What we’re reading (1/12)
“Lawfare For Dummies, Monetary Edition” (Wall Street Journal). “This brings to mind the medieval episode of England’s King Henry II idly importuning some knights to rid him of Archbishop Thomas Becket, only to be surprised when they actually did it. That historical episode proved self-defeating for the king (Becket became a saint and Henry lost his fight for supremacy over the church), and this one may not work out better for Mr. Trump. His saner advisers are worried that Wall Street will view this as an attack on the Fed’s institutional independence, which it is.”
“Powell Investigation: Drumbeat Of Republican Opposition Grows On Capitol Hill” (CNBC). “The GOP resistance could derail Trump’s eventual pick to succeed Powell when the Fed chief’s term is up in May, as North Carolina Republican Sen. Thom Tillis, a member of the Senate Banking Committee, threatens to block any nominee to the central bank until the investigation is resolved. Tillis’ comments are now being echoed by other Republicans.”
“Former Officials Say DOJ Probe Threatens Fed Independence, Has ‘No Place In The United States’” (Yahoo! Finance). “‘The reported criminal inquiry into Federal Reserve Chair Jay Powell is an unprecedented attempt to use prosecutorial attacks to undermine [the Fed's] independence,’ said the statement signed by former Fed Chairs Janet Yellen, Ben Bernanke, and Alan Greenspan, as well as four past Treasury secretaries who served under both Republican and Democratic presidents.”
“David Ellison Takes Warner Bros. To Court As Paramount Launches Proxy Battle Over Netflix Bid” (The Hollywood Reporter). “In a letter to WBD shareholders Monday, Paramount CEO David Ellison said his company has filed suit against WBD in Delaware seeking greater financial disclosure of the Netflix deal. Additionally, Ellison said his company plans to nominate its own slate of directors for WBD’s board who they believe would vote against the deal with Netflix.”
“Venezuela Stocks Soar 130% To Record Highs As Maduro’s Ouster Spurs Economic Turnaround Hopes” (CNBC). “Venezuela’s stock market has not only shrugged off the capture of former President Nicolás Maduro by U.S. forces, it has surged to a record high as investors bet that the battered economy could finally see a turnaround. The country’s benchmark Indice Bursatil de Capitalizacion, or IBC, has gained more than 130% since the U.S. operation on Jan. 3.”
