Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours.
Following the 2008 mortgage crisis, the biggest financial institutions in the country were given a light tap on the wrist in fines and penalties. None were brought to criminal court.
But that wasn’t the case for a small, family-owned bank tucked inside Chinatown in New York City. A new movie exposes the “ridiculous” case against the one bank charged after the 2008 crisis.
The Trump administration’s plans to crack down on Wall Street are being called into question.
Bank of America’s CEO says a pre-crisis idea could make it easier for millennials to buy homes. One of HSBC’s most senior technology executives says that the big bank is not far behind digital-only challenger banks when it comes to consumers offerings. And ex-Barclays CEO Bob Diamond sold his penthouse at “the world’s most powerful address” for $US50 million.
Bridgewater Associates, the world’s largest hedge fund, told clients that US stocks may drop more than 10% if Trump is impeached. Paul Singer’s hedge fund took a 9% stake in a health IT company. Hedge fund manager Lee Cooperman has settled with the government.
Hedge funds are moving on from the Trump trade. Jim Chanos slammed two pharma companies in a presentation about their “murky alliance.” A hedge fund manager is supporting a free masters program in financial engineering.
A $US100 billion tech fund is looking to hire experts in AI, robotics and enterprise software. And Google Ventures is searching for unconventional healthcare startups to back.
There’s a major miscalculation behind the Fed’s interest rate hikes, according to Business Insider’s Pedro da Costa. Tech stocks are on pace to do something that hasn’t been seen since the dot-com bubble. And there’s one big reason the stock market is becoming Trump-proof.
China is reportedly in talks to buy into Canada’s Boeing rival.
Wall Street won’t stop beating up on Ford — but the automaker could actually have a huge advantage when the next downturn hits. And an extremely rare 1967 Corvette is up for auction — and it could fetch $US500,000.
In earnings news:
- Salesforce tops earnings, raises revenue and profit outlook
- Campbell Soup misses across the board and slashes its forecast
- Deere beats across the board and raises its profit forecast
- Gap fends off retail apocalypse, climbs on earnings beat
Lastly, these 10 American colleges have minted almost 400 billionaires.