PG&E, California Utilities Crash As Wildfire Bill Spark Downgrade Wave

US Law Firm Apologizes After AI Hallucinations Made It To Legal Filing Authored by Brayden Lindrea via CoinTelegraph.com, Wall Street law firm Sullivan & Cromwell has apologized to a federal judge after submitting a court filing that contained around 40 incorrect citations and other errors caused by AI hallucinations. “We deeply regret that this has occurred,” Andrew Dietderich, co-head of Sullivan & Cromwell’s global restructuring team, wrote Friday in a letter to Chief Judge Martin Glenn of the US Bankruptcy Court for the Southern District of New York. “The Firm and I are keenly aware...

Treasury Refunding: No Changes To Auction Sizes; Bessent Keeps "At Least" In Forward Guidance In our preview to this morning's Quarterly Refunding Statement, we said that we do not expect major changes and that, at most, the treasury might adjust its statement language to soften the forward guidance on possibly futures increase in coupon auction sizes with one likely change would be dropping “at least” while retaining the expectation for unchanged coupon sizes over “the next several quarters” (recall Deutsche Bank said it expects nominal coupon increases beginning in February 2027).  Overnight, JPMorgan agreed,...

Exxon Weighs Woodside Deal As LNG Becomes Strategic Priority Exxon Mobil is assessing a range of options to expand its global gas business, with Woodside Energy reportedly among the companies being reviewed as potential acquisition candidates, according to Bloomberg. No formal approach has been made, and internal evaluations remain preliminary. Both companies have declined to comment. Bloomberg writes that Woodside offers several strategic advantages for Exxon. As a leading LNG producer with established relationships across key Asian markets, the Australian company would provide immediate scale in a sector where Exxon has historically...