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Sep 6, 2016

DealBook Today's News Summary - September 6, 2016: Top story | Highlights | Buzz Tracker | Looking Ahead

The New York Times

Top Story
Diane Standaert, director of state policy for the Center for Responsible Lending, said bills aimed at loosening state laws that protect consumers from high-cost lending “were popping up all over the place.”
Subprime Lender, Busy at State Level, Avoids Federal Scrutiny
OneMain Financial, the nation’s largest subprime installment lender, has not weighed in on proposed federal rules, but it has lobbied several states.

DealBook Highlights
Gretchen Carlson, a former anchor at Fox News, filed suit on July 6, leading to Roger Ailes’s ouster two weeks later.
Fox Settles With Gretchen Carlson Over Roger Ailes Sex Harassment Claims
In a separate development, Fox News announced that Greta Van Susteren was leaving the network, effective immediately.
Economic Scene
The bars that make up the border wall separating the United States and Mexico where the border meets the Pacific Ocean in San Diego. Donald Trump has proposed a full border wall between the countries.
The Crumbling Case for a Mexican Border Wall
Even looking at a best-case scenario, Donald Trump’s immigration proposals aren’t worth the economic cost.
The ITT Technical Institute campus in Columbus, Ohio.
ITT Educational Services Closes Its Campuses
The move by the for-profit educational company — which cited strict new federal rules — leaves thousands of students and employees with few options.
Joanna Coles
Joanna Coles, Cosmopolitan Editor, Named to New Job at Hearst
Hearst announced that Ms. Coles would become its first chief content officer, overseeing the global magazine business and exploring new partnerships.
White Collar Watch
The whistle-blowing program at the Securities and Exchange Commission has received more than 14,000 tips since its creation in 2011.
Whistle-Blowing Insiders: ‘Game Changer’ for the S.E.C.
More than 14,000 tips on company wrongdoing have been received in the last five years, and rewards to informants reach into the millions.
Carl C. Icahn’s acquisition of Federal-Mogul comes after his deal to take private the auto parts retailer Pep Boys.
Carl Icahn to Take Federal-Mogul Private
Mr. Icahn’s investment firm will buy the remaining 18 percent of Federal-Mogul, an auto parts supplier, it does not already own for $9.25 a share in cash.
Volkswagen Takes Minority Stake in Truck Maker Navistar
The German automaker’s truck and bus business will enter a strategic alliance with Navistar, giving it greater access to the North American market.
Workers at a pipeline hub run by Spectra Energy Corporation in Guilford, Pa.
2 Pipeline Companies, Enbridge and Spectra Energy, to Merge
If approved by shareholders and regulators, the stock-for-stock deal would create the largest energy infrastructure company in North America.
Sullivan & Cromwell Hires Online Security Specialist
The law firm said it had hired Nicole Friedlander, a former Manhattan federal prosecutor who had overseen online crime prosecutions.
The headquarters of Fresenius, Germany’s largest hospital operator, in Bad Homburg.
Fresenius to Buy Spain’s Largest Private Hospital Operator
The $6.5 billion deal for Quirónsalud would expand the operations of Fresenius’s Helios unit, which is already Germany’s largest hospital operator.
Operating a machine at a G.E. plant in South Carolina that uses 3-D printing technology to create gas turbine parts.
G.E. Offers $1.4 Billion for 3-D Printing Technology Companies
The acquisitions of Arcam of Sweden and SLM Solutions Group of Germany would bolster G.E.’s material science and additive manufacturing operations.
Buzz Tracker
How Theranos came tumbling down. Elizabeth Holmes defied medical experts—even her own chief scientist—about the veracity of her company’s now discredited blood-testing technology. – Vanity Fair
Wall Street re-engineers the CD. “Structured” certificates of deposit leave many investors with lower yields and facing losses if they have to cash out early. – The Wall Street Journal
Behind the 1MDB scandal. Banks missed clues and bowed to pressure. Suspected ringleaders allegedly cultivated finance executives, pressed compliance officers and obsessed about secrecy. – The Wall Street Journal
Inside Shane Smith’s $23 million Santa Monica estate. The Vice Media mogul bought this new house after his offer of a blank check for an estate outside Rhinebeck, New York, was rejected. – The Wall Street Journal
Mohamed El-Erian’s New York Jets preview. The chief economic adviser at Allianz writes that the team “will need to develop more of a deep threat and invigorate what seems a rather lackluster offensive line.” – Business Insider

Looking Ahead
Apple to reveal new iPhone and Watch. Apple is set to unveil updated versions of the iPhone and the Apple Watch at the company’s annual product introduction on Wednesday at the Bill Graham Civic Auditorium in downtown San Francisco. The iPhone, still the company’s most important product, is expected to lose its headphone jack and gain improved cameras. The latest watch is set to include a GPS device. – Katie Benner
Possible PlayStation announcement for Sony. Like Apple, Sony plans to make tech news on Wednesday, staging an event in New York devoted to the PlayStation game console. The company is widely expected to announce a new, more powerful version of the PlayStation 4 that is capable of displaying games in ultrahigh definition, though players will need 4K televisions to take advantage of the better graphics. Sony executives have already said such a system is coming and will be sold alongside a less expensive PlayStation 4 model. – Nick Wingfield
Dell to close merger with EMC. Dell Technologies Inc. is expected on Wednesday to close its roughly $60 billion merger with EMC Corporation, a company best known for data storage and its majority ownership of VMware, which makes software for data centers. It is the largest acquisition ever in tech, but it’s unclear whether it represents the creation of a new giant or the management of a declining sector of the industry. – Quentin Hardy
Labor Dept. to share turnover data. On Wednesday morning, the Labor Department will release its latest figures on job openings and labor turnover in July. The survey, known as the Job Openings and Labor Turnover survey, offers a window into the health of the labor market because it includes people who voluntarily quit, and thus reflects workers’ confidence in their ability to find a new job. In June, the number of people quitting held steady at 2.9 million while the number of layoffs and discharges hit 1.6 million. – Patricia Cohen