☕️ Goldman sacked

Goldman pays up for the 1MDB scandal... October 23, 2020 [View Online]( | [Sign Up]( [Daily Brew]( TOGETHER WITH [Fundrise]( Good morning. You jog in the park. You jog to a meeting when you're late. You jog your memory. But up until now, you’ve probably been doing that in any old pants. No longer—you need joggers to do any of those things properly. And this week, we're giving them away. All you need to do is get five people to sign up for the Brew using your unique referral link, and we'll send you Morning Brew joggers. It's by far our most generous giveaway ever. But it ends on Sunday, so [secure your joggers today](. MARKETS NASDAQ 11,506.01 + 0.19% S&P 3,453.59 + 0.52% DJIA 28,365.18 + 0.55% GOLD 1,906.80 - 1.18% 10-YR 0.860% + 3.60 bps OIL 40.69 + 1.65% *As of market close - Stimulus: "It's close. It's close," House Speaker Nancy Pelosi [said yesterday]( about a new coronavirus relief package. Senate Republicans did not appear to agree. LEGAL [Goldman Will Pay a Sach of Cash For 1MDB Scandal]( [The text ] Francis Scialabba No, this isn't about the site you go to when you want to see if that guy from that movie was also in that other thing. Yesterday, Goldman Sachs's Malaysian subsidiary [pleaded guilty]( to breaking U.S. anti-corruption laws when it paid bribes to officials in the Southeast Asian country. The bank will pay almost $3 billion to resolve the case. The backstory: In 2012–2013, Goldman [helped]( Malaysia's sovereign wealth fund, 1Malaysia Development Berhad (aka 1MDB), raise $6.5 billion in bond offerings, pocketing a cool $600 million in fees in the process. Authorities say a lot of that $6.5 billion was pilfered and used to buy, uh, non-essential items, such as a clear acrylic piano and a boutique hotel in Beverly Hills. - The scandal was one of the largest in financial history and led to the political demise of former Malaysian Prime Minister Najib Razak. - In the plea deal, Goldman admitted that its employees worked with financier and international fugitive Jho Low to pay bribes of over $1 billion to Malaysian authorities in connection with the allegedly swiped funds. In July, Goldman [settled]( with the Malaysian government for $3.9 billion. Prosecutors have brought charges against two individual Goldman bankers, Tim Leissner and Roger Ng. Leissner has pleaded guilty, but Ng maintains his innocence. The fallout will hit DJ D-Sol's piggy bank Goldman [plans]( to seize or withhold $174 million from current and former execs, including CEO David Solomon, and claw back some of former CEO Lloyd Blankfein's past bonuses to help cover the bill. - Otherwise, the payout would have to be solely covered by shareholders and current employees' bonuses. Looking ahead...analysts said placing the scandal in the rearview mirror gives Solomon the opportunity to execute his plans to make Goldman a more "conventional" bank. �  �  �  mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew!&body=Goldman%20Admits%20to%201MDB%20Bribes:%200A%0AWant%20more%20great%20content%3F%20Subscribe%20to%20Daily%20Brew%E2%80%94Delivering%20the%20latest%20business%20news%20from%20Wall%20St.%20to%20Silicon%20Valley,%20daily.%20 COVID [Some Good Covid News]( Yesterday, Gilead drug remdesivir [became]( the first and only Covid-19 treatment to be fully approved by the FDA.  - The agency had granted the drug emergency use authorization in May, but now it has a more official stamp of approval. - Gilead shares bounced more than 3% after hours. Since it was greenlit for emergency use, remdesivir has been administered via IV to patients hospitalized with Covid-19. Studies have found that it modestly shortens recovery times for some of those patients, and it took a star turn as one of the drugs used to treat President Trump after he tested positive. Looking ahead...in August, Gilead said it planned to produce more than 2 million treatment courses by the end of the year, plus several million more in 2021. �  �  �  mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew!&body=Remdesivir%20Nabs%20FDA%20Approval:%200A%0AWant%20more%20great%20content%3F%20Subscribe%20to%20Daily%20Brew%E2%80%94Delivering%20the%20latest%20business%20news%20from%20Wall%20St.%20to%20Silicon%20Valley,%20daily.