Must Read Money Stories for Tuesday, June 28

by June 28, 2016

MRMSAll eyes on Europe.

Are you ready for another day of stories about the UK’s historic vote to leave the EU? Good, because the Brexit stories are coming anyway. Reuters reports Prime Minister David Cameron will be in Brussels today for dinner with leaders of the EU to talk Brexit. Meanwhile, investors around the world will be skittishly watching the markets for another day of losses. The LA Times reports US Treasury Secretary tried to calm investors’ fears yesterday; stocks dropped anyway. NPR reports the stocks for London-based banks have been especially hard hit, as many investors wonder whether the British capital can continue as a global financial center after the vote to leave.

New firms, same mistakes.

The New York Times published a long investigation into how private equity firms stepped into the housing market after the crash, and have ended up making many of the same mistakes the banks made before the crash. The Times notes these private equity firms face less oversight than the banks, but they’ve served as the “cleanup crew” for the mess the banks made. Now, there are new messes: lost paperwork, foreclosures for homeowners who did nothing wrong and more instability for reeling neighborhoods.

Entrepreneur in Chief.

President Obama made a somewhat offhand comment a couple weeks ago about being interested in a venture capital job after he leaves the Oval Office. Now, Quartz reports, many in Silicon Valley are hoping the President follows through with that remark. It asked a number of people in the VC business what they thought of Obama’s potential in the industry. One said, “He’s kind of perfect for it.” But another said the President would have to work to make his way in the industry, possibly starting with an internship before working his way up.

Eating in.

Restaurant sales aren’t doing so hot in America, and some analysts worry that’s a bad sign for the U.S. economy as a whole. Business Insider reports restaurant sales are “virtually flat” and not expected to get better anytime this year. That could be a sign that people are feeling less confident about the economy, and choosing to save money by eating more meals at home. Restaurants have responded by offering more deals, which has increased traffic, if not actual revenue.

Foreclosure” by flickr user “BasicGov” CC license CC by-SA-2.0