DAILY DOSE: August 9, 2022

Posted on 08/09/2022

1. In Voyager Digital’s bankruptcy documents, Voyager disclosed that quantitative trading firm Alameda Research owed the company over US$ 370 million but didn’t say how long Alameda had been a Voyager borrower. Voyager Digital filed for bankruptcy in early July 2022 after suffering huge losses from its exposure to crypto hedge fund Three Arrows Capital (3AC).

2. A group of 19 Republican state attorneys general have written a letter dated August 4, 2022 to BlackRock Inc. CEO Larry Fink arguing essentially, “Based on the facts currently available to us, BlackRock appears to use the hard-earned money of our states’ citizens to circumvent the best possible return on investment, as well as their vote. BlackRock’s past public commitments indicate that it has used citizens’ assets to pressure companies to comply with international agreements such as the Paris Agreement that force the phase-out of fossil fuels, increase energy prices, drive inflation, and weaken the national security of the United States. These agreements have never been ratified by the United States Senate. The Senators elected by the citizens of this country determine which international agreements have the force of law, not BlackRock. We have several additional concerns that fall under our jurisdictional authority as attorneys general.”

The letter adds at the end, “BlackRock’s actions on a variety of governance objectives may violate multiple state laws. Mr. McCombe’s letter asserts compliance with our fiduciary laws because BlackRock has a private motivation that differs from its public commitments and statements. This is likely insufficient to satisfy state laws requiring a sole focus on financial return. Our states will not idly stand for our pensioners’ retirements to be sacrificed for BlackRock’s climate agenda. The time has come for BlackRock to come clean on whether it actually values our states’ most valuable stakeholders, our current and future retirees, or risk losses even more significant than those caused by BlackRock’s quixotic climate agenda. Please respond by Friday, August 19, 2022.”

3. WALL STREET SOUTH. BlackRock Inc. is opening a “snowbird” office in West Palm Beach, Florida.

4. Pacific Investment Managment Company (PIMCO) was hit by US$ 29 billion in outflows in the second quarter of 2022 as the bond market turns. PIMCO is owned by Allianz SE.

5. South Sudanese President Salva Kiir fired Moses Makur Deng as Governor of the Bank of South Sudan. Kiir appointed Deng as governor in Janaury 2022.

6. Ardian and Saudi Arabia’s Public Investment Fund are eyeing a bid to acquire a 25% stake in London’s Heathrow airport from Ferrovial.

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