The embattled Uber executive dominated headlines this week after he was ousted by a group of rogue shareholders overnight Tuesday. Some employees are signing a petition to bring Kalanick back, a-la Steve Jobs at Apple (AAPL) . A moment of redemption, or an example of corporate Stockholm syndrome?
Speculation swirled as to who Kalanick's successor at the $70 billion ride-sharing startup might be, with names such as Facebook's (FB) Sheryl Sandberg and Yahoo's (YHOO) Marissa Mayer being floated. Billionaire business magnate Richard Branson shot down rumors he might replace Kalanick, instead saying he'd offered Uber his own recommendation for the job. No word if it is his new buddy Barack Obama, who vacationed with Branson in the Virgin Islands after leaving the White House.
Crude oil rebounded on Thursday and Friday after a selloff earlier in the week sent prices to their lowest level in 10 months. Oil ended the week at $43.09 a barrel. Healthcare had a strong week as well, with stocks rallying in response to Senate Republicans' Obamacare repeal and replace bill that's less popular among American voters than the bank bailout.
Speaking of the bank bailout, this week marks 10 years since Bear Stearns was forced to bail out two of its hedge funds invested in subprime mortgages, setting off a two-year financial crisis that would wipe trillions of dollars off of the United States economy and resulting the passage of the Dodd-Frank Act in 2010.
10 yrs ago today Bear Stearns saved two subprime funds, kicking off a 2-year financial crisis. A turning point for Wall Street. @TheStreet— David Callaway (@dcallaway) June 23, 2017
Read on to find some of the stories you might have missed from TheStreet this week: