Insider Finance - Business - Wall Street sharks eye ‘dumb’ banks

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March 29, 2023

Hello, Insiders. I’m Jennifer H. Cunningham, the editor in chief of the news division. All eyes remain on former President Trump’s possible criminal indictment; we’re monitoring the parade of witnesses testifying in front of the Grand Jury and learning why an indictment may have already been handed down.

Here’s what’s on the agenda today:

Wall Street’s sharks are circling “dumb” banks on the verge of failing.
How Elon Musk can make EV charging suck less for everybody.
Flight attendants reveal why you should never go barefoot on a plane.

— Jennifer H. Cunningham

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THE LATEST

Bankman-Fried, Nashville, & more

Prosecutors say Sam Bankman-Fried tried to bribe Chinese officials with at least $40 million. Also, under a new bail agreement, Bankman-Fried may no longer be able to play his favorite video game.
A Nashville police chief appeared to call out officers in Uvalde, Texas, saying “we will never wait to make entry” to “stop a threat.” Read more.
Merriam-Webster dictionary poked fun at Musk's Twitter Blue. The Twitter post about a parody subscription service was seen over 2.5 million times. Read it here.

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THE BIG STORY

Wall Street sharks

iStock; Rebecca Zisser/Insider

Wall Street's most ruthless investors are preparing to feast on failing banks.

The pandemic era was a boom time for the market, and the recent fear gripping shaky banks and financial firms is the kind of thing that happens when good times end.

Jim Chanos, the famed short-seller, told Insider’s Linette Lopez the recent shakeup in the banking system is “NOT a systemic event” and “only affects a few really dumb, greedy institutions."

But while the system as a whole may be safe, some assets — cryptocurrencies, startups, investment funds, and even banks — may not survive this shakeup. And other investors, the kind of Wall Street sharks who thrive on uncertainty, stand to make a killing.

READ THE FULL STORY HERE

TOP READS

EV charging, gross plane floors, & more

Courtesy of Chad Vandenbergh

“I charged a Kia at a Tesla Supercharger.” Insider’s Tim Levin said charging a non-Tesla car at a Tesla station was smooth and convenient. How Elon Musk could make EV charging suck less for everyone.
Don’t take off your shoes on a plane. Four flight attendants told Insider there’s a hygienic reason to avoid being barefoot on your flight. That mysterious liquid covering the bathroom floor? Odds are it's not just water.
Lowe’s employees love the four-day workweek. The retailer said its staffing levels since it implemented the change in August are at their best levels in three years. More here.
Microsoft's security boss, Charlie Bell, confirms layoffs on his team in an internal email. Insider previously reported that the company was planning to lay off hundreds of security employees. Read more.
Warehouse workers around the world are being told to kick bags of nickel. More than a million dollars of supposed nickel that belonged to JPMorgan was actually discovered as bags of stones. What’s going on.
What can ChatGPT do in 30 minutes? One Wharton professor recently found out: It did market research, wrote an email campaign, created a website, created a logo, made a social media campaign for multiple platforms, and scripted and created a video. Check it out.
“I ate at one of Japan's most popular restaurants for $11.” Chukasoba Ginza Hachigou is one of only three ramen restaurants in Tokyo to earn a Michelin star in 2022. One reviewer said the food was among the best they’ve had in Tokyo — but they are never going back. Here’s why.

TAKE A LOOK

Sublime shed

Courtesy of Chad Vandenbergh

“I bought a $1,200 shed on Craigslist and transformed it into a backyard cottage.” Daniel Salas spent around $45,000 to create a San Antonio oasis he rents out to tourists. It earns him about $600 a week in revenue. See it for yourself.

WATCH THIS

Drone footage

An aerial view of the devastation left behind by a deadly tornado. On March 24, a twister tore a 170-mile path through the American South, demolishing the town of Rolling Fork, Mississippi. At least 26 people died as 200 mph winds destroyed buildings and uprooted trees. Check out the aftermath.

CAN'T GET ENOUGH?

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This edition was curated by Jennifer H. Cunningham, and edited by Hallam Bullock, Lisa Ryan, Dave Smith, Bob Bryan, and Jack Robert Stacey. Get in touch: insidertoday@insider.com.

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Insider Finance - Business - Wall Street sharks eye ‘dumb’ banks

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