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Harris to Outline Economic Vision to Counter Trump’s [WSJ]
Harris’s advisers have discussed proposing a new manufacturing tax credit…. A senior Harris campaign official said the vice president, in the speech at the Economic Club of Pittsburgh, would note that as a capitalist she understands government’s limitations and that she would describe her economic philosophy as pragmatic while expressing a willingness to seek practical solutions and not be “bound by ideology.”
Elliott to call special shareholder meeting to oust Southwest CEO [Reuters]
The U.S. carrier, however, once again ruled out any leadership change, saying CEO Bob Jordan was the “right leader” to successfully execute its strategy to improve financial performance and drive shareholder value…. The hedge fund shared its plan ahead of the airline’s investor day on Thursday, where Jordan is expected to outline a turnaround strategy….
In a bid to prevent a proxy fight, the company this month said six directors would step down in November and Executive Chairman Gary Kelly would retire next year.
Berkshire Sells More BofA Shares, Netting $9 Billion Since July [Reuters via U.S. News]
The conglomerate said it sold around 21 million shares between Sept. 20 and Sept. 24 for around $863 million, following sales of about 45.6 million shares in multiple rounds earlier in the month.
Berkshire – which is still BofA’s biggest shareholder – now owns a 10.5% stake in the U.S. banking major worth $32.13 billion, per LSEG data. If its holding falls below 10%, it will no longer be required to report stake sales regularly.
FTX fraudster Caroline Ellison sentenced to 2 years in prison, ordered to forfeit $11 billion [CNBC]
The prison term was significantly stiffer than the recommendation by the federal Probation Department that Judge Lewis Kaplan sentence Ellison, who had run the hedge fund Alameda Research, to three years of supervised release, with no time at all behind bars…. The judge said the FTX case is probably the greatest financial fraud perpetrated in the history of the U.S., and because of that a “literal get-out-of-jail-free card I can’t agree to,” Kaplan said in U.S. District Court in Manhattan, where Ellison’s parents and two sisters looked on from the courtroom’s gallery.
Mark Cuban says Trump seems to have ‘a new tax cut or tariff for every city he visits’ [BI]
“Who has proposed price controls? Trump. Who has proposed a tariff tax on all imports because he doesn’t understand them? Trump. Who has said he would punish companies that produced in Mexico, despite his policy, USMCA, allowing it? Proving he doesn’t know his own policies? Trump,” Cuban wrote in a Tuesday X post.
“He is far more of a Marxist than [Vice President Kamala Harris] ever could be. He just doesn’t know it yet,” Cuban added.
Kushner’s Fund Has Reaped Millions in Fees, but So Far Returned No Profits [NYT]
[Jared] Kushner, in interviews with The Times, acknowledged that his firm had moved slowly at first to invest the $3 billion it had collected from its investors since it formed in 2021. He said that was, in part, because a flood of venture capital moving into markets made it difficult initially to find attractive deals…. Most private equity firms started to pay at least some profits within 2.5 years.
