald Trump."
The @FBI says it was running an additional background probe at the request of the White House, and that sending the most "relevant" of the 4,500 tips on Kavanaugh it received there was the correct process.
Since February, I have been working on and off on a look at the controversial tenure of Tidjane Thiam as CEO of @creditsuisse. I learned a few things along the way.
Thiam was only the second Black CEO of a major international bank (after Stanley O'Neal, the CEO of Merrill Lynch, who left that bank under a cloud in 2007). Hopes were high for Thiam's impact on Credit Suisse: company shares rose 7% when his hiring was announced.
Reserved, intellectual, a speaker of French, English, and some German, Thiam had been born in Ivory Coast, educated in France, and had worked at the World Bank and McKinsey before running @pru_uk.
During the virus, @GoldmanSachs chief David Solomon has scored points for his strong results, numerous client interactions and empathic work from home policies. nytimes.com/2020/08/11/bus…
There have been missteps, including his performance at a recent Hamptons concert where attendees partied in close quarters, angering @NYGovCuomo.
Some @GoldmanSachs directors have suggested that golf might be a better hobby for Solomon, a modern-minded CEO who mixes and records electronic music under the name DJ D-Sol.
Some Wall Street traders are feeling the heat -- from supervisors. @jsbgreenberg and I talked to nine present and six fmr markets employees at @BankofAmerica. They said that whether feverish or simply afraid, they are pressured to come to work. nyti.ms/2UZFaop
One estimated that there are 10+ confirmed or likely cases on the fifth floor of the bank's midtown office, where stock traders sit. "Lot of cases are popping up," the employee texted a relative.
On a March 27 call w global salespeople, an executive praised company leaders who were continuing to come in - as well as @BankofAmerica workers in India, whom he reported are sleeping at the office as well as working there.
Private equity is jumping -- aggressively -- into the financial-policy discussion. Apollo, the $331b investor and lender, is leading the charge. nyti.ms/3bTQIPg
"Too little attention has been paid to the financial plumbing of the economy,” wrote @apolloglobal's Marc Rowan in a draft paper on March 29, mentioning the markets for securitized products and real estate. These areas have "seized up," he added.
Rowan believes the Fed should make a wide variety of investment grade assets eligible for TALF support -- including commercial real estate, structured products, and many more. He has shared his case widely with other investors, insurers, and regulators.
Wall Street's in a weird spot right now. Volume and volatility are way up. Clients are drawing down credit lines and looking to sell assets. So they're busier than in quite a while. But suddenly, they're in a public health crisis - and working at home to boot.
The column-free, football-field size trading floor that typified the last twenty years of Wall Street culture has been replaced by home offices, bedrooms, and living room couches, zoom meetings and mobile-to-mobile conference calls.
Meanwhile, folks at @blackstone, @GoldmanSachs, Point72, and many others are falling ill. Commodities analyst Jeffrey Christian was in a Cape Town, South Africa ER when I reached him Monday morning, waiting for a #coronavirus test. "Woke up w a nasty fever and chills," he wrote.