In the Paul Weiss-Apollo relationship

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Good morning and welcome to Inside finance. I’m Dan DeFrancesco and today the following is on the agenda:

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The Paul Weiss law firm’s relationship with Apollo was lucrative. Insiders say it has also sown tensions within the company and changed its DNA.

Matt Rourke / AP Photo; Lucy Nicholson / Reuters; Apollo Global Management; Paul Weiss; Samantha Lee / Insider

For the past decade, Paul Weiss has grown profits with the help of legal fees from his large private equity client, Apollo Global Management. The account also changed the law firm’s culture, insiders say, opening it up to criticism of its independence.

Read more in our exclusive report.


AI can help reduce inequality in access to credit, but banks need to balance fairness against accuracy – for now

In the Paul Weiss-Apollo relationship
Samantha Lee / Business Insider

AI-based lenders say their models can eliminate discrimination, but those models come with risks – including the quality of the data we feed them. Read the whole story here.


Consumers have more banking options than ever before, but few are owned or designed for under-represented communities.

In the Paul Weiss-Apollo relationship
PeopleImages / Getty Images

Of the country’s 5,000 FDIC-insured banks and credit unions, only 3% serve or are minority-owned. Get the full overview here.


Banks make billions of dollars collecting overdraft fees, and the burden falls on those who can least afford it

In the Paul Weiss-Apollo relationship
Westend61 / Getty Images

Bank fees – especially overdraft fees – do not affect all Americans equally. In fact, overdraft fees are often paid by those with the lowest balance on their checking accounts. Here’s what else you need to know.


Payday lenders target color communities. But fintechs that offer small-dollar loans and flexible wages can help break the debt trap.

In the Paul Weiss-Apollo relationship
AP Photo / Vik Jolly

Payday lenders are targeting Black and Latinx communities and setting up more businesses in minority neighborhoods. Fintechs that offer small dollar loans and early access to wages could prove to be replacements for those in need of cash in the short term. More about it here.


A top $ 1 trillion Insight Investment currency investor explains why Bitcoin is not the new gold

In the Paul Weiss-Apollo relationship
Insight Investing

Francesca Fornasari explained why Bitcoin may not be an effective inflation hedge. Here’s what she told us.


Odd lots:

Benchmarks VC model of newcomers, supersize rivals burdened (the information)

Nomura loses 20 investment bankers in Asia after bonus payouts (Bloomberg)

Lazard Prescribes Vaccines, Allows Home Work Twice a Week (Bloomberg)

Paris to get a new JPMorgan trading center after Brexit push (Reuters)

Credit Suisse Consider Overhauling Wealth Management Business (Bloomberg)

Robinhood is beaten with FINRA’s highest fine to date to solve allegations, mislead customers and cause millions “significant damage” (Markets Insider)

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