Sep 27, 2017

Obama's former chief of staff focuses on modern job skills

Denis McDonough Photo: Brendan Smialowski / AP

Denis McDonough, former chief of staff to President Obama, has a new task: Getting more Americans a job in the modern workforce. McDonough has been tapped to chair Rework America, a Markle Foundation initiative. Why it matters: Half of adults living in distressed zip codes are trying to find gainful employment in the modern economy armed with only a high school education at best."Many workers have the skills employers are looking for to fill open positions, but don't know it because too many job listings are written in a way that excludes qualified job seekers rather than attracting them. They use credentials like a four-year degree as a proxy instead of listing the actual skills needed to work a job – which is a problem, since nearly seven in 10 Americans don't have a four-year degree but many have the relevant skills." — Denis McDonoughBig tech on board: Companies involved in the effort include Siemens USA, Microsoft, IBM, Princeton University, Hearsay Systems and Coursera.

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SoftBank to cut its stake to get T-Mobile's Sprint deal done

Illustration: Rebecca Zisser/Axios

T-Mobile and Sprint announced a revised merger agreement that will see SoftBank getting a smaller share of the combined company, while most shareholders will receive the previously agreed upon exchange rate. The companies said they hope to get the deal as early as April 1.

Why it matters: The amended deal reflects the decline in Sprint's business, while leaving most shareholders' stake intact and removing another hurdle to the deal's closure.

Trump indulges Wall Street with Milken pardon

Photo Illustration: Sarah Grillo/Axios. Photo: Chris Graythen/Getty Images

Donald Trump loves Wall Street shenanigans. Companies owned by him have declared bankruptcy six different times, and he was once sued alongside Mike Milken for participating in a scheme to artificially inflate junk-bond prices.

Driving the news: Trump pardoned Milken this week, with an official statement positively gushing over Milken's role in developing the wilder side of fixed-income capital markets.