The SEC is blocking the proposed sale of the Chicago Mercantile Exchange to a group of Chinese investors based on “unresolved questions” over the “proposed ownership structure and concerns for the regulatory agency’s ability to maintain oversight of the exchange after the sale” – Law360 and NYTimes and WSJ
Dealbook’s Common Sense column highlights the concern about the state of the stock market after traders responded to reports of rising inflation by rallying rather than diving – NYTimes
Couple that with stocks across widely varied sectors moving in tandem, and we may be looking at real trouble – WSJ
Shaving startup Harry’s has raised $112 million in a recent financing round and intends to use the cash infusion to grow beyond men’s grooming, with hopes of challenging giants like P&G in the process – NYTimes
Major US companies who have created special classes of stock to maintain control of their fates (looking at you, Viacom, Facebook, and Ford) beware—SEC Commissioner Robert Jackson has his eye on dual-class shares – WSJ and Law360
US mortgage rates have inched up to their highest levels since 2014 – Bloomberg
Delaware Federal Magistrate Judge Sherry Fallon was having none of Lynn Tilton’s efforts to remove a suit against her by three investment funds to federal court based on the Edge Act, calling her attempt “objectively unreasonable” – Law360
Because, why not? For now apparent reason [best guess is that the regulatory saber-rattling has calmed in recent days], bitcoin is back above $10k – WSJ and MarketWatch
Steady. Reliable. More than a bit old school. How hasn’t the perfect marriage of the USPS and Mr. Rogers happened before now? – NYTimes
Enjoy the holiday weekend. We’ll see you back here Tuesday morning.
