United States: What we’re reading this week [October 11, 2021]
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CNBC discusses the latest Labor Department report on the US labor market. According to the report, 4.3 million workers left their jobs in August, most of them in the hospitality and retail sectors. The number of job vacancies also fell sharply during the month as new hires fell. [CNBC; Oct. 12, 2021]
Bloomberg examines the stablecoin tether and the growing regulatory and public concerns about its liquidity. The $ 69 billion worth of stable coins in circulation are said to be backed by $ 1 for each issue, but Tether’s dollar reserves, which some critics claim do not exist, now threaten to be broader, systemic risk to the financial system. [Bloomberg; Oct. 7, 2021]
The Wall Street Journal reports that a New York bankruptcy judge overseeing the Chapter 11 case of the owners of the Williamsburg Hotel has dismissed attempts by the U.S. trustee to replace hotel management and turn the case into Chapter 7 liquidation, causing the case to come with a proposed restructuring plan can be continued. [WSJ; Oct. 6, 2021]
Reuters reports on a recent ruling by the Tenth Circuit found that a 2017 law that increased fees payable to the U.S. trustee is unconstitutional because fees are not uniformly levied in all states, including the States that have bankruptcy administrators instead. This decision deepens the rift between the circles on this issue, with the Second and Tenth Circles identifying violations of the U.S. Constitutional requirements for bankruptcy uniformity and the fourth and fifth circles upholding the 2017 law. [Reuters;
Oct. 5, 2021]
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