Your Evening Briefing
Boeing’s 737 Max killed a total of 346 people in two crashes. Before the disasters, a high-ranking Boeing pilot warned of the technical feature eventually implicated in the catastrophic failures. Now, with all 737 Max planes grounded and production lines halted, jobs across America are at risk. Lawmakers are scrutinizing the company’s cozy relationship with the Federal Aviation Administration, an agency responsible for the safety of the flying public, and the Justice Department has opened a criminal probe. On Monday, Boeing’s CEO paid the price for the embattled company’s growing crisis.
Here are today’s top stories
Equity investors confident of an economic resurgence in 2020 should be more cautious, Vanguard’s investment-strategy chief warned. He gives even odds that a correction is coming in the new year.
Saudi Arabia said it sentenced five people to death in the murder of Jamal Khashoggi, though none are close to Crown Prince Mohammed bin Salman. The CIA said the killing and dismemberment of the U.S. resident and Washington Post columnist by Saudi government agents inside a Saudi consulate could not have taken place without the knowledge of the kingdom’s leader. A UN official was more blunt, calling it a “state killing.”
Wall Street is wondering whether the Fed is quietly doing more to calm the U.S. repo market than showy liquidity injections.
President Donald Trump spoke briefly with Rudolph Giuliani, his personal attorney and the subject of a federal criminal investigation, during a Studio 54-themed party at Trump’s Florida resort. Trump also chatted with Eddie Gallagher, a Navy special forces member who was accused of war crimes (including shooting unarmed civilians) and later court-martialed for posing with a corpse.
What’s Elisa Martinuzzi thinking? The Bloomberg Opinion columnist writes that while U.K. Prime Minister Boris Johnson’s landslide victory makes Brexit a near certainty, there may be new variables. The British financial industry was unified in its opposition to a hard Brexit. Now that such a calamity seems off the table, there are signs the City of London is starting to crack.
What you’ll need to know tomorrow
- America emptied its collective wallet on Saturday.
- How a Philippine billionaire built a 23,000-crocodile farm empire.
- Maybe Saudi Aramco stock isn’t as hot as everyone thought.
- Ousted National Security Adviser John Bolton speaks out on Trump.
- Look inside Samsung’s $116 billion bid for chip supremacy.
- The founder of FedEx says he has a few things yet to do.
- You’ll gasp at these photos of 2019, a year of upheaval and protest.
What you’ll want to read tonight
More than a few prognosticators are warning that the recession everyone has been predicting for years may finally arrive in 2020. Traditionally, a downturn is bad news for stocks and good news for debt. But often that’s when bad decisions are made. Since the Great Recession, and thanks to surging global debt levels, there have been some real doozies in the past decade. Here are ten of the more spectacular fixed income face-plants.
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