GE Files to End Fed Oversight After Shrinking GE Capital (WSJ)
General Electric Co. formally asked to be released from supervision by the Federal Reserve on Thursday, saying it has sufficiently shrunk its once-massive financial services arm so it would no longer pose a systemic threat to the banking system. GE is the first of the four nonbank companies labeled “systemically important financial institutions,” or SIFI, under the 2010 Dodd-Frank financial reform law to formally apply to regulators to lose that status after making significant changes to its business.
Evans Sees Very Shallow Fed Rate-Hike Path, Two Moves in 2016 (Bloomberg)
The U.S. economy will probably be strong enough to justify two interest-rate increases in 2016 as it advances despite headwinds from weaker growth abroad, said Federal Reserve Bank of Chicago President Charles Evans. “A very shallow path -- such as the one envisioned by the median FOMC participant in March -- is the most appropriate path for policy normalization over the next three years,” Evans said in remarks prepared for delivery Wednesday in New York, referring to the policy-setting Federal Open Market Committee. He doesn’t vote on policy this year.
Wells Fargo plans quiet assault on Wall Street from glass tower (Reuters)
Wells Fargo & Co (WFC.N), the San Francisco-based lender known for its retail banking business, has picked out space for a trading operation to use as a base for a stealth attack on the investment banking world. The bid for more capital markets business - from advising on deals and security issues to trading derivatives - is a potentially risky move by the third-largest U.S. bank by assets. The boom-and-bust of Wall Street offers lucrative fees if Wells Fargo can pick up business left behind by rivals in the wake of the financial crisis of 2008, but trading brings extra risks and volatility.
Appaloosa calls for removal of SunEdison's TerraForm execs (Reuters)
Billionaire David Tepper's Appaloosa Management is seeking to overhaul TerraForm Power Inc's (TERP.O) Conflicts Committee, claiming the company's controlling shareholder SunEdison Inc (SUNE.N) has breached its fiduciary duties. In an amended lawsuit filed on Tuesday in Delaware Chancery Court, Appaloosa said SunEdison and various TerraForm directors dismantled TerraForm's corporate governance and Conflicts Committee, replacing it with a "sham committee" to enable SunEdison to take advantage of TerraForm and stockholders "at will."
Competitive Eater Matt Stonie Packs Away 200 Peeps In One Sitting (HP)
The competitive eater known as “Megatoad” posted a video to YouTube on Friday that shows him downing 200 Peeps in a little more than 14 minutes, doubling his previous record. In the process, he swallowed about 5,600 calories worth of the bird-shaped marshmallows, or 1,360 grams of sugar. Though Stonie is no stranger to gastrointestinal challenges — some of his past feats include eating a five-pound burrito, 182 slices of bacon and seven Shamrock Shakes from McDonald’s — he definitely appeared to struggle. “My tongue is so saturated with sugar, oh my god,” he moaned just before hitting the 100-Peep marker.
The Investor Who's Betting on Brazil's Corruption Scandal (Bloomberg)
“We try to buy when blood is running on the street,” said Guild, who as chief investment officer manages about $190 million in global equity funds. “This is a lot like Watergate, and after Watergate what happened? Where there’s a crisis in confidence, costs go down and there’s a huge opportunity.” While some 40 years apart, there appear to be several similarities between the episodes. Just like the investigation into the break-in at the Watergate hotel, Brazil’s probe into kickbacks at the state oil company escalated over two years of deepening economic turmoil, eventually implicating President Dilma Rousseff. And like the infamous tapes that led Nixon to resign, a recording of Rousseff’s conversation with her predecessor now has brought her one step closer to being impeached.
Yahoo to allow proxy access for board nominations (Reuters)
Yahoo Inc (YHOO.O) will allow investors who have held stake of at least 3 percent in the struggling Internet company for a minimum of three years to nominate directors to its board. The company amended its bylaws to allow these investors to nominate up to 20 percent of its board, according to a regulatory filing on Wednesday.
Gaming Startup Unity Seeks $1.5 Billion Valuation in Funding Round (Bloomberg)
The gaming software maker's fundraising, which is expected to close within weeks, would provide it with added resources at it looks to take advantage of the increased interest in virtual reality, said the people, who asked not to be identified because the discussions are private. Unity declined to comment.
Squirrel exterminators mistaken for gunmen cause lockdown at Arkansas school (UPI)
Two pest control workers accidentally caused a lockdown at an Arkansas school while attempting to remove squirrels from a nearby apartment complex. SWAT officers arrived at Gardner Magnet School after the three exterminators were mistaken for gunmen wielding rifles. The exterminators fired at and missed a squirrel and began to chase the animal when they were spotted by a teacher who called police and reported gunmen on the campus.