Week InReview
Friday | Apr 10, 2020
Video of the week.
CONTENTS | Washing your hands | Social distancing | Don't touch your face | Working from home | Toilet paper hoarding
in case you missed it...
The Federal Reserve said Thursday it will invest up to $2.3 trillion in loans to aid small and mid-sized businesses and state and local governments as well as fund the purchases of some types of high-yield bonds, collateralized loan obligations, and commercial mortgage-backed securities. (Bloomberg Economics | Apr 9) see also Billions idled at banks after regulators balk at following Fed

The Financial Industry Regulatory Authority said it will take the same approach as the Securities and Exchange Commission when reviewing broker-dealers and their associated persons for compliance with Regulation Best Interest and the Customer Relationship Summary form. FINRA, the enforcer of Reg BI, also emphasized that it will not ignore suitability violations. The news comes a day after the SEC’s Office of Compliance and Examinations  released two risk alerts detailing the scope and content of exams for compliance with Reg BI and Form CRS. (ThinkAdvisor | Apr 8)

On April 2, the day that Covid-19 infections around the globe hit 1 million, managers inside JPMorgan Chase & Co. were emailing their latest plans for staffing New York-area trading floors amid the deadly pandemic. One worker on the sales team noticed a colleague wasn’t on the list and asked where he’d be. “Corona Town, U.S.A.,” the person wrote back. Then one of the bank’s credit-trading leaders, Nicholas Adragna, weighed in: “The trading desk will be in the office unless they have a medical condition with a dr’s note.” More than 100 employees were on the message chain seen by Bloomberg, and some were horrified. (Bloomberg Markets | Apr 7)

Downgrades by S&P and Moody’s this month stripped the company of its investment-grade status once again, sending $36bn of debt back into junk territory. At the same time, the cuts have fed fears over the effects of a series of fallen angels — the moniker given to companies that lose their investment-grade title. (Financial Times | Apr 7)

The New York Stock Exchange is planning to review the effectiveness of market-wide systems designed to dampen extreme volatility after circuit-breakers were tripped several times last month during a stampede from risky assets. In mid-March US markets saw a series of 15-minute halts to trading following big drops in the S&P 500 index, as investors spooked by the spread of coronavirus scrambled to dump positions. (Financial Times | Apr 7)
the cyber cafe
Covid-19: Going to war with the cybersecurity you’ve got
There is a saying in the military —  You go to war with the army you’ve got, not the army  you wish you had . The same is true in the battle against Covid-19. The time has passed for tabletop exercises and carefully crafted policies about cybersecurity. We are in the fight now. We all wish that we were better prepared. Every organization, in every war, has felt the same way. Here are some things to consider.
—  MedCity News

State-backed hackers using virus to increase spying, U.K. and U.S. warn
In a rare joint assessment released on Wednesday, Britain’s National Cyber Security Centre  –  a branch of signals intelligence agency GCHQ  –  and the U.S.'s Cybersecurity and Infrastructure Security Agency (CISA)  –  part of the Department of Homeland Security  –  highlighted the “growing use” of Covid-19 in state-sponsored cyber attacks.

Warning: Beware of fake CDC emails with malware, ransomware
On Wednesday the National Sheriff’s Association issued a warning about fake CDC emails. According to the NSA, the FBI is investigating bogus emails that are being sent to people claiming to be from the CDC, with links containing malware or ransomware.
—  ArkLaTex
binge reading disorder
Here are some tiny luxuries to keep you sane in dark times
In these deeply uncertain times, it’s really the little things that can keep us sane. Here are 25 additional at-home luxuries that we’re cherishing right now. Use them to transform your social distancing experience, or as a gift guide for friends in need of a boost.

Why stress-baking & cleaning make you less anxious
These are more than desperate attempts at self-soothing. It turns out that homekeeping and self-care activities like meditating, cooking, cleaning, and even just stocking the pantry can help stop cycles of anxiety and depression by changing how the human brain self-regulates. Here’s why stress-baking or cleaning feels so good, neurologically speaking.
—  Wired

Shipping delays? Out-of-stock items? Amazon isn't the only shop online
Massive order volume, fueled by the global coronavirus crisis, is causing a logistics backlog at Amazon. Shoppers accustomed to receiving packages in a matter of days  –  the main perk of the $120-a-year Prime membership  –  are now  waiting for up to a month  for items like laptop chargers, coffee makers and hair-cutting kits. And for a good reason: Amazon is  prioritizing essential items such as medical supplies.
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