Your Daily Dose of Financial News

Demolition of an old house
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In what can only be deemed a major reversal, the White House has reportedly ordered its economic adviser and trade representative to study rejoining the Trans Pacific Partnership, just a year after yanking the US out of deal negotiations – WSJ and Bloomberg and NYTimes

Victims of Ponzi schemer Bernie Madoff are set to receive another $504 million distribution in proceeds from assets seized by the government after Madoff’s firm collapsed 10 years ago. The sum brings the total victim payout to more than $1.2 billion—a staggering amount but a few drops in the bucket compared to the $65 billion in paper wealth and $17.5 billion in cash that Madoff lost – NYTimes

Bloomberg on the potential unintended consequences of any trade war with China – Bloomberg

As we anticipated, VW has named outsider Herbert Diess as its new CEO. His non-homegrown status should help separate him from the emissions scandal, but it’s likely to be challenging when navigating “Volkswagen’s notoriously insular, hierarchical company culture” – NYTimes and WSJ

Weighing all options to climb out of its nasty current predicament, GE is exploring a public offering for its transportation business and “discussing hybrid deals with public companies to combine assets” rather than risking selling some of its struggling businesses at “inopportune times” – WSJ

Just days after Bank of America all but declared it dead, Bitcoin surged yesterday to its biggest percentage gains in months – Bloomberg

Mick Mulvaney’s hold on the CFPB as interim director appeared to grow a bit more tenuous this week as an appellate panel expressed skepticism at his ability to independently run the bureau while also White House OMB chief – WSJ and Law360

An update on the administration’s Nafta renegotiation efforts – NYTimes

The ECB’s Vice President has some real concerns about the recent moves by US regulators to weaken regulations on Wall Street mega firms – Bloomberg

As a consolation prize for those of us Minnesotans prepping for a foot of snow this weekend, please enjoy the latest look at Ocean’s 8 – WB

Have a good weekend,
MDR