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FINANCE INSIDER: Wall Street is taking a pounding
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This fight did not end well.
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Wall Street is getting rocked. Financial stocks and bonds have taken a pummeling, in what could be a sign of more trouble to come.
Deutsche Bank CEO John Cryan felt the need to send a memo to employees telling them the bank is 'absolutely rock-solid.' German finance minister Wolfgang Schaeuble later said he isn't worried about the German lender.
Goldman Sachs chief Lloyd Blankfein said the bank will take 'energetic look' at cost cuts, and UBS has frozen pay for investment bankers. Some of the biggest hedge fund names are getting scorched.
In other news, 'the most miserable country in the world' is slipping towards default and Americans are quitting their jobs like crazy.
Oh, and Red Lobster enjoyed a "Beyoncé bounce" on Sunday after the diva released a song that included a reference to the seafood chain.
Here are the top Wall Street headlines at midday:
Watch Bill Ackman's new mini-documentary for his infamous Herbalife short - Billionaire activist investor Bill Ackman, the CEO of $13 billion Pershing Square Capital, has released a short film on Herbalife, his infamous short position.
Markets are going to be lousy for the next decade, and it is a disaster for savers - Jonathan Wilmot, head of macroeconomic research at Credit Suisse Asset Management, compared the present day environment to the aftermath of the Latin America debt crisis, the 1930s Great Depression and the 2008 Great Recession.
Want to work at a hedge fund? Avoid bringing up money in your interview - Working at a hedge fund can make you a lot of money. There's no doubt about that.
The world's jet setters have noticed some of their people are missing - The global jet setters have started to notice that some members of their group have gone missing — the Brazilians and the Russians. They're just gone.
Societe Generale doesn't think Albert Edwards' crazy call for a 75% market crash is all that crazy - It's nice to know your employer has your back, even if they'll only give you backhanded compliments.
Barclays outlines how to invest during a recession but doesn't recommend doing it right now - Barclays' Jonathan Glionna does not think the US economy is about to fall into recession.
How a 1960's investment in American Express became a triumph for Warren Buffett - In June 1960, an anonymous tipster called American Express to expose a massive fraud at Allied Crude Vegetable Oil Refining Corporation.
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