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Morning six-pack: What we're reading Tuesday

Tuesday, 27 Aug 2013 | 7:55 AM ET
Bill Ackman
David Grogan | CNBC
Bill Ackman

Happy Tuesday. Repeat after me: Fed Chairman Larry Summers. There, that wasn't too bad, was it? On to the six-pack:

Bill Ackman recently admitted that "retail has not been our strong suit." Well, duh and double-duh! The head of Pershing Square Capital has decided to cut his losses and quit his stake in JCPenney—a little late for a back-to-school sale, but probably prudent nonetheless.

One of Ackman's chief nemeses, meanwhile, was likely popping some serious cork Monday. To celebrate the JCP fiasco, hedge fund heavyweight Dan Loeb at Third Point took a 5.7 percent stake in auction house Sotheby's.

The bad news for bitcoin is that regulators are keeping close tabs on what is happening with the online currency. The good news is that bitcoin apparently, has become an actual currency.

CNBC reported late Monday that Larry Summers indeed is THE MAN who President Barack Obama will appoint to helm the U.S. central bank. The good folks at the Contrarian Corner say, good luck, pal.

Raj Rajaratnam is living large in prison, where he's "reigning like a king." Doing time for insider trading, Rajaratnam has a "manservant" and is housed away from the general population.

And, finally...ICYMI: T. Rowe Price's decision to ban 1,300 American Airlines employees from trading in four of the firm's funds may have looked hostile on the surface, but it was really prudent management. NetNet's John Carney explains.

By CNBC's Jeff Cox. Follow him @JeffCoxCNBCcom on Twitter.

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