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<ul class="summary-list"><li>Wall Street jobs pay well, but work-from-home opportunities tend to be slim.</li><li>Return-to-office policies are also constantly changing at banks, brokerage firms, and hedge funds. </li></ul>Every day it seems as if another company is calling its workers back to the office. <a href="https://www.businessinsider.com/zoom-ceo-employees-return-to-office-2023-8">Even online meeting company Zoom</a>, which benefits from remote work, has joined the return-to-office drumbeat. On Wall Street, these demands are nothing new. Investment banks like Goldman Sachs and hedge funds like Citadel have been at the forefront of efforts to get employees working in the same place again. Goldman's CEO David Solomon famously blasted the work-from-home<a href="https://www.cnbc.com/2021/02/25/goldman-sachs-ceo-solomon-calls-working-from-home-an-aberration-.html" target="_blank" rel="noopener"> phenomenon as an "aberration"</a> before most Americans were even vaccinated. Citadel's Ken Griffin said he feared that <a href="https://www.businessinsider.com/ken-griffin-of-citadel-calls-on-biden-to-address-work-from-home-2021-10">work-from-home was harming</a> the nation and wished President Joe Biden would do something about it. Fast forward to 2023, and financial firms are still fine-tuning their policies, mainly to get more bodies in the door on the regular. According to Goldman's chief economist, Jan Hatzius, some 25% of all US workers work from home at least part of the week. That's down from a pandemic peak of 47%, but well above the pre-pandemic average of 2.6%, Hatzius said. In April, JPMorgan CEO <a href="https://www.businessinsider.com/jpmorgan-return-to-office-memo-managing-directors-2023-4">Jamie Dimon walked back the bank's hybrid work policy</a> by ordering its highest-ranking executives to return to the office five days a week. Just last month, Bloomberg reported that <a href="https://www.bloomberg.com/news/articles/2023-08-22/goldman-sachs-pressures-staff-to-return-to-office-5-days-a-week" target="_blank" rel="noopener">Goldman was once again cracking down </a>on return-to-office laggards. The report said that the latest crackdown is aimed primarily at back-office workers, who tend to support revenue-generating employees like bankers and traders who have been coming in five days a week for some time. Of course, there could be a price to pay for companies being too strict with their return-to-office requests. Business consulting firm Deloitte recently surveyed 700 financial services professionals: manager-level through senior leadership just below the C-suite. Of those who work at home at least part of the week, <a href="https://www2.deloitte.com/us/en/insights/industry/financial-services/improve-employee-engagement.html" target="_blank" rel="noopener">66% said they would leave their current role</a> if they were mandated to go to the office five days a week. So, which Wall Street firms are still letting employees work from home at least part of the time? Here is our list of back-to-work mandates at the largest financial services companies.<h2>Goldman Sachs </h2>Goldman Sachs started calling workers back in June 2021 and has consistently been one of the few financial firms to demand pretty much everyone return to the office <a href="https://www.businessinsider.com/goldman-sachs-demands-rto-five-day-week-no-remote-work-2023-8">five days a week</a>. Goldman started by welcoming employees back with <a href="https://nypost.com/2021/06/18/goldman-sachs-welcomes-bankers-back-with-live-music-food-trucks/" target="_blank" rel="noopener">ice cream and food trucks</a> to get there. By 2022, it was actively monitoring attendance via <a href="https://www.businessinsider.com/goldman-sachs-is-tracking-swipes-to-get-people-back-rto-2022-3">ID badge swipes</a>. More recently, it cracked down on laggards, reminding staffers that the 5-days-a-week policy is for everyone — even during the <a href="https://nypost.com/2023/08/22/goldman-sachs-cancels-summer-fridays-wants-staff-in-office-five-days-a-week/" target="_blank" rel="noopener">dog days of summer</a>. <div type="image" title="David Solomon" height="1333" width="2000" msid="103362250" hostid="261" sizebytes="71456"></div><h2>JPMorgan </h2>JPMorgan started calling workers <a href="https://www.bankingdive.com/news/jpmorgan-expects-july-rotating-return-for-us-employees/598887/" target="_blank" rel="noopener">back in July 2021</a> on a rolling basis, and by 2022, had developed a hybrid work policy that was supposed to result in just 50% of the bank's employees returning to the office five days a week, including people who work in bank branches or in investment-banking jobs like sales and trading.CEO Jamie Dimon said <a href="https://reports.jpmorganchase.com/investor-relations/2022/ar-ceo-letters.htm" target="_blank" rel="noopener">in a letter to shareholders</a> that 40% of the bank's <a href="https://www.jpmorganchase.com/content/dam/jpmc/jpmorgan-chase-and-co/documents/jpmc-esg-report-2021.pdf" target="_blank" rel="noopener">more than 270,000</a> employees would be permitted to work a few days at home. The remaining 10% could work from home full-time.Earlier this year, Dimon took a different tack, requiring the bank's <a href="https://www.businessinsider.com/jpmorgan-return-to-office-memo-managing-directors-2023-4">managing directors to return to the office five days a week</a>, whether they work in demanding revenue-producing jobs or lead back-office departments like technology and compliance. Everyone else must be in at least three days a week. Like Goldman, JPMorgan has also been tracking attendance through <a href="https://www.businessinsider.com/jpmorgan-is-tracking-employee-id-badges-swipes-jamie-dimon-hybrid-2022-4">ID badge swipes,</a> data that it collects into <a href="https://www.businessinsider.com/jpmorgan-chase-is-tracking-zoom-calls-workplace-activity-using-wadu-2022-5">a dashboard that can churn out reports</a> for managers and other senior leaders. <div type="image" title="Jamie Dimon" height="1948" width="3000" msid="103362253" hostid="261" sizebytes="160748"></div><h2>Citigroup </h2>Citi's CEO Jane Fraser is one of the few Wall Street CEOs who has not participated in the work-from-home bashing. Instead, she's embraced a hybrid work policy that currently allows most employees to work three days from the office and two days at home, depending on the job. Bank branch employees, for example, are still required to go in five days a week. Fraser has also not shied away from reminding the troops that working from home is a privilege, not a right. At the World Economic Forum in Davos, Switzerland, she said the bank was <a href="https://www.bloomberg.com/news/articles/2023-01-17/citi-summons-unproductive-remote-workers-to-office-for-coaching" target="_blank" rel="noopener">calling workers with productivity issues</a> back to their desks. "We do measure productivity very carefully," she said, according to Bloomberg. "You can see how productive someone is or isn't, and if they're not being productive we bring them back to the office, or back to the site, and we give them the coaching they need until they bring the productivity back up again."