Wednesday, June 12

ByKevin Sheekey

U.S. Regulator Warns: Climate Change Poses Major Risks to Financial Markets (New York Times)
The financial risks from climate change are comparable to those posed by the mortgage meltdown that triggered the 2008 financial crisis, said Rostin Behnam, who sits on the federal government’s five-member Commodities Futures Trading Commission, a powerful agency overseeing major financial markets including grain futures, oil trading and complex derivatives.

“If climate change causes more volatile frequent and extreme weather events, you’re going to have a scenario where these large providers of financial products — mortgages, home insurance, pensions — cannot shift risk away from their portfolios,” he said. “It’s abundantly clear that climate change poses financial risk to the stability of the financial system.”

Flashback to June 5: Companies Make Progress Gauging Climate Risk as Pace of Global Warming Makes Resilience Strategies Urgent, According to Task Force on Climate-Related Disclosures (TCFD) (Bloomberg)

Where Trump is Taking the U.S. on Climate: Reviving Dirty Industries of the Past and Undermining Clean Industries of the Future (New York Times opinion – Thomas L. Friedman)
If you want to know what a real president would be doing, just look at Michael Bloomberg’s “Beyond Carbon” initiative, which has committed $500 million for the biggest coordinated campaign ever to promote clean energy.

Nine new governors were elected in 2018 on platforms to power their states by 100 percent clean energy, as California has already committed itself to. Some are small, like New Mexico, and may need technical assistance for their plans. “Beyond Carbon” is designed to support such states. It also offers aid to utilities, cities and businesses that need help or staffing to adopt innovative programs to clean their air and water and to lower carbon emissions, particularly by shutting down coal power plants and replacing them with clean energy.

Learn more at

Climate of Hope: Remote Region in China Tries to Set Clean-Power Record (Bloomberg)

The Race to Succeed Theresa May: Boris Johnson Pitches for Leadership with Pledge of Brexit on Oct. 31 (Bloomberg)

2020 Update: Trump’s Re-election Crisis (Axios)
Everywhere he looks, President Trump can see flashing warnings that his re-election is in serious peril, a week ahead of his official campaign launch next Tuesday in Orlando. The state of play: His internal polls show it, national polls show it and even a poll in reliably conservative Texas shows it — all as Trump should be crushing it. Unemployment is at a near-historic low. The economy is growing. Peace and prosperity abound. But his numbers are sagging.

Most Read on the Bloomberg:
Morgan Stanley, Citi Continue to Warn of a Slowdown in Trading
“The last two weeks have been quite hard. Up until then, it was solid. We’re not going to have a bad quarter in the securities business, but you’ve got to be realistic with the environment,” Morgan Stanley CEO James Gorman said Tuesday at an industry conference in New York.

Today in Trade: Nancy Pelosi Vows to Review Hong Kong Trade Ties Over Extradition Bill (Bloomberg)

Financial News:
-Hong Kong Markets Roiled by Interbank Rate Squeeze Amid Protests
-SEC’s New Broker-Conflict Rules Face Multiple Challenges (Bloomberg Law)
-Crypto Exchanges Are Facing Their Biggest Regulatory Hurdle Yet (Bloomberg)

Saving Lives Through Road Safety: 195,000 Deaths and Serious Injuries Could Be Prevented in Argentina, Chile, Mexico and Brazil if Vehicle Safety Regulations Were Applied (Bloomberg Philanthropies)
More than 25,000 Latin American lives could be saved and over 170,000 serious injuries prevented by 2030 if United Nations vehicle safety regulations were applied by four key countries in the region – Argentina, Chile, Mexico and Brazil, according to a new report commissioned by Bloomberg Philanthropies.

“Deaths and serious injuries from vehicle crashes are preventable, and we know what works, said Dr. Kelly Henning, Director of the Public Health program at Bloomberg Philanthropies. “Requiring the UN priority safety features in passenger cars, including measures to protect pedestrians and bicyclists, could save many thousands of lives in the four countries studied and is a sound investment by governments.”

Style section. It’s Back! Velcro, a Staple of 1980s Kids’ Clothes, Secures Comeback Status (Bloomberg Businessweek)

Best of late night.

On a Russian warship nearly colliding with U.S. cruiser in the Philippine Sea on Friday:

“Let’s be honest, that had to be on purpose. Do you know how big the ocean is? You really have to go out of your way to collide with someone… It’s like walking into someone at Ted Cruz’s birthday party. There’s no else there!”
–Trevor Noah

On President Trump and former Vice President Joe Biden both campaigning in Iowa on Tuesday:

“Usually when two guys over 70 go on the same trip, it’s a movie starring Jack Nicholson and Morgan Freeman.”
— Jimmy Fallon

On the Democratic presidential candidate forum in Iowa Sunday where candidates were given 5 minutes each to speak:

“Giving a politician only five minutes for a speech is never enough. It’s like telling a vegan that they can only post ten times a day online about how they’re vegan.”
–Trevor Noah

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