Incredibly, there’s more news from the FASB this week, which has announced that its dropping the accounting rule (dubbed an “Alice in Wonderland” measure) that “allowed stressed banks to book huge gains simply because they were stressed – NYTimes and WSJ

2015 was a mammoth year for US car sales, with “cheap gasoline, employment gains and low interest rates” prompting the best numbers in more than 15 years – WSJ

Vanguard also had a monster 2015, suggesting that investors are not yet done shrugging off money managers in favor of index funds – WSJ

JPMorgan’s not done paying the price for “missteps in its handling of mortgage servicing accounts after the 2008 financial crisis.” The Office of the Comptroller of the Currency—already the instigator of a $2 billion settlement with the bank—levied an additional $48 million penalty on JPM for its alleged failure to meet the terms of the 2013 settlement – NYTimes and Law360

Looking to memorialize the Fed’s historic December liftoff? Just a few more hours until those December minutes are out.  While you’re waiting, the Journal has 5 things for you to consider – WSJ

Centerview Partners’ popularity among elite college grads, according to the Dealbook, is emblematic of a “shift in the center of gravity on Wall Street” as large corporations increasingly turn to boutique investment banks like Centerview (and Lazard, Evercore, LionTree, etc.) for “advice on deals and strategy”—drawn by the fewer risks of conflicts of interest and the increased chance of deals actually remaining a secret – NYTimes

FINRA’s announced plans to issue report cards to brokerage firms assessing “how much spoofing and other phony trades they’re letting through their systems,” a move intended to “stir brokerages to action or else face consequences if they look the other way” – Law360

How fickle is Wall Street? Just a year after posting numbers that prompted comparisons to the Oracle of Omaha, Bill Ackman’s Pershing Square Holdings fund saw a 20.5% loss in 2015, thanks in part to his long stake in Valeant – NYTimes

A bit of upper-Midwest meets Private Equity news yesterday, as KKR agreed to acquire a majority stake in the formerly family-owned Mills Fleet Farm – NYTimes

The Four Seasons is on its way out of the Seagram Building after a monumental 56-year run. The Times gives us a slice of midtown high life with this piece on the look of the ultimate power luncher – NYTimes

Gotta love the irony of Kodak’s distinctly analog Super 8 throwback stealing some of the early thunder at CES 2016 – WSJ