<div type="image" title="jane fraser milken institute panel" height="682" width="1024" msid="103362256" hostid="261" sizebytes="116572"></div><h2>Bank of America </h2>Bank of America's policy has morphed over time. Last year, it was encouraging employees to work from the office more often than not, but leaving room for flexibility at the manager's discretion. <a href="https://www.businessinsider.com/bofa-return-to-office-hits-snags-in-trading-division-2022-5">Spotty attendance</a> had some top managers concerned, however, and by May 2022 <a href="https://www.businessinsider.com/bofa-leaked-audio-bankers-told-back-to-office-four-days-2022-6">investment banking employees</a> at all levels were being ordered to return to the office between four and five days a week.In October, Bank of America updated its policy to require employees who are client-facing, like bankers, or dependent on in-office tools, like traders, to be in the office or meeting with clients five days a week with occasional flexibility. Everyone else was told to come into the office three days a week, according to a copy of the memo obtained by Insider. <div type="image" title="Brian Moynihan" height="1334" width="2000" msid="103362258" hostid="261" sizebytes="67374"></div><h2>Morgan Stanley </h2>Morgan Stanley's CEO James Gorman has been another vocal proponent of office work, telling Bloomberg earlier this year that working from home is "not a choice." "They don't get to choose their compensation, they don't get to choose their promotion, they don't get to choose to stay home five days a week," Gorman said in an <a href="https://www.bloomberg.com/news/videos/2023-01-19/gorman-on-succession-plan-debt-ceiling-video" target="_blank" rel="noopener">interview </a>in Davos. That said, Gorman doesn't expect a return to the office's pre-pandemic norms of five days a week. "We won't put the genie back in the bottle," he said of the work-from-home phenomenon triggered by the pandemic. "At Morgan Stanley, we're kind of business unit by business unit. It's three or four days in the office."<div type="image" title="James Gorman" height="2933" width="4638" msid="103362261" hostid="261" sizebytes="867834"></div><h2>BlackRock</h2>BlackRock is expecting its employees to make more use of its new Hudson Yards headquarters in New York City after Labor Day. In May, the world's largest asset manager announced that it would mandate its employees to work in the office four days a week starting in September, with the option to work from home one day per week, according to<a href="https://www.businessinsider.com/blackrock-return-to-office-policy-memo-employees-2023-5"> a memo</a> viewed by Insider. They were previously expected to be in the office three days a week.In a <a href="https://www.foxbusiness.com/markets/blackrock-ceo-larry-fink-discusses-inflation-esg-investing-energy-sector" target="_blank" rel="noopener">Fox Business interview</a> last year, BlackRock CEO Larry Fink said the firm would be taking a "harder line" at bringing employees back to the office."We are going to ask our employees to be much more mindful about their responsibilities in the office. We're going to be taking a line as to: How do we bring our employees back? And we believe this is going to be a key element in bringing down inflation and rising productivity," he said. <div type="image" title="BlackRock CEO Larry Fink raises his arm in front of a blue background." height="4000" width="6000" msid="103362263" hostid="261" sizebytes="489530"></div><h2>Citadel </h2>Citadel's Griffin is a true believer that teams work better and faster when they're in the same room. His $59 billion hedge fund and his market maker, Citadel Securities, have been full time in the office since June 2021. Citadel had its best year ever to date in 2022, when it made about $28 billion in revenue."We make so much money because our competition plays in their pajamas – and that's just been a home run for us," Griffin told Goldman partner Raj Mahajan in an interview for the bank's <a href="https://youtu.be/FzKvnz-EZFA?si=MmKG1--GfWR_dNYw" target="_blank" rel="noopener">Talks at GS</a> series in June. <div type="image" title="ken griffin" height="3493" width="5239" msid="103362266" hostid="261" sizebytes="453572"></div><h2>Blackstone </h2>Blackstone employees have been back in the office five days a week since June 2021. To make its staff more comfortable with the initial return to office, Blackstone spent $20 million on Covid safety and specific precautions, <a href="https://www.businessinsider.com/blackstone-planning-back-to-office-on-june-7-jon-gray-2021-5">a source told Insider in 2021,</a> including covering cab fares for employees' commute.<div type="image" title="Blackstone CEO Stephen Schwarzman in front of a blue background as he visits &quot;Maria Bartiromo's Wall Street&quot; at Fox Business Network Studios on September 18, 2019 in New York City." height="3651" width="5477" msid="103362543" hostid="261" sizebytes="780786"></div><h2>Bridgewater</h2>Bridgewater Associates, the world's largest hedge fund, has kept to a flexible schedule. Since September 2021, the fund has required staff to be in the office a minimum of two days a week. Managers and department heads, however, can require additional days in the office, according to the firm's <a href="https://www.bridgewater.com/working-at-bridgewater/faqs" target="_blank" rel="noopener">website</a>. On days employees are in, the firm focuses on taking "advantage of our shared location," it reads.<div type="image" title="headshot of nir bar dea bridgewater deputy CEO" height="1602" width="2400" msid="103362545" hostid="261" sizebytes="149274"></div><h2>Millennium </h2>Izzy Englander's Millennium experimented with a hybrid working arrangement back in 2021. At that time, the firm called for its employees to come into the office a <a href="https://www.bloomberg.com/news/articles/2021-05-17/hedge-fund-millennium-to-try-three-office-days-a-week-this-fall" target="_blank" rel="noopener">minimum of three days a week</a>.Since then, most employees have been in the office throughout the week, according to a person familiar with the firm. <div type="image" title="izzy Israel Englander" height="1962" width="3000" msid="103362547" hostid="261" sizebytes="135406"></div>

