Your Daily Dose of Financial News

Demolition of an old house
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The Journal is breaking news this morning that American Express has been raising forex prices on customers for years “without notifying customers in a bid to boost revenue and employee commissions” – WSJ

An explosive Ronan Farrow New Yorker expose has led to an official inquiry from the CBS board of directors into alleged sexual harassment by CBS chief exec Les Moonves – NYTimes and WSJ and Bloomberg

Meanwhile, ex-SoFi CEO Mike Cagney—after being ousted from the fintech firm he co-founded over affairs with subordinates—is back for a second act (Figure Technologies) and a public accounting of his past sins – WSJ

Friday’s quarterly US GDP numbers hit an impressive 4.1%, though many are already cautioning against expecting a similar number for Q3 and Q4 – NYTimes and WSJ and Bloomberg and MarketWatch

One thing that the report virtually guaranteed is a September move by the Fed to hike interest rates again – MarketWatch

Disney and Fox’s shareholders both agreed on the terms of the former’s $71.3 billion bid for the bulk of the latter’s entertainment holdings, ending a “six-month corporate showdown” between Disney & Comcast and leaving only governmental regulatory approval as the final hurdle for the deal – NYTimes and Bloomberg

Bloomberg tells us that the “world’s top investment banks” have shifted their gaze to the heartland (that’s home, baby!) in search of M&A opportunities that have been previously overlooked – Bloomberg

Deutsche Bank is hoping to delay enforcement of Magistrate Judge Netburn’s recent order forcing DB to disclose nearly of the 78k documents on its privilege log based on several rounds of inadequate logging despite court orders – Law360

The Journal suggests that Facebook’s recent stumbles demonstrate some of the costly dangers of big data—namely, the inability to control all of that information as users expect and now demand – WSJ

Facebook investors wasted little time in filing at least 2 (for now) proposed class actions accusing the company of securities fraud in the wake of its $120 billion stock drop last week – Law360

Some big-picture thoughts on the economic lessons we all should’ve learned from the 2008 economic crisis – NYTimes and Bloomberg

Chinese tariffs are already doing a number on US almond farmers – WSJ

This deep dive into the conspiracy behind ripping off McDonald’s famous Monopoly game reads like a crime novel come to life – DailyBeast

MDR

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