What we’re reading (1/27)
“An ‘Angry Mob’ On Reddit Is Pushing Up GameStop's Stock Price And Pissing Off A Bunch Of Wall Street Firms” (Buzz Feed). “Investors on Reddit have launched an attack that’s both trolling and serious on Wall Street firms by purchasing shares in GameStop, pushing the stock price up over 480% in a week, costing hedge funds millions of dollars, and skyrocketing young investors’ portfolios and egos.”
“Consumer Financial Protection Bureau, Muzzled Under Trump, Prepares To Renew Tough Industry Oversight” (Washington Post). “The Consumer Financial Protection Bureau, the watchdog created after the 2008 financial meltdown and largely muzzled in the Trump era, is poised to start barking again. The agency will focus first on enforcing legal protections for distressed renters, student borrowers and others facing growing debt that its previous leadership has been lax about imposing during the pandemic.”
“Elon Musk Accuses Amazon Of Trying To 'Hamstring' SpaceX's Starlink Satellite Project, But Amazon Says SpaceX Is Trying To 'Smother Competition'” (Business Insider). “Elon Musk came after Amazon in a tweet on Tuesday, accusing it of trying to ‘hamstring’ his aerospace company, SpaceX. SpaceX and Amazon both have high-speed internet satellite projects: Starlink for SpaceX, Project Kuiper for Amazon. SpaceX is currently trying to convince the Federal Communications Commission (FCC) to allow it to bring some of its Starlink satellites to lower altitudes than originally planned. Other companies, including Amazon, have protested the request, saying the move would interfere with their own satellite launches.”
“Walgreens Taps Starbucks Exec Brewer As Its New CEO” (ABC News). “Walgreens said Tuesday it has tapped Starbucks executive Roz Brewer as its new CEO…Brewer succeeds Stefano Pessina, who served as CEO for six years following the merger between Walgreens and Alliance Boots in 2014. Pessina will transition to executive chairman of Walgreens Boots Alliance Inc.'s board. Pessina praised Brewer’s expertise in operations, customer relations, talent development and digital innovation.”
“Succession: The Real-Life Crisis, Not The HBO Series” (Worth). “Many of us were riveted by the Roys and their myriad dysfunctional dramas on HBO’s hit series Succession. While we eagerly await season three of the behind-the-scenes media empire drama, a real crisis is unfolding in the American economy. I know this from firsthand experience, but also from recent data and policy issues making business news headlines. I have a country house. Toys, too—boats, cars, a motor scooter. Over several decades, these objects have fostered relationships with carpenters, masons, roofers, electricians (both land and marine), painters, plumbers, auto mechanics, boat mechanics and landscapers. The one common denominator of these business owners? They cannot find anyone to take over when they retire. Almost all of them work alone or with labor that is not able to succeed them. Over the years, I have repeatedly asked why this is so.”
