The SEC has opened an inquiry into Alibaba’s accounting related to affiliated companies and related-party transactions, a big deal for a company “long seen as a symbol of China’s growing technological might” – NYTimes and WSJ and Bloomberg

The CFTC announced yesterday that it’s slapping Citigroup with a $425 million fine for Citi’s alleged role in trying to manipulate global interest rates. The penalties address two overlapping cases, and though substantial, the fact that Citi’s escaping without criminal charges is being viewed as a win for the bank  NYTimes and Law360

So yeah, how hard exactly is it to actually lock down those charges for crime on Wall Street—especially when we’re talking about individuals? Recent WSJ analysis suggests it’s REALLY hard – WSJ

The Journal reflects on Walgreen’s role in the Theranos debacle and suggests the drugstore chain was more interested in growth (and perhaps the hot next thing) than it was proper validation – WSJ

Where’s all of the venture capital cash flowing these days? As of Q1, Fintech was looking like a pretty safe bet, with financial technology companies netting nearly $5 billion in investments in the first 3 months of 2016 – Law360

Volkswagen, who’s admitted and apologized for its diesel emissions scandal, is (perhaps out of necessity) taking a procedural approach to challenging the DOJ’s suit against it and is questioning both jurisdiction and the basic fairness of the requested penalties – NYTimes

HSBC, acting in its role as trustee and issuer of RMBS certificates, is suing Merrill Lynch and Bank of America for $420 million over claims that the banks “fed it mortgage loans to be securitized that they knew were subpar” – Law360

Gawker’s learning the hard way the perils of messing with a tech billionaire – NYTimes and Bloomberg

Grilling season is just about officially underway. The approach this year? Let’s call it the anti-Frankenstein’s monster: FIRE GOOD – NYTimes