Must Read Money Stories for Monday, June 27

by June 27, 2016

Must Read Money Stories

Brexit 101.

The world was still reeling over the weekend from Britain’s historic, jaw-dropping vote Thursday to sever ties with the European Union, a decision that has since been rocking global markets and swaths of different private-sector industries. But what does this all exactly mean? Turns out, some Britons were confused too–Google searches for “what it means if we leave the EU” more than tripled on voting day, according to the Washington Post. Here’s a recap piece on the Brexit vote, how and why it happened and what’s coming next by the New York Times. Another NYT piece explains how Brexit–a transition that calls for a two-year implementation–will impact the economy in the U.S. and elsewhere and how it could redirect the globalization movement that’s been underway for decades.

Intel Rethinks Cyber Security.

Intel may be considering the disposal of its cyber-security business dubbed Intel Security, the anti-virus software maker once known as McAfee that the company acquired for $7.7 billion six years ago. The company had plans to integrate Intel Security into its chip-making operations, but the plan never came to fruition. Rumors of the possible sale were shoved into public view last week through media interviews with unnamed sources close to the deal, the Financial Times reported. Such a sale would come at a time of growing investor appetite for cyber security companies and when Intel itself is undergoing a massive internal restructure, refocus of its core business and laying off 12,000 employees in the process.

Poll Boost For Clinton.

As the world grappled with the shocking Brexit vote, the U.S. presidential election–now in the home-stretch of the primary season ending with the party national conventions this summer–took a big shift on Friday when Democrat Bernie Sanders announced his plans to vote for Hillary Clinton in November. Sanders’ pledge helped give Clinton a notable lead over Republican Donald Trump in recent polling, according to the Washington Post. The shift is good news for Clinton, who many had believed would do worse than Sanders in a November match-up against Trump, and a blow for the GOP presumptive nominee, who long bragged that Sanders supporters would join his side. Recent polling also showed Trump’s support is also slipping from the usually-conservative business community.

‘Frack Master’ Versus SEC.

The chief executive of Breitling Energy Corp., Chris Faulkner–whose “Frack Master” nickname he coined himself during TV interviews and appearances–became the latest target of the U.S. Securities and Exchange Commission on Friday. The Wall Street Journal reported the SEC is going after Faulkner, as well as seven other individuals, for the $80 million they’re accused of defrauding from hundreds of the Dallas-based company’s investors. The SEC accuses the defendants of misleading investors about matters ranging from expected returns on investment to Faulkner’s experience in the oil-and-gas industry. The regulators also say the CEO used a chunk of the cash on lavish personal expenses, although Faulkner and the defendants’ representatives say the accusations are baseless and will be fought accordingly.