Your Evening Briefing
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Good afternoon. Oct. 19, 1987, was a day most people of a certain age remember well. Especially those who were on the trading floor when the market cratered 30 years ago. Black Monday is a big part of Wall Street history, but with today’s indices hovering in the stratosphere, it may feel like that particular apocalypse is ancient history. Or does it?
Billionaire Tom Barrack throws Harvey Weinstein a lifeline. Barrack’s private investment firm, Colony Capital, is offering Weinstein Co. a financial lifeline as the studio reels from the widening scandal surrounding its co-founder. On Monday, Weinstein Co. said Colony might end up buying its assets. Barrack, a close friend of President Donald Trump, made his fortune in real estate but has a history of plucking distressed assets from the entertainment industry.
Black Monday, 30 years later. To mark the anniversary of the biggest single-day stock market collapse in history, we asked Wall Street players who were there to reflect on the crash and its lasting impact. They told stories of fire drills, steaks from Delmonico’s, and cash in the rafters—and explained a mystery.
Facebook is looking for employees with national security clearance, who would be able to access information classified by the government. It’s a move the company thinks is necessary to prevent foreign powers from manipulating future elections through its social network.
The Kushners’ control of the family’s crown jewel is in jeopardy. An ambitious plan by Jared Kushner’s family to recast its indebted Fifth Avenue office building as a luxury architectural trophy is collapsing, triggering a chain of events that may put the family’s ownership of the property in danger. Their partner, Vornado Realty Trust, is telling brokers to plan for a much more mundane renovation that would leave the property as an office building.
Trump’s numbers are really, really bad, writes Jonathan Bernstein for Bloomberg View. “That can't just be the tweeting, or the failure of the health-care bill, or any other single factor. It suggests that almost everything Trump is doing drives away potential supporters. If someone suspects they've found the exception, the burden is on them to prove it.”
Wag, the “Uber for dog-walking,” is getting Uber-like scrutiny. The pet-care app is being criticized for losing dogs and fighting with customers, which is spooking potential investors. The pet-care industry has long relied on word-of-mouth referrals and lamp-post advertisements, and Wag’s experience is a reminder that technological disruption rarely goes smoothly.
Winter is coming. Wondering where you should ski this year? Our quiz will help you find the perfect spot, whether you like to prioritize powder or sipping hot chocolate.