There is 'true carnage' on Wall Street

Finance Insider is Business Insider’s midday summary of the top stories of the past 24 hours.
To sign up, scroll to the bottom of this page and click “Get updates in your inbox,” or click here.

Activist investor and Third Point founder Dan Loeb thinks 2016 is shaping up to be a “‘Wall Street’ recession.”

In a letter to investors, he said that stock market declines “actually fail to capture the true carnage revealed when you take a closer look at the breadth of S&P companies experiencing massive losses.”

In Fed land, Neel Kashkari, the newly appointed president of the Minneapolis Federal Reserve, has called for the break-up of the biggest banks in the US.

In China news, fresh data highlighted the continued growth of credit, and the new currency peg didn’t last all that long.

In Wall Street basketball news, hedge fund billionaire Marc Lasry drained a killer shot at the NBA All-Star Celebrity Game, and the banker who advised on the sale of the Golden State Warriors wants a little more credit for not selling the franchise to Oracle cofounder Larry Ellison.

Lastly, Bernie Madoff is not happy about the recently-aired ‘Madoff’ miniseries.

Here are the top Wall Street headlines at midday:

3 research heads have left UBS – Three equity research heads have left UBS in Europe, according to people familiar with the matter.

Bill Ackman just broke an unwritten rule of the business On Thursday, the Financial Times published an op-ed written by hedge fund billionaire Bill Ackman. It was an endorsement of Michael Bloomberg for president, and it was the talk of the industry.

One clear winner has emerged in the hedge fund space in 2016 There’s one hedge fund strategy that’s emerged as the big winner in 2016, and it’s driven by computers.

A new Chinese proverb is having a dramatic impact on the economy What do the following things have in common: time travel paintings, a wake-up call from US President Barack Obama, owl vomit and a flame retardant suit of armour?

Bank of America CEO Brian Moynihan got a 23% raise Bank of America CEO and Chairman Brian Moynihan received a $16 million compensation package for 2015.

Here is what happens next in Silicon Valley, according to Goldman Sachs President Gary Cohn Giant tech companies are going to go after “unbelievable acquisition opportunities,” according to Goldman Sachs’ president, Gary Cohn.

HEDGE FUND: Investors are forgetting about Nintendo’s history Joshua Kennedy of Sonian Capital Management discusse his long view on the struggling game giant.

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.