Zachary Tracer

IAm Michael Hastings, a reporter for BuzzFeed and a writer for Rolling Stone.

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Jefferies Profit Decreases 34% as Trading Revenue Declines

bloomberg.com — Jefferies Group LLC, the investment bank owned by Leucadia National Corp. (LUK), said fiscal second-quarter profit fell 34 percent as sales and trading revenue declined. Net income for the three months ended May 31 slid to $41.9 million from $63.5 million a year earlier, the New York-based firm said today in a statement.

Prudential Defends Captives Amid Regulator’s Critique

bloomberg.com — Prudential Financial Inc. (PRU), the second-largest U.S. life insurer, defended its use of reinsurance subsidiaries to transfer liabilities, a week after New York 's financial regulator said such deals can mask risk. "We don't use captives to reduce the reserves that we hold, and we don't use captives to reduce the capital that we hold."

Danske Bank Told to Boost Risk-Weighted Assets by $18 Bln

bloomberg.com — Danske Bank A/S (DANSKE) was ordered by the Financial Supervisory Authority to revise its internal rating model after the regulator said Denmark's biggest lender had underestimated its risky assets. The Copenhagen-based watchdog told Danske to adjust its model in a step that will require the bank to add about 100 billion kroner ($18 billion), or 13 percent, to its risk-weighted assets "over time," according to a statement late yesterday.

Health Cost Growth Slows Further Even as Economy Rebounds

bloomberg.com — Provisions in the Affordable Care Act that penalize hospitals for excessive readmissions and encourage employers to offer wellness programs are slowing the growth of U.S. medical costs, even as the economy rebounds. Health-care costs for commercial insurers and employers are expected to rise about 4.5 percent next year after accounting for changes in benefits, PricewaterhouseCoopers LLP said in a report today.

Directors Refuse to Go Naked for Chinese IPOs

bloomberg.com — Stephen Markscheid holds one of the riskiest jobs in the world -- or so say insurers. The 59-year-old former banker, a Mandarin-speaking American, sits on the boards of five U.S.-listed Chinese companies, including JinkoSolar Holding Co.

Drugmakers Opened to ‘Pay for Delay’ Suits by High Court

bloomberg.com — Drugmakers can be sued for paying rivals to delay low-cost versions of popular medicines, the U.S. Supreme Court ruled in a decision that shifts the rules governing the release of generic drugs. The 5-3 ruling is largely a victory for the Federal Trade Commission and the Obama administration, reversing a lower court ruling that had effectively insulated pharmaceutical companies from liability.

Flashy Feet: Return Of Light-Up Shoes Brightens Skechers' Bottom Line

buzzfeed.com — If you were in elementary school during the 90s, chances are you owned a pair of L.A. Lights, or coveted those magical sneakers with lights in the heels, flashing red with every step and informing your peers that you were hip.

AIG Extends Share Deal on Plane-Leasing Unit With Chinese Group

bloomberg.com — American International Group Inc. (AIG) extended an agreement to divest its plane-leasing unit, giving both sides until July 31 the right to terminate the deal. The amended agreement revises a previous deadline by 1 1/2 months, New York-based AIG said today in a filing. The buyers are led by New China Trust Co.