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CNN —DirecTV and Nexstar announced Monday that they had largely resolved a bitter carriage dispute that had left millions of the satellite carrier’s subscribers unable to access local television giant Nexstar’s large array of channels. The deal to end the blackout, which began in July and stretched for more than 75 days, comes one week after Disney and Charter also agreed to resolve a dispute that resulted in ABC-owned stations and ESPN being yanked from the cable provider’s lineup. While most of Nexstar’s stations will be covered under the new multi-year agreement, DirecTV said 27 stations controlled by Nexstar, but owned by another company, will not fall under the umbrella. DirecTV chief executive Bill Morrow alluded to the trend in a note to customers on Monday. “Unfortunately, over the past decade-plus access to your programming has become a battleground for networks and stations to try to drive up higher rates,” Morrow said.

Persons: Bill Morrow, “, ” Morrow Organizations: CNN, DirecTV, Nexstar, NFL, Disney, ABC, ESPN

An investor looks at an electronic board showing stock information at a brokerage house in Shanghai, China July 6, 2018. A monthly report from the Institute of International Finance showed non-residents funneled $14.9 billion out of China stocks, the largest monthly outflow on records back to 2015, while Chinese debt saw $5.1 billion in outflows. The broad MSCI stock and currency emerging market indexes posted in August their largest monthly drops since February. Equities fell across all geographical regions while debt posted inflows in Asia, Latam and emerging Europe. Year-to-date numbers through August show a $13.1 billion outflow from China while emerging markets ex-China has seen $139.5 billion in non-resident portfolio inflows.

Persons: Aly, Jonathan Fortun, Fortun, Rodrigo Campos, Chizu Organizations: REUTERS, China, EMs, Institute of International Finance, China's, Reuters Graphics Equity, Emerging, Thomson Locations: Shanghai, China, outflows, Emerging Asia, Latin, Africa, Middle East, Asia, Europe

☆ Your cold pills could be yanked off the shelf. An FDA panel just ruled some of them don't work.
▼ + stars: | 2023-09-12 | by ( Associated Press | Haley Tenore | ) www.businessinsider.com time to read: +6 min

A Food and Drug Administration panel said phenylephrine, a commonly used decongestant, doesn't work. Phenylephrine is found in dozens of over-the-counter cold medications to relieve sinus congestion. Phenylephrine versions — sometimes labeled "PE" on the packaging — make up the rest. Several other commonly purchased cold and congestion relief medications also contain phenylephrine, according to The Wall Street Journal. This time, the 16 members of the FDA panel unanimously agreed that current evidence doesn't show a benefit for the drug.

Persons: Phenylephrine, Allegra, Dayquil, Mark Dykewicz, Johnson, Jennifer Schwartzott, drugmakers Organizations: Drug Administration, Food and Drug Administration, Saint Louis University School of Medicine, FDA, Bayer, Wall Street, Allergy, University of Florida, Consumer Healthcare Products Association, Congress

☆ Asia stock markets weaken amid ongoing retreat from Chinese property sector
▼ + stars: | 2023-09-11 | by ( Scott Murdoch | Thomson Reuters | Scott Murdoch Has Been A Journalist For More Than Two Decades Working For Thomson Reuters | ) www.reuters.com time to read: +5 min

A man walks past an electronic board showing Japan's Nikkei average and stock prices outside a brokerage, in Tokyo, Japan, March 17, 2023. Australian shares (.AXJO) reversed earlier losses to be up 0.12% and Japan's Nikkei stock index (.N225) slid 0.19%. The Hang Seng Property Index (.HSNP), a gauge of Hong Kong's top developers, shed almost 4% while the mainland property index (.HSMPI) was off 3.24%. "We need the property market to stabilize first in order for any meaningful kind of economic rebound to happen in China," said David Chao, Invesco's Asia Pacific market strategist. Those should put a floor under the property market some time soon."

