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Jim Kane

@kanejim.bsky.social
1.2K followers 466 following 1K posts

Please send me evenings and weekends. @thisisfincap.bsky.social

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Jim Kane @kanejim.bsky.social · 12h
It’s a good one @realbrianjudge.bsky.social
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Sara Nelson @flyingwithsara.bsky.social · 09/10/2026
Congratulations @uaw.org President Shawn Fain and the entire UAW United ticket! Thank you, UAW members!
Solidarity House 2023 after the historic contract fight with the Stand Up Strike.
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Jim Kane @kanejim.bsky.social · 10/10/2026
Unless the bullying of smol bean Claude stops, everyone will be arrested for homicide.
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Jake Grumbach @jakemgrumbach.bsky.social · 09/10/2026
New working paper: the Norwegian wealth tax was a huge success. The "exodus" of wealthy people never happened (less than 100 individuals left). Tax revenue increased by 71.5%. No changes in business activity or investment. www.nber.org/papers/w35854
Taxing Entrepreneurial Wealth: Evidence from
Norway, 2021-2025
Marius A. K. Ring
WORKING PAPER 35854|
DOl 10.3386/w35854
ISSUE DATE October 2026
Whether imposing higher taxes on business owners adversely affects business activity by constraining investment and inducing capitalist flight is a central question in the ongoing debate on how to tax the ultra wealthy. To shed new light, I exploit a series of related Norwegian reforms during 2021-2024 that increased dividend tax rates, removed migration-related capital gains tax loopholes, and nearly doubled the effective marginal tax rate on business wealth. These reforms spurred international debate and, allegedly, an "exodus" of Norwegian billionaires (Financial Times,
2023). While I document clear effects on migration, these responses are concentrated among the top 0.1% of the wealth distribution and mostly confined to 2022 and 2023. My results indicate that at most 100 individuals left due to the reforms. I find no evidence of significant outmigration or reduced inflows of startup founders or inventors. I estimate that absent any outmigration, wealth tax revenues would have increased by 75% from 2021 to 2024. Reform-driven outmigration lowers the revenue gain to 71.5%. My findings further show that outmigrating owners' firms remain economically active and do not reduce investment. In a broader set of analyses, I examine whether business outcomes are affected, regardless of whether owners outmigrate, since firms may reduce investment both due to liquidity constraints or distortions to owners' savings decisions. I compare firms owned by Norwegian individuals subject to the wealth tax with firms owned by foreigners and other tax-exempt entities. By merging historical ownership data from Orbis with the Norwegian shareholder register, I perform these analyses on both Norwegian and foreign-domiciled firms.
Across settings, I find no evidence that Norwegian-owned firms pay out more dividends or invest less after the reforms,…
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Jim Kane @kanejim.bsky.social · 09/10/2026
can you determine why he's wearing a lab coat?
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The Dig @thedigradio.bsky.social · 08/10/2026
New on The Dig: Confronting Labor's Crisis w/ Micah Uetricht & Chris Brooks It’s no surprise to our listeners that the US labor movement has long been in serious crisis - but we might soon be hitting a point of no return, after which the revival of organized labor might not be possible.
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Paul Langley @paullangley.bsky.social · 08/10/2026
"Hedge funds' borrowing has tripled since 2020" and markets are a one way bet on AI. www.ft.com/content/d313... via @FT
ft.com
How a trillion-dollar hedge fund borrowing spree became Wall Street’s cash cow
Banks’ trading businesses are booming, but post-crisis regulation means it is no longer them placing the bets
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Benjamin Braun @benbraun.social · 08/10/2026
The perfect anecdote encapsulating the relationship between this administration and the collapse of US empire does not ex...
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Jim Kane @kanejim.bsky.social · 08/10/2026
ooohkay...
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Jim Kane @kanejim.bsky.social · 08/10/2026
I am shocked to learn that Bessent may be a sociopath.
wsj.com
Inside Bessent’s Treasury: Tension, Turnover and Unmet Economic Goals
Ahead of midterms that could turn on high prices and borrowing costs, the secretary dresses down officials.
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JW Mason @jwmason.bsky.social · 08/10/2026
Is it? Or is it what it looks like when what would otherwise be a recession is offset by extraordinary demand from one sector?
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Jim Kane @kanejim.bsky.social · 07/10/2026
If you had asked me how F-35 parts move across the globe to San Francisco, I'm not sure what I'd guess but it definitely wouldn't be this... www.bloomberg.com/news/article...
The shipment of warplane parts was originally meant to travel to San Francisco via South Korea and Taiwan — both US defense partners. But the shipment was late leaving Australia and was mistakenly routed via Hong Kong in an effort to speed up delivery, the person said, declining to be named because they weren’t authorized to speak publicly.

