May 28, 2025

I recently learned from the news that Peter Orszag, former budget director for President Obama, expressed concerns about the U.S. debt situation, citing the high level of fiscal risks and increasing budget deficits. He recommended solutions like extending maturities on Treasury debt and focusing on higher economic growth to address the deficit problem. Orszag emphasized the importance of reducing the budget deficit as a top priority, despite the challenges in enacting policy changes.

In a surprising turn of events, President Trump announced a planned partnership between United States Steel and Nippon Steel, which includes a U.S. CEO for U.S. Steel and a significant investment commitment from Nippon Steel. However, the lack of details about the partnership raised concerns about transparency and potential insider trading opportunities. Additionally, Tencent of China made headlines by acquiring a stake in South Korean music firm SM Entertainment Co., signaling a potential shift in China’s stance on Korean entertainment.

In the world of finance, personnel changes were announced with Michael Weinberg and Matthew Frankel appointed as co-chairs of the investment committee at Levine Leichtman Capital Partners. Raj Paranandi joined Hayfin as the new COO, while SharpLink Gaming announced a private placement for an Ethereum treasury strategy. The rise of crypto treasury companies has been a recent trend, with companies leveraging their public listings to capitalize on the high demand for crypto assets.

Another news story involved a case of commodity manipulation and wire fraud related to crypto tokens at Mango Markets. The individual was charged with deceiving the platform and misrepresenting the value of collateral but was not found guilty due to lack of proof of material misrepresentation. Additionally, there was a report about Goldman Sachs CEO David Solomon cracking down on internal critics who disagreed with his strategic decisions, particularly in consumer businesses expansion. Lastly, a dinner hosted by former President Donald Trump for memecoin investors did not result in any market-moving news being shared, highlighting the dual purposes of such meetings for lobbying and trading insights.

Stay Well!