Even with US markets shrugging off the Brexit [maybe?] by the end of last week, the effects of the split are FAR from over. One recent ripple: Standard Life Investments UK Real Estate mutual fund—which invests in high-end London-based commercial properties—has suspended withdrawal requests in response to panicked investors looking to yank their funds in the wake of the Leave vote – NYTimes and WSJ and Bloomberg
While we’re looking around Europe for troubles, we might as well make ourselves comfortable in Italy, where the Brexit vote has only refocused a spotlight on the risk-laden banking sector. Fully 17% of Italian banks’ loans are sour, and among all publicly traded Eurozone banks, Italian lenders “account for nearly half of total bad loans.” Mamma mia – WSJ
A new disclosure order against UBS by the Swiss Federal Tax Administration is yet another brick removed from the formerly impenetrable secrecy wall around Swiss bank accounts – NYTimes
The Journal on what a slowdown in the shadow banking industry means for those of us out in the sun – WSJ
Fair Game explores the ongoing struggle between the SEC and private equity firms over transparency. Regulators want more. PE, meanwhile, thinks it’s giving plenty as it is – NYTimes
A British jury has convicted three former Barclays employees of plotting to “dishonestly rig[]” Libor. The convictions are a nice win [or partial one, at least—the jury couldn’t reach a verdict for two other co-defendants] for prosecutors after their last Libor-related jury trial resulted in the acquittal of 6 former brokers – NYTimes and WSJ and Bloomberg
The SEC’s reportedly opened an inquiry into SoftBank, the Japanese “telecommunications titan” in the headlines recently after the unceremonious departure of President and COO (and former Googler) Nikesh Arora after just 2 years on the job – Law360
Andrew Ross Sorkin’s summer reading list for those beach days when you just can’t shake the need to be steeped in finance – NYTimes
A writer’s brush with the very American bison at Badlands National Park seems like as good a way as any to celebrate Independence Day [and 100 years of National Parks]. Hope you had a good one – NYTimes
