Wall Street economists are anxiously awaiting Wednesday's FOMC meeting.Marketsread more
Normally, when the Fed starts loosening policy it does so amid clear-cut signs of economic weakness.Economyread more
With bold and targeted steps, economists say, government can increase opportunity and incomes for many more people in ways that strengthen, not weaken, American capitalism.Politicsread more
More and more American firms are calling for the Trump administration to resolve its conflict with China.World Economyread more
CNBC's Jim Cramer connects the dots by reasoning that if the president were to act, he would pick a successor to Powell that would do his bidding.Economyread more
Judy Shelton said in an interview that, if appointed to the Fed, she would want to lower interest rates all the way down to 0%.The Fedread more
Shoppers are "very nuanced in their expectations," Ron Johnson, the former CEO of J.C. Penney and the former senior vice president of Apple's retail division, said at CNBC's...Evolveread more
The winner will live in a centrally located apartment, receive a "salary" and explore the city to find what makes people there so happy.Liferead more
Beyond Meat has blown up. The plant-based meat company is now larger than 80 S&P 500 companies, including Macy's, Xerox and Mylan.Trading Nationread more
We've been given plenty of reasons to quit Facebook, including a new report that alleges disgusting working conditions at a company, Cognizant, it uses to employ contractors....Technologyread more
This just might be Fed Chair Jerome Powell's toughest meeting yet, because whatever the outcome, odds are high that it will disappoint a large group.Market Insiderread more
Just three months after Mike Cagney's board ousted him amid allegations of sexual harassment, the founder of SoFi is already plotting his comeback.
Cagney has been approaching investors in recent weeks about a new fintech startup with a plan to raise about $25 million, according to multiple people familiar with his outreach. He has pitched investors such as Peter Thiel along with several others who were backers of SoFi, a company that Cagney pushed to become worth almost $5 billion.
More from RECODE:
Marijuana is legal in California now. Will an Uber-for-pot gold rush follow?
Amazon killed their wine website — now the two founders are back with another What were the biggest tech stories of 2017?
The quick rebound has angered some industry observers and others close to Cagney, who only left SoFi on Sept. 15. Cagney was forced out after a series of damaging stories that detailed a workplace culture rife with alleged misconduct and improper treatment of women.
Cagney is starting the new company alongside his wife, June Ou, who previously served as SoFi's chief technology officer, the people said. The company does not yet have a name and has yet to be publicly announced — Ou's LinkedIn page says she will serve as the COO of a "#newCo."
Cagney declined to comment Friday. Ou did not respond to requests for comment.
The company is said to focus on HELOC, or home equity lines of credit, though the people said the idea was in the early stages and still required more sharpening. Ou this month shared a job posting on GlassDoor for engineers at a company soon to launch.
"We are launching a new FinTech focused company in the credit enablement space with the mission of leveraging blockchain, AI and advanced analytics to unlock new access points for consumer credit products that can transform the financial lives of our users," the listing reads. "We are a group of passionate innovators and serial entrepreneurs with a proven track record of creating billions of dollars in value in the FinTech space."
Cagney describes himself on social media now as an "entrepreneur, macro trader, philanthropist." Cagney previously worked at Cabezon Investment Group, his hedge fund that SoFi acquired in 2016, but one person said he would work full-time at the new company. The person said Ou could serve as the CEO and Cagney as her subordinate.
The company will be based in downtown San Francisco, though the job listed in Glassdoor is based in Bozeman, Montana, near where some of the SoFi engineering team has been housed in Helena. SoFi's past vice president of engineering, Matt Conroy, posted the job on LinkedIn.
Some of the initial money for the startup will come from Cagney's own pockets, people said. That money will likely be enough to launch the startup, and so Cagney is said to not be in a rush to find his future funding.
A skilled fundraiser, Cagney nevertheless has pitched some of his biggest backers at SoFi, such as Thiel, DCM Ventures and Renren, according to one person familiar with the outreach. He has also sought out Wall Street banks and multiple other investors in the financial technology space — unaffiliated with SoFi — for advice, people said.
The deal is not yet final. Even though he has not yet raised the $25 million, several approached investors expect him to succeed given how much money he created for his previous backers.
Cagney's outreach is said to be aggressive and extensive — and given his controversial past, it has investors talking. He has not admitted any wrongdoing amid the news stories and lawsuits against SoFi, which helps students refinance student loans.
"The focus has shifted more toward litigation and me personally,," he said in a statement at the time of his resignation. "The combination of HR-related litigation and negative press have become a distraction from the company's core mission."
—By Theodore Schleifer, Re/code.net.
CNBC's parent NBCUniversal is an investor in Recode's parent Vox, and the companies have a content-sharing arrangement.