Do we know that given the sometimes-dubious accuracy of their grades, the ratings agencies aren’t always to be trusted?  We do. Should we still take note when Moody’s decides to downgrade China’s sovereign debt? We should. An explanation: – NYTimes and WSJ and Bloomberg

Several members of healthcare hedge fund Deerfield Mgmt have been implicated in an insider-trading case over the alleged use of confidential information about gov’t financing to trade shares in affected health care companies – NYTimes and WSJ

BNP Paribas will fork over $350 million to NY state’s banking regulator to settle allegations that its forex traders colluded to manipulate currency rates – WSJ and Law360

The Journal’s latest Quants installment looks at the battle between hedge funds [even old school ones] and Silicon Valley to attract the best of the best – WSJ

The Fed’s May meeting minutes dropped yesterday, and they reinforced the idea of a rate hike in June barring some unexpected economic calamity – NYTimes and WSJ and Bloomberg

What to expect now that we know the DOL fiduciary rule is in play in June – WSJ

OPEC’s extending production limits for another 9 months in an attempt to right the ship of sinking oil prices – Bloomberg

More SoftBank largesse in the form of $100 million for Brazilian Uber-rival 99 – NYTimes

True, it’s not even Memorial Day yet, but this one’s for my Fair folks out there – Wit & Delight

The Last Jedi gets the Vanity Fair treatment. Christmas can’t come soon enough – Vanity Fair