Your daily dose of financial news - The Brief – 9.23.16

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Well, see, Yahoo just doesn’t have enough on its plate these days.  So why not the revelation that hackers stole data on 500 million users in 2014?  The hack—thought to be a state-sponsored affair—is likely the biggest data breach ever.  [Good thing that Verizon sale already went through . . . in principle, at least] – NYTimes and WSJ

Dealbook’s Common Sense column on how the Wells Fargo scandal will test the DOJ’s new “get-tough” approach [see, e.g., the Yates Memo] when it comes to corporate misconduct and an increased focus on individual wrongdoers – NYTimes [and WSJ]

Former RBC wealth management chief executive (and political scion) John Taft weighs in on the behavior that led to Wells Fargo’s trouble and sees the obsession with “cross-selling” as a huge part of the cultural problem at banks – NYTimes

And some in Congress are lobbying for a Labor Department investigation to determine if that culture of “aggressive sales quotas” led to forcing unpaid overtime on employees – Law360

Bloomberg’s Benchmark feature isn’t so sure that Fed Chair Yellen is reading the labor market data correctly – Bloomberg

Even as China celebrates the $7.4 billion IPO for its Postal Savings Bank, Wall Street continues to suffer from the worst IPO business season in 20 years. Banks have taken in roughly $3.7 billion in fees from US-listed IPOs this year—a drop of an adjusted $9 billion from the height of the market in 2000 – WSJ

Oh, those millennials.  Always engaging in insider trading for love.  Wait, what? The SEC’s reportedly accusing a 20-something couple of acting on insider information after the boyfriend tipped his girlfriend about Apollo’s purchase of ADT earlier this year, prompting the girlfriend’s trades that netted her $24k.  The couple’s downfall was made easier by discussions of the deal on work email.  Ouch – Bloomberg

The Apple/Tesla rumors hit the Street the other day.  Now there’s word that Apple’s making a few inquiries at McLaren, the UK-based supercar and Formula One business – NYTimes

With Anbang’s disruptive interest in Starwood now history, SW loyalty rewards members should brace themselves for a new reality: Marriott has announced plans to link its loyalty program with Starwood’s as early as 2018 – Bloomberg

Here’s a thought that could make global warming really real really fast for anyone who needs a pick-me-up in the morning.  The world’s coffee supply, it seems (and the 125 million people for whom the industry provides a living), could be disastrously impacted by warming temps around the globe – NYTimes

Need a quick getaway?  Enjoy this Voyages feature from 6 Times photographers and satisfy a little bit of your globetrotting urge from the comfort of your desk – NYTimes

Have a great weekend.

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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