%20 POLITICS [Biden and Trump Have a Nice Long Chat]( [Joe Biden and Donald Trump onstage at the last 2020 presidential debate ] Justin Sullivan/Getty Images Congratulations, you don’t have to feign interest in another debate until 2024. Last night in Nashville, NBC News’s Kristen Welker wielded the mute button in the final—and more civil—[presidential debate](. Covid-19: Trump doubled down on the optimistic timeline a vaccine will be ready by year’s end, name-dropping promising candidates from J&J, Moderna, and Pfizer. No pressure. - The president also pressed for school and business reopenings, but Biden didn’t rule out further lockdowns in areas with spiking infections, keying in on projections that 200,000+ more Americans could die from Covid-19 this year. On the topic of healthcare…the candidates agreed to disagree. With the Affordable Care Act up before the Supreme Court next month, Trump still hasn’t released a plan to replace it. Biden distanced himself from the Democratic Party’s progressive vision with promises his plan would support existing private health insurance. Small businesses: Biden pledged support for a $15 minimum wage, while Trump said he’d consider it “to an extent.” Climate: Biden said his plan would transition to cleaner industries, create millions of jobs, and get the U.S. to zero emissions. Trump said Biden would "destroy the oil industry." Zoom out: For the 45+ million Americans who already voted, this debate didn’t change much. T-minus 11 days for everyone else. �  �  �  mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew!&body=Biden,%20Trump%20Face%20Off%20in%20FInal%20Debate:%200A%0AWant%20more%20great%20content%3F%20Subscribe%20to%20Daily%20Brew%E2%80%94Delivering%20the%20latest%20business%20news%20from%20Wall%20St.%20to%20Silicon%20Valley,%20daily.%20 SPONSORED BY FUNDRISE [Time to Get Real Estate](#) [Fundrise]( Let’s get real re: real estate, readers. With the ups and downs of the economy, real estate is typically a good asset to have in your portfolio. And who is better at providing investors with access to this historically high-performing, stable asset class than [Fundrise](? Fundrise allows you to invest in tangible real estate that has potential for long-term growth, while providing transparency, like your stock app. Forget the dysfunctional rollercoaster that is the stock market; real estate is [the sort of investment you want to be riding](. Ready to join 130,000 others who have already invested over $1 billion in high quality real estate assets? [Then click here and start investing with Fundrise](. TRENDING [What's Up, What's Down]( [A gif of a dog wearing glasses and a bandana climbing up behind its owner on a motorcycle] Giphy What's up Two-wheelers: The pandemic has boosted sales of motorcycles and scooters in cities around the world, [Bloomberg reports](.  Restaurants: Nearly 6,500 new restaurants and food businesses [opened]( last month, according to Yelp. New openings are nearing or outpacing levels from the last four years. Million-dollar homes: Nice flex. Home purchases worth $1+ million have [more than doubled]( since last year. Median home prices hit a record $311,800 in September as home sales rose 20% annually. Christmas toys: Mattel sales [jumped]( 10% last quarter, the toymaker’s biggest increase in a decade. Sales in its Barbie line rose 29%. What's down Airlines: The four biggest U.S. carriers [reported]( $10.8 billion in Q3 losses. While bookings are picking up, air travel volume is still down over 60% and execs are anticipating a subdued holiday season. Jobless claims: First-time applications for unemployment benefits [fell]( to 787,000 last week—an improvement from two weeks ago, but still more than triple the pre-pandemic levels. Christmas spirit: Macy's won't [bring Santa]( to its flagship NYC store this year. Mr. Claus typically attracts 250k visitors each year. �  �  �  mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew!&body=What%E2%80%99s%20Up,%20What%E2%80%99s%20Down:%200A%0AWant%20more%20great%20content%3F%20Subscribe%20to%20Daily%20Brew%E2%80%94Delivering%20the%20latest%20business%20news%20from%20Wall%20St.%20to%20Silicon%20Valley,%20daily.%20 SPORTS [The Road to the Rose Bowl Is Lined With Thorns]( [COLUMBUS, OH - OCTOBER 01: General view of the Big Ten logo on a yard ma...] Joe Robbins/Getty Images In the Big Ten, which [resumes playing football tonight](, not even having a Big House can save you from coronavirus anxieties. 