Media Navel Gaze: April 14, 2014
The Week Unpeeled
The Heartbleed bug grabbed headlines and seemed to cause near panic among some Internet experts especially amid word on Friday that the NSA knew about the "hole" but kept mum to gather info; Changing passwords was in vogue late in the week.
- Bill Gross of Pimco kept the El-Elrian departure story alive by saying on Bloomberg TV, "Come one, Mohamed, tell us why"; no direct answer why though;
- Tech stocks tumbled pretty hard last week and brought down the overall market, with the Dow sliding 2.4 percent to end Friday at 16,026; bulls seem to be hiding;
- The Feds raised the amount of money banks must hold in reserve against its assets at 5 percent from 3 percent, which means the biggies must keep as much as an additional $68 billion or perhaps cut back some risky activities;
- Meanwhile, bank profits were mixed with Wells Fargo up 14 percent (consumer lending strength) while JP Morgan, the largest measured by assets, dropped 19 percent; and
- Stephen Colbert of Comedy Central "Colbert Report" fame will host "Late Show" post David Letterman's departure.