Financial Daily Dose 11.11.2019 | Top Story: Twitter Screed Prompts Investigation of Apple Card Gender Discrimination

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Here’s about as 2019 as we can get in the financial world (with a healthy dose of 1950s-era gender discrimination for good measure): a series of tweets from tech entrepreneur David Heinemeier Hansson alleging gender discrimination “in the new Apple Card’s algorithms when determining credit limits” has prompted attention from New York’s financial watchdog, which announced that it’s opening a probe into Goldman Sachs’ credit card practices – Bloomberg and MarketWatch and NYTimes

Federal authorities in New York and Washington have officially begun a criminal probe of consulting firm McKinsey & Co. over its bankruptcy advising conduct—in particular, whether the company “used its influence over insolvent companies in violation of the rules of Chapter 11 bankruptcy—where billions can chance hands—by quietly steering valuable assets to itself of favoring its own clients over other creditors” – NYTimes

WeWork was battling with the SEC over “a controversial key financial metric”—how it framed its massive losses, which the company was calling its “contribution margin—right up until the end of its ultimately futile IPO – WSJ

The company has a new lawsuit to contend with after the IPO disaster, too – Law360

Oil giant Saudi Aramco released a nearly 700 page prospectus over the weekend that offered some [key word here, some] additional detail on its planned December public offering (though not information on how many shares it plans to sell). The company plans to announce a final target price for its shares on December 5 – NYTimes and WSJ and Bloomberg and MarketWatch

Regulators in Hong Kong have fined Swiss bank UBS some $51 million for overcharging wealthy clients for more than a decade, regularly adding “extra fees and padd[ing] out spreads on bond and structured-note trades” – WSJ and Bloomberg and MarketWatch

A return of some optimism to the global economy is prompting investors to focus on yield rather than hunkering down, a move that’s helping buoy an entire field of “beaten-up assets from commodities to emerging-market stocks” – WSJ

Even as it took in billions on Singles Day today, Alibaba is prepping for another multi-billion dollar haul with a new listing on the Hong Kong stock exchange – WSJ

After years of carefully avoiding the topic, the Federal Reserve has begun discussing climate change as a risk to economic stability and growth. Why now? It’s simply too big an issue to sidestep any more – NYTimes

We love ourselves some good design here at the Daily Dose. The Journal does too, and it’s given us its top picks in that category for November – WSJ

MDR

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