Screengrab / Institutional Investor video
Ken Griffin, founder and CEO of hedge fund giant Citadel, told Institutional Investor in a video interview that his firm's massive losses during the financial crisis were "incredibly humiliating" and caused by an over-leveraged balance sheet:
Don't act like a bank, unless you are a bank. That was a really big lesson learned from 2008.
A LATAM air attendant aboard one of the company's planes in March. Photo: Kike Calvo/Universal Images Group via Getty Images
LATAM Airlines Group SA said in a statement early Tuesday the firm and its affiliates in in the United States, Chile, Peru, Colombia and Ecuador have filed for Chapter 11 bankruptcy protection in the U.S.
Why it matters: Latam is Latin America's largest airline. "LATAM entered the COVID-19 pandemic as a healthy and profitable airline group, yet exceptional circumstances have led to a collapse in global demand and has not only brought aviation to a virtual standstill, but it has also changed the industry for the foreseeable future," the firm's CEO Roberto Alvo said in the statement.
Editor's note: This is a developing news story. Please check back for updates.
Illustration: Aïda Amer/Axios
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Countries where novel coronavirus cases are falling may be hit with a "second peak" if they relax restrictions too soon, World Health Organization emergencies chief Mike Ryan warned during a briefing Monday. "We're still very much in a phase where the disease is actually on the way up," he added.
By the numbers: Brazil on Monday recorded for the first time more deaths from the novel coronavirus in a single day than the United States, Reuters notes. Brazil reported 807 deaths from COVID-19 in the past 24 hours, compared to 620 in the U.S. for the same period.