Here’s the other shoe for that news that all the big banks passed their Fed stress tests the other day: are the “bad old days of enormous leverage and freewheeling deals” and the risk inherent in them back, too? – NYTimes and Law360

Another side-effect of the stress-test results came in the form of Warren Buffet announcing this morning that he will use $5 billion of preferred shares to buy 700 million shares of BofA stock – WSJ

Blue Apron’s IPO launched with something of a fizzle today, ending trading right back at its $10 IPO price – WSJ and MarketWatch

Exxon shareholders voted last month for increased transparency on the impact of climate change on the company’s future. One possible version of that transparency could come in the form of a climate stress test, with parallels to the post-crisis financial industry tests – Marketplace

British authorities have further delayed Rupert Murdoch’s Sky takeover ambitions, announcing yesterday that they needed additional time to examine whether the $15 billion deal “would give the Murdoch family too much control over the country’s media” – NYTimes

Royal Park has moved for class certification in its suit against Wells Fargo over its handling of more than 50 toxic RMBS trusts – Law360

Minnesota-based Pine River Capital has announced plans to spin off a nearly $2 billion gov’t bond trading fund in early 2018, a move that will further shrink Pine River’s assets under management – WSJ

The iPhone was something of a wonder when it debuted 10 years ago.  That same model today . . . leaves something to be desired.  Still, pulling out the 2007 model was a nice little trip down memory lane for the Journal’s Joanna Stern – WSJ

Ahhh, the Xennial sweet spot—those of us right between the “disaffection of Gen X & the optimism of Millennials” – HuffPost

Enjoy the long 4th of July break.  Watch some fireworks.  Eat some hot dogs. Take a dip.  We’ll see you back here Wednesday morning bright and early.