What we’re reading (7/1)
“U.S. Stocks Finish Higher After Worst Start To Year In Decades” (Wall Street Journal). “The S&P 500 was up around 1.1% in 4 p.m. trading Friday, offering investors a respite after a downbeat second quarter that reflected fears that the Federal Reserve’s efforts to tame inflation could tip the economy into a recession.”
“Crypto Billionaire Sam Bankman-Fried Says More Exchanges Will Fail: ‘There Are Companies That Are Basically Too Far Gone’” (CNBC). “There are ‘some third-tier exchanges that are already secretly insolvent,’ Bankman-Fried told Forbes. The 30-year-old’s own fortune has taken a significant cut this year as crypto has crashed, but still sits at $8.1 billion, according to Bloomberg.”
“Layoffs Are Coming. The Outsourcing Industry Will Benefit.” (Institutional Investor). “The outsourcing industry ‘was basically born out of crisis,’ Lych explained. The industry, which she defined as including both back-office and investment services, has grown tremendously since the GFC, because outsourcing is often used as a strategy for cost-cutting.”
“Apple Ex-Corporate Law Chief Admits Years Of Insider Trading” (Bloomberg). “Gene Levoff, Apple’s former director of corporate law, pleaded guilty on Thursday to six counts of securities fraud between 2011 and 2016. Levoff, 48, was co-chairman of the company’s disclosure committee, which allowed him to see Apple’s revenue and earnings statements before they were filed with the Securities and Exchange Commission.”
“‘Cryptoqueen’ Ruja Ignatova Has Been Added To FBI’s 10 Most Wanted List” (New York Post). “Ruja Ignatova, who is accused of defrauding investors of more than $4 billion, was added to the federal bureau’s Ten Most Wanted Fugitive list, the law enforcement agency announced Thursday. The 42-year-old joins a list of sought after suspects that includes alleged killers and accused drug cartel leaders.”