Persons: Androniki, David Chao, Daniel Zhang, Brent, Scott Murdoch, Edwina Gibbs, Simon Cameron, Moore Organizations: Nikkei, REUTERS, Rights, Alibaba, HK, Index, Chevron, Thomson Locations: Tokyo, Japan, Asia, China, Pacific, Hong Kong, Asia Pacific, Beijing, Shanghai, Shenzhen, United States, Wells, Australia, Sydney

☆ Morning Bid: China's weak property stocks set the pace
▼ + stars: | 2023-09-11 | by ( ) www.reuters.com time to read: +3 min

The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, September 4, 2023. Property shares are taking a beating after weekend data showed new home sales in China's biggest cities slumped by half in the first week of this month. Reuters GraphicsMeanwhile, China's central bank yanked the yuan off a 16-year low by setting the strongest official midpoint fixing - as compared with market expectations - on record. BOE chief economist Huw Pill is on speaking duty today, setting the scene for British jobs data on Tuesday and GDP the day after. That makes U.S. CPI data due Wednesday the key data point to watch this week.

Persons: Kevin Buckland, HSI, Kazuo Ueda, it's, BOE, Huw Pill, Edmund Klamann Organizations: REUTERS, Staff, China . Property, Bank of Japan, Yomiuri, ECB, Bank of England, Fed, U.S, CPI, Reuters, Thomson Locations: Frankfurt, Germany, Europe, Asia, China, China's, Sweden, Italy

☆ DraftKings apologizes for 9/11 sports bet promo on New York teams
▼ + stars: | 2023-09-11 | by ( Dan Mangan | ) www.cnbc.com time to read: +2 min

In this photo illustration, the American daily fantasy sports contest and sports betting company DraftKings logo is displayed on a smartphone screen. Sports gambling giant DraftKings apologized Monday for a bet parlay offer that would have paid out if three New York teams won on the 22nd anniversary of the Sept. 11 terror attacks that killed almost 3,000 Americans. The parlay DraftKings was touting earlier Monday said, "Never Forget," a term frequently applied to the Sept. 11 attacks. "We sincerely apologize for the featured parlay that was shared briefly in commemoration of 9/11," DraftKings said on X, the social media site formerly known as Twitter. "Absolute clowns," one X user wrote in reply to DraftKing's apologetic tweet.

Persons: DraftKings, Bret Eagleson, Bruce, Eagelson, CNBC's Stefan Sykes Organizations: New York, Trade, New York Yankees, Mets, Jets, Trade Center, Associated Press, District of Columbia, Supreme Locations: Manhattan, U.S

☆ FDIC says it should have supervised First Republic more closely
▼ + stars: | 2023-09-08 | by ( Pete Schroeder | ) www.reuters.com time to read: +3 min

FILE PHOTO: A person walks past a First Republic Bank branch in Midtown Manhattan in New York City, New York, U.S., March 13, 2023. However, the FDIC added that its supervisors were too “generous” in gauging some of First Republic’s risks, notably around interest rates and uninsured deposits. First Republic was subsequently seized by the FDIC and most of its assets sold to JPMorgan Chase. Similarly, the FDIC found in its April post-mortem of the Signature failure that the agency lacked resources to properly supervise the bank as management pursued an overly aggressive growth strategy. “Both regulation and supervision must be strengthened,” said CEO Dennis Kelleher of Better Markets, a group favoring tougher regulation, in response to the report.

Persons: Mike Segar, “, Friday’s, ”, Dennis Kelleher Organizations: WASHINGTON, Federal Deposit Insurance Corp, Republic, First, First Republic Bank, REUTERS, FDIC, Silicon Valley Bank, JPMorgan Chase, Bank, Federal Reserve, Congress, Better Locations: First Republic, Midtown Manhattan, New York City , New York, U.S, California, Republic, Silicon, New York

☆ Disney’s battle with Charter could pose an existential threat to the cable bundle
▼ + stars: | 2023-09-05 | by ( Oliver Darcy | ) edition.cnn.com time to read: +5 min

CNN —It’s a carriage fight that could lead to the dismantling — or revolution — of the cable television bundle. Charter argues that it is paying a premium for Disney content ($2.2 billion in 2023), but that much of the first-class, buzzy content is actually on platforms like Disney+, not the linear channels. And it says it has proposed “creative ways” to make Disney’s DTC offerings available to Charter subscribers. But, in Disney’s eyes, why would it give away access to its expensive DTC content at no additional cost to Charter subscribers? “The Walt Disney Company and Charter have the opportunity to work together on transforming the industry for the long-term benefit of both companies and their customers,” Charter said.

