A selloff on Wall Street picked up speed Wednesday as a series of disappointing earnings encouraged bearish sentiment among investors.
While Wall Street was questioning the fundamentals of some of America's biggest corporations, U.S. Sen. Elizabeth Warren was questioning American International Group Inc.'s (AIG - Get Report) label as a non-systemically important financial institution status.
Warren wants to know why members of an oversight panel determined that bailed-out insurer AIG no longer poses a threat to the U.S. economy if it collapses -- and whether activist investor Carl Icahn had anything to do with the decision.
Warren questioned the council's lack of justification for the move, why it didn't abide by the Dodd-Frank Act's requirement of a two-thirds vote of all 10 members and its failure to answer questions about the influence of Icahn, who served for part of the year as an adviser to Republican President Donald Trump and is the insurer's fourth-largest investor.
The company, which is expected to book more than $40 billion in revenue in 2017, has created a separate platform within its core app for professional video content. The move is a reflection of Facebook's mindset that it must adapt and expand or change to continue to be a destination for users.
GlaxoSmithKline plc (GSK - Get Report) on Wednesday seemingly added its name to a list of possible bidders for Pfizer Inc.'s PFE consumer health unit, which could be worth as much as $14 billion. GSK CEO Emma Walmsley said the company would take a look at Pfizer's consumer unit if the assets are offered for sale. Pfizer on Oct. 11 said that it was considering the sale of its consumer health business, whose brands include Advil, Chapstick, Centrum and Preparation H.
GSK already owns consumer brands including Excedrin, Sensodyne and Flonase.
Photo of the day: David Rubenstein's change of tune
Carlyle Group LP (CG - Get Report) said Wednesday that its co-chief executives David Rubenstein and William Conway will step down from their positions at the end of the year. Rubenstein and Conway will continue to serve as co-executive chairmen of the firm's board of directors and maintain membership in the Carlyle Executive Group. Conway, Rubenstein, Stephen L. Norris, Daniel A. D'Aniello and Greg Rosenbaum founded Carlyle in 1987 and have made some pretty high profile investments during the tenure. In 2014 the firm sold headphone Beats Electronics LLC to Apple Inc. (AAPL - Get Report) . The Beats investment and sale (for a reported 80% ROI), gave way to the infamous 2015 holiday video for Carlyle featuring Rubenstein, 68, rapping with a pair of bright red Beats headphones. "Corporate mezzanine, private equity, Carlyle Group is the place to be," he rhymes. Investors have to be wondering if newly minted co-CEOs Kewsong Lee and Glenn Youngkin, will have lyrics like Rubinstein -- let alone the PE acumen.
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