DealBook Briefing: Herman Cain Says the Fed Can’t Afford Him

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President Trump said yesterday that Herman Cain no longer wanted to join the Federal Reserve board. Political analysts want to see if Stephen Moore, another potential nominee whose qualifications are in question, will follow.

Mr. Cain faced accusations of sexual harassment and criticism of his qualifications for becoming a Fed governor. At least four Republican senators planned to oppose his nomination — enough to kill his chances.

The salary wasn’t enough, according to Mr. Cain, a former pizza company C.E.O. who sought the Republican presidential nomination in 2012. “Without getting too specific about how big a pay cut this would be, let’s just say I’m pretty confident that if your boss told you to take a similar pay cut, you’d tell him where to go,” he wrote on a conservative website. (Fed governors earn $183,100 a year.)

Mr. Moore is also under pressure. He, too, has a more political background than is typical at the Fed, most notably as founder of the conservative group the Club for Growth. And he’s written some derogatory things about women: He once argued that female tennis players “want equal pay for inferior work” and that women should be banned from the N.C.A.A. men’s basketball tournament unless they were attractive.

The bigger issue is the Fed’s independence and whether Mr. Trump favors candidates who would erode it. “As long as Mr. Trump continues his Twitter campaign against Chairman Jerome Powell and the Fed, he’ll be hamstringing his own nominees and the broader case for more intellectual diversity” at the central bank, the WSJ editorial board writes.

• “Ms. Whittaker, an artificial intelligence researcher, said in the letter that she had also been ‘informed my role would be changed dramatically.’ ”

“More than 300 other employees have shared stories of retaliation since the walkout, Ms. Stapleton and Ms. Whittaker wrote in their letter.” They said they planned to share theirs at a company meeting on Friday.

Google said, “We prohibit retaliation in the workplace, and investigate all allegations.” The company added that “employees and teams are regularly and commonly given new assignments, or reorganized, to keep pace with evolving business needs. There has been no retaliation here.”

But the global meat industry stands to benefit. Hog futures in Chicago have rallied, on the hope of more exports to China. Shares in the Brazil-based JBS, the world’s biggest meat processor, have also jumped.

Sahred From Source link Business

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