A reader’s take on justifiable skepticism:
“Cynical? Maybe just observing reality.
“Conservatives? I wish there were some.
“Corporate republicans — redundant. Corporate democrats — lots of them. Bought and paid for.
“The deep state is NOT conservative or liberal. It is corporate.
“Fake news, disinformation, misinformation and ‘infotainment’ significantly ramped up with the consolidation of most media under the purview of large corporations.”
This isn’t necessarily related to fake news… but did you hear Bloomberg media will not report on Michael Bloomberg’s run for president? At all.
Pivoting away from the unholy union of corporate politics and the press, what do you think is the biggest fake news story in financial media over the past decade (including the Great Recession)?
Your Rundown for Thursday, Dec. 5, 2019:
Is it just us? Or does it seem as if every time you open the newspaper (or its digital variant) another CEO is stepping down, getting the ax, etc?
This morning we read United Airline’s CEO Oscar Munoz will leave his post in May 2020; the company’s current president will take his place.
It’s not just us…
In fact, the most current data available from October indicate a peak number of CEOs — 172 — left their posts that month.
Some perspective: That’s the most in a single month since the disorderly days of 2008.
For a more wide-lens angle, 1,332 CEOs have abandoned their posts, voluntarily or not, in the first 10 months of the year. By the same time in 2008, 1,257 CEOs had jumped ship.
Joining the growing list of unemployed CEOs (don’t worry about them… they’ll be fine), we learned Tuesday Alphabet’s enigmatic CEOs Larry Page and Sergey Brin are leaving management for good.
According to The Verge: “The two men, who started Google more than 20 years ago… have hardly been seen or heard from in the last half-decade or so, since restructuring the company to create Google parent Alphabet and leaving Sundar Pichai in charge of a newly streamlined Google.”
Pichai will step in as Alphabet’s CEO. As for Page and Brin, they’re retiring at the top when the company they created has a trillion-dollar market cap.
The larger question here: Does this lot of “retiring” CEOs know something we don’t?
Market Rundown for Thursday, Dec. 5, 2019
S&P 500 futures are up 3.5 points to 3,116.
Oil is up 48 cents to $58.89 for a barrel of WTI.
Gold is up 80 cents per ounce to $1,481 per ounce.
Bitcoin’s up 2.4% to $7,416.59.
Have a great day. We’ll catch up tomorrow.
For the Rundown,