Fed officials are pulling out prematurely due to trade controversy. Robert Kaplan, head of the Dallas Fed, and Eric Rosengren, president of the Boston Fed, both announced their resignations yesterday. They got into controversy over trading stocks that could have benefited from the Fed’s emergency market interventions last year.
China suffers from major power outages. Environmental regulations, rising coal prices and other factors have led to widespread electricity bottlenecks. This has forced some factories to close, disrupted global supply chains, and forced leading economists to lower their forecasts for China’s growth.
The fundraiser that gets everyone talking
DealBook’s phone rings because of Ozy Media. This is the buzzing digital media company that tried to raise $ 40 million from Goldman Sachs in February until its co-founder and chief operating officer Samir Rao was caught talking on a conference call with Goldman investors about the outlet’s video reach as YouTube Manager issued. “We fully support our numbers and our performance,” said Carlos Watson, CEO of Ozy. said in a statement Addressing the call and point of sale viewer metrics.
Here are a few more things that went through our minds the day after The Times’s Ben Smith announced the news of the conference call went wrong:
Being part of the “in club” is a strong attraction. Goldman Sachs may have died, but the bank’s co-chief information officer, George Lee, has invested in Ozy, as does his former co-chief of investment banking, Gregg Lemkau, listens to DealBook. Other big names who have invested in Ozy since it was founded in 2013 include Marc Lasry, the multi-billion dollar co-owner of the Milwaukee Bucks; Laurene Powell Jobs, in several rounds through her Emerson Collective; and LionTree, whose founder Aryeh Bourkoff is considered one of the most connected media investors.
A few weeks ago, Ozy named Lasry as chairman of the company. Watson told Axios at the time that Lasry, who was already on the board, was “very practical and helpful”. Speaking of the Goldman conference call, Lasry told The Times, “The board of directors has been made aware of the incident and we fully support the way it has been dealt with.”
Powell Jobs distances himself from Ozy, and Emerson did not participate in Ozy’s most recent investment round. LionTree’s investment in 2019 was small and the company does not have a permanent relationship with the company.