Your daily dose of financial news - The Brief – 9.14.16

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The Fed giveth and oil taketh away . . . . It was a rough Tuesday on Wall Street – WSJ and Bloomberg

Still, bigger picture economic news was positive yesterday on a report from the Census Bureau that median US household income grew 5.2% in 2015—a monumental jump after years of stagnation – NYTimes and WSJ

Not exactly a Harry S. Truman performance from Wells Fargo’s John Stumpf, who, by arguing that there was “no incentive to do bad things,” essentially blamed the recent cross-selling debacle on his employees – WSJ

Following news of Starboard Value’s plan to shake things up at Perrigo, we have this take from Breakingviews, which suggests that fending off a hostile takeover (as Perrigo did from Mylan) tends to “make fertile turf for an activist investor” – NYTimes

Bayer’s sweetened its offer for Monsanto – Bloomberg and WSJ

PNC’s in line to pay at least $24 million to resolve class action allegations in Pennsylvania federal court that a bank it acquired “overcharged fees and interest for its secondary mortgages and didn’t accurately disclose business arrangements or the terms of its loans” – Law360

The Deal Professor’s displeased with the Fed’s regulatory focus on merchant banking [generally accepted as the buying and selling of nonfinancial companies], arguing that the Fed’s call to ban big banks from the practice is unnecessary and ill-advised – NYTimes

Day 1 updates from the Hank Greenberg trial, finally underway after 11 years of legal wrangling – NYTimes and WSJ and Law360

It’s taken 100 years, but Britain’s finally listening to Mr. McGuire and realizing that the future of its currency [the 5-pound note, at least] can be found in this one word: plastics – NYTimes

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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