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About a year before Sanjay Valvani’s wife found him dead inside his Brooklyn Heights home, the star money manager learned he was under investigation for insider trading.
He was insistent about his innocence from the start. He hired one of Wall Street’s top defense attorneys and told friends that he’d be fine — that the government could not bring a case against him. Then, in June of this year, the charges were filed.
Valvani was advised that the negative press coverage would blow over in about a week and that an eventual trial would be his chance to defend himself publicly. But he didn’t make it through.
Business Insider’s Rachael Levy took a close look at the life and sudden death of the young, star money manager.
Wells Fargo CEO John Stumpf is back on Capitol Hill and is being grilled by Congress.
“Your $ 1.8 trillion bank was turned into a school for scoundrels,” one Representative said.
You can follow a blow-by-blow account of the hearing here.
In related news, the state of California will no longer use Wells Fargo as an underwriter for the issuance of state municipal bonds, and Wells Fargo workers say they were fired for reporting “gaming” of sales quotas.
In non-finance news, at least one person was killed and more than 100 were injured after a commuter train crashed into a train station in Hoboken, New Jersey, on Thursday. You can get the latest news on the crash here.
In markets news, the US economy was stronger last quarter than we first thought, and oil jumped after reports of an OPEC deal to limit production. You can get the latest on the oil market here.
On Wall Street, Citigroup is trying to become a better place to work for new parents. Dr. Alan Greenspan, the former five-term Chairman of the Federal Reserve, has a new gig.
And hedge fund legend Steve Cohen is recruiting young trading talent in London and Asia.
Elsewhere, Mark Cuban explained why he soured on Donald Trump, and the internet is outraged by a male venture capitalist’s op-ed suggesting women in tech hide their identities.
Here are the 19 countries with the highest level of government debt.
Lastly, a $ 69 million superyacht with its own library and Jacuzzi is up for sale this week.
Here are the top Wall Street headlines at midday
Federal Reserve Chair Janet Yellen forgot a key measure of the job market during testimony to Congress — Forgetting a key fact or figure is a nightmare for anyone in a business meeting, but sometimes it can be worse than others.
Chesapeake Energy says it’s been subpoenaed over its accounting practices — There’s more bad news for Chesapeake Energy.
PIMCO: The global economy is now all about the 3 P’s — Pimco is out with its latest cyclical outlook for what lies ahead in the next six to 12 months.
The app that lets you trade stocks without paying any fees is now giving out lines of credit — Robinhood, the app that lets you trade stocks without paying any fees, is rolling out a premium tier called Robinhood Gold that starts at $ 10 per month and gives users access to features like a line of credit and after-hours trading.
Adidas’ new CEO is making it his mission to go after Nike — Closing the gap on clear market leader Nike is the challenge facing new Adidas boss Kasper Rorsted when the Dane takes charge of the world’s second biggest sportswear brand from the start of October.
‘A perfect storm:’ Here are 50 slides that will get every gold bull psyched up — Gold has been one of the most impressive commodities of 2016, up 24% year-to-date.
Trump isn’t the only reason the Mexican peso has been getting creamed — The Mexican peso has become the most talked-about currency in the foreign-exchange market in recent days, as the US presidential race between Donald Trump and Hillary Clinton tightened up.
Why you should absolutely shell out thousands of dollars for this ‘outdated’ technology — Many men currently coming of age are confused. They don’t know much about watches, and they don’t know where to start when they realize they need one.