Your Daily Dose of Financial News

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The Chinese government has seized control of Anbang Insurance Group, the formerly staid insurance conglomerate with a murky leadership structure that in recent years has amassed billions in debt through a global acquisition spree – NYTimes and WSJ and Bloomberg

Greece’s Parliament approved formation of a committee to investigate the controversial accusations “linking 10 high-profile politicians to bribery” by Swiss drug maker Novartis. Each of the targeted politicians—which include two former PMs, the current central bank governor, and an EU commissioner—has denied the allegations – NYTimes

Streetwise suggests that there’s some good news to go along with rising bond yields, though Mr. Mackintosh cautions that there’s considerable danger that “massive tax cuts will push up yields to the point where they become bad for shares.” The hard part is figuring out where that point lies – WSJ

A month or so after announcing that it would shutter 182 stores, the bankrupt toy seller Toys R Us revealed that it’s likely to shut down upwards of 200 more as it “struggles to find a path out of bankruptcy and return to financial viability” – NYTimes

One of the victors in the Supreme Court’s unanimous whistleblower decision earlier this week has no stake in reporting financial irregularities but is all about interpretation rules—that is, the Chevron deference doctrine lived to fight another day – Law360

The SEC announced this week that it will “pare back” Obama-era regs set to take effect in 2019 that would have forced mutual funds to tell investors about “large holdings of hard-to-sell assets” – WSJ

Deutsche Bank is objecting to a pair of foreign investors leading a class action against the bank alleging that it failed to disclose RMBS-related risks, accusing them of failing to respond to discovery requests and destroying documents – Law360

You want a [terrifying] sign of the times? Look no further than the effect a tweet from a 20-year-old member of the Kardashian-Jenner clan can have on the stock market. More specifically, Kylie Jenner’s “sooo does anyone else not open Snapchat anymore? Or is it just me… ugh this is so sad” musings sent Snap shares down 6.1% yesterday, erasing $1.3 billion in market value. 2018 America, people – Bloomberg

Though, for the record, some would quibble with the true scope of Kylie’s power – Mashable

Bitcoin’s precipitous drop in value over the past few weeks has been well documented, but as the Journal reports, that’s not hurt the popularity of ICOs at all—sales of which have exceeded $1.6 billion already this year – WSJ

Speaking of ICOs, the months-long battle for control of the more-than quarter-of-a-billion dollars raised by the Tezos cryptocurrency project is now suddenly over. Details here – WSJ

Curling: occasionally confusing for viewers, and befuddling for physicists, too – WSJ

Have a great weekend,
MDR