Displaying items by tag: Trump

Friday, 16 March 2018 11:26

Mueller Just Subpoenaed Trump

(Washington)

Special counsel Robert Mueller may very well have just crossed one of Trump’s red lines in his investigation into the White House’s connections to Russia. Mueller has just subpoenaed the Trump organization. The Trump organization has been voluntarily giving the special counsel documents to assist with its investigation, but now faces an official subpoena. The tactic mirrors the approach used by Mueller during his investigation into the White House itself. The story of the subpoena was first issued by the New York Times.


FINSUM: It will be interesting to see how sharply, if at all, Trump reacts to this move. Is this the action that moves him to try to end the investigation?

Published in Politics
Wednesday, 14 March 2018 14:01

White House Shake Up Increases Risk of Trade War

(Washington)

Wall Street is getting nervous about the changes occurring in the White House. Over the last week, President Trump has lost or fired both Gary Cohn and Rex Tillerson, former Goldman Sachs COO and former Exxon CEO, respectively. Both Cohn and Tllerson were considered the business-friendly part of Trump’s White House who would look after corporate and investor interests. With them gone, investors are betting the odds of a trade war are getting more likely. One equity strategist summarized the situation, saying “We’ve gone a long time with a zero percent chance of a trade war, it’s now higher than that -- probably significantly higher than that … The internationalists have lost and the nationalists have won”.


FINSUM: We agree that a trade war is getting more likely. If it occurs, we think it will be poor for equities markets, but not necessarily terrible for the economy.

Published in Macro
Wednesday, 14 March 2018 13:59

Trump Fires Tillerson

(Washington)

The business-friendly part of the White House appears to have taken a hit over the last week. First it was Goldman Sachs alumni Gary Cohn to leave, and now former Exxon CEO Rex Tillerson has been fired as Secretary of State. In his place will be CIA Director Mike Pompeo. Pompeo is expected to walk a much closer line to Trump’s agenda. Speaking about Tillerson, President Trump commented “We were not really thinking the same; with Mike Pompeo, we have a very similar thought process . . . I think Rex will be much happier now”.


FINSUM: We are concerned that a former CIA director might not have the diplomatic skill to smooth out some of the rough edges of foreign policy. That said, greater harmony between the White House and Secretary of State will be a good thing.

Published in Politics

(Washington)

It would be easy to dismiss the current uproar over the Stormy Daniels case against Donald Trump as another in a long series of minor scandals surrounding the White House. However, this one might be very different. The reason why is that the legal case surrounding the situation may force Trump to testify under oath, which could prove a very dicey situation. Daniels, whose real name is Stephanie Clifford, is now offering to pay back the $130,000 she received in exchange for releasing her from her obligation of silence.


FINSUM: It will be very interesting to see where this case leads, as there could be wide-ranging implications.

Published in Politics
Tuesday, 13 March 2018 10:07

Trump Sends Loud Message in Blocking Deal

(Washington)

President Trump has just sent a strong message to overseas investors: that US tech is not for sale. The president rejected Broadcom’s hostile takeover of Qualcomm. Although Broadcom is based in Singapore, the prospect of China, which loomed over the deal, was enough to get the White House to block the hostile takeover. American Qualcomm is in a heated race with overseas rivals, including Huawei, to build next-generation wireless technologies, and the US is warned about its strategic interests.


FINSUM: The US is right to worry about this, and we think blocking the deal was a great move. China runs its companies like China Inc., which puts the US at a bit of a structural disadvantage (because our firms don’t share as much info). Therefore, Washington needs to be very careful.

Published in Eq: Total Market
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