Specialized law firms send a message
Universities across the United States are grappling with a rise in anti-Semitism since the start of the Israel-Hamas war, with specific law firms putting schools on notice. In a letter to some of the country’s top law schools obtained by DealBook, nearly two dozen major Wall Street firms warned that what happens on campus could have corporate consequences.
“We expect you to ensure that your students who hope to join our companies after graduation are prepared to be an active part of workplace communities, free from any form of discrimination or harassment. “We have zero tolerance policies for that kind of discrimination or harassment, much less for that kind of harassment on some law school campuses,” the firms wrote.
Companies that signed the letter include:
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Cravath, Swain and Moore
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Debevoise and Plimpton
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Kirkland and Ellis
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Paul, Weiss, Rifkind, Wharton and Garrison
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Simpson Thatcher and Bartlett
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Skadden
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Wachtel, Lipton, Rosen & Katz
Another signatory, Davis Polk and Wardwell, rescinded a job offer last month over letters blaming Israel for the Oct. 7 Hamas attack.
The letter follows a series of recent anti-Semitism episodes at universities. New York Governor Kathy Hochul sought reassurance this week after online posts threatening violence against Jewish students at Cornell surfaced. Students from other schools have said this feeling increasingly insecure Amidst rallies and other acts, which in some cases have turned violent.
And school leaders have been criticized for being evasive in their responses to both the October 7 Hamas attacks on Israel and widespread anti-Semitism. (The University of Pennsylvania, which has faced a donor revolt, announced measures Wednesday that include a task force on anti-Semitism.)
Big legislation has huge impact. The schools that received this letter – students from the 14 top institutions as well as other institutions with strong ties to the signatories – compete aggressively for jobs at the firms after graduation. And deans keep a close eye on job placement statistics.
Joe Schenker, senior president of Sullivan & Cromwell, who led the letter, told DealBook, “School officials were late in realizing that Jewish students are really scared — they feel threatened, and they feel betrayed. are doing.”
Many firms say that statements made on campus matter beyond the school, Especially as students move toward customer-driven professions. The firms behind the letter urged schools to take this more into account when making educational policies.
“It is essential that you provide your students with the tools and guidance to engage in the free exchange of ideas, even on emotional issues, in a manner that affirms the values we all hold dear. and reject those that contradict those values,” he wrote.
The DealBook Summit is on November 29. Guests include Elon Musk of SpaceX, Tesla and X; Representative Kevin McCarthy, former House Speaker; and David Zaslav of Warner Bros. Discovery. you can Apply to attend here,
What’s going on over here
Can Apple stop its sales decline? This will be a big question on Thursday as the iPhone maker has seen Revenue has declined in the last three quarters, report results. Its stock has fallen more than 11 percent since July amid a bigger decline in tech stocks.
Disney will take full control of Hulu. The entertainment giant will buy Comcast’s 33 percent stake in the popular streaming service. But at what cost? Disney said it would pay at least $8.6 billion, but Comcast thinks it can get more.
Sam Bankman-Fried trial goes to jury. The final arguments in the crypto fraud case were completed on Wednesday. The 31-year-old faces up to life in prison if convicted on fraud, conspiracy and money laundering charges for his role in the collapse of cryptocurrency exchange FTX he founded. He has pleaded not guilty.
Uber and Lyft to pay $328 million to settle New York wage-theft allegations. Ride-hailing companies were accused of illegally withholding drivers’ wages and not providing mandatory paid sick leave. Uber will pay $290 million and Lyft $38 million.
Investors liked what they heard from the Fed
Stocks saw slight gains on Thursday amid investors’ expectations that the Fed will raise interest rates.
Fed Chairman Jay Powell made no such announcement at a press conference on Wednesday, he said. In fact, Fed policymakers have left open the possibility of another hike, and some economists are sticking to their forecasts for another rate hike.
But, for now, the bulls are leading the way.
The futures market has reduced the possibility of interest rate hike About one in four — down from the 40 percent level before Wednesday’s Fed decision to keep rates unchanged at next month’s meeting. according to bloomberg, That optimism has seen investors pour back into stocks and bonds.
The S&P 500 has risen for three consecutive days, and yields on 10-year Treasuries fell to about 0.20 percent at one point on Wednesday, the best performance for T-bills since March, according to Deutsche Bank. (Bond yields fall as prices rise.)
