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Best of the Web, North American financials edition


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Best of the Web, North American financials edition

The smell of money has been duly catalogued, planning for "financial feminism," and Obama discusses the scariest night of his presidency.

What gives money its distinctive smell? One chemist tried to find out

The whiff of money offers notes of cotton, soap, ink and the metallic signature of cash register drawers. Now it is a catalogued scent, The Wall Street Journal reported. Germany-based artist Mike Bouchet commissioned a replication for the scent of American currency, and a perfumer hit on what he believes is the right blend. The dollar is now one of more than 10,000 inventoried materials compiled by the fragrance industry.

The CEO of the world's largest hedge fund says populism is now No. 1 market concern

The health of central banks is no longer the primary concern for the markets, said Ray Dalio, founder and co-chief investment officer of Bridgewater Associates LP. Dalio said the primary issue for investors is populism, CNBC reported. More than concerns over a wealth gap, the trend passing through developed nations is toward a greater polarity separating the left and right. Dalio spoke at a panel of the World Economic Forum in Davos, Switzerland, where he said the main issue he sees is how populism will manifest itself during the next year or two.

Sallie Krawcheck: Get ready for 'financial feminism'

Sallie Krawcheck thinks Wall Street has a blind spot for women and tailors too much of its messaging toward men, MarketWatch reported. Krawcheck is CEO and co-founder of Ellevest, which she believes she can grow by tailoring services to women. Women are more attracted to the prospect of growing money for their children's college education than to claims of beating or outperforming the market, she said.

The real problem with a job on Wall Street right now

A survey of more than 1,000 banking employees found that compensation is not the top dissatisfaction point, Business Insider reported. The news outlet cited a study by Quinlan & Associates that ranked a lack of promotions as the No. 1 source of discontent. Mentoring was second, and pay ranked third in the survey.

'Clinton Cash' book got most of its funding from one hedge fund star

The co-CEO of hedge fund Renaissance Technologies provided $1.7 million of the $2.6 million in funding behind the book that explored the speaking fees and donations that became a target of criticism against Hillary Clinton. Robert Mercer provided the backing for the nonprofit Government Accountability Institute, co-founded by Stephen Bannon, President-elect Donald Trump's chief strategist, Bloomberg News reported. Bannon produced a film version of the book before joining the Trump campaign.

OBAMA: This was the scariest night of my presidency

Budget negotiations between the White House and the Republican-controlled Congress became so desperate once that President Barack Obama considered minting a $1 trillion coin, he said on a podcast for Pod Save America, according to a Business Insider report. That was one of the options Obama considered when then-House Speaker John Boehner failed to muster the votes to avert a default on the U.S. debt. The White House thought the coin could pay off a significant portion of the debt.