Persons: CNN —, Disney, “, Bob Iger, Chris Winfrey, ” Organizations: CNN, Disney, Charter Communications, US, NFL, ABC, ESPN, Labor, Charter, Warner Bros, Paramount, Comcast, Fox Corporation, Hulu, FuboTV, Walt Disney Company, ”

☆ UBS will cut 3,000 jobs in Switzerland as it absorbs Credit Suisse
▼ + stars: | 2023-08-31 | by ( Hanna Ziady | ) edition.cnn.com time to read: +4 min

London CNN —UBS expects to shed around 3,000 jobs in Switzerland as it tries to save $10 billion from a sweeping overhaul of the global banking giant created by its emergency rescue of Credit Suisse earlier this year. “The Swiss Bank Employees Association demands that the 37,000 employees of the two institutions in Switzerland are treated fairly and equally in the integration process,” the Swiss banking union said in a statement. UBS (UBS) agreed on March 19 to buy Credit Suisse for the bargain price of 3 billion Swiss francs ($3.4 billion) in a rescue orchestrated by Swiss authorities to avert a banking sector meltdown. UBS posted net profit of $29 billion for the second quarter, reflecting a one-off boost from the acquisition of Credit Suisse at a fraction of its value. It also said it no longer required a 100 billion franc ($114.2 billion) government-backed loan and that Credit Suisse had repaid an earlier loan from Switzerland’s central bank of 50 billion francs ($57.1 billion).

Persons: “, Sergio Ermotti, ” Ermotti, ” Organizations: London CNN, UBS, Credit Suisse, Swiss Bank Employees Association, Credit, ” UBS, Swiss, Switzerland Credit Suisse, Silicon Valley Bank, Signature Bank, Taxpayers, “ Locations: Switzerland, Swiss

Aug 24 (Reuters) - A Las Vegas restaurant whose parent is led by Michelin-starred chef Thomas Keller was sued on Thursday by a U.S. government agency, which accused managers of sexually harassing female and male employees on a daily basis. Keller's company, Thomas Keller Restaurant Group, is also a defendant. The EEOC filed its lawsuit in federal court in Las Vegas. It also filed three other sexual harassment lawsuits on Thursday against restaurants in the Las Vegas area. The EEOC said the misconduct at Bouchon included sexual advances, sexually charged comments and unwanted advances, primarily by men.

Persons: Thomas Keller, Keller, Mario Batali, John Besh, Ken Friedman, EEOC, Carol Zavala, Zavala, VII, Jonathan Stempel, Jonathan Oatis Organizations: Michelin, U.S, Employment Opportunity Commission, Thomas Keller Restaurant, Civil, District of, Thomson Locations: Vegas, Las Vegas, California , New York, Miami, Northern, Napa Valley, Se, New York City, U.S, District, District of Nevada, New York

☆ The close-call moment when an American Airlines pilot had to abruptly yank the plane up 700 feet to avoid colliding with a United flight midair
▼ + stars: | 2023-08-22 | by ( Kelsey Vlamis | ) www.businessinsider.com time to read: +3 min

An air traffic controller directed a United flight dangerously close to an American plane in July. The American pilot yanked the plane up to avoid a possible collision, The New York Times reported. An American Airlines pilot had to yank his plane upward 700 feet to avoid colliding with a United flight in July, according to an investigation published Monday by The New York Times. The American plane then flew above the potential point of contact, with the United flight passing below shortly after. The Times said the American flight was traveling 500 mph — or about 8.3 miles per minute — when the incident occurred.

Persons: United, Insider's Hannah Towey Organizations: New York Times, The Times, Morning, American Airlines, The New York Times, Times, American, Airbus, United, Federal Aviation Administration Locations: American

☆ How Ron DeSantis Joined the ‘Ruling Class’ — and Turned Against It
▼ + stars: | 2023-08-20 | by ( Nicholas Confessore | More About Nicholas Confessore | ) www.nytimes.com time to read: +4 min

In January, Pinellas school district officials yanked Toni Morrison’s classic novel “The Bluest Eye” from high schools after a parent complained about a two-page rape scene. But in counties like Pinellas, his policies and rhetoric have already had what his critics believe is their intended effect. She objected to parts of the syllabus Mr. Robinson had distributed to his class on African-American history, which her son had briefly enrolled in. “I don’t stop my class and ask my white kids, ‘Hey, how are you feeling?’ What kind of teacher would do that?” Mr. Robinson said. In January, someone reported Mr. Robinson for a TikTok mentioning that he had taught students in his Dunedin sociology class about the Black thinker W.E.B.