What Wall Street is telling employees about returning to the office, from Goldman Sachs to JPMorgan and Blackstone

<ul class="summary-list"><li>The Federal Reserve could lift interest rates by another 75 basis points in total this year, Goldman Sachs says.</li><li>The bank's chief economist suggested the Fed might raise rates at its March, May and June meetings to beat inflation.</li></ul>The Federal Reserve could lift interest rates three times this year in a bid to curb inflation, according to Goldman Sachs' chief economist – and that could turn up the pressure on stocks. Goldman's Jan Hatzius <a href="https://www.youtube.com/watch?v=7LGWNZ36lh4" target="_blank" rel="noopener">told Bloomberg</a> he expects the Fed to raise rates by 25 basis points at its March, May and June meetings. The US central bank may be worried the economy is on the verge of growing too hot, he said."The recent numbers have been stronger than expected on the growth side, plus we've seen some higher inflation numbers for January," Hatzius said Tuesday."It reinforces the idea that the Fed still has work to do. And so we think another 75 basis points from here, with no cuts until 2024, seemed like a more likely outcome."The US inflation rate <a href="https://www.businessinsider.com/how-high-is-inflation-cpi-report-january-price-growth-2023-2" target="_blank" rel="noopener">rose 6.4%</a> on an annualized basis in January. While price pressures have been moderating since mid-2022, the reading showed inflation still remains far above the Fed's 2% target. Inflation has stayed stubbornly high despite the Fed's historically fast pace of hikes. It has taken rates from almost zero to nearly 5% within the past year, and it has signaled it expect to lift them even higher in the coming months. The call by Hatzius — who also serves as head of global investment research at Goldman — marks a stark contrast to what markets expect of the Fed moving forward.Most investors anticipate the US central bank will ease up on tight monetary policy or even start cutting interest rates this year as inflation cools. But with retail sales and payrolls surging and unemployment falling, there's a possibility the Fed may decide it has to keep ratcheting up interest rates. Higher interest rates encourage saving over spending and make borrowing more expensive, which tends to alleviate upward pressure on prices. However, they can also sap demand, slowing economic growth and dragging down stocks and other assets.As for the risk of a recession, Hatzius said that Goldman sees only a 25% chance of a prolonged economic downturn. The US economy is still on track for a soft landing, but risks becoming too strong and stoking further inflation, he added."A narrow path basically means that there's risks on both sides. The economy slows too much and falls into recession, or the economy stays too strong and inflation doesn't come down," Hatzius said."I still think we're on that narrow path, but right now, the risks are looking a little bit higher on the too strong side than the too weak side," he added.

The Fed may hike interest rates another 3 times this year, Goldman says - and that would dial up pressure on stocks

<ul class="summary-list"><li><keyword id="11893545" type="UNKNOWN" weightage="60" keywordseo="evergrande" source="Orion">Evergrande</keyword> has to find over $500 million to meet its coupon payments by the end of the year.</li><li>If it fails to meet its obligations, Evergrande could become the second-biggest emerging market corporate debt defaulter.</li><li>It could recover from its cash crunch by boosting contracted sales and via asset disposals, analysts suggest.</li></ul>Evergrande, the cash-strapped Chinese property developer, has to find more than $500 million to pay to its bondholders by the end of this year.Although it is one of China's largest residential developers, it's struggling with a debt pile worth $305 billion.With such massive liabilities, investors initially worried its money troubles could spread across the financial system and hit global <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword>. But these worries have somewhat cooled after the central bank <a href="https://www.reuters.com/world/china/china-evergrandes-electric-car-units-shares-tumble-23-after-warning-2021-09-27/">pledged to protect homebuyer interests</a>.Evergrande, based in Shenzhen, recently said it has resumed construction work on nearly a dozen projects after unexpectedly making a <a href="https://markets.businessinsider.com/news/stocks/evergrande-repays-84-million-worth-of-interest-in-dollar-bonds-2021-10">last-minute dollar bond payment</a> worth $83.5 million. The company didn't specify how it managed to raise the funds.In an <a href="https://doc.irasia.com/listco/hk/evergrande/interim/2021/int.pdf">August 31 filing</a>, Evergrande said it suspended construction at several projects, many of which were already sold, without laying out much detail. But it cited delays in supplier payments and construction fees for the stoppage. Evergrande has warned it might default on its debt if its liquidity problem can't be resolved. Analysts suggest the company can shore up its cash holdings both by boosting contracted sales and via asset disposals, but neither of these areas is free of hurdles.The developer already <a href="https://markets.businessinsider.com/news/bonds/china-bond-market-evergrande-third-missed-payment-sinic-modern-land-2021-10">missed three rounds</a> of coupon payments totaling near $280 million between September and October. But it avoided one problem by paying an $83.5 million payment due within a 30-day grace period, thereby avoiding official default.While it doesn't have further onshore or overseas debt maturing this year, it's still required to pay out interest on offshore bonds worth nearly $240 