Tom joined Breakingviews’ New York office in 2016 from Institutional Investor, where he worked as international editor. Previously, he reported on European business and politics for the International Herald Tribune (now part of The New York Times) from London, Brussels and Paris. He has covered major stories from Europe, Asia and Latin America on economics, financial regulatory reform, trade, asset management and business strategy.
A man who warned about Bernie Madoff’s Ponzi scheme accuses the conglomerate of hiding $38 bln in losses. GE’s history of opaque reports and belated write-offs have tarnished its credibility. The stock’s 10% drop implies investors give the claims only partial credence – for now.
A key bond-market metric flashed a downturn warning last seen in 2007, hammering stocks. Business confidence and investment are dropping, China is slowing and Germany’s output just fell. The common thread linking these is Donald Trump’s trade war. At least he’ll win lower rates.
CEO Larry Fink aims to disrupt the giant money manager’s business before others do. Yet he has struggled to raise a new long-term fund, and its first deal, a $625 mln stake in Sports Illustrated-to-shoes owner Authentic Brands, is a tad dull. His ambitions demand a bigger splash.