What you need to know on Wall Street today

Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours.

It looks like White House chief strategist Steve Bannon is out.

Conservative internet news mogul Matt Drudge reported Friday that White House chief strategist Steve Bannon is leaving the White House. Check back here for more news as we get it. You can follow the market reaction here.

Billionaire investor Lee Cooperman is stepping up his attack against fellow billionaire Bill Ackman. In a phone call with Business Insider on Thursday, August 17, Cooperman laid out an argument against Ackman’s attempt to change ADP, charging against what he perceived as Ackman’s misguided attempt to shake up the human resources company.

“He’s conducting himself in a very destructive manner,” said Cooperman, the founder of Omega Advisors, a multi-billion New York-based hedge fund. You can read the billionaire’s barrage in full here.

Elsewhere in finance news, Goldman Sachs has ascended to the top of a different kind of ranking — and it’s poised for a big payoff. The US investment also may have lost $US100 million on an energy bet gone wrong.

US pension funds are suing six of world’s largest banks for allegedly colluding on a $US1 trillion market. And the SEC has dropped its case against two ex-JPMorgan traders over the $US6.2 billion “London Whale” fiasco.

The White House scrapped plans for an infrastructure council after CEOs bolted from two others. A group of investors is buying debt-ridden Calpine for $US5.6 billion. And China’s government is moving to curb domestic companies’ investments abroad in property, sports, entertainment, and other fields, following a series of high-profile, multibillion-dollar acquisitions by Chinese firms.

In markets news, there are cracks forming under the surface of the stock market. And the stock market’s safety net is working better than ever. And traders have lost almost $US10 billion betting against Alibaba this year.

We spoke to the cofounder of $US1.3 billion startup Robinhood, and he explained a “logical fallacy” in investing.

Wall Street’s biggest bear thinks bitcoin will surge to $US6,000. And a 25-year-old made a fortune in bitcoin — now he travels the world partying and plotting the future of money

In company news:

Lastly, we tried the ultra-decadent secret “billionaire menu” at Wall Street’s oldest steakhouse that features a $US100 grilled cheese.

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