Your Daily Dose of Financial News


A government audit report out yesterday accuses the US Dep’t of Housing and Urban Development of selling more than 100k distressed mortgages over a 7 year period to PE firms and hedge funds without following the proper rules for setting up the program – NYTimes

Some welcome good news for Greece, which after well-documented economic struggles, saw strong interest in its first bond issuance in 3 years—a move the government is hoping “will enable the debt-ridden country to wean itself from new bailouts” – WSJ

SoftBank is reportedly floating an idea to extend its largesse to Uber. The Japanese tech and media giant already has positions in Ola, Didi, and Grab—the preeminent ride-hailing companies in India, China, and Singapore, respectively – NYTimes and WSJ

Breakingviews on Michael Kors $1.2 billion bid for Jimmy Choo – NYTimes

Even as ICOs boom in popularity, the SEC has warned that laws intended to protect investors in “everyday stock sales” could apply to the digital currency offerings as well—a position that could apply the regulatory brakes to the ICO market – WSJ and Bloomberg and Law360

Meanwhile, the cryptocurrency that started it all is heading toward an identity crisis, with a share of its backers (largely Asia-based investors and entrepreneurs) pushing a plan to create “Bitcoin Cash”—a competing version of the currency that would increase the number of transactions that could be processed by the network every 10 minutes – NYTimes

The US House has voted to repeal the CFPB’s July 10 rule against forced arbitration.  The rule didn’t ban arbitration outright but makes it easier for consumers to sue banks and other firms by barring them from putting class-action bans in their arbitration clauses. The Senate takes up the measure next – Law360 and WSJ

The unofficial Big Brother clock jumped a few hours ahead this week on news that some employees at Wisconsin’s Three Square Market have agreed to let the company implant microchips under their skin that will enable them to get into the office building, pay for food in the cafeteria, and sign on to their computers with a wave of their hands – NYTimes

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