The Kellington Times
JPMorgan Requires Employees To Return To Their Offices By July, Striking A Blow To The Remote-Work Trend
Jamie Dimon, the well-respected CEO of JPMorgan, called for his employees to return to the office. This time, it seems real.
Wall Street’s Losses On Archegos Just Topped $10 Billion
Swiss bank UBS revealed on Tuesday that it lost $774 million from last month’s implosion of Archegos Capital Management, a bigger hit than many analysts expected. The announcement came as Japan’s Nomura said it would book losses of $2.9 billion from Archegos, a sharp increase from its initial estimate of $2 billion. Global banks have now disclosed losses of at least $10.4 billion from the failure of Archegos, a New York-based family office that managed the fortune of investor Bill Hwang.
Charles De Vaulx’s Apparent Suicide A Tragic Wall Street Tale (TRIGGER WARNING)
A prominent investor’s apparent suicide after his financial empire collapsed is being mourned as a Wall Street tragedy. Shortly before 1 p.m. Monday, Charles de Vaulx entered the posh Midtown tower at 717 Fifth Ave. that had long housed the offices of International Value Advisers, an investment firm founded 14 years ago, according to police. Minutes later, de Vaulx—who built IVA into a financial powerhouse with $20 billion in assets at its peak before it abruptly liquidated last month—plummeted from the 10th floor, according to a building employee. Responders at the scene pronounced him dead at 1:05 p.m.
Former New York AG Eric Schneiderman’s Law License Has Been Suspended For A Year Over Allegations Of Abuse
Disgraced former New York Attorney General Eric Schneiderman, who resigned from his post in 2018 after multiple women accused him of abuse, will not be able to practice law for a year, according to an appeals court decision.
Tesla Is Now Sitting On $2.5 Billion Of Bitcoin
Tesla is sitting on roughly $2.5 billion worth of bitcoin, according to a securities filing, giving the automaker a significant gain on paper just a few months after investing. The automaker said its investment in the volatile cryptocurrency was worth $2.48 billion at the end of March. The company announced earlier this year that it had purchased $1.5 billion worth of bitcoin and planned to accept it as payment for vehicles.
Biden Takes Aim At American Inequality By Investing $1.8 Trillion In Families
President Joe Biden on Wednesday proposed a $1.8 trillion package that, if passed, would be the largest American investment in child care, paid leave, and early education in recent history—if not ever.
Dogecoin Rockets 30% After Another Cryptic Elon Musk Tweet Referencing The ‘Dogefather’ And Promoting His SNL Hosting Gig
Dogecoin spiked as much as 30% Wednesday to its highest in 10 days after Elon Musk labeled himself as “The Dogefather” in a tweet ahead of his hosting gig for Saturday Night Live on May 8.
Too Big to Fail Banks: Where Are They Now?
On Sept. 15, 2008, Lehman Brothers, a well-known and respected investment bank, filed for bankruptcy protection after the Bush Administration’s Treasury Secretary, Hank Paulson, refused to grant them a bailout. After the Dow Jones Industrial Average closed down 504 points—roughly 4.4%—and the Nasdaq lost 3.6% in response to the Lehman bankruptcy, policymakers reversed their stance on bailouts and initiated a $700 billion program to stabilize financial markets. Companies deemed “too big to fail” received cash infusions in exchange for stock, commercial bank status, and access to discounted loans from the Federal Reserve. So, what were the financial companies that received help from the government, and 13 years later, where are they?
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