11 mayors of Big Ten cities (there are 14 schools overall, it’s confusing) wrote a [letter]( to conference officials this week highlighting their concerns that football games, even without fans in the stadiums, could lead to coronavirus outbreaks. - The tl;dr: The mayors said they recognize the importance of Big Ten football to local businesses, but urged the conference to use caution and keep the coronavirus from spiking in their communities. They also requested that games not be scheduled in the late afternoon or evening, which would lead to more people hanging out to watch on TV and increase the risk of infection. Case study: the University of Michigan in Ann Arbor. On Tuesday, county officials issued a [stay-at-home order]( for undergrads following a rising number of student cases. The order applies through Nov. 3, crucially after the big Michigan/Michigan State matchup on Halloween night that could be party central. �  �  �  mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew!&body=Mayors%20Warn%20of%20Covid-19%20Spread%20as%20Big%20Ten%20Football%20Kicks%20Off:%200A%0AWant%20more%20great%20content%3F%20Subscribe%20to%20Daily%20Brew%E2%80%94Delivering%20the%20latest%20business%20news%20from%20Wall%20St.%20to%20Silicon%20Valley,%20daily.%20 QUIZ [Quizi](#) [Weekly news quiz]( The feeling of getting a 5/5 on the Brew's Weekly News Quiz has been compared to popping down those little bubbles on a plastic soda lid. It’s that satisfying. [Ace the quiz](. WHAT ELSE IS BREWING - [The Facebook Oversight Board]( began to solicit appeals for content moderation cases yesterday. - [Gap]( shares gained 13.7% after it unveiled a new strategy: fewer mall locations, more e-commerce. You can read more in [Retail Brew]( later today. - [Jony Ive](, the legendary Apple designer, will now be a consultant for Airbnb. - [Coke's]( latest earnings were a big improvement from Q2, but the beverage maker is still working on reorganizing around its more profitable business units. - [Office toilet paper sales]( have been hit by the remote work revolution, Kimberly-Clark said. BREW'S BETS This metabolism super powder has super powers. [Sakara’s]( Metabolism Powder is plant-based and stimulant-free to help restore your metabolism, eliminate bloat, enhance energy, and control cravings—naturally. And it goes great in a smoothie. [Get 20% off your order](.* Put yourself on a higher career path. The CMA® (Certified Management Accountant) certification is the global benchmark for finance and accounting pros that can help you master 12 critical practice areas like financial reporting, planning, analysis, and more. [Learn about the CMA difference here](.* : Use this [life checklist]( to keep tabs on yourself. Anyone who can honestly mark "I do not seek attention or praise" in the social media section is an inspiration. Follow Friday: Daniel Mac goes around asking people in fancy cars one simple question: What do you do for a living? The most common answer is "nothin'." See his videos on [TikTok]( or [Instagram](. RIP Quibi: What is your [one-sentence eulogy](? *This is sponsored advertising content FROM THE CREW [Come Work With Us](#) Are you a seasoned media vet looking for exciting new opportunities? Or a media person on your way to seasoned vet status? No way—that's exactly what we're looking for. 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[Click here to get free swag.]( [Share to Win]( Or copy & paste your referral link to others: [morningbrew.com/daily/r/?kid=4904f90a]( FRIDAY PUZZLE ANSWER Sydney → Wendy's Source: [NPR](             Written by [Eliza Carter](, [Alex Hickey](, [Neal Freyman](, and [Jamie Wilde]( Was this email forwarded to you? Sign up [here](. WANT MORE BREW?  Retail newsletter → [Retail Brew](  Tech newsletter → [Emerging Tech Brew](  Marketing newsletter → [Marketing Brew](  Quarantine newsletter → [The Essentials](  Business podcast → [Business Casual]( [ADVERTISE]( // [CAREERS]( // [SHOP]( Update your email preferences or unsubscribe [here](. View our privacy policy [here](. Copyright ©2020 Morning Brew. All rights reserved. 40 Exchange Pl., Suite #300, New York, NY 10005