million between November 1 and December 28. That's in addition to $196 million in missed payments.It next needs to come up with $47.5 million for a grace period payment due on October 29, and another $338 million in offshore interest payments due in November and December.If it fails to meet any of those deadlines in the coming weeks, it would join the list of the biggest-ever <a href="https://www.reuters.com/article/emerging-markets-corporatedefaults-idUSL1N2RG1XB">emerging market corporate debt defaults,</a> topped right now by Venezuela's state-owned oil firm Petroleos de Venezuela (PDVSA).Here's a breakdown of upcoming dollar bond payments for Evergrande and its subsidiaries, according to data compiled by <a href="https://www.reuters.com/world/china/china-evergrandes-upcoming-bond-coupon-payments-2021-09-24/">Reuters</a>:<table style="border-collapse: collapse; width: 100%; height: 352px;" border="1"><tbody><tr style="height: 44px;"><td style="width: 36.9427%; text-align: center; height: 44px;">Bond</td><td style="width: 20.3822%; text-align: center; height: 44px;">Outstanding amount</td><td style="width: 17.5796%; text-align: center; height: 44px;">Next coupon date</td><td style="width: 24.9682%; text-align: center; height: 44px;">Next coupon amount</td></tr><tr style="height: 22px;"><td style="width: 36.9427%; text-align: center; height: 22px;">Scenery Journey 13% Nov. 2022</td><td style="width: 20.3822%; text-align: center; height: 22px;">$645 mln</td><td style="width: 17.5796%; text-align: center; height: 22px;">Nov. 6, 2021</td><td style="width: 24.9682%; text-align: center; height: 22px;">$41.93 mln</td></tr><tr style="height: 22px;"><td style="width: 36.9427%; text-align: center; height: 22px;">Scenery Journey 13.75% Nov. 2023</td><td style="width: 20.3822%; text-align: center; height: 22px;">$590 mln</td><td style="width: 17.5796%; text-align: center; height: 22px;">Nov. 6, 2021</td><td style="width: 24.9682%; text-align: center; height: 22px;">$40.56 mln</td></tr><tr style="height: 22px;"><td style="width: 36.9427%; text-align: center; height: 22px;">China Evergrande 7.5% June 2023</td><td style="width: 20.3822%; text-align: center; height: 22px;">$1.34 bln</td><td style="width: 17.5796%; text-align: center; height: 22px;">Dec. 28, 2021</td><td style="width: 24.9682%; text-align: center; height: 22px;">$50.43 mln</td></tr><tr style="height: 22px;"><td style="width: 36.9427%; text-align: center; height: 22px;">China Evergrande 8.75% June 2025</td><td style="width: 20.3822%; text-align: center; height: 22px;">$4.68 bln</td><td style="width: 17.5796%; text-align: center; height: 22px;">Dec. 28, 2021</td><td style="width: 24.9682%; text-align: center; height: 22px;">$204.77 mln</td></tr><tr style="height: 22px;"><td style="width: 36.9427%; text-align: center; height: 22px;">China Evergrande 11.5% Jan. 2023</td><td style="width: 20.3822%; text-align: center; height: 22px;">$1 bln</td><td style="width: 17.5796%; text-align: center; height: 22px;">Jan. 22, 2022</td><td style="width: 24.9682%; text-align: center; height: 22px;">$57.5 mln</td></tr><tr style="height: 22px;"><td style="width: 36.9427%; text-align: center; height: 22px;">China Evergrande 12% Jan. 2024</td><td style="width: 20.3822%; text-align: center; height: 22px;">$1 bln</td><td style="width: 17.5796%; text-align: center; height: 22px;">Jan. 22, 2022</td><td style="width: 24.9682%; text-align: center; height: 22px;">$60 mln</td></tr><tr style="height: 22px;"><td style="width: 36.9427%; text-align: center; height: 22px;">Scenery Journey 11.5% Oct. 2022</td><td style="width: 20.3822%; text-align: center; height: 22px;">$2 bln</td><td style="width: 17.5796%; text-align: center; height: 22px;">Jan. 24, 2022</td><td style="width: 24.9682%; text-align: center; height: 22px;">$115 mln</td></tr><tr style="height: 22px;"><td style="width: 36.9427%; text-align: center; height: 22px;">Scenery Journey 12% Oct. 2023</td><td style="width: 20.3822%; text-align: center; height: 22px;">$2 bln</td><td style="width: 17.5796%; text-align: center; height: 22px;">Jan. 24, 2022</td><td style="width: 24.9682%; text-align: center; height: 22px;">$120 mln</td></tr><tr style="height: 22px;"><td style="width: 36.9427%; text-align: center; height: 22px;">China Evergrande 8.25% March 2022</td><td style="width: 20.3822%; text-align: center; height: 22px;">$2.025 bln</td><td style="width: 17.5796%; text-align: center; height: 22px;">Mar. 23, 2022</td><td style="width: 24.9682%; text-align: center; height: 22px;">$83.53 mln (at maturity)</td></tr><tr style="height: 22px;"><td style="width: 36.9427%; text-align: center; height: 22px;">China Evergrande 9.5% March 2024</td><td style="width: 20.3822%; text-align: center; height: 22px;">$1 bln</td><td style="width: 17.5796%; text-align: center; height: 22px;">Mar. 29, 2022</td><td style="width: 24.9682%; text-align: center; height: 22px;">$47.5 mln</td></tr><tr style="height: 22px;"><td style="width: 36.9427%; text-align: center; height: 22px;">China Evergrande 9.5% April 2022</td><td style="width: 20.3822%; text-align: center; height: 22px;">$1.45 bln</td><td style="width: 17.5796%; text-align: center; height: 22px;">Apr. 11, 2022</td><td style="width: 24.9682%; text-align: center; height: 22px;">$68.88 mln (at maturity)</td></tr><tr style="height: 22px;"><td style="width: 36.9427%; text-align: center; height: 22px;">China Evergrande 10% April 2023</td><td style="width: 20.3822%; text-align: center; height: 22px;">$850 mln</td><td style="width: 17.5796%; text-align: center; height: 22px;">Apr. 11, 2022</td><td style="width: 24.9682%; text-align: center; height: 22px;">$42.5 mln</td></tr><tr style="height: 22px;"><td style="width: 36.9427%; text-align: center; height: 22px;">China Evergrande 10.5% April 2024</td><td style="width: 20.3822%; text-align: center; height: 22px;">$700 mln</td><td style="width: 17.5796%; text-align: center; height: 22px;">Apr. 11, 2022</td><td style="width: 24.9682%; text-align: center; height: 22px;">$36.75 mln</td></tr></tbody></table>Read More: <a href="https://www.businessinsider.com/real-estate-investing-property-picks-reit-retail-portfolio-strategy-principal-2021-10">Investing in these 6 under-the-radar REIT types can generate double-digit returns, according to the manager of a $25 billion real-estate portfolio</a>

Evergrande owes its creditors over $500 million that is due by the end of the year. Here's a breakdown of the payments it needs to make.