Persons: DeSantis, yanked Toni Morrison’s, Ruby, ”, Jeffrey Sachs, Diaz, Laura Hine, Renee Chiea —, —, Brandt Robinson, Robinson, Chiea, Nell Irvin Painter, DeSantis’s, Mr, “ It’s, Robinson’s, W.E.B, Du Bois Organizations: Republican, Liberty, Disney, Acadia University, Dunedin High School, Princeton, America, Mr, The Times, Black Locations: Pinellas County, Pinellas, ”, New Orleans, Nova Scotia, Tallahassee ’, Florida, Dunedin

☆ From Pet Cemetery Owner to Identity Thief to Best-Selling Ghostwriter
▼ + stars: | 2023-07-24 | by ( Elisabeth Egan | ) www.nytimes.com time to read: +1 min

“This whole street was filled with probably 10 sheriff’s cars. The neighbors were all standing here,” said Hardin, now 56. Hardin’s second husband was also arrested; their toddler went to emergency foster care. “There was no more, ‘I can talk my way out of this, I can spin a story.’ It was just over.”Before her cataclysmic nosedive, Hardin owned a pet cemetery. She is now a literary agent and ghostwriter who has collaborated on several best-selling books, including ones by the Archbishop Desmond Tutu and the Dalai Lama.

Persons: Tesla, Lara Love Hardin, ”, Hardin, Hardin’s, Desmond Tutu, Dalai, Oprah Organizations: ”, Stanford Locations: Aptos, Calif

☆ Ant Group valuation: Jack Ma's speech cost Chinese company about $230 billion
▼ + stars: | 2023-07-10 | by ( Laura He | ) edition.cnn.com time to read: +4 min

The company was co-founded by Jack Ma, as was e-commerce giant Alibaba Group (BABA). On Friday, Chinese financial regulators fined Ant and its subsidiaries a total of 7.1 billion yuan ($984 million) for breaking rules related to consumer protection and corporate governance. The fines mean the regulatory “overhang” over the Chinese internet sector has finally been removed, Jefferies analysts said Saturday. Chinese tech shares rallied Monday, with Alibaba rising 3.2% and Tencent gaining 0.7%. Friday’s fines mark the conclusion of the regulatory crackdown on Ant and could pave the way for the company to revive its long-anticipated IPO, according to analysts.

Persons: Jack Ma, Didi, Meituan, Ant, ”, Alibaba, Ma, ” Ma Organizations: Hong Kong CNN — Ant, Alibaba, CNN, Jefferies, Saudi Aramco, Bund Financial Locations: Hong Kong, China, Shanghai, Saudi, Beijing

☆ Japan’s economic scars might blind it to inflation
▼ + stars: | 2023-06-13 | by ( Pete Sweeney | Thomson Reuters | Asia Economics Editor Pete Sweeney Joined Reuters Breakingviews In Hong Kong In September Previously He Served As Reuters' Chief Correspondent For China Economy | ) www.reuters.com time to read: +8 min

Investors worry about market ructions if Ueda hikes rates now but there is another risk: that he waits too long. Reuters GraphicsUeda’s inaction – and the domestic markets’ positive response – have bought him time to focus on evaluating macroeconomic fundamentals, particularly inflation. The country only emerged from a decades-long deflationary rut relatively recently, so local economists, executives and consumers are unused to worrying about consumer prices rising too fast. The government’s latest draft of its long-term economic plan, seen by Reuters on June 2, remains focused on eradicating Japan's “long-held deflationary mindset”. "We expect inflation to quite clearly slow below 2%" toward the middle of the current fiscal year, Ueda told parliament.

