Why Wall Street Doesn’t Fear Russia | Pay Gap Law’s Ripple Effect | NFL’s Highest Career Earner

Plus: How Ukraine’s ‘Hidden Heroes’ Risk Their Lives To Keep Their Country Online

Good morning.

Unlike some major European banks, most of Wall Street has shied away from investments in Russia—a position that may prove beneficial in the event of Russian sovereign or corporate defaults. We’re also looking at how New York City’s new pay transparency regime may affect remuneration practices more widely, and how Aaron Rodgers’ new contract may finally give him a one-up over rival Tom Brady. Finally, don’t miss this story about the brave Ukrainian workers risking their lives to keep their country online.

In The News Today

Russia’s ground forces are “struggling to overcome” the challenges posed by the Ukrainian terrain, according to the U.K. defense ministry. Follow our live blog for the latest news about Russia’s invasion of Ukraine and its repercussions. 

Sarah Bloom Raskin, a law professor who believes financial regulators should consider climate change risk when crafting policies, withdrew from consideration for the role of Fed vice chair for supervision, one day after Sen. Joe Manchin (D-W.Va.) opposed her confirmation.

Top Take-Aways

Almost 3 million Ukrainians have fled the country since the Russian invasion last month. One Google Doc, spearheaded by a Romanian-born entrepreneur, is offering precious information to those escaping abroad.

Most of Wall Street has taken a hands-off approach to Russia. Now that the country seems headed for default, that attitude appears to be vindicated, as the biggest U.S. banks look to be sheltered from the possible consequences of Russian sovereign or corporate defaults.

Professional investors consulted in Bank of America’s latest Global Fund Manager Survey are growing increasingly gloomy about the future, expecting a bear market and stagflation—meaning high inflation and slow economic growth.

Disney employees have organized a series of protests against the company’s response to Florida’s so-called “Don’t Say Gay” bill. Controversy around the legislation, widely criticized as anti-LGBTQ, is making it difficult for Disney and the Sunshine State’s other tourism juggernauts to to remain neutral in Florida’s politically charged waters.

From May, a new law in New York City will force most employers to disclose pay ranges from their advertised jobs or promotion opportunities, a legislation that labor lawyers, equal pay advocates and even some employers, say could have much wider effects.

Aaron Rodgers may always be chasing Tom Brady’s record seven Super Bowl victories, but now that he has agreed to a price for his return to the Green Bay Packers, he has a chance to one-up the greatest quarterback of all time with his career on-field earnings.

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Italy’s financial police boarded and froze a yacht linked to sanctioned Russian billionaire Andrey Melnichenko in the northeastern port of Trieste on Saturday.

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