He was America's flashiest watch dealer. Then the feds caught up with him. 

<ul class="summary-list"><li><keyword id="11898782" type="UNKNOWN" weightage="60" keywordseo="michael-burry" source="Orion">Michael Burry</keyword> suggested <keyword id="11897862" type="UNKNOWN" weightage="60" keywordseo="elon-musk" source="Orion">Elon Musk</keyword> might want to sell some <keyword id="11900744" type="UNKNOWN" weightage="60" keywordseo="tesla" source="Orion">Tesla</keyword> stock to cover his personal debts.</li><li>The "Big Short" investor noted that the Tesla CEO had 88 million shares pledged as loan collateral.</li></ul>Michael Burry rejoined Twitter this week to suggest why Elon Musk was suddenly interested in selling <a href="https://markets.businessinsider.com/stocks/tsla-stock">Tesla</a> stock and to sound the alarm on dangerous speculation in financial <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword>.<h2>Musk's debts</h2>"Regarding what @elonmusk NEEDS to sell because of the proposed unrealized gains tax, or to #solveworldhunger, or ... well, there is the matter of the tax-free cash he took out in the form of personal loans backed by 88.3 million of his shares at June 30th," the investor tweeted.Musk <a href="https://www.businessinsider.com/musk-sell-tesla-stock-if-6-billion-solves-world-hunger-2021-11?r=US&amp;IR=TIR=T">recently offered</a> to sell $6 billion worth of Tesla stock if United Nations bosses could explain to him how the sum would solve world hunger. The Tesla CEO also <a href="https://www.businessinsider.com/elon-musk-proposes-selling-10-percent-tesla-stock-twitter-poll-2021-11?r=US&amp;IR=TIR=T">launched a Twitter poll</a> asking whether he should sell 10% of his holdings, citing pressure from US lawmakers pushing for a "<a href="https://markets.businessinsider.com/news/stocks/taxing-billionaires-would-raise-557-billion-elon-musk-billionaire-tax2021-11">billionaire tax</a>" that would target the ultrawealthy's unrealized stock gains.Burry's tweet implied that those might just be excuses. The investor of "<keyword id="11930437" type="UNKNOWN" weightage="60" keywordseo="the-big-short" source="Orion">The Big Short</keyword>" fame and head of <keyword id="11915969" type="UNKNOWN" weightage="60" keywordseo="scion-asset-management" source="Orion">Scion Asset Management</keyword> posted a link to a Securities and Exchange Commission filing in August that said Musk had pledged about 88 million shares, or 36% of his total stake, as collateral for personal loans as of June 30.Musk had 41% of his shares pledged as collateral for his debts at the end of December, and 48% as of June 30 last year, previous filings show.Burry appeared to be suggesting that Musk isn't eyeing a stock sale in order to feed millions of people, in response to a legislative proposal, or because he could <a href="https://www.businessinsider.com/elon-musk-tesla-stock-sale-options-twitter-poll-2021-11?r=US&amp;IR=TIR=T">face a $10 billion tax bill</a> when he exercises a slew of stock options that expire in August 2022.Instead, Burry's theory is that Musk needs some cash to service the loans he's taken out using his Tesla stock. That practice <a href="https://markets.businessinsider.com/news/stocks/warren-buffett-criticized-avoiding-taxes-deserves-break-philanthropy-lifestyle-loopholes-2021-6">drew heavy scrutiny</a> this summer after a <a href="https://www.propublica.org/article/the-secret-irs-files-trove-of-never-before-seen-records-reveal-how-the-wealthiest-avoid-income-tax">ProPublica investigation</a> detailed how some of the world's wealthiest people borrowed against their stock to minimize their tax burdens.<h2>Bubble fears</h2>Besides tweeting about Musk, Burry marked his return to Twitter with a new <a href="https://twitter.com/michaeljburry/header_photo">header image</a>. His choice of "Satire of Tulip Mania," a painting by Jan Brueghel the Younger that ridicules the <a href="https://www.businessinsider.com/tulipmania-bubble-story-2014-9?r=US&amp;IR=TIR=T">Dutch tulip bubble</a> in the 1600s, was undoubtedly a warning about the current market mania.The painting depicts tulip speculators as mindless monkeys and shows them weighing the bulbs, counting money, taking inventory, and going into debt, fighting over, and even dying for the flowers.Burry has <a href="https://markets.businessinsider.com/news/currencies/big-short-michael-burry-tweets-tesla-robinhood-bitcoin-gamestop-bubble-2021-3">painted</a> the immense hype around meme <keyword id="11893878" type="UNKNOWN" weightage="60" keywordseo="stocks" source="Orion">stocks</keyword> and cryptocurrencies and the frantic buying of Tesla shares and other assets as clear signs of rampant speculation.Moreover, Burry has in recent months <a href="https://markets.businessinsider.com/news/stocks/big-short-michael-burry-warns-stocks-options-dotcom-bubble-crash-2021-9">diagnosed a historic market bubble</a> and <a href="https://markets.businessinsider.com/news/currencies/big-short-michael-burry-warns-meme-stocks-crypto-crash-coming-2021-6">predicted a devastating crash</a>. His fund also <a href="https://markets.businessinsider.com/news/stocks/big-short-michael-burry-elon-musk-tesla-cathie-wood-ark-2021-8">held bearish put options</a> on shares of Tesla and Cathie Wood's Ark Invest at the end of June. Given that context, his choice of Twitter image suggests he sees history repeating itself.Musk and Tesla did not immediately respond to a request for comment from Insider.

