The big freeze across the Midwestern U.S. may be thawing, but finger-pointing over the damage and death wrought by the likely climate-change fueled event has just begun. Texans relied on each other and in some cases their dogs for warmth, while to the north it got so cold that calf ears were falling off. The disaster, which could cost the nation up to $50 billion, was a cruel legacy of Texas exceptionalism, Julian Lee writes for Bloomberg Opinion. Senator Ted Cruz decided a vacation in Cancun, Mexico, would be just fine while his constituents suffered—until he was publicly disabused of the notion. There are many lessons the energy industry needs to learn such that it can prepare for even more extreme weather and protect consumers. But, as always, life is different in America if you’re rich: The wealthy are escaping the country’s unreliable power grids altogether.

What you’ll want to read this weekend

Robinhood day trader app CEO Vlad Tenev took most of the heat in the GameStop hearing before Congress, while someone calling himself “Roaring Kitty” was accused of posing as an amateur investor during last month’s short-squeeze frenzy. The would-be small cat, Keith Gill, argued he’s not the Wolf of Wall Street. Read our Bloomberg columnists as they weigh in on whether the government should even try to stop the next GameStop.

With Bitcoin’s value topping $1 trillion, FOMO (or the fear of missing out) has rippled through business and finance, spurring a stellar start for the first Bitcoin ETF in North America. Even Wall Street skeptics are paying attention, though one likens the funny money to the tulip frenzy of old.

U.S. vaccine supply is poised to double in the coming weeks and months, according to an analysis by Bloomberg. But drugstores need to step up first. Bloomberg’s Covid-19 tracker reveals big racial gaps in who’s getting the shots. The virus is far from done, as it continues to infect and kill across the globe. There have been some 110.5 million confirmed cases and almost 2.5 million deaths, while the actual numbers are thought to be much higher.

One in 10 U.S. workers may have to switch occupations post-pandemic, according to a McKinsey report. Many of them will become gig workers, Bloomberg Businessweek reports. For job-seekers, Glassdoor now offers a new feature showing salary data based on race and gender.
The Explorers Club, the most prestigious club for adventurers, wants to shed its rich, White image. As for the not-so-adventurous rich, they are sitting out the pandemic in luxury resorts.

Chileno Bay in Cabo San Lucas, Mexico.

What you’ll need to know next week

What you’ll want to read in Bloomberg Wealth

At 93, She Waged War on JPMorgan–and Won

Beverley Schottenstein said two grandsons who managed her money at JPMorgan forged documents, ran up commissions with inappropriate trading and made her miss tens of millions of dollars in gains. So she decided to teach them, and the bank, a lesson.

In 2019, Beverley Schottenstein delivered a note to her local Chase branch instructing her grandsons to stop trading in her account. Then things got ugly.

Photographer: Scott McIntyre/Scott McIntyre

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