Twilight of the Goldman hedge fund stars
Learning to invest on Goldman Sachs’ risk arbitrage desk, made famous by leader Robert Rubin, was once seen as a fast track to fortune. But the band of hedge fund protégés who mastered their trade under the former U.S. treasury secretary has stumbled. Their struggles are part of a broader dip in the hedge fund industry, but they also represent the end of an era: Goldman no longer breeds such hedge fund scions because regulations brought in after the 2008 financial crisis have inhibited the type of trading it can do. Reuters’ Svea Herbst-Bayliss and Lawrence Delevingne report.
Keystone XL pipeline, part II
The Trump administration approved TransCanada’s Keystone XL pipeline, cheering the oil industry and angering environmentalists. But the company still needs to win financing, buy local permits and fend off likely legal challenges for the pipeline to be built. Reuters’ Jeff Mason and Ethan Lou report on the next steps.
Supporters give Trump a doctor’s note on healthcare
The day after the flaming out of President Donald Trump’s first major legislative initiative, his supporters across America were lashing out - at conservatives, at Democrats, at leaders of his Republican Party in Congress. Only Trump was spared their wrath. Reuters’ Letitia Stein reports from New Port Richey, Florida, on how many who voted for him are giving him a pass on his healthcare overhaul promise.
Looking ahead to 2018, a possibly unlucky number for Obamacare
Trump said Obamacare was “exploding” after Republican lawmakers shelved legislation that would have dismantled the healthcare law. That’s not going to happen this month. Probably not even this year. The more than 12 million people who bought 2017 health insurance plans on HealthCare.gov and other websites the law created are not in danger of losing their healthcare or having their premiums go up right now, experts say. But 2018 is another story. Reuters’ Caroline Humer and Yasmeen Abutaleb explain why.
‘Religious left’ emerging as a political force in Trump era
Although not as powerful as the religious right, the “religious left” is now slowly coming together as a force in U.S. politics. This disparate group, traditionally seen as lacking clout, has been propelled into political activism by Trump’s policies on immigration, healthcare and social welfare, according to clergy members, activists and academics. A key test will be how well it will be able to translate its mobilization into votes in the 2018 midterm congressional elections. Reuters’ Scott Malone reports.
Wall Street should temper expectations on tax cuts
The death of the Republican healthcare reform may not prove to be the knife to the heart of the bull market some had feared, but to keep the Trump Trade alive investors should temper expectations for the breadth of expected tax cuts. Reuters’ Rodrigo Campos and Chuck Mikolajczak explain why.
Reuters photo of the day
From this weekend’s protests in Russia
Police officers detain an opposition supporter during a rally in Vladivostok. REUTERS/Yuri Maltsev