Your Daily Dose of Financial News

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Your Day After edition of the Daily Dose, right from the heart of the madness here in downtown Minneapolis . . .

A look at the big-time Wells Fargo/Fed settlement of last Friday night, which saw the Fed blasting the bank’s board for oversight failures, forcing Wells to replace a full fourth of its 16-member Board, and instituting a rare growth ban  – NYTimes and WSJ and Bloomberg and Law360

And here’s how that deal came together – NYTimes

Some analysis of last week’s strong US Jobs report –  WSJ and Bloomberg

When it rains, it pours.  Especially for Equifax.  Which managed to screw up their new consumer service purportedly allowing consumers to lock access to credit files from a mobile phone just months after it disclosed the massive data breach that exposed nearly 145 million SSNs to hackers – NYTimes

A series of recent CFTC settlements for Deutsche Bank, HSBC, and UBS over spoofing allegations this week came with some unexpected good news—an automatic waiver from the bad actor rule, a distinct departure from most post-Dodd-Frank settlements – NYTimes

Which may have softened the blow a bit for Deutsche Bank after the bank also agreed to pay $70 million to the CFTC over the German financial giant’s alleged manipulation of ISDAfix, the benchmark for interest-rate derivatives and other financial instruments – Bloomberg and Law360

Mick Mulvaney’s latest move at the CFPB appears to be steering the agency away from using its own in-house courts – Law360

Tesla has raised more than half a billion dollars on its first asset-backed securities deal yesterday. Bondholders are repaid from lease payments on Model X and Model S vehicles as well as post-lease resale value – WSJ

We all know bitcoin by this point (and its recent struggles). Here’s why the far-lesser-known Tether—one of the few virtual currencies purportedly backed by traditional money—may be more important, especially as concerns about bitcoin price manipulation via Tether are on the rise – NYTimes

Together again, after all of these years?  CBS and Viacom are thinking about it [again] – NYTimes and WSJ and MarketWatch

The spectacular fall of Carillion last month appears to have been emblematic of Britain’s bigger-picture problem with its long experiment in outsourcing government services – NYTimes

Broadcom’s upping the ante in its pursuit of Qualcomm – Bloomberg and WSJ

And finally, now that all the craziness of last night is over, let’s let Jeopardy! [and a very sassy Alex Trebek] give a bit of perspective to the whole event – Deadspin

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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