Odd Lots

Sujeet Indap, Wall Street Editor at the Financial Times and author of The Caesars Palace Coup, dives into the intense world of creditor-on-creditor violence. He reveals how the rise of 'cov-lite' loans has led to fierce competition among investors scrambling to recover their stakes from distressed companies. Indap discusses the legal battles increasing costs for big players, the crafty loopholes exploited by hedge funds, and offers insights into the complex dynamics of leveraged loans and private equity during financial unrest.

Janet Lorin, Bloomberg's higher education finance reporter, discusses the perilous position of Harvard's endowment as it risks being surpassed by the University of Texas. She explores the reasons behind Harvard's decline, including management controversies and unique advantages for Texas driven by energy revenues. The conversation highlights the shifting landscape of university endowments, fundraising challenges, and the implications of investment strategies in private equity. Lorin also touches on alumni reactions to recent controversies affecting donations.

Odd Arne Westad, a Yale history professor and co-author of 'The Great Transformation: China’s Road from Revolution to Reform,' dives into China's remarkable shift to a capitalist economy. He discusses pivotal reforms under Deng Xiaoping and the impact of the Cultural Revolution. The conversation reveals the intricate relationship between economic changes and political stability. Westad also highlights the individual stories of resilience during this transformation and critiques common misconceptions about China's opening up to global markets.

Jetson Leder-Luis, an assistant professor at Boston University and a research fellow at NBER, dives into the murky waters of government fraud. He discusses how schemes like ambulance fraud and identity theft siphon billions from programs like Medicare and Medicaid. The conversation sheds light on the explosion of fraud during the pandemic, particularly in unemployment insurance. Leder-Luis also emphasizes the role of whistleblowers and data analysis in combating these issues, highlighting the urgent need for effective anti-fraud strategies.

In the final episode of our special three-part series exploring the US economy through the chicken industry, we’re taking a look at market competition. Chicken in the US is dominated by a handful of huge poultry processors. But new technologies,  like algorithmic pricing, are also leading to accusations of anticompetitive corporate behavior that can potentially create bad outcomes for both consumers and workers. We’re using poultry to trace the evolution of America’s approach to antitrust and learning what’s different now. You’ll hear from senior officials at the Department of Justice about how concentration in chicken and elsewhere is impacting the economy, and what can be done to fix it.    Become a Bloomberg.com subscriber using our special intro offer at bloomberg.com/podcastoffer. You’ll get episodes of this podcast ad-free and exclusive access to our daily Odd Lots newsletter. Already a subscriber? Connect your account on the Bloomberg channel page in Apple Podcasts to listen ad-free.See omnystudio.com/listener for privacy information.

Maren McKenna, journalist and author of "Big Chicken," teams up with Craig Watts, a former poultry producer from North Carolina, to explore the evolution of chicken farming in America. They dive into the drastic changes from small-scale operations to large poultry corporations, examining the industry's impact on labor markets and profit distribution. Watts shares his insights on the exploitative tournament system that burdens independent farmers, raising critical questions about animal welfare and the future of agriculture.

In this engaging discussion, Glenn Hickman, President of Hickman's Egg Ranch, delves into the intriguing dynamics of the chicken market amidst rising prices. He explores the quirky phenomenon of 'chickflation'—how consumer love for chicken remains strong despite soaring costs. Hickman also examines the impact of avian flu on egg prices and the broader poultry industry. Listeners will gain insights into how supply chain issues and inflation affect what we pay for our favorite chicken dishes, highlighting the interconnectedness of economics and consumer behavior.

Richard Clarida, former Fed Vice Chair and current Economic Advisor at Pimco, discusses the Federal Reserve's recent rate cut and the uncertainty surrounding future monetary policy. He shares insights on inflation trends and how upcoming political changes could influence economic stability. Clarida emphasizes the challenges the Fed faces in balancing short-term data with long-term projections. Additionally, he delves into the intricate relationship between the central bank and political pressures during the Trump administration.

Delve into the fascinating world of the chicken industry and its broader economic implications. Discover why chicken sandwiches have taken over while also examining societal trends influencing consumer choices. The discussion touches on rising prices of eggs and meat, revealing insights on inflation and the labor market. Additionally, there's an intriguing look at data-driven marketing strategies and the pivotal role of therapy in our lives. Get ready for insights sprinkled with humor and relevance to today's issues!

Steven Kelly, Associate Director of Research at Yale’s Program on Financial Stability and a financial markets expert, discusses the evolution of risks in the banking system. He explains the shift of lending from traditional banks to private credit, revealing how this has created new challenges. Kelly emphasizes that while risks may appear to be minimized, they often return, especially when outside entities rely on banks for leverage. The conversation highlights the need for proactive regulation to manage these evolving financial landscapes.