In God Trump We Trust; Claude Cure Cancer And Make No Mistakes; Big Law Is Coming For First Years; & Billions In Gated Funds
- Dipo Owolabi
- Mar 30
- 6 min read
Power, money, and markets are being reshaped in real time. Donald Trump is set to make history by becoming the first sitting president to sign U.S. currency, marking a symbolic shift in how leadership imprints on financial systems. At the same time, Eli Lilly is doubling down on the future of medicine with a multibillion-dollar AI drug discovery bet, while elite U.S. law firms dangle up to $50,000 to lock in talent years in advance, signaling intensifying competition across industries. Beneath the surface, cracks are forming in private credit as funds tied to BlackRock begin restricting withdrawals, reminding investors that liquidity isn’t always guaranteed. From policy shifts to capital flows and the race for talent, all this and more in today’s Read It And Eat! |
Markets Around The World
Markets as of 30th March 2026. Cells in RED mean that the value is down, cells in Green mean the value is up.
MAJOR HEADLINES
Trump To Become the First President To Add His Signature To U.S. Currency
U.S. paper currency will bear President Donald Trump's signature starting this summer, the first time a sitting president has signed American money, the Treasury Department said on Thursday. The redesigned notes, planned to mark the 250th anniversary of American independence, will also for the first time in 165 years drop the signature of the U.S. treasurer, who reports to the Treasury Secretary and oversees the Bureau of Engraving and Printing, the U.S. Mint and other Treasury functions.
The first $100 bills with Trump's signature and that of U.S. Treasury Secretary Scott Bessent will be printed in June, followed by other bills in subsequent months. The new bills may take several weeks to circulate through banks. The Treasury is still producing notes bearing the signatures of former President Joe Biden's Treasury secretary, Janet Yellen, and former Treasurer Lynn Malerba. Malerba will be the last of an unbroken line of treasurers whose signatures have appeared on U.S. federal currency since 1861, when the U.S. government first issued it. The signature change is the latest effort by the Trump administration and its allies to put the president's name on buildings, institutions, government programs, warships and coins. A federal arts panel, whose members Trump appointed, approved last week the design for a commemorative gold coin with Trump's image.
A statute governing the printing of Federal Reserve notes gives the Treasury broad discretion to change designs to guard against counterfeiting. The law requires keeping certain elements, including the words "In God We Trust," and only allows portraits of deceased individuals. The overall designs of bills will not change, except for Trump's signature replacing the Treasurer's, Treasury officials said. A mock-up of the $100 bill with Trump's signature was not immediately available. Her predecessor, Jovita Carranza, who served as treasurer in Trump's first term, called the change "a powerful symbol of American resilience, the enduring strength of free enterprise and the promise of continued greatness." The current treasurer, Brandon Beach, whose name has not appeared on the currency, also issued a supportive statement, saying Trump was the architect of a "golden age economic revival." Reuters
Eli Lilly Goes Big On AI-generated Drug Discovery
Eli Lilly is making a major push into artificial intelligence–driven drug discovery with a $2.75 billion partnership with Hong Kong–based biotech startup Insilico Medicine. The deal includes $115 million upfront, with the rest tied to performance milestones such as regulatory approvals, commercial success, and royalties. Central to the agreement is Lilly’s exclusive right to market a GLP-1 drug developed by Insilico for diabetes, signaling how valuable next-generation metabolic treatments remain in the pharmaceutical race.
The move reflects Lilly’s broader strategy to sustain its momentum after massive success in diabetes and weight-loss treatments. Its GLP-1 based drugs have already propelled the company to become the first drugmaker to reach a $1 trillion valuation, but competition is intensifying and innovation cycles are shortening. By investing in AI-powered platforms, Lilly hopes to dramatically reduce the time and cost required to identify promising drug candidates, giving it an edge in discovering the next blockbuster therapy beyond its current portfolio.
The partnership also highlights a growing trend of U.S. pharmaceutical companies tapping into China’s research ecosystem. Lower clinical trial costs and strong scientific infrastructure make it an appealing environment for early-stage development. Industry experts note that companies can establish early proof of concept in China before moving successful drugs into the U.S. for expensive late-stage trials. However, this strategy carries political risk, as rising tensions and potential regulatory scrutiny from American lawmakers could limit future cross-border licensing deals and reshape how global drug development partnerships are structured. MorningBrew
ATop law firms in the US are offering up to $50,000 to first-year law students who commit early to their summer associate programmes. Firms including Milbank, Sidley and Latham are among those using the payments to secure places in their 2027 summer classes, the main pipeline into junior associate hiring in the US.
The structure is broadly consistent. Students agree to join a firm’s second-year summer programme and spend the summer after their first year at law school working in public interest roles such as charities, non-profits or government agencies. In return, they receive a stipend or signing bonus. Sidley is offering $50,000 under its Professional Pathways programme, while Milbank pays $50,000 in two installments. Latham, meanwhile, offers a $25,000 stipend, while Davis Polk recently increased its payment from $25,000 to $50,000. The payments reflect a shift in how elite US firms recruit, with hiring happening earlier and more aggressively than before.
A recent report by the National Association for Law Placement (NALP). the US organization that collects data on law firm hiring found that 80% of summer offers in the 2025 cycle came through employer-led recruiting, rather than traditional law school channels such as on-campus interviews. Most offers 85% were made by the summer after the end of students’ first year. Summer associate programes are the main routein into US Big Law, functioning as extended, paid internships, typically around 10 weeks, that convert into full-time associate roles. Summer associates are paid like first-year lawyers, pro-rated. Latham, for example, offers its summer interns a salary of more than $18,000 a month. Abovethelaw |
$5B Of Private Credit Is Trapped Behind Withdrawal Restrictions
BlackRock Private Credit Fund stress is hitting hard, with withdrawal limits now in place on its massive $26B fund, putting a spotlight on a corner of the market many investors assumed was relatively stable. The issue isn’t losses in the traditional sense, but access. As more investors request their money back, the fund has been forced to slow withdrawals, effectively trapping billions in capital that can’t be quickly returned.
This is the trade-off baked into private credit. These funds invest in long-term, illiquid loans, yet often offer periodic redemption windows that give a sense of flexibility. When demand for exits spikes, that flexibility quickly disappears. Managers impose limits, not out of preference, but necessity selling these assets too quickly could damage returns for everyone involved. The result is a bottleneck: money isn’t lost, but it’s also not available when investors want it.
For anyone watching from the sidelines, this is a timely reminder of how liquidity risk actually plays out. Private credit can deliver attractive yields, but it requires patience—and a clear understanding that access to your capital isn’t guaranteed on demand. As stress begins to show in large, high-profile funds, expect more scrutiny on how these products are structured and marketed, and whether investors are being adequately prepared for moments exactly like this. Bloomberg
Minor Headlines
US extends pause on Iran energy strikes by 10 days CNBC
Sony is hiking PlayStation 5 Prices again as chip cost surge Reuters
KPMG is cutting around 600 jobs in the UK across its auditing division Bloomberg
Kier Starmer set to make Sadiq Khan a lord Financial Times
David Sacks Leaves White House Crypto Role With Key Legislation Still Unresolved Decrypt
Foreigners Set to Pull Record Capital From Emerging Asia Stocks Bloomberg
Police thwarted an attempted terrorist attack at BofA’s Paris HQ CNBC
Tiger Woods arrested for DUI in Florida rollover Car Crash ABC News
Comments