Highlight of the Week
Judge Rules Against Citibank in Massive Banking Blunder
-Citibank will not be allowed to recover the almost half a billion dollars it accidentally wired to Revlon lenders.
-Citi’s Ops team meant to send about $8 million in interest payments, but instead wired over 100x that amount.
Coronavirus Updates (as of Thursday morning)
-COVID-19 has registered 110 million cases and 2,443,000 deaths worldwide. There are over 85 million recovered cases.
-The US has accounted for over 28.4 million cases and has surpassed 502,000 deaths. The US has registered over 18.6 million recovered cases.
-Georgia has 949,000 cases and 15,779 deaths.
Robinhood and Citadel prepare for the GameStop spotlight in Washington
-The House Financial Services Committee is holding the hearing on GameStop’s stock action, which has raised questions about the integrity of the stock market and the pitfalls faced by individual investors in the age of social media trading.
-Lawmakers are expected to question Robinhood leadership whether the app encourages excessive risk-taking and why the app decided to temporarily curb trading amid the GameStop frenzy.
Millions of Texans without power during historic winter weather event
The power grid has been unable to meet demand of so many people scrambling to heat their homes. Its grid relies on natural gas, which is harder to get during winter.