What we’re reading (1/26)
“Janet Yellen Is Confirmed As The First Female Treasury Secretary In US History” (CNN Business). “Lawmakers confirmed Janet Yellen as Treasury secretary on Monday, making her the first woman in American history to hold the position. As head of the Treasury, she'll be tasked with shepherding President Joe Biden's $1.9 trillion American Rescue Plan through Congress and overseeing its execution. The plan includes $1,400 stimulus checks, expanded unemployment benefits, and increased funding for Covid-19 vaccinations and testing.”
“A Fight Over GameStop’s Soaring Stock Turns Ugly” (Wired). “Today, a ware over the value of video game retailer GameStop’s stock has caused what market guru Jim Cramer called “the squeeze of a lifetime.” Howling with glee along the way, traders on the chaotic and obscene subreddit WallStreetBets helped push GameStop’s stock price up from $20 on January 11 to $73 after traditional analysts deemed the stock a clunker.”
“Baby Boomers, To Retailers’ Surprise, Are Dominating Online Shopping” (Washington Post). “Early in the pandemic, armed with step-by-step instructions, Joseph Clay committed to buying absolutely everything online. Texas toast, blueberry waffles and diet root beer are repeat orders, spliced with the occasional addition: skull-shaped bookends, slippers for his partner and one overnight purchase to placate an aching tooth. He gladly shelled out $17.21 for a tube of Anbesol, an over-the-counter pain relieving gel, which Amazon had to him before dawn.”
“Apollo CEO Leon Black To Step Down Following Review Of Jeffrey Epstein Ties” (Wall Street Journal). “Leon Black plans to step down as chief executive of Apollo Global Management Inc. after an independent review revealed larger-than-expected payments to disgraced financier Jeffrey Epstein that it nevertheless deemed justified.”
“Why Tokenized Finance Is Finally Ready To Fulfill Its Promise” (Nasdaq). “[T]he idea of tokenizing value has gained significant traction. Once the heady days of the initial coin offering era died down, innovators and entrepreneurs stopped looking for solutions without a problem. Instead, they identified blockchain’s real killer use case – decentralized finance.”
