What we’re reading (4/4)
“Jamie Dimon On Banking Turmoil: ‘This Wasn’t The Finest Hour For Many Players’” (Wall Street Journal). “Mr. Dimon used his annual letter to highlight JPMorgan’s performance and weigh in on political issues, bank regulation and the state of the economy. In his 43-page letter this year, Mr. Dimon repeated his mantra that the U.S. economy is strong but faces challenges. The fallout from the recent bank failures further clouds the outlook, he said.”
“People Are Suing Elon Musk For $258 Billion Dollars Over Meme Money. I'd Want This Case Thrown Out, Too.” (Dealbreaker). “Like it or not, Elon Musk has a lot of influence. He’s the second richest man in the world, is the (bumbling) head of one of the largest public forums in the world, and — when he’s not actively creating them — has dedicated followers who watch his every move. Said watchers, much like Tesla and Facebook, often take losses for reasons that range from normal market fluctuations to Elon bullying his employees. And when that happens, lawsuits follow.”
“Why I Would Start An Enterprise Technology Company Today” (RealClearMarkets). “Incredible companies have been founded during down economic times; just look at Google, Salesforce, Dropbox, Uber and many more. Their founders were not deterred by the macroeconomic environment. The macro was irrelevant. The cycles were ON, and the dreamers were obsessed. They were committed to navigating challenges and remained undeterred. Founders today shouldn't be deterred, either.”
“You’re Fired!” (RiskHedge). “I think a lot of Nasdaq stocks—and perhaps the whole index—will surprise to the upside when the cost-saving effects of these layoffs start to show up in earnings results. I expect that to happen during Q3 and Q4 of this year.”
“How Cigna Saves Millions by Having Its Doctors Reject Claims Without Reading Them” (ProPublica). “[Cigna] has built a system that allows its doctors to instantly reject a claim on medical grounds without opening the patient file, leaving people with unexpected bills, according to corporate documents and interviews with former Cigna officials. Over a period of two months last year, Cigna doctors denied over 300,000 requests for payments using this method, spending an average of 1.2 seconds on each case, the documents show. The company has reported it covers or administers health care plans for 18 million people. Before health insurers reject claims for medical reasons, company doctors must review them, according to insurance laws and regulations in many states. Medical directors are expected to examine patient records, review coverage policies and use their expertise to decide whether to approve or deny claims, regulators said.”
