What we’re reading (9/8)
“Fed Chair Powell Vows To Raise Rates To Fight Inflation ‘Until The Job Is Done’” (CNBC). “Federal Reserve Chair Jerome Powell in an appearance Thursday emphasized the importance of getting inflation down now before the public gets too used to higher prices and comes to expect them as the norm. In his latest comments underlining his commitment to the inflation fight, Powell said expectations play an important role and were a critical reason why inflation was so persistent in the 1970s and ’80s.”
“Steve Job’s Daughter Slams New iPhone 14 And Says Its ‘Same As Old Version’” (The Sun). “Eve posted an image of a man being gifted the same shirt he is wearing, implying the new iPhone 14 is the same as the last iPhone.”
“BlackRock Seeks To Defend Its Reputation Over E.S.G. Fight” (DealBook). “BlackRock says it’s looking to correct ‘misconceptions’ and ‘inaccurate statements’ about its climate position. In its letter, BlackRock says that the firm has never dictated specific emission targets to any company, and that it doesn’t coordinate its investment decisions or shareholder votes with others on climate issues, as the attorneys general claimed. Far from boycotting, BlackRock says it has invested ‘hundreds of billions of dollars’ in energy companies.”
“Why Celebrities Are So Interested In The Unglamorous World Of Private Equity” (CNN Business). “‘It's [private equity] survived by being secretive and by perpetuating a myth that it's providing great returns to investors — it fundamentally is not.’ PE firms are often seen as vultures, swooping in to feast on dying entities. But more recently, according to a report from Mother Jones, the bulk of modern PE work is ‘not to finish off sick companies, but rather to stalk and gut the healthy ones.’”
“EY Leaders Green Light Split Plan” (Wall Street Journal). “Ernst & Young’s leaders fired the starting gun Thursday on a monthslong plan to split its consulting and auditing businesses, in a radical move that will generate windfalls for the firm’s partners and could upend the business model for accounting firms. ‘This is something that will change the industry,’ Carmine Di Sibio, EY’s global chairman and chief executive, said in an interview.”
