“…NDFIs acquire “liquidity insurance”, usually in the form of credit lines with banks. These lines are the “umbilical cords” connecting the NDFIs to the banks, as Acharya put it to Unhedged.”

"To the extent our funds perform well, we can support a better retirement for tens of millions of pensioners, including teachers, nurses and firefighters." -Blackstone 10-K, p.7, filed Feb 28, 2025

🌱🪙 In their introduction to the Special Issue "Puzzling, powering, profiting: The politics of sustainable finance in Europe", editors @danmertens.bsky.social and @nataschavanderzwan.bsky.social define EU sustainable finance & outline how best to analyse it 💡 🔗 www.tandfonline.com/doi/full/10....

Tangential point - the introduction of tribunal fees the first time around was actively supported by the private equity lobby group the BVCA. The BVCA also used to sponsor the Blairite think tank Progress. www.theguardian.com/money/2025/o...

URGENT! Members from PSI unions Forsa and CGIL on board the Global Sumud Flotilla are currently under attack: they face illegal abduction by the Israeli military in international waters. CGIL has announced a General Strike for Gaza this Friday in solidarity with the Palestinian people.

let me know when the LLMs developed a healthy skepticism of the curriculum.

"Microsoft says its Agent Mode in Excel has an accuracy rate of 57.2 percent in SpreadsheetBench..."

"you're telling me the AI slop didn't work?"

ICE is terrorizing immigrants—and being used as a tool to discipline labor. A witness in a wage theft case was detained. Immigrant warehouse workers face discrimination. Day laborers and street vendors are being targeted, and so are rapid response networks. My latest.

“They’re calling it the Laffer Curse.”

I also can't look away from it at this exact moment, but download @lookheron.bsky.social's report and read it for sanity's sake later today

I updated my R Bootcamp slides if anyone is looking for an introduction to using R. Attempts to cover basics, ggplot, simple regression, and quarto. kevinreuning.com/workshops/r_...

Green window dressing in mutual funds doi.org/10.1111/jofi...

Excellent reporting from at @inthesetimes.com that draws from some of my work. The labor movement still hasn’t got its head around the way the institutions of capitalism have changed between the 1930s and today. If the workplace needed democracy then, today pooled assets do as well.

Welcome to the First Brands debt jungle: ‘Lions and tigers and off-balance sheet factoring, oh my!’ Join FT Alphaville on a tour through the thickets and undergrowth of a bankrupt automotive parts manufacturer's capital structure. on.ft.com/4mEegvK

A nice review of #Unsustainable in the @lsereviewofbooks.bsky.social. Thanks to Evelyn Langford for a generous and engaged review! blogs.lse.ac.uk/lsereviewofb... @nyupress.bsky.social @fasosmaastricht.bsky.social

Getting a counterparty to trade the securities so they can short the debt of a competitor to one of their portfolio companies is an extremely Apollo move.

🎁🔗 www.wsj.com/us-news/soci...

Another study finding that salary/staffing reductions -- particularly in emergency departments and ICUs -- at PE-acquired hospitals resulted in increased patient deaths.

Re-inventing the mandate territory, but with *Tony Blair* in charge. www.theguardian.com/world/2025/s...

"Macron picked Fink to introduce him when receiving an award granted by the Atlantic Council think tank on Wednesday.... In 2020, its offices were stormed during protests against Macron’s pension reform on speculation that the company had helped shape the plan." www.bloomberg.com/news/article...

Microsoft revokes cloud services from Israel’s Unit 8200, following +972 exposé The tech giant blocked access after we revealed the Israeli army had been using its servers to store millions of Palestinians' intercepted phone calls. Yuval Abraham reports. www.972mag.com/microsoft-cl...

🙄 www.top1000funds.com/2025/09/why-...

📢 must read paper! 👇

Read it here www.thenation.com/article/cult...

It’s normal for 10-25% of PE buyouts to end in failure. Is private credit ready to be on the hook for the losses? on.ft.com/4mtOJVO

perfect, no notes

The second portion of this great convo is now available!

Today, @genevievelakier.bsky.social explains how Title VI, perhaps the crowning achievement of the Civil Rights Movement, has become one of the most powerful forces against desegregation.

In the last six weeks, the Tenant Union Federation launched seven (7) majority tenant unions, across five (5) states, representing 1000 units of housing owned by Capital Realty Group, a New York-based corporate landlord. The first portfolio organizing of its kind... www.bloomberg.com/news/article...

Not quite sure what to call the NVIDIA-Open AI thing. Not really a roundtrip transaction, probably closer to vendor financing? Mostly, I'm surprised that Softbank isn't directly involved.

The insurance industry seems to be giving up on managing climate risk. on.ft.com/3KiCRbQ

Thoughts and prayers for the retail/401k participants trying to grasp “IRR optimization“ (manipulation)

'Something is working' (it's China)

New @businessweek.bsky.social feature: On a budget of $1 per American, NIOSH conducts or funds most US research on how to keep workers alive & well. The Trump Administration decided to blow it up. www.bloomberg.com/news/feature... Based on interviews with 40+ current/recent staff throughout NIOSH

Earlier this year I interviewed Derek Guy @dieworkwear.bsky.social on @thedigradio.bsky.social. We covered the rise of the bourgeoisie, crimes of the British empire (fashion & otherwise), & the social meaning of clothes. The transcript is now at @jacobinmag.bsky.social: jacobin.com/2025/09/mens...

Oh, ok

but it’s all worth it to know that I can ask an LLM questions about my partner’s book that it illegally hovered up. www.bloomberg.com/news/article...

Several Republicans are introducing a bill to change the Fed's dual mandate—maximize employment while maintaining stable prices—to a single one, prices only. If that were the rule, the Fed shouldn't be cutting rates. Does DJT know about this? financialservices.house.gov/news/documen...

it was a sad day in 1991 when class struggle was dissolved.

My chapter traces (in @danielagabor.bsky.social's words) the story of "David the De-Risker" – exploring political conditions for why states turn to de-risking. For politicians, de-risking is about leveraging their reach, so we need to understand when this becomes politically attractive. Preprint 👇

made the mistake of upgrading to macOS 26 and now my laptop feels like a toy.

A new piece on extractive capitalism for @thetls.bsky.social, reviewing 4 new books, including @triofrancos.bsky.social's much-anticipated EXTRACTION and Partha Dasgupta's widely- praised ON NATURAL CAPITAL

On October 15th I will be at @redemmas.org in Baltimore with Ho-fung Hung talking democracy, finance, and how we can build the working-class power we need to take on the oligarchs and solve our underinvestment crises. Put it on your calendar and come out to join the discussion!

"'If we leave it up to the market, you would have only offices, furnished tourist rentals and second homes — a Paris without Parisians, a Paris for the rich,' he [Baudrier] tells the FT..." 🎁 link

Today, it’s the defenders of privatisation who are clinging to an out-of-date ideology. They’re out of touch & out of time. Let’s end the rip-off & take back our future. Explore our new project — Who Owns Britain? — at the link below. www.common-wealth.org/interactive/...

If you, like me, thought that the airlines' actual business model was limited to credit cards, you were wrong.

"But there is a new arbitrage to fill the gap — a way to raise the insurance capital for private credit growth, without the need to find actual insurance policyholders"

"Despite these theoretical divergences, in the actual realm of politics and policy, there’s a good deal of practical compatibility between the two camps." -- @gabrielwinant.bsky.social

Mark Carney's 'Tragedy of the Horizon' speech is approaching its 10th anniversary. Some reflections here on why the 'measure risk to manage risk' paradigm it set out has largely failed and alternative path forwards. medium.com/iipp-blog/th...