DSV, working on behalf of F-35 developer Lockheed Martin Corp., sent the email noting the ITAR designation, as required by US regulations, the person said. The DSV email may have been sent through a different IT system than the one used by the UPS agent, the person added.
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Toby Nangle @tobyn.bsky.social · 07/10/2026
🚨 I wrote a post about how US MBS are a (longstanding) part of the US Treasury doom loop machine. www.ft.com/content/a04e...
ft.com
How US mortgage bonds can trigger a ‘vicious loop’ for Treasury yields
One little cog in the bond market’s feedback machine
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Benjamin Braun @benbraun.social · 07/10/2026
Serious fiscal state capacity is when it’s shock and awe among offshore wealth holders. (“They” are the Communist Party.)
FT: One Chinese tech investor, who spoke on the condition of anonymity, says he and friends of similar high net worth were shocked by the precision with which the tax reforms target key offshore holdings and historic income, and the tight deadline set to pay.

“They have the system, they know your investments overseas . . . they can actually break open those trusts,” he says. “I think they’ve been thinking about this for a long time.”
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Jim Kane @kanejim.bsky.social · 07/10/2026
Literally doing the guy in a hotdog suit bit www.bloomberg.com/news/article...
The firm is also seeking to capture the trillions of dollars that companies need for AI infrastructure. Zelter said Apollo has a limit on how exposed it will be to the booming AI buildout, adding that savvy credit investors limit their portfolio exposure in any one industry to mid- to high-single digits.

Alternative asset managers including Apollo and Blackstone Inc. have poured billions of dollars into AI and the infrastructure needed to build and power it. At the same time, investors have been probing money managers to understand the extent of how AI-related investments have made their way into a variety of funds.

“We are all trying to figure out, as an investor today, what’s that unintended consequence, or what’s that second and third derivative,” Zelter said.
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Historical Materialism Journal @histmat.bsky.social · 07/10/2026
Historical Materialism is sorry to learn of the passing of Anwar Shaikh. We repost this interview with Shaikh from 2021 and will endeavour to get something published on our website remembering his person and legacy.
historicalmaterialism.org
An interview with Anwar Shaikh - Historical Materialism
Professor Anwar Shaikh is professor of Economics in the Graduate Faculty of Social and Political Science at The New School for Social Research in New York City, where he has taught since 1972. He is a...
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Jim Kane @kanejim.bsky.social · 06/10/2026
I can’t believe they still exist. I came across them about 20 years ago when I was in NYC and was like, “no way they’re actually calling themselves ‘I bought you’?”
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Jim Kane @kanejim.bsky.social · 06/10/2026
I am now in favor of shutting down proxy advisory firms.
Image of an Egan-Jones notes that says "Should He Stay or Should He Go? Shareholders Have Answered" followed by an image of the Clash.
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Ann Monster Lipton @annmlipton.bsky.social · 06/10/2026
rereading jensen & meckling (as one does), and - oof:
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Lenore Palladino @lenorepalladino.bsky.social · 06/10/2026
I have a new article in Intl J of PE, as part of a symposium on expanding our thinking about public banking & democratic finance it's called "The Potential of Public Credit Funds" & builds on work by @stomarova.bsky.social & many others www.tandfonline.com/eprint/CAIZH...
tandfonline.com
The Potential of Public Credit Funds
This article proposes a public credit fund as a new institutional form within an emerging ecosystem of public banking in the United States. State and local public pension funds hold nearly $6 trill...
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Jim Kane @kanejim.bsky.social · 06/10/2026
and then there's the goal of using these accounts to deemphasize social security.
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Jim Kane @kanejim.bsky.social · 06/10/2026
Yay? www.wsj.com/politics/pol...
New possibilities

The combination of auto-enrollment and stock donation opens up possibilities that weren’t previously imaginable. Consider some hypotheticals for how donations—which would be real assets in children’s accounts—could be used or leveraged:

