What you need to know on Wall Street right now
Thomson Reuters
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Insulin has been around since 1923, so it came as a surprise in July 2015 when Cole LePere's doctor told his mother, Janine, to prepare to pay a lot at the pharmacy for it.
Cole, who was 10, had just been found to have Type 1 diabetes, which typically strikes in childhood. But even the pharmacist was shocked to see the price. Over and over, the pharmacist told Janine LePere, "This is really expensive." Each time she would respond, "I know, thanks, but I still need the medicine."
Business Insider took a look at what could be the next leg of America's drug price scandal.
Bridgewater Associates — the world's largest hedge fund, with $150 billion in assets under management and 1,700 employees — is cutting jobs. In a memo to clients on Thursday, the fund said it is "bloated" and will "improve efficiencies" of its non-investment teams. You can read the memo here.
In other news, industrial production and retail sales both fell by more than expected.
Another scandal is about to hit the company where America buys its engagement rings. Salesforce just bought another company, its third this month, after spending $4 billion on acquisitions over the past year. And blockchain payments startup Ripple raised $55 million.
A tatted-up tech exec turned Goldman Sachs superstar has some advice for young people.
And finally, here are the 15 books you must read if you want to work on Wall Street, according to Goldman Sachs Elevator.
Here are the top Wall Street headlines at midday:
The 27 scariest moments of the financial crisis — Eight years ago, the US economy went into recession, the US housing market crashed, and credit markets seized, bringing the banking industry to its knees.
Americans are flipping homes like they haven't done since before the housing crash — Home flipping in the US has hit levels not seen since the peak of the housing bubble.
There's a simple reason fast food sales are slowing — Fast food chains have watched their sales growth drop off a cliff.
Investors could be sitting on a ticking time bomb — If you’re a passive fixed-income investor trying to make sense of last Friday’s sell-off, the one statistic you must check — and now — is the average duration of your portfolio.
PIMCO: Bill Gross has a 'sad obsession' with attacking his old firm — Pacific Investment Management Co. accused former star bond fund manager Bill Gross of leaking confidential bonus data and exercising "bad faith" in pursuing a $200 million lawsuit over his sudden departure from the firm in September 2014.
Chinese millennials have created a $5 billion industry in their search for 15 minutes of fame — The smartphone has revolutionized the way we communicate, and in China the younger generation has created a $5 billion (£3.7 billion) industry focused on personal live streaming.
An ex-Barclays exec faces a lifetime finance ban for hiding a critical report — The former chief operating officer of Barclays' wealth management arm is fighting a lifetime ban from financial services, after a watchdog accused him of hiding a critical review of the culture at his department.
SWISS NATIONAL BANK: The franc is 'still significantly overvalued' — Switzerland's central bank on Thursday kept its expansive monetary policy intact, holding its negative interest rates at record low levels despite mounting criticism of the policy that has hurt banks and pensions.
The top 9 cities in the world for rich foreign property buyers — Global estate agent and property consultancy Knight Frank on Thursday released its annual "Global Cities" report, looking at the state of the property market in top cities around the world.