Persons: Kazuo Ueda, Haruhiko Kuroda, Ueda, ’, –, Richard Koo, Shinzo Abe, Francesco Guerrera, Katrina Hamlin Organizations: Reuters, Bank of Japan, Nikkei, Nasdaq, Bank for International, Toyota, Toshiba, Black Monday, Japan Inc, International Monetary Fund, of, Thomson Locations: TOKYO, Japan, United States, U.S, Great, China, Europe, Germany, Italy, of Japan’s

☆ The Best CD Rates Are from Credit Unions Right Now. Here Are the Top Offers
▼ + stars: | 2023-06-08 | by ( ) www.wsj.com time to read: +7 min

But with many credit unions struggling to attract deposits their CD terms are especially sweet right now, experts say. The upshot: Half of the top 12 CD rates on DepositAccounts.com, a site that aggregates banking rates, are offered by credit unions. Why credit unions have such high CD rates nowCredit unions frequently offer financial products with more attractive interest rates and lower fees than conventional banks. The best credit union CD ratesWith nearly 5,000 credit unions in the country, there are plenty of favorable CD and share certificate rates out there. The FDIC doesn’t cover credit unions, but a different agency, the National Credit Union Administration, or NCUA, provides a parallel level of protection.

Persons: Martha C, they’ve, They’re, you’re, ”, Dawit Kebede, Curt Long, branchless Organizations: Credit, Nonprofit, Credit Union National Association, National Association of, “, don’t, Workers Credit Union, of, Financial, Association, Workers, Bellco, Bellco Foundation, Dow Credit Union, Dow Credit, Bank, Federal Deposit Insurance Corp, FDIC, National Credit Union Administration Locations: Silicon Valley, DepositAccounts.com, Central Massachusetts, Colorado

☆ Man Charged With Spraying Police With Insecticide on Jan. 6
▼ + stars: | 2023-06-07 | by ( Alan Feuer | ) www.nytimes.com time to read: +1 min

Mr. Moloney was also charged with taking part in an assault on an Associated Press photographer, John Minchillo, whom several rioters accused of being a member of the leftist movement antifa. In a separate attack, prosecutors say, Mr. Moloney yanked the camera of another photographer and caused him to stumble down the stairs as well. Several other rioters have been charged with attacking Mr. Minchillo, including a Pennsylvania man, Alan W. Byerly, who was sentenced in October to 34 months in prison. Another man who has admitted to joining in the assault, Rodney K. Milstreed, is set to be sentenced next month. In a Facebook post a few days after the assault, Mr. Milstreed said that attacking Mr. Michillo was “worth it,” adding that he had “hit him with everything god give.”

Persons: Moloney, John Minchillo, antifa, Minchillo, Alan W, Byerly, Rodney K, Milstreed, Michillo, ” Organizations: Associated Press, Prosecutors, Capitol, Facebook Locations: Pennsylvania

☆ ‘American Journey’ Review: Inventing the Road Trip
▼ + stars: | 2023-06-02 | by ( Christoph Irmscher | ) www.wsj.com time to read: 1 min

The Burroughs-Edison-Ford party is ferried across the Jackson River in Virginia in 1918. Photo: Benson Ford Research Center‘The trouble with driving,” observed nature writer John Burroughs, “is you have to keep your eyes glued to the road all the while.” He had been skeptical of those new machines, their propensity to fill “the land with noise and hurry.” But things changed when in January 1913 he received a free, brand-new Model T from none other than Henry Ford himself. Yanked out of the 19th century right into Ford’s modern mobile utopia, Burroughs was soon zooming around as if he’d been doing nothing else his whole life.

Persons: Benson, John Burroughs, “, Henry Ford, Yanked, Burroughs, he’d Organizations: Burroughs, Edison, Benson Ford Research Center Locations: Jackson, Virginia

☆ Mohamed El-Erian says regional banks are in a 'hospital' phase of turmoil, but a Fed policy mistake will drive them 'back into the ICU'
▼ + stars: | 2023-05-16 | by ( Carla Mozée | ) www.businessinsider.com time to read: +3 min

The regional banking crisis has shifted out a severe stage, economist Mohamed El-Erian told Bloomberg on Tuesday. But another Fed policy mistake could drive small to mid-sized lenders "back into the ICU." If there's another [Fed] policy mistake, the patient goes back into the ICU," said the chief economic adviser at Allianz. Depositors have yanked hundreds of billions of dollars out of regional lenders collectively this year, including PacWest and First Republic Bank. What would another policy mistake look like to El-Erian?

