Finance Insider is Business Insider’s midday summary of the top stories of the past 24 hours.
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Wall Street isn’t what it once was.
Revenues are plummeting, banks are cutting staff, and now regulators are taking steps that could mean that bank executives have to wait even longer to get their bonus.
Carson Block’s new short is out, and the stock is getting blown out. SunEdison, Wall Street’s nightmare stock, has filed for bankruptcy. And Wall Street has a crazy idea for what GM should do with its electric cars.
Goldman Sachs and Morgan Stanley are split on the future of trading, and giant hedge fund Two Sigma had staff program a robot to play air hockey to help make them better at making money.
Lastly, some sad news: Prince has died at 57.
Here are the top Wall Street headlines at midday:
George Soros says China looks ‘eerily’ like the US in the run up to the financial crisis — Legendary investor George Soros said that China’s financial system right now “eerily resembles what happened during the financial crisis in the US in 2007-08.”
Hedge funds are targeting gigantic companies — The sharks are going after bigger prey.
Elizabeth Warren wants to know why Steve Cohen can take outside money again — US Senator Elizabeth Warren, a firebrand of strong financial regulation, wants to know why securities regulators approved Steve Cohen’s new firm as an investment adviser after barring the billionaire from managing other people’s money until 2018.
Las Vegas Sands is getting slaughtered — This is what happens when you call the bottom too early.
PayPal just poured millions into a popular startup that helps millennials invest by answering two simple questions — The hot micro-investing app Acorns has raised another $30 million in a funding round led by PayPal, which made a strategic investment along with Rakuten.
We toured a NYC school that’s part of a contentious network loved by Wall Street — and were surprised by what we saw — Business Insider took the subway to Bensonhurst, Brooklyn to tour a Success Academy (SA) elementary school that opened in 2014.
These are the hottest new restaurants in New York City, according to food insiders — New restaurants are opening in New York City all of the time, so it can be difficult to know which are worth trying — before they become filled with crowds.