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
Today’s lead story is about the impact of the pandemic on New York real estate. The story says about 1 in 10 office workers have returned to the office since Covid-19 hit. The story is titled “Manhattan Offices Are Nearly Empty, Threatening New York City’s Recovery.”
The Wall Street Journal also has a story titled “Recreational Vehicle Sales Rise as New Buyers Take to the Highway.” Having just come back from a camping trip, where the camping area was full of RVs and has been since the pandemic broke, I can confirm the basis of this story. RVs are a great way to get out into open air and have your own living space. I will also say the people camping were more reserved and did not engage with their neighbors as much. They kept their social distance and more.
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
The American Financial Exchange and the University of Chicago Law School will host a webinar on October 5 called, “The Role of Regional, Mid-Sized and Community Banks in the Economy and Job Creation,” with Brian Brooks, Acting Comptroller, Office of the Comptroller of the Currency (OCC). The webinar will take place at 3:00 pm CT/4:00 pm ET. You can find the agenda here and go here to register.~SR
The Security Traders Association (STA) has released a new episode of its Trading Views podcast. In Episode 4 of STA Trading Views, STA spoke to former SEC Commissioner Troy Paredes of Paredes Strategies LLC about AI, recent developments at the SEC, and insights on how to track the issues you care about post-Presidential election. STA also highlighted Paredes’ bi-monthly podcast Appetite for Disruption, which focuses on the business and regulation of fintech. You can go here to listen.~SR
The lawsuit against the Maker Foundation, creators of the DAI stablecoin, has moved to arbitration after Judge Maxine Chesney granted a motion by the Maker Foundation. The lawsuit alleges that the Foundation misrepresented the risks of using its platform to its users.~MR
SGX Bull Charge beneficiaries receive largest single donation in recent years from AMTD Charity Foundation
AMTD Charity Foundation donates a total of S$1 million to SGX Bull Charge and Community Chest; 17th annual Charity Run, transformed to two-week virtual fundraiser, kicks off on 30 October
Beneficiaries of SGX Bull Charge, the flagship charity initiative of Singapore Exchange (SGX), have received a boost from AMTD Charity Foundation amid a challenging year for fundraising. AMTD Charity Foundation is donating S$500,000 to SGX Bull Charge ahead of its 17th annual Charity Run – the largest single contribution in recent years. The proceeds will be channelled through Community Chest to this year’s adopted beneficiaries in Singapore – AWWA Ltd., Autism Association (Singapore), Fei Yue Community Services, HCSA Community Services and Shared Services for Charities. In addition, AMTD will donate S$500,000 directly to Community Chest, with whom it will work to identify charities and programmes to support.
*****That is some good bull news.~JJL
Memorabilia-Trading App Rally Raises $17 Million; Reddit co-founder Alexis Ohanian joined the funding round
Logan Moore – WSJ
A New York-based app on which users can trade against vintage cars, fancy wine and baseball cards just received a cash injection from a handful of investors, including Reddit’s co-founder Alexis Ohanion. Launched in 2017, the Rally Rd. platform gives almost 200,000 users access to alternative asset investments in collectibles.
*****Maybe I can sell my Game of Thrones memorabilia there.~JJL
Owner of Bitcoin Exchange Convicted of Racketeering Conspiracy for Laundering Millions of Dollars in International Cyber Fraud Scheme
US Department of Justice
A Bulgarian national was found guilty today for his role in a transnational and multi-million dollar scheme to defraud American victims through online auction fraud. Acting Assistant Attorney General Brian C. Rabbitt of the Justice Department’s Criminal Division, U.S. Attorney Robert M. Duncan Jr. of the Eastern District of Kentucky, Assistant Director Michael D’Ambrosio of U.S. Secret Service’s Office of Investigations and Kentucky State Police Commissioner Rodney Brewer made the announcement.
*****Interesting story of a scam selling things and then using cryptocurrency to launder the money.~JJL
Monday’s Top Three
Our top read story Monday was the lead story, ‘Dumb money’ is fueling one of the biggest lies on Wall Street, researcher says, from CNBC, mostly referring to Robinhood retail traders. Second was Bloomberg’s Inside the JPMorgan Trading Desk the U.S. Called a Crime Ring, about the JPM precious metals desk. Third was JLN’s DOJ Obtains Mixed Verdicts In Spoofing Case by Thom Thompson.