Morning Six-Pack: BofA's tower isn't so green
A down and dirty guide to what we're reading.
Add Glencore and JPMorgan Chase to your list of financial companies being sued over allegedly shady dealings in the aluminum market. And before you dismiss these lawsuits as opportunistic strike suits, notice that Morgan Stanley's analysts think there's some there there.
JPMorgan spends somewhere in the neighborhood of $80 million on digital ads each year, according to Adweek. And right now it is undertaking a massive review of its ad strategies.
A Goldman Sachs managing director explains what it's like to be an intern at the Vampire Squid headquarters.
You know that Bank of America's tower that sits catty-corner to Bryant Park? When it was built, it was touted as a one of the planet's "most environmentally responsible high-rise office building[s.] It even scored approving remarks from Al Gore, whose greeny-two-shoes investment company has offices in the building. But as it turns out, it is an environmental disaster. The Bank of America tower "produces more greenhouse gases and uses more energy per square foot than any comparably sized office building in Manhattan. It uses twice as much energy per square foot as the 80-year-old Empire State Building. It also performs worse than the Goldman Sachs headquarters, maybe the most similar building in New York," according to Sam Roudman.
The president endorses the idea of ending Fannie Mae and Freddie Mac "as we know them." Anyone wanna bet that means not actually ending Fannie and Freddie?
The soft-landing scenario for the Canadian housing market is looking less and less likely. Reuters reports, "The value of building permits taken out by contractors in Canada fell in June for the first time in six months, dropping 10.3 percent on downturns in both residential and nonresidential construction, Statistics Canada said on Wednesday." The estimate was a drop of just 3.2 percent. Ouch.
—By CNBC's John Carney. Follow me on Twitter @Carney