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