Powell indicated the Fed would proceed “cautiously.” Some Fed watchers see it as evidence that the central bank will hold off on raising rates to limit damage to the economy as it struggles to curb inflation.
The bond market can do some of the Fed’s work. Yields have risen recently, pushing up borrowing costs for consumers and businesses. “Without the Fed raising rates again it will further hamper the economy’s momentum,” Comerica chief economist Bill Adams wrote in an investor note Wednesday. (Comerica is in the stable-stable camp.)
Aditya Bhave, an economist at Bank of America, is leaning the other way, maintaining his forecast of a rate hike of a quarter percentage point in December.
next: Labor Department releases jobs data with economists on Friday Forecast Payrolls increased by 170,000 last month. The warmer-than-expected numbers could reverse calls for the Fed to raise rates.
Clouds of division loom over Britain’s AI summit
The British Government’s Artificial Intelligence Security Summit was billed as the first event to bring together global policymakers, companies and researchers in an effort to establish guardrails.
But the Biden administration’s decision to announce its own security initiative and disagreements among major AI developers highlight the difficulty in reaching an international consensus.
It is possible that America may have taken this effort forward. Commerce Secretary Gina Raimondo said Wednesday that American Security Institute It will “develop best-in-class standards” to regulate AI safety and security.
And Vice President Kamala Harris made some headlines before the meeting began by announcing details of how Washington will regulate AI following President Biden’s order requiring companies to assess national security risks before releasing their technology to the public. Will need to do.
Some achievements from the summit, Twenty-eight governments, including the US and China, signed a declaration to cooperate on AI risk management. They also agreed to hold a second meeting in South Korea in six months and a third in France within a year. But critics say the communique lacks specific policy goals.
On the plus side: The signings by Beijing and Washington were a rare cooperation by governments at odds on practically everything from technology to trade.
The dispute between major AI developers has come out publicly. yan lekanMeta’s top AI scientist, who supports open-source development, at the summit accused Google, OpenAI and others of “fear-mongering” to ensure only a few companies dominate the commercial AI market And influence the way it is regulated.
Demis HassabisThe CEO of Google DeepMind countered that it is important to push for regulation as soon as possible. “I largely disagree with most of Yan’s comments,” he told CNBC.
On deck for Thursday: Elon Musk, who is attending the summit and has warned about the risks of AI, will take part in an interview with British Prime Minister Rishi Sunak on X after the event.
“What was he talking about?”
, bill ackmanAfter interviewing fellow hedge fund mogul Ray Dalio on stage about the investment philosophy of Dalio’s firm, Bridgewater Associates.
Workers make profits outside unions and strive for
The United Automobile Workers won large increases in wages and benefits after their strike campaign against large Detroit automakers led some analysts to wonder whether non-union car producers would follow suit.
Answer, in at least one instance, yes it is. This is a reflection of how aggressive actions by labor unions are spreading across industries.
Toyota increased wages for most of its US factory workers by 9 percent, Just days after General Motors became the third of the Detroit Big Three to settle with the UAW, the Japanese car giant also promised to reduce the time it takes for workers to reach maximum pay and provide more paid leave, Both reflect the benefits received by the union.
A Toyota spokesperson said the move was part of a regular compensation review “to ensure we remain competitive within the automotive industry.”
Noteworthy: The UAW said it would try to organize factory workers at non-union shops, including Toyota and Tesla.
Elsewhere workers are showing their strength, Appears to be inspired by the UAW and Hollywood unions. Nonunion pharmacy workers at CVS and Walgreens stores are calling in sick or walking off the job to protest poor working conditions. The move is being called “Pharmageddon” on social media.
And in Bangladesh, the world’s second largest textile producer after China, there are thousands of textile factory workers. took to the streets Demanding more pay.
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European private equity firm CVC Plans to go public have been delayed as more companies push back IPO attempts amid nervous markets. (FT)
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Apollo Global Management Will rework the compensation of four top leaders and give them $550 million worth of stock to make their pay more dependent on the performance of its stock. (FT)
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amusement park operator cedar fair and six flags The merger was agreed to create a company worth approximately $8 billion, including debt. (Cedar Fair and Six Flags)
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