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Jul 21, 2016

DealBook P.M. Edition - July 21, 2016

Thursday, July 21, 2016

The New York Times


The New York Times

Top Story
U.S. Sues to Block Anthem-Cigna and Aetna-Humana Mergers
By LESLIE PICKER
The Justice Department contends that allowing the mergers would quash competition, leading to higher prices for consumers and reducing their benefits.

DealBook Highlights
COMMON SENSE
The former Lehman Brothers headquarters. There has been much debate over whether the government should have done more to rescue the now-failed investment bank.
Pointing a Finger at the Fed in the Lehman Disaster
By JAMES B. STEWART
A respected economist argues that the Federal Reserve could have saved the financial firm from its chaotic collapse eight years ago.
Elon Musk, the chief executive of Tesla Motors, says in a blog post that all Tesla vehicles will eventually have the hardware necessary to be fully self-driving.
Elon Musk’s Vision for Tesla: More Models, More Self-Driving
By BILL VLASIC
In a blog post, Mr. Musk says nothing about the Autopilot controversy, while envisioning a future of self-driving buses and tractor-trailers.
BREAKINGVIEWS
Elon Musk’s Futuristic Plans Give Shareholders Cause to Worry
By ANTONY CURRIE
The carmaker’s leader reveals a new master plan; investors wonder how he’ll pay for it.
A branch of UBS in Singapore. The authorities have identified significant lapses in anti-money laundering controls in its local branches as part of a global inquiry into a Malaysian sovereign wealth fund.
Singapore Cites Three Banks in Inquiry Into Malaysia’s 1MDB Fund
By NEIL GOUGH
Officials found lapses in anti-money laundering controls at DBS Bank, Standard Chartered and UBS as part of a global investigation into the Malaysian sovereign wealth fund.
A family office that manages Steven Cohen’s $11 billion fortune has doubled the size of its work force in London.
Leave London After ‘Brexit’? Steve Cohen Doubles Down
By CHAD BRAY
The billionaire investor is expanding the London office of his firm, Point72 Asset Management, even as other firms pare back.
Ron Bloom, a Top Lazard Banker, Leaves for Brookfield Asset Management
By MICHAEL J. DE LA MERCED
Mr. Bloom, perhaps best known for his work guiding G.M. and Chrysler through bankruptcies, will help manage Brookfield’s private equity operations.
Terra Firma Hires Andrew Geczy as C.E.O.
By CHAD BRAY
Mr. Geczy joins the private equity firm after stints at the Australia and New Zealand Banking Group, the Lloyds Banking Group and Citigroup.
 
Buzz Tracker
Amazon tiptoes into banking business through student loans. Wells Fargo will offer discounts to customers of the online retailer. – The Wall Stret Journal
How the New York Fed fumbled over the Bangladesh Bank cyber-heistWhen hackers tried to steal nearly $1 billion from Bangladesh’s central bank, the Federal Reserve Bank of New York failed to spot warning signs and nearly let all the money go. – Reuters
 
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Looking Ahead
Addressing cybersecurity in cars. On Friday, auto industry executives and government officials will descend on Detroit to discuss the rising concerns of cybersecurity and hacking. Automobiles have essentially become supercomputers on wheels, and more of them are linked to the internet, posing security risks. (A year ago, researchers showed that they were able to remotely take control of a Jeep Grand Cherokee as it rolled down a highway.) The gathering, called the Billington Automotive Cybersecurity Summit, is intended to highlight what car companies and policy makers can do to meet the challenge. Speakers include Mary T. Barra, chief executive of General Motors; Anthony Foxx, the transportation secretary; and Mark Rosekind, head of the National Highway Traffic Safety Administration. – Neal E. Boudette