What we’re reading (1/30)
“How Fed Pick Warsh Survived Trump’s Ultimate Reality Show” (Wall Street Journal). “Warsh had something Hassett didn’t: an extensive network of CEOs, finance bigwigs and creatures of the GOP establishment that he had cultivated over decades. He relied on that network to stay solidly in the conversation. It didn’t hurt that his father-in-law, Estée Lauder heir Ronald Lauder, is a major Republican donor and longtime Trump acquaintance. At a private conference in New York in December, JPMorgan Chase CEO Jamie Dimon said Warsh would make a great chair, according to people familiar with his remarks…Trump told associates over the holidays that he had been struck by Warsh’s acumen and good looks.”
“Silver Plunges 30% In Worst Day Since 1980, Gold Tumbles As Warsh Pick Eases Fed Independence Fear” (CNBC). “Gold and silver prices plunged Friday, as President Donald Trump’s nomination for the next chair of the Federal Reserve, Kevin Warsh, appeared to relieve concerns about the central bank’s independence and sent the dollar soaring.”
“The $100 Billion Megadeal Between OpenAI And Nvidia Is On Ice” (Wall Street Journal). “[T]he two sides are rethinking the future of their partnership, some of the people said. The latest discussions, they said, include an equity investment of tens of billions of dollars as part of OpenAI’s current funding round.”
“Saks To Close Most Of Its Off 5th And Last Call Discount Stores” (CNN Business). “By shutting down the discount stores, Saks Global’s attention has shifted to its luxury offerings at Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman. It’s a major shift for the company, which floundered under a heavy debt load following its purchase of rival Neiman Marcus in 2024. However, even before the purchase, the company was already in a precarious financial situation.”
“A Lot Of Population Numbers Are Fake” (David Oks). “[W]e simply have no idea how many people live in many of the world’s countries.”
