What you need to know on Wall Street right now

Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours.

The Securities and Exchange Commission has charged Leon Cooperman of Omega Advisors with insider trading.

Cooperman is a hedge fund industry legend and manages Omega, an iconic New York fund with about $5.5 billion in assets. The trading involves a company called Atlas Pipeline Partners, according to the SEC complaint, and i
t seems a relative of Leon Cooperman tried to blow the whistle on him without knowing it.

“[T]here had been some fishy options trades in apl [sic] before this that somebody should investigate,” the relative told an Atlas Pipeline Partners executive.
You can catch up on all the key details from the charges here.

Here’s everything you need to know ahead the Fed’s big statement on Wednesday. David Rosenberg, chief economist at Gluskin Sheff, is one of a number of economists who think the Fed has no business raising rates right now. You can check back here for all our coverage on the event as it happens.

Heather Bresch, the CEO of Mylan, the company that makes EpiPen, faces Congress on Wednesday. Here’s what to expect, according to Business Insider’s Lydia Ramsey. There are two questions she’ll likely try and avoid, according to Business Insider’s Linette Lopez.

Separately, members of the Senate Finance Committee have questions about EpiPen-maker Mylan’s relationship with Medicaid.

Wells Fargo CEO John Stumpf endured a nearly three-hour questioning from the US Senate banking committee on Tuesday, where he was accused of “gutless leadership.” Bernie Sanders has said the bank’s “business model is fraud.” Warren Buffett, a key shareholder, has said he won’t comment on the bank until November.

In short, the bank has
one heck of a scandal on its hands.

Apple is reportedly considering buying carmaker McLaren. McLaren has said the Apple takeover talks are “completely untrue.” Microsoft is planning to buy back almost 10% of itself.

And ad tech company The Trade Desk went public at $28.75 per share — a huge pop on its $18 price target.

Target plans to buy back $5 billion of their own shares, and there is some great news for
Dick’s Sporting Goods.

Lastly, here are America’s 25 best restaurants for tasting menus

Here are the top Wall Street headlines at midday:

A rare beast is taking over the bond market – The appetite for corporate bonds has been soaring over the past few years, and companies are serving up entire feasts.

The first really meaningful Chinese bankruptcy has arrived – Moral hazard has arrived in China.

Investors are bleeding billions of dollars because of negative rates Fixed-income investors would be doing a lot better if interest rates — and the yields on their investments — were higher.

Meet the riskiest bank in the world – Deutsche Bank is the riskiest bank in the world, according to the US Federal Deposit Insurance Corporation.

Bank of Japan targets bond yields The Bank of Japan refrained from cutting interest rates from -0.1% at its September monetary-policy meeting, choosing instead to modify its existing policy framework.

Wall Street knows low-cost investing makes obvious sense, and you should too – Life is a long journey.

Here’s why Warren Buffett is giving his billions away – He said he doesn’t want his grandchildren to sit on their laurels, knowing that their grandpa’s wealth has them set.

There are hidden gems in the Puerto Rican debt crisis – Puerto Rico is in a precarious position.

Business Insider Emails & Alerts

Site highlights each day to your inbox.

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