Your Daily Dose of Financial News

Demolition of an old house
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More on yesterday’s news of a split power-generation division at GE, including why fixing the ailing business is such an important task for new CEO Larry Culp and what federal criminal and civil accounting probes mean for the company – NYTimes and WSJ and Bloomberg and Law360 and Marketplace

The Times and Journal help us understand why “7” is the magic number when it comes to charting the strength of China’s renminbi against the dollar and what a weakening Chinese currency means (both good and bad) for China and for the US – NYTimes and WSJ

Senior SDNY Judge Loretta Preska has sentenced a former execs and Valeant and Philidor Rx Services to a year and a day in prison after a jury found them guilty in May of “defrauding the pharmaceutical giant through a multimillion-dollar kickback scheme” – WSJ and Law360

Financial numbers released yesterday show that Eurozone economic growth has “fallen to its slowest pace in more than four years,”—a paltry .2 percent in Q3—and highlighted yet another challenge for a continent already facing questions about Brexit, Italy’s budget, and a post-Merkel Germany – NYTimes and MarketWatch

A Florida federal court has sanctioned an accused crypto-investment pyramid scheme creator for deleting emails central to the fraud investigation – Law360

After striking a deal earlier this year with the CME Group for daily sets of futures data, federal authorities (with the CFTC in the lead) have been dramatically increasing their pursuit of spoofing cases, initiating 26 of them in the fiscal year that ended Sept. 30 – WSJ

Have no fear, says Streetwise. Tech needed a correction, but we’re generally not worse off overall than we were a month ago.  So feel free to buy and sell accordingly – WSJ

Employees at credit union Pentagon Federal, one of the country’s “largest and fastest-growing,” apparently raised concerns in 2016 and 2017 about insufficient resources and staff devoted to anti-money laundering compliance. While company officials have called the allegations “false,” PenFed has reorganized management, hired more staff, adopted new policies, and invested in automated suspicious activity detection technology since the complaints – WSJ

General internet consensus is that this little girl from the Philippines won Halloween this year.  Still, thanks for playing, and stay safe tonight – Mashable

MDR

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