New U.S. unemployment claims rose last week according to data released on Thursday, the latest sign that America’s recovery from the pandemic-induced recession is slowing—a “particularly worrisome” trend as cold-state businesses head into winter and start laying off workers associated with their makeshift outdoor operations - NYTimes and WSJ
Yet despite these warning signs, the U.S. is threatening to make the same mistakes that it in the wake of the Great Recession—when “a premature pullback in government support . . . led to a grinding recovery that left legions of would-be employees out of work for years” - NYTimes
With that in mind, here’s the latest on long-stalled stimulus discussions in Congress and with the Treasury Secretary - Bloomberg and Marketplace
Despite an “unusually aggressive governance structure,” data-mining software company Palantir is “expected to fetch a lofty valuation in its transition to a public company”—a process it kicks off via direct listing on September 30. At roughly $10/share, Palantir could achieve a value $22 billion - WSJ and Bloomberg
Quite the piece from the New Yorker on what recently published FinCEN files tell us about Deutsche Bank’s role in the massive money-laundering schemes that major banks have facilitated for years, a story we first noted here on Monday - NewYorker
BMW has paid $18 million to settle an SEC inquiry over allegations that two of its U.S. units “provided inaccurate information regarding its U.S. retail sales while raising roughly $18 billion from bond investors” between 2015 and 2019 - WSJ and MarketWatch and Law360
Short-lived TikTok boss Kevin Mayer, who resigned last month after just 3 months on the job, is in advanced talks to join “RedBird Capital, a private investment firm with holdings in sports, entertainment, and financial services” - NYTimes
The SEC revealed yesterday that it has its eye on the booming special-purpose acquisition companies, the “shell-like entities that go public in order to raise cash for acquisitions”—specifically, how “sponsors of blank-check companies disclose their ownership and how any compensation is tied to an acquisition” - WSJ
Sure, go ahead and let Jeffy and friends have unfettered airborne access to your home. No chance of that ending badly at all, is there? Nahhhh - NYTimes and Bloomberg
Stay safe, and have a good weekend,
MDR
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