WALL STREET
William D. Cohan
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April 26, 2026
S.B.F. Alternate Histories & Ellison “Ticking Fee” Fears
Even as he withdrew his latest plea, Sam Bankman-Fried has been pushing another argument in the court of public opinion: that if FTX hadn’t been forced into bankruptcy, his biggest investments would be worth some $114 billion by now. Plus, notes on Zaslav’s golden parachute—and how a state antitrust intervention could sweeten the deal.
William D. Cohan
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April 22, 2026
The Great Train Bankruptcy
A rare, privately owned U.S. rail line between Miami and Orlando is proving popular with riders, but a $6 billion debt pile is pushing Brightline and its hedge fund owners toward a likely restructuring reckoning.
William D. Cohan
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April 19, 2026
The Wall Street Iran Bounce
The economy is slowing and the Middle East is on fire, but the Big Five banks are printing record profits and stock markets keep hitting new highs. Is this the last song before the music stops, or were the bears wrong all along?
William D. Cohan
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April 15, 2026
Ackman Family Values
Amid his double-I.P.O. roadshow and latest attempt to buy Universal Music Group, Bill Ackman has gone public with a bizarre personal drama at Table, his family office—with the lofty goal of teaching other billionaires that it’s better to fight their legal battles on X than settle in the shadows.
William D. Cohan
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April 1, 2026
Leon Black From the Ashes, Part III
The erstwhile Apollo executive has more to say about his entanglements with Epstein, Ron Wyden, and his latest foe, The New York Times.
William D. Cohan
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March 25, 2026
The Curious Case of Warner’s Eleventh-Hour Bidder
Just as Paramount was finalizing its offer to steal WBD from Netflix, a mysterious Singaporean company suddenly offered to top both bids with $32.50 per share. Was the whole thing a fraud?
William D. Cohan
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March 22, 2026
Wall Street’s Iran “Bear Trap”
Markets are pricing in a wide range of Iran war scenarios, from a quick bounceback to a prolonged global recession. Even professional contrarians warn that investors may be sucked into a bear trap if Trump abruptly changes course. But as the Mooch observes, hubris is one hell of a drug.
William D. Cohan
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March 18, 2026
The Walls Are Closing in on Sam Bankman-Fried
The FTX founder’s appeals for a new trial have fallen on deaf ears, and his mother’s intervention appears to have backfired. Now, with the Justice Department going nuclear and Republicans lining up to ensure Trump doesn’t issue a pardon, S.B.F. may be running out of chances to escape his fate.
William D. Cohan
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March 15, 2026
What Happens if a $40 Trillion Bubble Bursts?
There’s been a simmering anxiety since the fall that trouble is brewing in the private-credit market, and high-profile redemption requests have only added to the panic. There may be cockroaches in the system, but Wall Street superstars Marc Rowan and Jon Gray insist it’s all just a bunch of bad actors on the periphery.
William D. Cohan
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March 11, 2026
Did Trump Just Start a Recession?
A very candid chat with oil market expert Dan Yergin on the potential unintended consequences of Trump’s war in Iran.
William D. Cohan
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March 8, 2026
$16.02 Candles
The strangest number in Larry Ellison’s $111 billion takeover of Warner Bros. Discovery may be $16.02—the price he and RedBird agreed to pay for $47 billion of new Paramount Skydance stock, a 60 percent premium that has Wall Street scratching its head.
William D. Cohan
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March 4, 2026
David Ellison’s $18 Billion Question
On an investor call Monday, Ellison promised that ParaBros would generate $18 billion in EBITDA in 2026—including at least $6 billion in dreaded “synergies.” But good luck growing revenue while cutting the combined company to the bone.
William D. Cohan
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March 1, 2026
Is S.B.F. Possibly… Innocent?
The imprisoned FTX founder is now taking a three-pronged approach to getting out of jail—claiming that prosecutors threatened his partners, Sullivan & Cromwell had a conflict of interest, and his crypto exchange was actually solvent all along. Oh, and he’s also sucking up to Trump. Will any of it work?
William D. Cohan
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February 25, 2026
Ted, Don’t Do This…
Even if Ted Sarandos can charm D.C. into blessing his Netflix–Warner Bros. deal, the savviest M&A move at his disposal is to let the Ellisons win the trophy, overextend their balance sheet, then sit back and wait for the sequel.
William D. Cohan
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February 22, 2026
The Netflix Killer Non-Acquisition Theory
As its Warner Bros. deal gets increasingly complicated, some on Wall Street are wondering whether Netflix’s secondary motive is to poison the well for Paramount Skydance by running the clock while David Zaslav splits WBD in two. “Buying off the competition for two years,” said one person close to the action, “is good business all day long.”
William D. Cohan
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February 18, 2026
O Warner Brothers, Where Art Thou?
The WBD board has reopened the bidding war, granting Paramount Skydance a final window to submit its best offer. But is Larry Ellison really prepared to backstop what Ted Sarandos & Co. are mocking as “the largest proposed leveraged buyout in history”?
William D. Cohan
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February 15, 2026
Kathy Ruemmler Confidential & A Netflix Nightmare
News and notes on another Epstein casualty, plus the latest twist in the Warner Bros. Discovery saga.