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Aug 15, 2016

DealBook Today's News Summary - August 15, 2016. Top Story | Highlights | Buzz Tracker | Looking Ahead

The New York Times
Top Story
Mary Jo White, chairwoman of the Securities and Exchange Commission. The S.E.C. used to handle the bulk of insider trading cases.
Blurred Lines in Pursuing Insider Trading Cases
There are no guidelines to distinguish between the cases that deserve criminal prosecution and the ones that receive only a civil proceeding.

DealBook Highlights
Jürgen Franz of Munich says his Volkswagen, a diesel Tiguan sport utility vehicle, burns more fuel after a software update that was part of a mandatory recall. He drives the same route every morning and now fills his tank more often.
In the U.S., VW Owners Get Cash. In Europe, They Get Plastic Tubes.
European owners of tainted Volkswagen diesels are being offered far less in restitution than American owners, but online legal start-ups are working to close the gap.
The Risks of Unfettered Capitalism
When you hear complaints about too much regulation, don’t forget to ask what harm that regulation may prevent.
Buzz Tracker
Elon Musk’s goals at Tesla often fall short. In past five years, Tesla failed to meet more than 20 of his projections, and missed 10 goals by nearly a year on average. Mr. Musk says he “doesn’t set targets that I know can’t be met.” – The Wall Street Journal
A Visium trader-turned whistle-blower. Jason Thorell told an ex-colleague that one of his first stops after leaving the firm was the S.E.C. What he didn’t say was that he had turned on his former co-workers and was secretly recording their conversations for the F.B.I. – Bloomberg
Central banks could be this market’s Euphoria in the stock market in 1999 has been replaced by euphoria in fixed income in 2016. – The Wall Street Journal
5,000-year low interest rates are chilling bond markets. There six golf balls at David Rolley’s desk at Loomis Sayles. They’re stamped with company logos: Enron, AIG, Bear Stearns. They are “my memento mori”, he says, “my reminders of death. They do for me what in a Renaissance portrait the skull on the bookcase does.” – Financial Times
Dropbox has met with advisers about a 2017 I.P.O. The meetings, which Dropbox sought out, signal a shift in thinking by the closely held file-storage company and Drew Houston. – Bloomberg
Hedge fund executive arrested in Hamptons. A two-vehicle crash, in which one of the drivers was injured, resulted in the arrest of Sahm Adrangi on misdemeanor charges of drunken driving and cocaine possession. – The East Hampton Star
Looking Ahead
Consumer prices and housing starts are expected to have been steady. Consumer prices for July will be announced on Tuesday, with no significant change from June expected. Data on housing starts in the United States will also be announced on Tuesday. Those numbers are expected to show little change in July from a month earlier, indicating slow progress in residential construction. – Zach Wichter