May 04, 2021
Insider finance: Steve Cohens web of hedge funds
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Good morning and welcome to Insider Finance. I'm Dan DeFrancesco, and here's what's on the agenda today:© Trevor Jones "Bitcoin Bull" by Trevor Jones. Trevor Jones
- We mapped out the more than 80 hedge funds connected to Point72 founder Steve Cohen.
- Our rising stars of equity research share their best advice for how to launch a career in the industry.
- Bank of America tech executive Cathy Bessant details why 5G and 3D printing are two tech trends that are crucial to the bank's future.
If you're not yet a subscriber, you can sign up here to get your daily dose of the stories dominating banking, business, and big deals.
Like the newsletter? Hate the newsletter? Feel free to drop me a line at [email protected] or on Twitter @DanDeFrancesco.Inside the network of dozens of spin-off hedge funds from billionaire New York Mets owner Steve Cohen © Point72; Shayanne Gal/Insider Point72; Shayanne Gal/Insider
An Insider review found more than 80 hedge funds connected to Point72 founder Steve Cohen. Big names include current and former managers like Gabe Plotkin, Jason Karp, and Neil Chriss.
See all the hedge funds with Cohen connections here.How to launch your career in equity research, according to 19 rising star analysts © Bank of America/Goldman Sachs/Oppenheimer Bank of America/Goldman Sachs/Oppenheimer
We selected 19 research analysts for our 2021 rising-stars list. They shared their best career advice for those just starting out. Here are some of their top insights.Meet the ex-SEC chair Jay Clayton-advised asset manager hoping to gain regulatory approval for the first sustainable crypto ETF
© One River Asset Management One River Asset Management Asset managers are scrambling to find a way to make crypto investing sustainable. One River, which is advised by ex-SEC chair Jay Clayton, thinks it's found a solution. Read more here.Bank of America's top tech exec details why 5G and 3D printing are two tech trends that are key to the future of the bank © Bank of America Bank of America's Chief Operations and Technology Officer, Cathy Bessant Bank of America
Bank of America's Cathy Bessant highlighted the importance of 5G mobile broadband and 3D printing at a recent summit on digital banking. Here's why she's so bullish on the tech.Thoma Bravo just cut one of the largest equity checks ever for a $12 billion cybersecurity firm. Here are the details behind the deal. © Inc., The NASDAQ OMX Group / Globe Newswire / AP Inc., The NASDAQ OMX Group / Globe Newswire / AP
Thoma Bravo has fueled its $12 billion acquisition of Proofpoint with $8 billion in equity. Get an inside look at the deal.Odd lots:
Big Law firms are plotting their return to office. Here's what lawyers are excited about - and what they're dreading. (Insider)
Now may be the best time to switch jobs - and make more money (Insider)
Robinhood's Biggest Business More Than Tripled Amid Trading Frenzy (WSJ)
Trump hired dozens of lawyers from 2 law firms. Only one has been hiring them back. (Insider)
Marty Chavez Takes On a Top Role at Alan Waxman's Sixth Street (Bloomberg)
TikTok Is the Place To Go for Financial Advice If You're a Young Adult (WSJ)
The 'Tech Supercycle' for Listings Is Accelerating: Top Goldman Sachs Banker (The Information)Read the original article on Business Insider
News Source: msn.com
Pritzker seeks clarity on use of federal funds for debts as industries call to keep tax incentives in place
This comes while industries point to better-than-expected revenues as a reason for the governor to drop his bid to slash or end tax incentives to capture nearly $1 billion more in revenue.
Federal guidance released this week for how state and local governments can use $350 billion of federal tax funds says the money can’t be used for debt service.
Gov. J.B. Pritzker on Wednesday questioned that, as the state borrowed billions in federal funds during the pandemic.
“Look, the federal government is sending us dollars and then telling us that we can’t then send those dollars back to the federal government to pay for the borrowing that we took out last year clearly doesn't make a lot of sense, and so we’ve talked with the [U.S.] Treasury Department about that,” Pritzker said.
He reiterated he and others are committed to paying back the debt incurred during the pandemic.
The state is in line to get nearly $8 billion from federal taxpayers over two years from the American Rescue Plan enacted earlier this year.
Meanwhile, a bipartisan statehouse commission revised its revenue estimates up more than $2 billion in the current fiscal year and more than $790 million for the coming fiscal year.
Some, like the Illinois Manufacturers Association, say that means the governor should drop his push to close or limit tax incentive programs to the tune of nearly $1 billion.
“In light of record revenue growth and billions of dollars in federal stimulus, there is no need to raise taxes on Illinois job creators that will only serve to constrain job growth and limit economic investment in the state,” said IMA’s Mark Denzler. “As we emerge from the pandemic, the governor should be looking at ways to help the business community rather than harm them.”
Jack Lavin, with the Chicagoland Chamber of Commerce, is advocating for the extension of the film tax credit that Pritzker is also advocating. But, Lavin said if the governor cuts or limits other tax incentive programs currently on the chopping block, that will hurt the economy, especially during a pandemic.
“There’s only so much money that’s gonna come out of Washington D.C. to help us, what happens when that dries up?” Lavin told WMAY. “We have to have these kinds of tax credits that are helping invest in jobs, create jobs, jobs you can raise a family on.”
Josh Sharp, with the Illinois Fuel and Retail Association, said with the better-than-expected revenues reported, Pritzker should find revenue elsewhere.
“This industry has already been exceptionally hard hit by the sudden doubling of the state’s gas tax a few years ago,” Sharp said. “We have other business issues in this state which make it very uncompetitive for my members to operate.”
Pritzker is eying a list of tax credits to close or limit like the Blue Collar Jobs Act and tax credits for biodiesel.States News Illinois Taxes