What we’re reading (12/11)
“Pandemic Villains: Robinhood” (Matt Taibbi). “It’s the perfect mousetrap, among other things because of its name. ‘That’s the other thing,’ says Brewster. ‘They call it Robin Hood.’ Instead of stealing from the rich and giving to the poor, the American version takes in the young and sells them to computer-powered hedge funds; this Robin Hood is the house that always wins. If there’s a more brilliant metaphor for capitalism in the Covid age, it’s hard to imagine.”
“The Covid Divide: The Pandemic Has Plunged Some Into Poverty, And Boosted Savings For Others” (CNN Business). “For many Americans, the economic effects of the pandemic have been devastating. Millions have lost jobs. Food and housing insecurity has soared. And roughly half of US households reported a drop in income this year, according to Bankrate.com….But others -- lucky enough to keep their jobs and even work from home -- have ended up financially better off, or at least unaffected, thanks to such factors as a rising stock market, increased savings, or a boost in demand for their business.”
“The Latest Trend Among TikTok Stars: Investing Their Popularity” (NBC News). “TikTok stars are known for setting trends on social media, but their latest isn't a dance sequence or popular video. More and more young TikTok stars are turning to venture capital investing as they turn their millions of followers and online popularity into massive fortunes.”
“Disney Unloads A Slew Of Impressive Disney+ Announcements, Announces Price Hike” (CNBC). “Disney is pulling out all the stops for its streaming services. On Thursday, the company revealed a slew of impressive Disney+ announcements, with over 100 movies and shows connected to franchises like Star Wars, Marvel, FX and National Geographic. The company’s newly minted strategy, which focuses heavily on its year-old streaming service Disney+, is all about “quality not volume,” Disney’s chairman and former CEO Bob Iger said during its Investor Day presentation. Iger, who left the helm of the company nine months ago to focus on content, said ‘quality holds value.’”
“GEs Feel-Good Accounting, Which Invented $6.2 Billion Fake Dollars, Costs Company 200 Million Real Ones” (Dealbreaker). “GE can’t afford very much at all these days, so it probably goes without saying that the $200 million check it now has to cut to the SEC isn’t ideal. Of course, it probably should have thought about that before instituting accounting practices—if you could be so generous as to call them ‘practices’—that had more to do with its former CEO’s relentlessly positive ethos than anything approaching reality.”
