United Automobile Workers Secures Wage Hikes Amid Veteran Worker Doubts
The United Automobile Workers (U.A.W.) members approve contracts with major U.S. automakers, securing substantial wage increases after a series of strikes. Veteran workers express skepticism, feeling the contracts fall short in compensating for past concessions.
Oil Plummets to July Lows, Pressuring OPEC+ For Deeper Cuts
Oil prices plummeted to their lowest since July, with Brent crude dropping over 5% to below USD 77 a barrel, pushing OPEC+ to consider deeper production cuts. The decline raises concerns for major producers like Saudi Arabia and Russia as they approach the November 26 meeting.
Blackstone Borrows USD 400M CLO for Credit Fund Amplification
Blackstone plans to bolster its USD 52 billion Blackstone Private Credit Fund by securing nearly USD 400 million via a collateralised loan obligation (CLO) backed by its portfolio, aiming to tap into a new source of leverage and broaden lending options.
Federal Deposit Insurance Corp (FDIC) Chairman Martin Gruenberg is embroiled in a political firestorm as allegations of mishandling sexual misconduct claims within the agency have triggered mounting demands for his resignation and promises of thorough investigations.
The controversy erupted following a revealing Wall Street Journal report uncovering extensive harassment at the FDIC. Republican lawmakers have intensified calls for Gruenberg’s resignation and plan to initiate a comprehensive inquiry into the reported workplace culture and the Chairman’s leadership. Concerns were amplified following Gruenberg’s initial denial during congressional testimony regarding investigations into his past conduct, which cast doubt on the transparency of his leadership. Subsequently, he recanted his testimony, citing a 2008 investigation.
Video Source: Wall Street Journal News
Gruenberg expressed deep concern over the allegations of misconduct and pledged corrective actions while acknowledging the need for further remedial work within the agency. Senators Sherrod Brown and Elizabeth Warren, representing the Democratic front, have echoed concerns and called for an independent investigation into the FDIC’s reported workplace misconduct.
“The reports are extremely concerning,” said Brown, who heads the Senate Banking Committee. He emphasized that the FDIC’s internal watchdog should “conduct an independent and thorough investigation.”
Moreover, Republican Senators, including John Kennedy and Joni Ernst, have forcefully demanded Gruenberg’s resignation, citing the seriousness of the allegations and criticizing his handling of the situation. Ernst posted on X, formerly known as Twitter, stating, “Not only did he fail his employees, he lied to Congress,” urging accountability and Gruenberg’s resignation.
FDIC Chair Gruenberg’s reported behavior and the reports of sexual harassment, misconduct, & abuse permeating this agency under his watch are damning.— Joni Ernst (@SenJoniErnst) November 16, 2023
Not only did he fail his employees, he lied to Congress.
Accountability is coming.
He should resign.
Amidst escalating scrutiny, the FDIC abruptly canceled a pivotal board meeting aimed at addressing deposit insurance fund replenishment, exacerbating uncertainties within the agency. Subsequent follow-up reports implicated Gruenberg, shedding light on his history of aggressive behavior and his involvement in decisions where individuals accused of misconduct faced minimal consequences.
Although Gruenberg promised corrective measures and initiated an internal review conducted by an external law firm, the House Financial Services Committee, led by Republican Congressman Patrick McHenry, announced an in-depth investigation. This inquiry seeks to delve into the reported allegations and the chairman’s testimony discrepancies, aiming to ensure accountability and transparency within the agency.
Despite the internal upheaval, the FDIC recently approved a “special assessment” fee to recover substantial losses incurred from bank failures, a measure designed to address financial concerns amid the ongoing turmoil.
As the situation intensifies, calls for Gruenberg’s resignation continue to echo across party lines, underscoring the need for swift and thorough action to restore integrity and confidence within the FDIC.