Financial Daily Dose 9.23.2019 | Top Story: WeWork Board Considering Ousting CEO


WeWork’s drama in past weeks—which includes a planned and postponed public offering thanks to rough financials and dicey corporate governance—is prompting the company to consider swapping out founder Adam Neumann as CEO to “salvage its troubled initial public offering” – Bloomberg and NYTimes and WSJ

Last Friday’s combo of a cancelled farm trip by the Chinese delegation [breaking news—which apparently came at the request of the US] and some nastiness from the White House seemed to portend ill for the recently restarted US/China trade talks. Still, both sides “moved on Saturday to indicate that the negotiations continue” – NYTimes

The Times checks in on the economic state of affairs in India, a country that not long ago was competing with China for the rate of runaway growth but that now is hurting, and the recent “spike in oil prices” and fallout from a trade battle with the U.S. isn’t helping at all – NYTimes

We’ve talked a lot about what California’s new labor law could mean for Uber and Lyft, but what about the workers it was meant to help? Not quite so clear – WSJ

Walmart’s vice-cutting movement continues, as America’s biggest retailer announced last week that it would stop selling e-cigarettes at its US stores “over the health risks of the products and their soaring popularity among teenagers” – NYTimes and Bloomberg

The world’s central bankers have plenty of their own region-specific worries, but they’re awfully unified on the idea that now-global trade war will not end well for anyone – Bloomberg

Meanwhile, here in the U.S., the parallels to the September 2007 stock market are causing financial analysts some stress about what’s next for the 2019 economy – MarketWatch

Because it’s suddenly all the economic rage, here’s yet more on the repo market’s liquidity crisis – Bloomberg

A fascinating look at what China’s state-run social credit system [the pretty amazing euphemism for Big Brother circa 2019] means for the business world, both domestic and international – NYTimes

The Kraninger-led CFPB has, in recent briefing, taken the position that its own current single-director independent is constitutionally flawed. Doesn’t exactly bode well for the agency and its work – Law360

Huawei CFO Meng Wanzhou is back in a Canadian courtroom today in an attempt to fight extradition to the U.S. China’s moves against Canadian citizens in the months since Meng’s arrest have thrown quite the wrench in the political backdrop to the proceedings – Bloomberg

On Friday, the Second Circuit reinstated the conspiracy conviction against former Nomura bond trader Michael Gramins for “adding secret profit margins” to RMBS transactions. The panel determined the “lower court’s interpretation of the appellate court’s latest Litvak ruling was ‘overbroad’” – Law360

Investors’ search for yield is bleeding into the “traditionally safe” muni-bond market, with debt issues from “unrated and below-investment-grade borrowers” suddenly drawing interest – WSJ

The Emmys again? Really? Vulture watched it all so that you don’t have to – Vulture

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