The John Lothian Daily Update is a podcast turning the daily JLN hits and takes comments, our original content and the stories and quips in the top box of First Read into a daily podcast.
Hits & Takes
There is bad news, good news for Sen. Kelly Loeffler, depending on your point of view. She has lost her bid to be elected to the Senate, losing to Rev. Rafael Warnock, according to press organizations that have called the election. On the plus side, LeBron James has formed a group of investors to buy her out of her stake in the Atlanta Dream women’s basketball team. The Dream was a bit of a pain in her side during the recent election, wearing t-shirts supporting her opponent. The question that arises is whether Loeffler will go Bakkt to her old job.
There were some media reports that President Donald Trump planned a trip to Scotland the day before the inauguration of Joe Biden as president. The stories cited airport requests for landing and normal protocols that would happen for such a trip. However, the first minister of Scotland, Nicola Sturgeon, is quoted in a story in The Independent saying that President Trump is not welcome because of the travel restrictions around the COVID-19 outbreak, just like everyone else. Evidently coming to golf in Scotland is not an “essential purpose.”
Refinitiv has plans to launch a production Term SONIA benchmark on January 11, 2021. Back in July of 2020, Refinitiv had announced they would launch a prototype version of the same rate product.
For some people, $600 does not seem like a lot of money. That is the amount in the recent relief bill signed into law by President Trump. But that $600 in lots of Robinhood accounts represents a lot of extra firepower for those traders.
No more bringing your emotional support llama or any emotional support animals on American Airline flights anymore, the airline announced. Among the strangest emotional support animals that flew on airlines, according to this 2019 story in The Sun, are ducks, ponies, turkeys, kangaroos, squirrels, pigs, hamsters, roosters, peacocks and monkeys.
Sharad Kumar and James Toes are the latest to give to the JLN MarketsWiki Education GoFundMe campaign. Sharad, a relationship manager at Eventus Systems, is the latest to give to the JLN MarketsWiki Education GoFundMe campaign. Sharad is part of the growing talented team at Eventus, which is trying to help traders and firms manage their spoofing risk, which was the biggest epidemic around before COVID-19. Jim Toes is president and CEO at the Security Traders Association. He is a longtime reader and friend of JLN and represents the STA with integrity and grace. Thank you to Sharad and Jim and all who have given and all who have yet to give. Support our efforts to preserve industry history and give to our GoFundMe campaign.
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Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
Blockchain.com is the most recent cryptocurrency trading platform to announce that it will stop supporting trades of XRP, the digital asset created by Ripple, due to Ripple’s ongoing lawsuit with the SEC. Although XRP has held its position as one of the biggest digital assets by market cap for a long time, the coin and the company that makes it are really taking a beating thanks to this lawsuit – XRP’s market cap has decreased so much, it has been overtaken by Litecoin.~MR
Democrat Raphael Warnock wins Senate race in Georgia; Jon Ossoff clings to narrow lead in second contest that will decide which party controls upper chamber
Lauren Fedor – FT
Raphael Warnock became the first African-American to win a US Senate seat in Georgia, as fellow Democratic contender Jon Ossoff clung to a narrow lead in a second contest that will decide which party controls the upper chamber of Congress.
*****Will Sen. Loeffler contest this result? Given the current trends, I think I know the answer to this question.~JJL
Ossoff Has Narrow Lead Over Perdue in Other Georgia Race; Democrats Edge Closer to Senate Control With Victory in Georgia; Second Race Too Close to Call
The Rev. Raphael Warnock beat the Republican incumbent, Kelly Loeffler, while the other runoff was neck-and-neck. President Trump’s allies are planning a final attempt to subvert the election when Congress meets on Wednesday to formalize the Electoral College results.
*****The election looked a lot like the presidential election, with the Republicans taking an early lead as results came in, but then eventually losing the lead as the bigger metro areas with lots of Democratic voters arrived later. I went to bed at 11 PM with Warnock ahead by 35K votes and Ossoff behind by about 2000.~JJL
Trump Adviser Cleta Mitchell Resigns From Law Firm After Georgia Call; Washington lawyer faced criticism after joining president to ask election officials to reverse Biden win
Sara Randazzo – WSJ
Cleta Mitchell, a Washington, D.C., lawyer who supported President Trump in making claims of election fraud on a weekend call with the Georgia secretary of state, resigned Tuesday from the partnership of a corporate law firm.
*****She worked for Foley & Lardner LLP. She will not be the last lawyer who flew too close to the sun in the recent political season.~JJL
Refinitiv to launch production Term SONIA benchmark on January 11, 2021
Today Refinitiv announced its plan to launch the Refinitiv Term SONIA benchmark on January 11, 2021. This follows the previous announcement in July 2020 that Refinitiv would launch the prototype version of the same rate.
*****This will be the year of short term interest rates.~JJL
Tuesday’s Top Three
Our top story on Tuesday was Bloomberg’s Virtu Moving Workers to Florida as Pandemic Reshapes Wall Street. This is likely the first wave of a trend that will reshape major cities. Second was A Cure for Politicians’ Stock Trades, from The New York Times Dealbook, about a proposed solution to the controversy over stock trades by politicians (including Sen. Kelly Loeffler). And, speaking of Sen. Loeffler, our third top story was Kelly Loeffler’s new Facebook ad darkens skin of Raphael Warnock, her Black opponent, from Salon.com.