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Aug 10, 2016

DealBook Afternoon Edition: Top Story | Highlights | Buzz Tracker | Looking Ahead

The New York Times
Top Story
Bridgewater Settles Harassment Claim That Described a ‘Cauldron of Fear’
The claim filed by Christopher Tarui, who recently moved to Kohlberg Kravis Roberts, brought attention to one of the more secretive firms in the $3 trillion hedge fund industry.

DealBook Highlights
Jordan Burroughs after winning gold at the 2012 Olympics in London. He stands to receive $500,000 from a fund established by former wrestlers if he can successfully defend his title at the Rio Games.
Wealthy Donors Dangle a Huge Payday in Front of U.S. Wrestlers
A fraternity of well-heeled former wrestlers has endowed the sport with rich payouts for American medalists, like $250,000 for an Olympic gold.
ESPN Streaming Deal Helps Disney Step Into the Future
Disney’s investment in BamTech acknowledges that consumer habits are changing in a move that should strengthen and accelerate its streaming options.
Buzz Tracker
San Jose is the first city where typical homes eclipse $1 million.Affordability concerns show no signs of abating. Home prices rose in 83% of metropolitan areas across the U.S. in the second quarter. – The Wall Street Journal
Wall Street bonuses are expected to decline. Year-end compensation will down 5 to 15 percent for investment bankers that advise on mergers and acquisitions, according to Johnson Associates. Bankers who help companies raise equity and debt could see their compensation fall as much as 25 percent. – Reuters
A maple syrup cartel is battling a black market rebellion. Canadian production is set to grow 10 percent in a push for market share. The unanswered question is where all this additional product is going to go. – Bloomberg
Apple is planning the first MacBook Pro overhaul in four years. The updated notebooks will be thinner, include a touch screen strip for function keys, and more powerful graphics processors. – Bloomberg
Even big banks want help navigating the markets. After JPMorgan Chase’s shares plunged 21 percent in a few moments last year, the bank sought out Virtu Financial. JPMorgan spends more on technology in six months than Virtu’s equity is worth. It has 240,000 employees to Virtu’s 148. – Bloomberg
The Hershey trust will discuss new members. The board of the $12 billion charitable trust is embarking on its biggest overhaul in more than a decade. – Reuters
Wall Street’s dream senator. Lobbyists are angling to get Evan Bayh on the banking committee. “How did this fevered speculation get placed in ‘American Banker,’ the leading Wall Street trade publication? The answer might tell us something about how Washington works.” – The New Republic
Looking Ahead
Macy’s earnings and national sales data. Two important indicators of the health of the economy will come out this week. Macy’s, the nation’s largest department store, is scheduled to report earnings on Thursday. The retailer has struggled to compete against the growth of discount and low-cost rivals, particularly online, and revealed unexpectedly weak results last quarter. And on Friday, the Commerce Department will release retail sales data. Analysts expect the data to show that spending climbed slightly in July. – Rachel Abrams

Wednesday, August 10, 2016