Top Stories of the Week
Placed in Historical Context, This Story About German Authority Figures Doing Wrong is No Biggie
In the category of “really important news that almost no one understands,” the LIBOR scandal is near the top of the heap. Fortunately, the general public did not need to understand what the LIBOR was for their government representatives to take action against those manipulating it.
Well, the dominoes continue to fall from that scandal. One month after Deutsche Bank ($DB) was hit with a massive $2.5 billion fine, the bank’s co-CEO’s Jürgen Fitschen and Anshu Jain stepped down on Sunday. This was followed by a raid on Deutsche Bank headquarters to search the offices for information involving certain security transactions that took place on Tuesday.
McDonalds ($MCD) Hires Former Obama Press Secretary as CCO, Republican Members of Congress Voice Ardent Opposition to Cheeseburgers
Robert Gibbs spent 2009 to 2011 defending a (very arguably) great product that a lot of people inexplicably hated. Now, he appears ready to defend a truly terrible product that a lot of people inexplicably love.
Gibbs was announced as the Chief Communications Officer, a position that’s been vacant since 2010. Gibbs has his work cut out for him as McDonalds struggles with negative images about its food, its wages, and its place in the rapidly expanding burger pantheon.
Will This Include Include Chem Trails?
The Environmental Protection Agency announced on Wednesday that it would begin regulating greenhouse gas emissions from airplanes. While aircraft are only responsible for about 2% of global emissions at the moment, the rapid growth of air travel has environmental activists looking to stay out in front of the issue.
It’s another example of the Obama Administration’s efforts to combat global warming by using the EPA’s existing authority. But hey, if they want to criticize the airlines, they’re going to have to get in line. A very, very long line with a metal detector at one end.
I’m Sure This Means Fox News Will Now Only Report on Progressive Causes
Rupert Murdoch, the self-made Australian media mogul billionaire is stepping down from his position as the CEO of 21st Century Fox ($FOXA).
Huzzah! A true era of change! Who shall lead this company moving forward? One…James Murdoch, son of Rupert. Boy, that would have made for a boring season of Game of Media Thrones. Rupert Murdoch stepping down represents a major changing of the guard, though, as the man who has long been a lightning rod for controversy.
Note to liberal-minded commentators, you won’t have Rupert Murdoch to kick around anymore.
New Old Media CEOs, New New Media CEOs…
Twitter ($TWTR) CEO Dick Costolo announced that he would be stepping down as the CEO of the embattled microblogging site. The company has been under increased scrutiny of late, particularly over its revenue and monthly user growth figures.
You can imagine that perhaps in his final days, Dick Costolo was waxing nostalgic about the pre-IPO days. “Hey guys, remember back when we didn’t make any money and nobody seemed to care? That was great, huh?”
Either way, Costolo’s ouster has prompted swirling rumors about a potential Google ($GOOG) takeover that may explain the pop at the opening bell on Friday.
Et Tu, Democrats?
President Obama’s authority to negotiate a Trans-Pacific Partnership took a hit on Friday when House Democrats sided with Republicans to shoot down the bill that narrowly passed the Senate last month. Of course, it’s worth noting that this was not a vote on the trade pact itself, just Obama’s ability to negotiate a deal that congress would then vote on. However, politics have become entangled with the bill and it appears as though the TPP is dead in the water unless Obama can get his own party in order.
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