Finance Insider is Business Insider’s summary of the top stories of the past 24 hours.
We now know the real reason Aetna bailed on Obamacare.
On Monday night, news broke that one of the five largest insurers in the US, Aetna, was leaving 70% of the counties in which it offers insurance through the Affordable Care Act’s public healthcare exchanges.
Aetna cited the large losses that the company has incurred from the exchange business — $200 million in the second quarter alone — when explaining its decision to roll back its business.
Now, however, it appears a large reason for the shift in tone was the Department of Justice’s lawsuit to block Aetna’s merger with rival Humana.
In Wall Street news, we took a look inside the huge hedge fund that just went big on Morgan Stanley, and a former investment banker has been convicted of tipping his father off to unannounced healthcare mergers.
We’re heading for a tech IPO liftoff, and there’s one simple reason why.
There’s also a fair bit of company news to get through on Wednesday; here are the highlights:
- The financial crisis completely changed how people spend money — and corporate America is having a hard time figuring it out.
- Valeant’s been ripping higher on some of the most trifling Wall Street analysis we’ve seen in a while.
- TARGET: We’re planning for a ‘challenging environment.’
- Urban Outfitters is surging after trouncing expectations for earnings and sales.
- A deal inside one of the world’s largest casino conglomerates has baffled Wall Street.
Finally, here’s the GSElevator guide to the 50 things every man should do once.
Here are the top Wall Street headlines at midday:
The world’s biggest investor thinks the US stock market could get bumpy – Stock market investors in the US should beware of a “bumpy road” until the end of the year, according to BlackRock, which with $4 trillion under management is the world’s biggest asset manager.
The too-big-to-fail problem is getting even bigger – That’s according to Craig Donohue, the executive chairman of The Options Clearing Corporation and former CEO of the Chicago Mercantile Exchange.
Subprime credit card lending is making a big comeback – Subprime is making a comeback, but it is different this time.
An inspirational Goldman Sachs banker on the ‘3 C’s’ every young student should aim for – Val Carlotti is far from your average Wall Street banker.
RUBENSTEIN: I’m excited about investing in the US – Billionaire private-equity CEO David Rubenstein of The Carlyle Group is psyched about the US economy.
The 23 best business books to read before the end of summer – Summer’s winding down, and that probably means you’re going to need something to read during your final days in the sun.
What the newly rich do with their homes after they make it big, according to a top interior designer – Having a home that accurately reflects your interests is well worth the investment.