☆ Two online trading apps yanked from stores on Chinese mainland as regulators bring pressure
▼ + stars: | 2023-05-16 | by ( Michelle Caruso-Cabrera | ) www.cnbc.com time to read: +1 min

Shares of online brokerages Futu Holdings and Up Fintech Holding were sharply lower on the Nasdaq Tuesday after they said they'll remove their apps from online stores on the Chinese mainland in response to "rectification requirements" from the Chinese Securities Regulatory Commission. Tencent -backed Futu will remove its Futubull app from app stores in China by May 19, and Up Fintech said it will remove its app, Tiger International, by May 18. Both companies said existing mainland Chinese customers will still be able to trade using the apps. Up Fintech said existing Chinese mainland clients will receive links for instructions on how to update and download the app going forward, while Futu gave a phone number for clients to call. The two Chinese firms stopped accepting mainland Chinese clients at the end of last year after the CSRC started inquiries regarding their cross-border operations, including providing cross-border securities services for domestic investors.

☆ Billionaire investor Bill Ackman warns more banks will fail unless the FDIC insures all deposits
▼ + stars: | 2023-05-04 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

All US regional banks will be under threat unless regulators move to insure all deposits, according to Bill Ackman. "The FDIC's failure to update and expand its insurance regime has hammered more nails in the coffin," he said Wednesday. "The FDIC's failure to update and expand its insurance regime has hammered more nails in the coffin," Ackman said on Twitter Wednesday. Recent turmoil has fueled hundreds of billions of dollars worth of outflows from regional banks to larger institutions, as well as money-market funds. First Republic "would not have failed if the FDIC temporarily guaranteed deposits while a new guarantee regime were created," Ackman said.

☆ Online banks sweeten CD rates as institutions compete for deposits
▼ + stars: | 2023-05-03 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +3 min

Online banks are boosting rates on savings accounts and certificates of deposits as fear of deposit flight plagues regional institutions. Bread offers an annual percentage yield (APY) of 5.2% on a one-year CD and 4.65% APY on savings accounts. Capital One has an APY of 3.75% on its savings account, and it pays 4.15% APY for a one-year online CD. Other online institutions paying attractive rates on one-year CDs include Synchrony Financial, which pays 4.75% APY, and Ally Bank, which offers a 4.5% APY. Analysts expect higher rates from online banks to spur other institutions to raise their deposit betas – that is, the amount by which rates paid to customers increases following a boost in the fed funds rate.

☆ PacWest Bank shares fall more than 50% on report that it could be the next regional bank to collapse
▼ + stars: | 2023-05-03 | by ( David Goldman | ) edition.cnn.com time to read: +2 min

“Exploring strategic options” is Wall Street lingo for “please help.” The last bank to announce it was exploring strategic options was First Republic Bank. That regional bank failed Monday, and JPMorgan purchased most of its assets. PacWest Bank did not immediately respond to CNN’s request for comment. PacWest Bank is reportedly considering splitting up the company or trying to raise capital to support itself, Bloomberg reported. Like many other regional banks, the value of PacWest’s loans and bond holdings have crumbled as interest rates have surged.

☆ First Republic's rescue by JPMorgan means the worst of the banking uncertainty is over, Citi CEO says
▼ + stars: | 2023-05-02 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

First Republic's rescue by JPMorgan will put an end to the worst of the banking uncertainty, Citi CEO Jane Fraser says. JPMorgan took over First Republic after customers yanked over $100 billion worth of deposits. Sign up for our newsletter to get the inside scoop on what traders are talking about — delivered daily to your inbox. JPMorgan stepped in to buy First Republic from the Federal Deposit Insurance Corporation (FDIC) on Monday, acquiring close to $92 billion worth of assets as well as certain liabilities. Read more: Why First Republic failed, and what it means for the rest of the banking industry

☆ Why First Republic Bank may not be the end of the crisis
▼ + stars: | 2023-05-01 | by ( Allison Morrow | ) edition.cnn.com time to read: +5 min

New York CNN —After a six-week spiral, First Republic bank finally collapsed in the wee hours of Monday morning. Everyone on Wall Street appears to be drinking from the same punch bowl as Jamie Dimon, who framed the sale as a bookend to the crisis. To his mind, the sale just makes JPMorgan, already the nation’s largest bank, even bigger, and the power of the biggest Wall Street banks more concentrated. That idea got an extra boost on Monday, when the FDIC itself released a report advocating for an increase in the deposit insurance limit for business payment accounts. “You can think of federal deposit insurance as being a bit like nuclear weapons,” he said.

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