The Brief takes a day off and Europe falls apart. Noted. Let’s break it down:
Including how the legal and logistical “leave” will actually take place – WSJ
The Upshot looks short-term and long-term economic effects – NYTimes
Phillipe Legrain, op-ed writing in the Times, considers the same, arguing that Friday’s global markets crash is just the start of a Brexit-induced economic disaster – NYTimes
Unsurprisingly, then, financial regulators around the world are on high alert – Law360
Here’s what it means for previous plans to build a unified European financial system – WSJ
And what it means for the UK’s [and Europe’s] growing fintech industry – Law360
The leadership void at the top in the UK isn’t helping matters at all, as resignations among both major parties reign supreme in the aftermath of the Leave vote – NYTimes
Especially because no one’s waiting in the wings – WSJ
Also, how London’s bearing the particular brunt of Thursday’s vote – NYTimes
Though the entire global economy will certainly be feeling it – WSJ
Leaving the IMF’s Christine Lagarde to declare that it’s up to policy makers to stanch the bleeding we saw on Friday – Bloomberg
Here at home, the Brexit’s put July back in play for the Fed—to cut rates – Bloomberg
Elsewhere:
A Times long-read on how the housing crisis “cleanup crew”—largely PE firms—ended up repeating many of the same mortgage-related mistakes that banks did, from quick foreclosures to poor paperwork management and worse – NYTimes
Anbang’s asserting itself at the Waldorf, lobbying for up to ¾ of its rooms to be shuttered in the coming years to be converted into private apartments – WSJ and Bloomberg
Speaking of the crisis, Fair Game discusses the DOJ’s decision to drop its pursuit of Countrywide’s Angelo Mozilo after a multi-year criminal investigation tied to civil mortgage fraud charges against Countrywide – NYTimes
German bank IKB Deutsche Industriebank’s latest MBS-related action is against Wilmington Trust Co., which it accuses of breaching its trustee duties on $168 million in securities in a suit now in NY federal court – Law360
Details on the mechanics for Saudi’s first global bond sales – WSJ
Energy Transfer Equity has finally been given the okay to abandon its planned merger with the Williams Companies, ending a deal marked by ETE’s Constanza-like approach to crater the very merger it had long pursued – Law360
Let’s try to leave with some good news out of Europe. After searching far and wide [including the crying Messi meme (yes, he’s Argentinian, but he plays for Barca)], we’ll settle for UK-import James Corden’s choreographing turn on Dancing with the Stars – Late Late Show
