Federal Reserve to put hedge funds on the hook for the next Lehman Brothers collapse
Bill Ackman really doesn't like this
Stocks (^DJI, ^GSPC, ^IXIC, ^RUT) are under pressure at midday, with energy (XLE) leading the way down and utilities (XLU) the least in the red. Stephen Guilfoyle, managing director of Floor Operations for Deep Value Execution Services is here to discuss today's market moves.
Yahoo Finance's Alexis Christoforous is joined by Kevin Mahn, CIO of Hennion & Walsh Asset Management and Thomas Fross, Co-Founder at Fross and Fross Wealth Management to discuss the other stories we're keeping an eye on today.
Fiat & Google team up for self-driving minivan
Fiat and Google are working together on a plan to create a self-driving minivan. An official deal could be signed as early as today. Fiat Chrysler plans to equip its new Pacifica with Google’s tech sometime this year. This is the first car company Google has teamed up with since it started to develop its own self driving car back in 2014. Fiat's sales were up 5.6% in April, topping Wall Street's estimates of 4.3%.
Regulators to propose tough new rules for hedge funds
Hedge funds just got some bad news. Regulators are ring fencing the big banks so that when the next panic comes, they won't have to be bailed out with taxpayer money. Instead, the hedge funds that do business with them are going to have to waive their right to hold on to their trading collateral. What does this mean for Bill Ackman and Carl Icahn?
American Express spending more to attract cardholders
American Express is spending money in hopes to make money. They are looking to attract more cardholders and retail partners after having a disappointing 2015. Amex CEO, Ken Chenault, told shareholders the company is doing this with a great sense urgency. Despite losing its largest partnership in Costco wholesale last year, Warren Buffett says he's happy to own the stock—and that he feels okay with it.
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