With a new president comes a changing of the guard. Donald Trump has already announced most of his cabinet, but one glaring omission has been Secretary of Treasury. While the top choice for Trump was JP Morgan Chase CEO Jamie Dimon, who turned down the role, the next name on the list, Steve Mnuchin, is a great fit. Why is Mnuchin such a solid choice? And what can we expect from him as Secretary?
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JPMORGAN CHASE PAYS $264 MILLION FINE; AVOIDS CRIMINAL CHARGES
Regulators slapped JPMorgan with $264 million in fines and said the bank “corruptly influenced government officials” with its hiring and internship tactics in China. The settlement follows a three-year investigation into JPMorgan and marks one of the first major crackdowns on a big U.S. bank for running afoul of the Foreign Corrupt Practices Act. Known as the FCPA, the law prohibits companies from making payments or giving “anything of value” to win business from foreign officials..
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SHAREHOLDERS APPROVE TESLA/SOLARCITY MERGER
In a deal that brings electric cars together with solar power, Tesla Motors shareholders voted Thursday to approve a deal to acquire SolarCity. The acquisition makes SolarCity, which is the nation's largest manufacturer and installer of solar panels, a wholly owned subsidiary of Tesla. More than 85% of shares voted were cast in favor of the acquisition.
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– Thursday, November 17th
Led by Tech, Markets Close Higher After Yellen Testimony
Big Insider Trades
– Starbucks Corp. (SBUX) Director Javier Teruel Sells $1.75m
– Baker Hughes, Inc. (BHI) Director Gregory Brenneman Buys $5m