Fed officials are retiring early amid trade controversy. Dallas Fed boss Robert Kaplan and Boston Fed chairman Eric Rosengren both announced yesterday that they will be stepping down. They found themselves embroiled in a controversy over trading in securities that could have benefited from the Fed’s emergency interventions in the market last year.
China suffers from major blackouts. Environmental restrictions, rising coal prices and other factors have led to severe power shortages. This has forced some factories to close, scolding global supply chains and leading economists to cut their growth forecasts in China.
The fundraiser that gets everyone talking
DealBook’s phone rang about Ozy Media. It’s the digital media company that was trying to raise $ 40 million from Goldman Sachs in February, until its co-founder and COO, Samir Rao, was caught posing as a YouTube executive on a conference call with Goldman investors regarding point-of-sale video reach. . “We fully support our numbers and our performance”, Carlos Watson, CEO of Ozy, said in a press release respond to the call and the audience measurements of the point of sale.
Here are a few other things on our minds the day after the Times Ben Smith broke the news of the conference call gone awry:
Being part of the “in club” is a powerful attraction. Goldman Sachs may have died, but the bank’s co-chief information officer, George Lee, has invested in Ozy, as has his former co-chief of investment banking, Gregg Lemkau, according to DealBook. Other big names who have invested in Ozy since its inception in 2013 include Marc Lasry, the billionaire co-owner of the Milwaukee Bucks; Laurene Powell Jobs, in several rounds via her Emerson Collective; and LionTree, whose founder Aryeh Bourkoff is considered one of the most connected investors in the media.
Business and Economy
A few weeks ago, Ozy named Lasry president of the company. Watson told Axios at the time that Lasry, who was already on the board, was “very practical and helpful.” Of Goldman’s conference call, Lasry told The Times, “The board has been made aware of the incident and we fully support the way it was handled. “
Powell Jobs distances himself from Ozy and Emerson did not participate in Ozy’s last investment round. LionTree’s investment in 2019 was low and the company does not have an ongoing relationship with the business.