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Economy doomed for failure? 

When it comes to predicting a stock
market crash, all roads lead back to
the economy.

That’s why it’s so jarring to hear someone claim that today’s
economic system is “dysfunctional,” which is what the
world-renowned market skeptic John
Hussman just did.

Hussman, a former economics professor who is now the president of
the Hussman Investment Trust, is no stranger to such bearish
proclamations, having made a name for himself by repeatedly
predicting a stock market decline exceeding
60% and forecasting a full
decade of negative equity returns. He
has now turned his sights on the economy, which he says is
setting the market up for unprecedented failure.

Big departure at RBC

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Blair Fleming, head of RBC Capital Markets in the US,
has left the firm after more than 30 years,
according to
people familiar with the matter.

Fleming, who also served as the head of US investment banking at
RBC, had worked at the firm since 1986 beginning in London,
Ontario. He assumed his current responsibilities in 2009,
according to the bank’s website.

Crypto is growing up 

Cryptocurrencies are viewed by many of their evangelists as one
of the most groundbreaking financial innovations of the modern
age. But the way crypto trades looks like something out of an
old-school Wall Street flick.

For the most part, trading firms are making multimillion-dollar
crypto trades over the phone, not electronically. DRW’s crypto
arm, Cumberland, uses Skype calls to conduct its bitcoin
dealmaking. 

But Jump Trading, the Chicago-based firm,
has built a platform that will allow it to take the other side of
large crypto trades electronically with its counterparties,

according to people familiar with the matter.

Banker poaching heats up 

JPMorgan
has hired a senior investment banker from Morgan Stanley
to
add more firepower to the firm’s industrials coverage, according
to an internal memo viewed by Business Insider.

Lawrence Steyn, formerly a managing director with Morgan Stanley,
is joining JPMorgan as a vice chairman of investment banking,
according to the memo from Eric Stein, the firm’s head of North
American investment banking. Steyn worked with many major
industrials companies during his time at Morgan Stanley. 

It’s been an active year in senior investment banking moves
generally, and the industrials sector, despite being middling in
terms of deal activity, has seen a number of moves.

Tough test for Microsoft CEO

When it comes to the $7.5 billion acquisition of
GitHub, Microsoft CEO Satya
Nadella urged software developers to “judge us by the actions we
have taken in the recent past, our actions today and in the
future.”

From Microsoft’s and Nadella’s perspective, GitHub fits right
into the master plan. Microsoft has been investing heavily in
open source in the four years since Nadella took the reins. In
fact, Microsoft is the single biggest corporate contributor to
open-source projects on GitHub, edging out competitors like
Google and Facebook. Microsoft even uses GitHub internally to
build some of its products.

And yet if Nadella sounds defensive, it’s with good reason, as
not everyone in the tech industry loves the deal. Some GitHub
users are already even decamping to competitors like the
venture-backed GitLab and Atlassian Bitbucket before the deal
even closes.


More here. 

 

In markets news

This article originally appeared here via Google News