FINANCE INSIDER: Anti-merger Monday


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It's an anti-merger Monday.


Canadian Pacific Railway on Monday ended its bid for Norfolk Southern, following pushback from lawmakers.

CP, one of billionaire hedge fund manager Bill Ackman's big investments, had entered into early-stage talks with Norfolk Southern late last year.

The collapsed merger is more significant than it might first appear - it's emblematic of three big trends in markets right now.


In other news, Warren Buffett's right-hand man, Charlie Munger, gave a dark warning about American finance. The Berkshire Hathaway vice chairman said we have "a vast gambling culture, and people have made it respectable."

We also got new details about Goldman Sachs' $5 billion settlement over pre-crisis mortgage-backed securities. Regulators on Monday provided additional information on the settlement, which Goldman had previously announced, including which departments and agencies will receive payouts.

Here are the top Wall Street headlines at midday:


Larry Fink says negative rates are breeding a disaster for the economy - BlackRock CEO Larry Fink says negative interest rates are lining up savers and the economy for "potentially dangerous financial and economic consequences."

LLOYD BLANKFEIN: The M&A boom isn't over yet - Goldman Sachs CEO Lloyd Blankfein, whose firm ranked No. 1 in the first quarter for global announced M&A volume, says activity hasn't yet peaked.

Goldman Sachs' cost-saving strategy is great for young people - Goldman Sachs has found a way to cut costs without reducing its employee headcount.


Wells Fargo agreed to pay $1.2 billion to settle 'shoddy' mortgage practices - The US Department of Justice on Friday announced that it had settled civil mortgage-fraud claims against the San Francisco-based bank related to residential home-mortgage loans it sold between 2001 and 2008.

10 mind-numbing questions from the book that's considered the Holy Grail for landing a Wall Street job - "Heard On The Street" features hundred of quantitative, logic, derivatives, statistics and non-quantitative questions compiled from real Wall Street job interviews.

The 7 things Morgan Stanley looks for in new recruits - Morgan Stanley collected a list of things that make students stand out during campus recruiting, according to its own recruiters.


ALSO: Traders, send us photos of your trading desks! - We'd like you to send us photos of your trading desk setup. Let us know what makes it so perfect for you.