Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours.
Heather Bresch, the CEO of Mylan — which makes the EpiPen — was grilled late into the night on Wednesday by the House Oversight and Government Reform Committee about the drug’s price.
The whole experience was filled with yelling, frustration, and a whole lot of EpiPens and poster board charts.
“If I could sum up this hearing, it would be that the numbers don’t add up,” Rep. Elijah Cummings said toward the end of the hearing. You can read a blow-by-blow account of how the hearing went down.
Also on Wednesday, The Federal Reserve kept its benchmark interest rate unchanged, just as markets had expected. Here’s the new Fed dot plot, and here’s what Yellen had to say in her press conference after the announcement.
In the aftermath of the decision, everything is going up except the US dollar.
In Wall Street news, hedge fund legend Leon Cooperman said in a short phone call with investors late Wednesday that he intends to fight charges of insider trading against him.
A tiny hedge fund has an incredible track record, and outsiders can’t understand how. The people who manage your retirement fund are doing a horrendous job. A hot new hedge fund led by former Brevan Howard partner Ben Melkman just made some big hires.
And Man AHL, a London-based quant hedge fund that manages about $19 billion, is trying to “demystify” how it makes money.
Fortune’s 40 Under 40 list of the most influential young people in business has only 3 people from finance this year. Business Insider’s Tina Wadhwa listened to 82 finance startup pitches, and this is what she has learned about where Wall Street is headed.
Morgan Stanley is misguided on the future of transportation, according to Business Insider’s Matt DeBord. There’s a battle raging in the City of London over whether Britain is headed for a post-Brexit recession. And millennials are finally defying one of the economy’s most troubling trends.
Warren Buffett says these billionaires’ letters might be more valuable than their money.
Here are the top Wall Street headlines at midday:
The final, furious push for an ‘epoch-making’ trade deal that’s getting battered on the US campaign trail – As major world leaders have congregated in New York for the UN General Assembly, Japanese Prime Minister Shinzo Abe has been promoting the Trans-Pacific Partnership trade deal.
‘There’s probably a lot of cause for celebration in China for what happened this week’ – It’s been another boring week for the world’s major central banks.
These housing markets are near the ‘7th inning stretch’ before everything starts to crash – The housing market has certainly made progress since 2008, when its crash nearly broke the global financial system.
There’s a new algorithm that will alert Wall Streeters when they start freaking out – Ask any investor what they want and they would tell you the same thing: profits. Yet in the ups and downs of the stock market, investors are often defeated by their emotions.
This is a ‘government invitation for helicopter money’ – On Tuesday, the Bank of Japan held its benchmark interest rate at -0.10% and announced a shift in policy, opting to target
the shape of the Japanese yield curve.
The 7 deadly sins of private equity – One of the first things you learn in business school is that you can’t let your emotions rule your finances. Yet, in the world of private equity, I see this all the time.
Japan’s most powerful advertising company is facing a huge over-billing scandal – Dentsu, Japan’s most powerful advertising company is facing a huge over-billing scandal that threatens to seriously damage its reputation in the country.
How a former lawyer quit his office job to revolutionise how men buy luxury bespoke suits – “Every man — I don’t care who it is — needs at least one good suit in their closet,” Michael Andrews tells me from the personal study in his Noho, Manhattan tailoring studio.
These are the 12 best driver’s cars of 2016 – Past winners of the competition include the Chevrolet Camaro Z/28, the Porsche 911 Carrera 4S, and the defending champion Mercedes-AMG GT S.