Your daily dose of financial news - The Brief – 6.20.16

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Britain’s big Brexit vote is this Thursday. Expect to hear a few things about it this week – NYTimes and WSJ and Bloomberg

As expected, the SEC granted official approval to the IEX Group’s startup stock exchange with built-in delay became the US’s 13th official stock exchange – NYTimes and WSJ and Law360

Here’s a sign of the times, or at least, the changing tenor of banking in America. After years of exclusivity that saw it refusing customers with less than $10 million on hand, Goldman Sachs is opening itself up to common folk through its new GS Bank venture – NYTimes

So we mention Michael Milken and all of a sudden we see headlines that Junk bonds are back?  Is this a secret Beetlejuice effect for bond markets that I’m just learning about now?  – WSJ

The fallout from Visium’s insider-trading allegations has been swift and comprehensive. Just a week or so after acknowledging the charges, Visium announced it will wind itself down, selling and liquidating all of its funds in the process – NYTimes

More Fintech love, as bank account access firm Plaid has raised $44 million while pushing the idea of bridging the gap between banks and fintech startups – WSJ

This weekend’s Fair Game tackled CEO compensation and the often convoluted metrics companies use to benchmark comp for their top dogs – NYTimes

The DOJ has shut it down in its investigation of Countrywide co-founder Angelo Mozilo, “more than five years after [he] agreed to pay $67.5 million to settle with the U.S. Securities and Exchange Commission” – Law360

The CFTC has proposed rules for protecting the collateral underlying commodities futures and swaps for customers of banks that are part of so-called clearinghouses – WSJ

Ummm, if you’re a deliberately mysteriously named group (Decentralized Autonomous Organization) focusing on a groundbreaking community-driven plan (a crowdfunded venture capital fund) with a little-known cryptocurrency at its core (Ether), the absolute last thing you need is the cybertheft of over $50 million—a hack that could crater DAO entirely and that calls into question the future of digital currency altogether – NYTimes

Why is US GDP [and the US economy, for that matter] so sluggish—even after years of efforts by the Fed to juice it up?  Upshot plays doctor and has 5 possible diagnoses – NYTimes

Those so inclined will undoubtedly be cheering the end of Cleveland’s 46-year basketball championship drought with the Cavs’ 93-89 win over the Golden State Warriors last night.  Personally, I’ll be pouring one out for Dustin Johnson, who snapped his 0-28 majors streak with a big US Open win at Oakmont Country Club yesterday—suspect penalty stroke and all – NYTimes

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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