Weil on Finance, P.M.: When Janet Met Lloyd
Welcome back, View fans. Here are your afternoon links.
A peek inside Janet Yellen's appointment book
Bloomberg News reporter Joshua Zumbrun got Yellen's recent calendars through a Freedom of Information Act request. And what do you know? She had a 30-minute chat with Lloyd Blankfein of Goldman Sachs in June, and one with Jamie Dimon of JPMorgan Chase in April and another one in April with John Stumpf of Wells Fargo. Of course, the vice chairman (and soon-to-be-chairman) of the Federal Reserve should be talking to chief executive officers of big banks. But it seems she wasn't having a lot of these sorts of meetings before February. Not sure what to make of this, but there is voyeuristic value, along with the public right to know, and fun cocktail-party material.
Reuters today reported that European Union regulators will fine six large banks, including Royal Bank of Scotland, at least 1.5 billion euros ($2 billion) for rigging the yen Libor interest rate benchmark. Matt Taibbi of Rolling Stone has a good roundup of all the probes around the world -- from Libor rigging to foreign-exchange manipulation -- and says this: "Any thought that the potential Chase settlement might begin a period of regulatory healing for it and other Wall Street banks appears to be wildly mistaken. If anything, the scope of potential liability for all the major banks, particularly in these market-rigging furors, appears to be growing in all directions."
What to do about Fannie Mae and Freddie Mac
Jesse Eisinger of ProPublica makes the argument (which I don't agree with, but he makes it well) that "preserving the government's large and active role" in the housing market "will make the market safer and more efficient than the reforms" being proposed in Congress to abolish Fannie and Freddie. Here's one place where we do agree: The government should put the assets and liabilities of Fannie and Freddie on its own balance sheet.
Shares of the electric-car maker tanked following yesterday afternoon's third-quarter earnings release. Bulls and bears are in full battle mode, especially on the website Seeking Alpha. Here's a link to a long investor who says the report is nowhere close to as bad as the market is making it seem, and one to a short seller who says the bubble in Tesla's shares has only begun to deflate.
Gone to meet the great buggy whip in the sky
Blockbuster, now owned by Dish Network Corp., is closing its remaining 300 stores and ending its DVD-by-mail service. R.I.P.
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Jonathan Weil at firstname.lastname@example.org