'The Big Short' investor Michael Burry says Elon Musk may want to sell Tesla stock to cover his personal debts - and compares the market to the Dutch tulip bubble

<ul class="summary-list"><li>CMS said Thursday that it will limit insurance coverage for a controversial new Alzheimer's drug.</li><li>It will only cover drugs given an accelerated FDA approval for patients in clinical trials. </li></ul>Use of <keyword id="12729243" type="UNKNOWN" weightage="60" keywordseo="biogen" source="Orion">Biogen</keyword>'s controversial <keyword id="11948157" type="UNKNOWN" weightage="60" keywordseo="alzheimers-disease" source="Orion">Alzheimer's disease</keyword> treatment will officially be limited to a few thousand patients under The Centers for <keyword id="11896864" type="UNKNOWN" weightage="60" keywordseo="medicare" source="Orion">Medicare</keyword> and Medicaid Services' coverage decision announced Thursday. CMS, which is the largest insurer in the US, laid out its final guidelines for covering drugs that treat Alzheimer's disease using antibodies that target a harmful plaque in patients' brains called amyloid beta. Under the coverage policy, drugs that are approved through the traditional Food and Drug Administration approval process will be available to all Medicare and Medicaid recipients. But drugs that receive an accelerated approval, like <keyword id="11400787" type="UNKNOWN" weightage="60" keywordseo="aduhelm" source="Orion">Aduhelm</keyword>, will only be available to people involved in clinical trials, due to an increased risk of brain bleeds.Alzheimer's disease affects around 6 million people in the US. About 5 million of them rely on Medicare, so getting the federal insurer to cover the drug is key for business.The decision heavily impacts Biogen, which got accelerated approval for its drug Aduhelm in June 2021. The company has struggled to get <keyword id="11897506" type="UNKNOWN" weightage="100" keywordseo="healthcare" source="Orion">healthcare</keyword> practitioners and insurers to embrace Aduhelm, leading to <a href="https://www.businessinsider.com/alzheimers-drug-aduhelm-had-one-of-worst-launches-in-history-2021-12">one of the worst drug launches in modern history</a>. It also poses a new challenge for Eli Lilly, which plans to ask for accelerated approval for another Alzheimer's treatment, donanemab, later this year. The companies did not immediately respond to a request for comment. <h2>The decision is a hiccup after a controversial FDA approval</h2>Biogen ran two late-stage clinical trials of the drug, one of which failed to show any benefits for patients, while the other appeared to show Aduhelm worked. The FDA ultimately decided to approve the drug through a special mechanism called an accelerated approval, which means Biogen can begin selling Aduhelm but needs to run a new clinical trial to prove it works. Biogen plans to start a 1,300-person study later this year. Physicians like University of Southern California neurology professor Lon Schneider and Mayo Clinic neurologist Dr. David Knopman have told Insider the drug never should have received an accelerated approval. "The FDA, in using the accelerated approval mechanism, they could not endorse any evidence of demonstrable clinical benefit. That's what their press release said in so many words. That seems illogical to me," <a href="https://www.businessinsider.com/doctors-resign-from-fda-panel-after-aducanumab-biogen-approval-2021-6">Knopman said in June</a>. <h2>Private insurers will need to weigh whether to cover Aduhelm and similar drugs</h2>Private companies that offer <keyword id="12394097" type="UNKNOWN" weightage="60" keywordseo="medicare-advantage" source="Orion">Medicare Advantage</keyword> plans are<a href="https://www.medpac.gov/wp-content/uploads/import_data/scrape_files/docs/default-source/reports/jun18_medpacreporttocongress_rev_nov2019_note_sec.pdf"> required to reimburse drugs that are covered by CMS</a>. But if Medicare puts out rules that are vague, Medicare Advantage plans may have more discretion to make their own determinations, according to Desiree Otenti, senior director of medical policy and program implementation at Blue Cross Blue Shield of Massachusetts.States like Oregon, meanwhile, are <a href="https://www.statnews.com/2021/12/14/oregon-wants-to-get-out-of-covering-drugs-like-aduhelm-in-medicaid/">hoping to get out of a federal policy</a> that requires their state Medicaid programs — which serve low-income households — to cover drugs like Aduhelm that receive an accelerated approval. CMS had already raised Medicare premiums <a href="https://www.cnn.com/2021/11/16/politics/aduhelm-alzheimer-medicare-increase/index.html">to accomodate Aduhelm</a>, which cost $56,000 until Biogen cut the price on Jan. 1. The agency is now reassessing that price hike. SVB Leerink analyst Marc Goodman had originally thought that Aduhelm sales could reach $31 million in 2021 and $525 million in 2022. But many healthcare centers and insurers have shied away from offering the drug so far. As a result, Aduhelm had made just $3.3 million by the beginning of December, <a href="https://www.bloomberg.com/news/articles/2021-11-26/biogen-stock-plunges-40-since-june-on-alzheimer-s-drug-turmoil">causing its stock to drop by 40%</a>. A surprise retirement of Biogen's head of Research and Development in November 2021 also shook investor confidence. This article was originally published in January and has been updated to reflect CMS' final coverage decision.

