Bloomberg Businessweek
Wall Street Focuses on Banks Ahead of Fed Decision
Jul 18, 2023
Walter Todd and Alison Williams analyze earnings from Morgan Stanley and Bank of America. Sean O’Kane and Scott Painter discuss the impact of Tesla cutting car prices. Tom McGee shares insights on June retail sales data. Joel Weber and Peter Robison talk about bacteria-tainted eyedrops. Also, market rally and investment strategies are discussed.
52:15
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Quick takeaways
- The FDA's oversight of over-the-counter medicines is lacking, leading to risks to public health and the need for robust regulatory oversight.
- BlackRock's appointment of the CEO of Saudi Aramco to its board raises questions about the compatibility of ESG principles and financial interests, highlighting the tension between divestment from fossil fuels and the global economy's reliance on these industries.
Deep dives
Unchecked Bacteria-Tainted Eye Drops Causes Blindness and Death in the US
An investigation reveals how the FDA's oversight of over-the-counter medicines falls short when it comes to ensuring their safety. A case study involving bacteria-contaminated eye drops, which blinded and caused deaths, highlights the risks of relying on an outdated system for regulating OTC products. The story exposes the lack of scrutiny and testing that occurs before these products reach store shelves, particularly those manufactured abroad. The alarming revelation serves as a stark reminder of the importance of robust and vigilant regulatory oversight to protect public health.
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