Financial Daily Dose 10.7.2021 | Top Story: Data Breach at Twitch Reveals Streaming Site’s Inner Workings

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Live-video streaming site Twitch, an Amazon company, revealed on Wednesday that it “had endured a data breach that security researchers believe may have provided sweeping insight into the platform’s computer code, security vulnerabilities and payments to its content creators” - NYTimes and WSJ and Bloomberg and MarketWatch

Facing pressure from their intransigence, Senate Republicans have offered to green light a process that would lead to a short-term debt ceiling relief as the threat of a “first-ever default on federal debt looms” large - NYTimes and WSJ and Bloomberg and MarketWatch

Finance execs are warning that the uncertainty over the possible default is already harming the economy – NYTimes

Weeks after Nabisco bakers resolved demands that led to their walkout, the workers behind Kellogg cereal brands called their own strike at factories in four states over dissatisfaction with “job protections, vacation and holiday pay, and health care” - NYTimes

This week’s Senate hearing with Facebook whistleblower Frances Haugen has rippled beyond U.S. borders and is prompting lawmakers in Europe to call for “new regulations aimed at the social media company and other Silicon Valley giants, proposals considered by many to be among the most stringent and far-reaching in the world” - NYTimes

In response to this recent scrutiny, Facebook is reportedly delaying “the rollout of new products in recent days” in order to conduct “’reputational reviews’ to examine how Facebook may be criticized and to ensure products to adversely impact children” - WSJ

Robinhood CLO Dan Gallagher not exactly endearing himself to SEC regulators already keenly interested in his company in his comments to the Security Traders Association this week, accusing the feds of encouraging a “nanny state” rather than adapting to a changing online brokerage industry - Bloomberg

Former Safeway CEO Steven Burd took the stand mid-week in the Holmes criminal fraud trial to discuss the Theranos founder’s promises to him when the grocery-store chain “decided to invest $350 million in a partnership with the blood-testing company” - WSJ and Law360 and NYTimes

Bloomberg CityLab on the pre-interstate United States and the electrified interurban railways that “connected small towns and large cities throughout the U.S. at the turn of the 20th century” - Bloomberg

Stay safe, and get vaxxed,

MDR

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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