Medicare sticks by decision to limit coverage of a controversial Alzheimer's drug to people involved in clinical trials

Inside the tawdry, drug-fueled, violent world of America's top life insurance salesmen

<ul><li><keyword id="81680" type="COMPANY" weightage="20" keywordseo="MM-Financial-Services">M&amp;M Financial Services</keyword> is hitting the market with a ₹3,089 crore rights issue, today.</li><li>Business Insider caught up with the Vice Chairman and Managing Director <keyword id="284481" type="PERSON" weightage="20" keywordseo="Ramesh-Iyer">Ramesh Iyer</keyword> in an exclusive chat and posed the following questions. </li></ul>M&amp;M Financial Services, a non-banking finance company with a market capitalisation of ₹15,000 crore (over $2 billion), is hitting the market with a ₹3,089 crore rights issue. Existing shareholders will get rights to buy additional shares in the company at a cost of ₹50 a piece, a discount to the current market rate of a little less than ₹130. This kind of fundraising is usually undertaken to shore up capital and increase the net worth of the company. <div type="image" title="M&amp;amp;M share fin" msid="77212373" hostid="261"></div> However, this says a lot about what the company believes are the prospects in the near term. Business Insider caught up with the Vice Chairman and Managing Director Ramesh Iyer in an exclusive chat and posed the following questions. You can watch the entire interview here. <div type="twitter" handle="BiIndia" handlename="Business Insider India🇮🇳" image="http://pbs.twimg.com/profile_images/1232926719016718336/sfffJHNV_normal.jpg" favoritecount="6" retweetcount="0" status="#HangoutwithBI | @BiIndia's @iyer_sriram in conversation with @ramesh_md, VC &amp; MD of @MahindraFin as investors prep… https://t.co/bQBjcyl9k7" createdat="1595842176000" id="1287681535068344321"></div> These are the edited transcripts of the interview. What do you make of the market reaction that the stocks have been tumbling down for the past few days? Why aren't investors excited about this? So, I am not too sure the market going down has anything to do with the Rights (issue). I think there is mixed news coming around on what's happening in rural (areas), how the market is panning out, if there's going to be a next moratorium, right? And, if the moratorium was not to be there, how do the NPA’s and the industries start to perform? So, I think it's all at the back of the performance and not anything to do with the Rights Issue. What is the goal of the rights issue? So clearly it boosts the capital base but the overall money is about ₹3,100 crore, which is at the current level equal to one-months disbursement. So, don't look at it from a cash flow perspective, look it from a cash boost perspective. Straight away from the 15-17% capital adequacy you go to 19-20% adequacy level, which gives you phenomenal leverage capital and gives you room space for growth in future. And, for some reason, you know the market conditions turn negative because of COVID. And (if) COVID turns much larger than anybody imagines, then it also addresses your insolvency issues and you remain absolutely strong. So it's a stitch in time or preparing for the worst and aiming for the best? I think when we discussed the need for capital and Rights Issue as a format in April, obviously, we thought we should prepare for the worst. Because you know the lockdown has just begun and nobody had a clue on how long it will stretch and the moratorium got announced, and you know everything is going negative, no sales happening. That's why everyone wanted to be prepared for the future. As came May and June, and then we started seeing the phenomenal revival of the rural market. The pitch turned to that if things are getting better, you will have a phenomenal opportunity of taking the growth of 35% (YoY), and that, again, will need capital. So you are gunning or 35% growth again this year? Not this year, this year is out of the question. I think nobody will talk about growth this year. I think everybody should look at … if it's beginning to happen. If you look at March volumes, it will be at 50-60% of the previous year. Because you have already lost a quarter without doing much in the market. And, July and August are not going to be kind of very aggressive. Anything that will happen will happen post-October. Any growth anyone is taking is I guess 2021, 2022, 2023 kind of a story. I think FY21 is gone, you will have much smaller volumes, and all of ourselves will fight to keep ourselves afloat. Let's talk about cost-cutting and the changes you are making? Cost of funds has definitely come down as you said. And, you know, even pre-COVID, if you look at our Q2, Q3 last year also. We have said that we will also focus on various cost initiatives, and we look at line item wise. For a company like ours, we will not have only one line item completely cut by, and that will save a lot of costs. So are you shutting down branches? No, we are not. So what we are actually doing is we have looked at each line. For example, we looked at the branch rent rationalising. So we renegotiated rent, we have moved to new places and all kinds of stuff. The second is all the peripherals attached to the branch like securities or weather BPO services, below the line advertising and funding exercises, the travelling and conveyance expenses. So if you use a little more technology and digital, you will be able to bring down conveyance cost. On the people front, our belief has been very different and very strong. We think that if at all you are talking of people cost that should be the last to look at but can't be the starting point. We have cumulatively 2 million customers from whom we have to recover money. So you need people for that, you may not grow that year, but you need people for what you have done already. And, branches are on that also. Each branch will have 3000-4000 customers to manage. You can't just shut a branch looking at some few thousand rupee cost. Once the market revives, some of those expenses will return. But our own understanding is that at least about 20% of the expenses come down from the previous year, even if things were to return to absolute normalcy. Your NPAs level is around 10%. Is that correct and if that is correct, where do you see this by the end of March? So two things have happened while the gross has been a little higher than March, but the net has been lower than March. So we have taken a little aggressive position based on the geographies and based on certain product behaviours and segments, there have been some higher provisions. So as we progress you the next six months, which is normally the good six months, we would not see a decline in the gross NPA, and we will maintain our stance on aggressive provisions. And, we will have a very