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Rabu, 27 September 2017

FINANCE INSIDER: 'More than just a fad'

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September 27, 2017

Welcome to Finance Insider, Business Insider's summary of the top stories of the past 24 hours. Sign up here to get the best of Business Insider delivered direct to your inbox.

On February 9, President Donald Trump told a gathering of manufacturing CEOs at the White House he would release something in "two or three weeks" that would be "phenomenal in terms of tax."

Almost eight months later, that tax plan is finally here — most of it, at least.

Trump and the "Big Six" group of Republican tax negotiators on Wednesday rolled out the most detailed look yet at the plan. It is the opening salvo of what is likely to be a long process to attempt to overhaul the tax code.

Here's what you need to know:

Elsewhere in Wall Street news, a $96 billion fund firm created an artificial intelligence hedge fund, but freaked out when it couldn't explain how it made money. Mike Novogratz, the former chief investment officer at $72 billion fund firm Fortress, is starting a $500 million cryptocurrency hedge fund. And Morgan Stanley CEO James Gorman says bitcoin is "more than just a fad."

In corporate news:

Lastly, here's everything that could cause the next financial crisis, according to Deutsche Bank.

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