    Executives could combat policy proposals by invoking the effects on their child shareholders. If every 9-year old-owned two shares of a bank, a corporate-tax increase or tightened regulation would hurt the kids. 
    A CEO whose company wants to build a data center in a county could put stock directly into accounts of the area’s children as an inducement for support or a reward for approval.
    An ideologically minded donor could make families own shares in companies they might oppose—giving stock of firearms makers to Manhattan’s 4-year-olds or casino company stock to Utah’s 8-year-olds.
    People with legal or ethical prohibitions against family ownership of individual stocks—like employees of regulatory agencies—would own them unless the government allows exceptions.
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Benjamin Braun @benbraun.social · 05/10/2026
If you're a non-US technocrat who thinks they're getting "strangled by interest rates" (BdF governor today), your escape routes are - a massive AI productivity boom that is very unlikely - a massive AI stock market crash that is very likely Unusual incentives, to say the least.
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Jim Kane @kanejim.bsky.social · 05/10/2026
"there is still a good amount of runway left, and this industry is not at the level where HVAC is” 🫠
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Jim Kane @kanejim.bsky.social · 05/10/2026
KKR "is acquiring A1 Garage Door Service for approximately 20 times its EBITDA..."
pitchbook.com
KKR's A1 Garage deal raises the valuation bar - PitchBook
The buyout firm paid approximately 20x EBITDA for the garage door services company.
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Jim Kane @kanejim.bsky.social · 04/10/2026
the end result of decades of chopping up the hotel business into three separate businesses for investors: real estate owner (fixed income-like), operator and "flag"/brand (growth stocks)--with the last two often, but not always, combined.
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jennifer kates @jenniferkates.bsky.social · 04/10/2026
Excuse me
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Jim Kane @kanejim.bsky.social · 04/10/2026
🎁 🔗 www.wsj.com/sports/baseb...
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Jim Kane @kanejim.bsky.social · 04/10/2026
The effects of private equity’s financialization of youth baseball: “Frequent participation in baseball has fallen 28% since 2014 in families with annual incomes of less than $100,000… In the same period, participation has increased 21% in families making more than $100,000.”
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Stuart Schrader @stschrader1.bsky.social · 03/10/2026
The new book I co-edited with @juliango.bsky.social, IMPERIAL ENTANGLEMENTS OF POLICING, is now shipping from @dukepress.bsky.social. Order your copy here: dukeupress.edu/imperial-ent...
Cover of Imperial Entanglements of Policing (red with black netting and white letters)
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Toby Nangle @tobyn.bsky.social · 01/10/2026
🚨It was only a matter of time before the good people of the BIS got around to looking at AI circular financing www.ft.com/content/8787...
ft.com
Is circular financing in AI a problem?
Only if the wheel stops spinning
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Jim Kane @kanejim.bsky.social · 02/10/2026
from the transcript for: Apollo Global Management, Inc. Presents at Bank of America 31st Annual Financials CEO Conference, Sep-23-2026 03:00 PM
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Jim Kane @kanejim.bsky.social · 02/10/2026
"Everyone has a job, no immigration."
Snippet from the transcript of "Apollo Global Management, Inc. Presents at Bank of America 31st Annual Financials CEO Conference, Sep-23-2026 03:00 PM"

Craig Siegenthaler

We'll get started with the macro. The macro backdrop has definitely been more resilient than many expected, yet uncertainty remains geopolitically, fiscally and also in the rate trajectory. Marc, how are you reading the environment right now? And what does it mean for Apollo's outlook and portfolio position?

Marc Rowan

So the fundamentals are actually quite positive. Everyone has a job. There is no immigration. Let's talk U.S. first, which is the largest market. Everyone has a job, no immigration. You have a massively accretive CapEx cycle, which is creating demand across lots of different sectors. You have the government policy incredibly accommodative. Capital markets are wide open. And so valuation aside, I think it will be difficult to cause a U.S. recession over the near term. The companies have been shocking resilient. Earnings are up. And generally, credit performs well if the economy is good, absent specific risks or stupidity.
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Jim Kane @kanejim.bsky.social · 02/10/2026
Only UK water utilities require this level of ownership complexity!
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susannah glickman @susglickman.bsky.social · 01/10/2026
newt taking his window of opportunity to make defense $, will we ever leave the 80s/90s
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Mike McCarthy @itsmccarthy.bsky.social · 01/10/2026
Out of hibernation to share a polemic I published today at Salvage titled “On Theoretical Degeneration.” It takes aim at the unusual suspects currently reconstructing right theory (Yarvin, Land, etc.) and some on the left and center as well. You can find the article online below.
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Jim Kane @kanejim.bsky.social · 01/10/2026
It's definitely not a giant fee grab 🙄 www.pionline.com/rules-regula...
One proposal would permit investment advisers to regulated funds to receive performance-based compensation calculated based on capital gains in or capital appreciation of a regulated fund’s account. Performance-based compensation frameworks are common with private funds, such as private equity and venture capital strategies and hedge funds.

