What we’re reading (3/29)
“Banks Warn Of ‘Significant Losses’ As They Exit Positions With Large U.S. Hedge Fund” (CNBC). “Credit Suisse and Nomura warned Monday of “significant” hits to first-quarter results, after they began exiting positions with a large U.S. hedge fund that defaulted on margin calls last week. While neither Credit Suisse nor Nomura named the fund, it’s been widely reported that Archegos Capital Management is the firm connected to the fire sale.”
“Coronavirus Was Supposed To Drive Bankruptcies Higher. The Opposite Happened.” (Wall Street Journal). “The number of people seeking bankruptcy fell sharply during the pandemic as government aid propped up income and staved off housing and student-loan obligations. Bankruptcy filings by consumers under chapter 7 were down 22% last year compared with 2019, while individual filings under chapter 13 fell 46%[.]”
“Larry Summers Warned About Inflation. Fed Officials Push Back.” (New York Times). “Federal Reserve officials pushed back on Thursday against concerns raised by two prominent economists — Lawrence H. Summers, the former Treasury secretary, and Olivier J. Blanchard, a former chief economist at the International Monetary Fund — that big government spending could overheat the economy and send inflation rocketing higher.”
“Ever Given Ship Freed In The Suez Canal, Authority Confirms” (CNN Business). “The Ever Given container ship has been dislodged and is now floating, after blocking the Suez Canal for almost a week, authorities said Monday. Tug boats had spent several hours on Monday working to free the bow of the massive vessel after dislodging the stern earlier in the day.”
“Congressional Stock Report: Diet Coke-Loving Debbie Dingell Buys The Competition, Environmentalist Lois Frankel Eyes Oil, And Dan Crenshaw Gets His Move On” (Business Insider). “Members of Congress routinely trade stocks, buying and selling the shares of companies that often have significant business before the federal government — and sometimes spend lots of money to lobby lawmakers. Insider dug through congressional financial disclosure records that federal lawmakers filed in recent days. Here are the latest highlights from what we've found.”
