Oil spilled all over global markets again today, halting another short-lived stretch of stability – WSJ

Just months after refusing to take up the contentious Newman appeal that regulators and traders alike hoped would shed light on the boundaries of insider trading, the Supreme Court has agreed to hear a California-based insider trading case involving brothers-in-law and information from a former Citigroup health care investment banking group – NYTimes and Bloomberg and Law360

The latest round of financial reform legislation wending its way through Congress is flipping the script a bit and seeking to add new scrutiny to the regulators. Supporters say it would bring rule-making standards “closer in line with those for executive branch agencies,” while opponents say the new law is “intended to create additional burdens and delays, as well as make agency rules more vulnerable to legal challenges.” Aaaaaand, discuss – NYTimes

Everyone’s [least] favorite WuTang fan has decided that his A&P team wasn’t cutting it on his securities fraud defense – NYTimes and Law360

The Journal takes a look at the face of America’s corporate boards and finds that many of their nominally independent directors have “close ties to the companies and executives they oversee, or to one another” – WSJ

As previously promised, the Treasury is seeking more information about changes to the Treasurys market in an attempt to increase oversight, but insiders suggest that by not looking at the impact of new capital rules on the market the Feds are likely asking the wrong questions – Law360

The Deal Professor warns that when it comes time for the unicorn wars (and rest assured, it’s coming), it’s gonna get nasty.  Among the problems facing over-valued start-ups include the battle between common and preferred shareholders, the bleeding out of employees, and a founders vs the world mentality – NYTimes

Maybe all of the hyperventilating about China, its slowing economy, its market-interventionist government, and its roller-coastering stocks is really a bit much right now.  Maybe?  Here are some factors to consider when gauging whether the panic is justified – WSJ

Among those shareholders clamoring for changes at AIG is a man well known for making waves: one Carl C. Icahn – NYTimes

As some of us know, your name on the letterhead is not that big a barrier from jumping ship these days, right Rudy? – NYTimes and WSJ

Keep an eye out for “La Cebolla” from now on for your satirical take on news of the day – NYTimes