The move could attract private market managers to launch and allocate private market strategies to regulated funds, according to John Fitzgerald, a partner at law firm McDermott Will & Schulte.

“There have been private market managers who’ve been hesitant to enter registered funds because of the fee construct,” Fitzgerald said. If this proposal were to be finalized, “I would expect there to be some private market advisers, who will relook at this market to see whether or not they can offer their strategy there,” he added.
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Financial Times @financialtimes.com · 01/10/2026
An AI sovereign wealth fund isn’t progressive — it’s techno-imperialism ft.trib.al/7xf1b1F
ft.trib.al
An AI sovereign wealth fund isn’t progressive — it’s techno-imperialism
Accruing income at home from land and power abroad has an old name: empire
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Jim Kane @kanejim.bsky.social · 30/09/2026
At least it creates some fun fiduciary duty questions for retirement plan trustees
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Jim Kane @kanejim.bsky.social · 30/09/2026
Political campaign language finally catches up with the rise of the new finance capital. giftarticle.ft.com/giftarticle/...
Graphic show that between 2016 and 2026 candidate shifted away from using the term "big banks" -- there is a sharp drop off after 2020. In 2026, there is a sharp increase in the usage of "private equity," "hedge fund," and "corporate landlord."
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Jim Kane @kanejim.bsky.social · 30/09/2026
No more DB pensions in the private sector? A trade group that BlackRock's a member of says they can just stuff PE/PC in your 401(k) and solved the problem 🫠 www.prosperityretirementalliance.com/the-401k-at-...
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Jim Kane @kanejim.bsky.social · 30/09/2026
Good timing…
WASHINGTON, Sept 30 (Reuters) - The US securities ​regulator is set to propose rules on Wednesday aimed at expanding retail investors' access to private assets that have ‌traditionally been reserved for professionals, potentially offering higher returns but also exposing everyday Americans to more risk.
The Securities and Exchange Commission's proposals are part of a broader push by US President Donald Trump's administration to "democratize" private assets, such as private equity, private credit, real estate and venture capital, that can potentially result ​in higher returns than traditional stock and bond portfolios.
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Jim Kane @kanejim.bsky.social · 29/09/2026
Perfect spokesghoul for the Clarity Act.
Image of Andrew Cuomo speaking on Bloomberg TV
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Jim Kane @kanejim.bsky.social · 29/09/2026
"...hybrid 401k product that includes privates and insurance wrappers" Sounds fun!
Snapshot of a Bank of America research note discussing BlackRock. Text says:

BLK live with private-public target date fund  BLK already is live with a hybrid public-private target date product with Great Gray (June 2025 launch) and able to leverage its proprietary data with Aladdin but it is now launching a new hybrid 401k product that includes privates and insurance wrappers. The insurance wrapper would be a fixed annuity-like wrapper that can provide retirees defined benefit-like solutions. KKR-Capital Group, BX-Wellington-Vanguard and GSTROW could be working on similar offerings while BLK’s product is 100% proprietary as BLK doesn’t need a 3rd party following its recent acquisitions of GIP and HPS.
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Jim Kane @kanejim.bsky.social · 29/09/2026
it's ok, nothing is speculative here.
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Nessa Ní Chasaide @nessanichasaide.bsky.social · 29/09/2026
Great selection of papers on technofinance just out in @finandsoc.bsky.social
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Jim Kane @kanejim.bsky.social · 29/09/2026
investing in AI labs will wipe out humanity, fully fund pensions.
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Ewan McGaughey @ewanmg.bsky.social · 29/09/2026
My report on fixing the water system is out with @cmmonwealth.bsky.social: 💦transfer the leakiest, polluting companies to public hands for £0 🌊audit the rest to gauge repair costs, and public ownership is likely to cost £12bn, saving up to £1.4bn in 3 years www.common-wealth.org/publications...
common-wealth.org
Crystal Clear: the Solutions for Clean, Running Water
The clearest and most cost-effective route to genuine public control of England's water is through public ownership.
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Jim Kane @kanejim.bsky.social · 29/09/2026
"...most Democrats in Pennsylvania have a positive view of socialism — and nearly 40% consider themselves to be a democratic socialist, a new poll found."
inquirer.com
Pa. Democrats have mostly positive view of socialism as progressive candidates secure wins
With Philadelphians set to elect their first democratic socialist to Congress, most Pennsylvania Democrats have favorable views of socialism. Still, it remains broadly unpopular.
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Jim Kane @kanejim.bsky.social · 28/09/2026
and then there's the behavior of their fans.
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