Swiss wealth manager Lombard Odier indicted for money laundering

Key Points

Lombard Odier — one of Switzerland’s oldest private banks — has been indicted by Swiss prosecutors for “aggravated money laundering.”
In a release out on Friday, the Office of the Attorney General of Switzerland said it filed an indictment against Lombard Odier and a former employee of the bank at Switzerland’s Federal Criminal Court earlier on Tuesday.
The accused allegedly helped conceal the proceeds of a criminal organization set up by Gulnara Karimova — the daughter of Islam Karimov, the authoritarian president of Uzbekistan.

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Finance

SEC is close to ending mandatory quarterly earnings reports that Trump called for

May 5, 2026

Key Points The Securities and Exchange Commission formally proposed a rule change that would allow companies to file semiannual reports on a new form 10-S in place of the traditional quarterly10-Qs. The move brings regulators closer to a structural change that Trump has advocated, arguing that mandatory quarterly reporting encourages a short-term mindset and distracts […]

Finance

After Coinbase, prediction market traders forecast more tech layoffs ahead

May 5, 2026

Key Points Traders on Kalshi give nearly 92% odds to tech layoffs in 2026 totaling more than they did in 2025. Polymarket traders give that a 87% chance of happening. In 2025, layoffs in the information sector totaled 447,000. In the first three months of 2026, there have already been 178,000. Source

Finance

Michael Burry sells GameStop after Ryan Cohen’s hefty eBay bid: ‘Never confuse debt for creativity’

May 5, 2026

Michael Burry dumped his entire stake in GameStop after the company’s audacious bid for eBay , saying the deal’s heavy leverage shattered the investment case he had been building. “I sold my entire GME position,” Burry said in a Substack post late Monday. “Any which way I sliced it, the Instant Berkshire thesis was never […]