close look at understanding what's happening in the market. And, if we start seeing things are not improving as we think, then we may take higher provision, whichever is necessary. COVID is now spreading beyond cities, is that something you are taking into account yet? I think it is important to look at rural from a very different perspective. We are seeing UP, we are seeing cases, we are seeing Bihar, we are seeing cases. But is it concentrated at one place, no, unlike major cities where it is concentrated in numbers. In rural it's a very wide number like in some villages 2 cases and in some other villages some few cases, so it does not affect the overall economic activity of that place. So even as we speak and we are also seeing this number going up in different cities, but that's not affecting the local activity completely, because it's not concentrated and the activities are spread across like farming, that is not going to be affected even if some cases are there. What has been the trend like for M&amp;M Financial Services? In June more than 40% of the people who opted for the moratorium have actually repaid their instalments. My understanding is you will see from the fourth quarter, i.e. January onwards or maybe for October, you will start seeing good trends but Jan onwards one can start seeing the infra cash flow coming in. And that should do good for the rural. What have your collection trends been like? From April to May, it was double of April. April was a disaster at 14-15%. It went to 25% or 30 in May. And went up to upwards of 77% in June. And, July good news is that as we see our numbers. It is equal or better than our June number. It's holding up very well. Does that seem like a level that's going to continue for some time? I think July-August enrols no major activity even in normal time, when monsoon is around the economic activity comes down. The real test will be what happens in the third quarter— post the monsoon. How does the festival season pan out - when the activity begins to happen. And when the monsoon ends, what's the outcome of the monsoon? Is the yield likely to be good? I think the third quarter will be the test, and you will start seeing post-November money will start coming in, stretching till February. What happens if the government goes for another lockdown and another moratorium ? What at least we see from a retail customer perspective is not all of them need a 90-day moratorium. Some of them need a restructuring of the loan because they need a smaller EMI because their income has shrunk and they are not able to repay so much, Some of them want a much extended period of debit. Some of them want a shorter moratorium; maybe a 1-month moratorium because let's take a farmer, he may say my money is going to come in November, right, so please give me 30 or a 45-day moratorium, not a 90 day because I don't want to bear that interest. So, if you were to take it this way then my point of view would be— restructuring would be a good approach where an institution can look at each customer and segment and then look at what is required. For example, a heavy commercial vehicle operator, 90 days may be insufficient because he may start earning only post-January or whenever because currently, he has no volumes to carry, Right? So, now you have given 90 days, he will consume that 90 days, and again he is going to be not able to pay it, once he opens up in January. So, if you put all of this together at least at the retail level, our understanding is if you give a restructuring which is a responsibility of the company to see to whom you want to give and what kind of a restructuring you want to give and put in place an approved process by which you will be monitoring it. But that is a risk, right? But then, there is enough ring-fencing, they have said that freeze the accounts as of February 29, and they should be standard account on that. There should not be more than two instalments outstanding on that day, they should not already be an NPA account, so there is a very clear ring-fencing which has happened. It is then ultimately the responsibility of the organisation - whom do you give what kind of restructuring and what kind of a time frame. So, you know that's what the ask is, or a request is that if it can be considered on a restructuring basis with responsibility. Have you made any change in the term of the assets whom you were lending to, in a post COVID scenario? Not because of post-COVID, I think it's an outcome of an absolute volume for each product. If April was no sales month. May saw more tractors sales and less vehicle sales and June continued that way. If you look at the monthly disbursement. I think 45-50% of the disbursement went to tractors. And, the balance went to other vehicles. But on an overall, where the book is concerned, one month doesn't tell the balance. What is your current mix like? So about 17-18% is tractor, another 25% would be <keyword id="45224" type="DOMAIN" weightage="20" keywordseo="Mahindra">Mahindra</keyword> auto parts. Then cars about 28%, then pre-owned vehicles about 10% and then small commercial vehicles and commercial vehicles all together will be 8-10%. I think SME has dropped to around 1-2%. Is it a concern on heavy reliance on the automotive sector because of the trouble that the sector is going through? I think that's not the right thing. It is divided between urban and rural again. I think what you don't see is an auto demand. It's not an urban phenomenon. If you talk to any OEM (original equipment makers e.g car manufacturers), they are all talking of rural revival. Dealerships have improved. Actually, the real constraint for the auto current is supply. They are not able to make vehicles available to the dealership while there is sufficient demand for small cars, pickups, small three-wheelers, this kind of product. And the inventory levels at the dealerships is at its lowest. I think if they can make sufficient vehicles available, I think there is enough demand. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/tech-mahindra-sees-sharp-slowdown-in-all-verticals-except-media-and-entertainment/articleshow/77197985.cms" data-type="tilCustomLink">Tech Mahindra sees sharp slowdown in all verticals except media and entertainment</a> <a href="https://www.businessinsider.in/india/news/escorts-earnings-only-show-that-calling-a-rural-recovery-right-now-would-be-pompous-all-eyes-will-now-be-on-mm/articleshow/77200867.cms" data-type="tilCustomLink">Escorts earnings only show that calling a rural recovery right now would be pompous⁠— all eyes will now be on M&amp;M</a>

EXCLUSIVE: M&M Financial Managing Director gets candid about the rights issue, the bleak prospects for this year and why there should be no more loan moratorium

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