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Infamous former Turing CEO Martin Shkreli just faced Congress.
Shkreli, as expected, invoked the Fifth Amendment and seemed to suppress laughter during his testimony.
You can watch the highlights (or lowlights) of his performance here. In an interview after the hearing, Shkreli’s lawyer said that his client was nervous, meant no disrespect, and in time would be proven to be a hero.
Shkreli then slammed members of Congress on Twitter. Obviously.
If you’re bored of the so-called “Bad Boy of Pharma”, there is a lot of stuff going on on Wall Street.
The latest instalment of the ugly back-and-forth war of words between the New York Stock Exchange and upstart trading venue IEX arrived Thursday. You can read about that here.
Credit Suisse said it will accelerate its cost-cutting programme — read job cuts — after posting its first annual loss since 2008.
On a call after the announcement, CEO Tidjane Thiam said the firm would cut bonuses by 36% in the markets business.
He also said the doomsday scenarios for the global economy are not justified.
Here are the top Wall Street headlines at midday:
A hedge fund has laid out why it is closing — and it is enough to set alarm bells ringing everywhere – Orange Capital, the $1 billion event-driven hedge fund led by Daniel Lewis and Russell Hoffman, is closing after 10 years.
There’s a big sign that we ‘could enter recession in the second half of this year’ – Deutsche Bank’s Joe LaVorgna thinks there’s a sign suggesting that the pessimists might be on to something.
Hillary Clinton struggled through an ‘awkward’ answer about her 6-figure Goldman Sachs speaking fees – Hillary Clinton struggled Wednesday night through an answer about the large paychecks she received from the investment bank Goldman Sachs for several speeches, arguing they would not corrupt her judgment when it comes to regulating the finance industry.
BERNIE: It’s ‘beyond comprehension that Lloyd Blankfein would lecture our campaign’ – Sen. Bernie Sanders (I-Vermont) fired off a fund-raising solicitation on Thursday based on a recent interview in which Goldman Sachs CEO Lloyd Blankfein discussed Sanders’ campaign.
YANIS VAROUFAKIS: Europe isn’t working – The former Greek finance minister talks to Business Insider Deutschland.
UBS cuts its 2016 S&P 500 target and says stocks could fall 8% in the next few weeks – A lot has happened in markets just five weeks into the new year. For one, the S&P 500 has fallen about 6%.
Theranos is hiring a writer who can ‘solve problems through the power of excellent storytelling’ – Theranos is looking for a writer.
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