Aug 7, 2017

The "most feared activist investor in the world"

Bloomberg charts the rise of Paul Singer, an activist investor who "doesn't worry about his tough reputation. He sees it as a selling point":

  • "Aggressive, tenacious and litigious, ... Paul Singer may be the most feared activist investor in the world — by hedge fund rivals, companies and even countries."
  • "Singer's Elliott Management Corp. ... has targeted the world's biggest mining company, taken on Warren Buffett in a battle for Texas's largest electricity distributor, ousted chief executive officers on both sides of the Atlantic and set off a chain of events that led to the impeachment of South Korea's president."
  • Why it matters: "He started with just $1.3 million from family and friends in 1977, and the fund's investments in equity and debt have since led to at least $93 billion in corporate asset sales and share buybacks."

Go deeper

Secret Service blocks off area surrounding White House after protests

Trump walks through an area recently cleared of protesters before arriving at St. John's Church. Photo: Brendan SmialoskiI/AFP via Getty Images

The U.S. Secret Service has closed the streets immediately on all four sides of the White House, with an agent telling Axios they'll remain closed "probably until the riots become peaceful, or stop."

Why it matters: Protesters near the White House were aggressively dispersed with tear gas and shields last night, before President Trump walked across Lafayette Park to St. John's Church. This decision will presumably force any protests to take place farther from the White House.

Updated 38 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 9 a.m. ET: 6,299,759 — Total deaths: 376,177 — Total recoveries — 2,714,972Map.
  2. U.S.: Total confirmed cases as of 9 a.m. ET: 1,811,277 — Total deaths: 105,147 — Total recoveries: 458,231 — Total tested: 17,340,682Map.
  3. Public health: Protests against police brutality threaten coronavirus response.
  4. Business: Coronavirus could lower GDP by $15.7 trillion — More than 1 in 6 black workers lost jobs between February and April.
  5. Federal government: Trump lashes out at governors, calls for National Guard to "dominate" streets.
  6. Media: Interest in the George Floyd protests has soared past the coronavirus

More than 1 in 6 black workers lost jobs between February and April

Adapted from EPI analysis of Bureau of Labor Statistics data; Chart: Andrew Witherspoon/Axios

As is often the case, the staggering job losses in the coronavirus-driven recession have been worse for black workers.

By the numbers: According to a report from the Economic Policy Institute, titled "Racism and economic inequality have predisposed black workers to be most hurt by coronavirus pandemic," more than 1 in 6 black workers lost their jobs between February and April.