Fed Vice Chair Resigns in Wake of Trading Scandal | Robins Kaplan LLP

Fed Vice Chairman Richard Clarida is heading to the door earlier than planned in what appears to be an ongoing fallout from his 2020 trading “as the central bank was on the cusp of bailing out financial markets”. Clarida corrected his 2020 financial disclosures in late December and revealed at least one deal.[e]thics experts said. . . raised questions.” Clarida will resign on Friday and not at the end of the month as originally expected – New York Times, Wall Street Journal, Bloomberg, and Le 360

Fed Chair Powell may be asked to consider Clarida’s departure while on Hill today in the first two days of confirmation hearings – first before the Senate Banking Committee and tomorrow before the House. Inflation is likely to dominate the discussion too, and Powell will tell lawmakers that the central bank will “use its economic tools” to prevent it from “getting entrenched” – New York Times, Bloomberg, Market Watch

After diving to start the day, the Nasdaq staged an “angry rally” to close trading last night, cleared “down 2.7% at worst to end 0.1% higher” and closed out a four-day slide in the process that saw investors win over tech stocks – Bloomberg and Markit watch

Starbucks has now consolidated in the Buffalo area again after the NLRB ratified the results of the vote in late December there. Sbux has 10 days to appeal the ruling – NYTimes, Bloomberg

The Securities and Exchange Commission is said to be working through a plan that “requires more private companies to routinely disclose information about their financial resources and operations” as regulators “are growing concerned about the lack of oversight of private fundraising” that has fueled the emergence of unicorns” – Wall Street Journal

An NLRB administrative legal judge ordered to act as special manager to assess Google’s claim for an attorney-client privilege in a labor dispute initiated by “former employees who say the company fired them because of their union efforts,” ordered the company to turn over a flood of documents (71 of 80 franchisees) for “overrun” in Franchise Confirmation – NYTimes

Take-Two Interactive, the games company responsible for Grand Theft Auto, is adding Zynga, Words With Friends and FarmVille titles to its portfolio in an $11 billion cash and stock deal announced this week. The acquisition is the biggest ever in the gaming industry – WSJ, Bloomberg, MarketWatch and TechCrunch

2022 convergence continues for airlines, as airlines cancel about 5,000 additional flights over the weekend due to a bad combination of Omicron and bad winter weather – NYTimes, WSJ

John Oliver is having some issues with “The DaVinci Code” 19 years after it debuted. It’s not wrong – LastWeekTonight

Stay safe, get ready,


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