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Welcome to Finance Insider, Business Insider's summary of the top stories of the past 24 hours.

The US Federal Reserve is widely expected to raise its benchmark interest rate to a target of 0.75% to 1% on Wednesday. Here's what you need to know:

• Here's how the Fed raises interest rates
• The Fed's 3rd rate hike could be bad for stocks
• It's time to start paying attention to one of the Fed's most controversial charts
• Janet Yellen seems to be giving up on one of the Fed's most important goals
• Consumer prices climb at their fastest pace in five years
• Check back for the latest on the Federal Reserve decision here

On Wall Street, the average bonus paid out to New York City securities industry employees in 2016 was $138,210, according to a statement from the New York State Comptroller Thomas DiNapoli. In related news, here are the eight hedge fund managers who made the most money in 2016.

Two Wall Street analysts came up with a game to make "fun of the system," and played it for five years without anyone knowing. Stocks just did something they haven't done since 1995.

Trump adviser Steve Bannon attributes his worldview to a simple stock-investing mistake his dad made after listening to Jim Cramer.

And the number of Americans who have stopped paying their car loans appears to be increasing — a development that has the potential to send ripple effects through the US economy.

In the pharma industry, a new bill introduced Wednesday by Senator Ron Wyden wants to shed some light on the one of the drug industry's biggest middlemen. And in retail, Kmart president and chief member officer Alasdair James has left the company, Business Insider has learned.

In tech, two members of a Russian intelligence agency "protected, directed, facilitated, and paid" hackers to break into Yahoo's systems in 2014, compromising 500 million user accounts, the Department of Justice said in an indictment Wednesday.

And early Twitter investor Chris Sacca, who once said he'd defend the company like one of his children, now "hates" the stock.

The marijuana industry's first unicorn is being added to an influential stock index. Here's a look inside the $1 billion firm that operates out of a once-abandoned Hershey's factory.

Lastly, here's what renting a one-bedroom apartment in 30 popular cities really costs.

Here are the top Wall Street headlines from the past 24 hours.

The timing could be right for the makers of Monopoly and Barbie to do a deal — The time could be right for a combination of toy makers Hasbro and Mattel. Hasbro makes products like Monopoly, My Little Pony, and Nerf while Mattel makes toys like Barbie and Hot Wheels.

The peso is soaring after Trump's trade adviser says he sees Mexico as part of a North American "powerhouse" — The Mexican peso is soaring after President Donald Trump's trade adviser, Peter Navarro, said the US sees Mexico as part of a regional "powerhouse."

The first female Big Pharma CEO will be paid 25% less than her male predecessor — Incoming GlaxoSmithKline Chief Executive Emma Walmsley, the first woman to lead a top global drugmaker, will get a pay package worth a quarter less than her predecessor, following a company rethink on remuneration.

JEFFERIES: 4 reasons Tiffany will continue to shine — Shares of Tiffany & Co., the American luxury jewelry retailer, could rise further as the company's margins and earnings improve, according to Jefferies.

The world's biggest investors are freaking out about 2 things right now — JPMorgan just published highlights from its Global Markets Conference in Paris.

American Airlines is challenging Delta by bringing back free meals — American Airlines announced Wednesday that it will be bringing back free meals on select flights.

The 20 best business schools in America — An MBA from a top business school can set you up for a lucrative, successful career. In fact, average graduates of a top-20 program earn starting compensation packages of at least $130,000.

SEE ALSO: The 27 most important finance books ever written

Join the conversation about this story »

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Two members of a Russian intelligence agency have been charged by the US government in connection with the 2014 hacks that compromised about 500 million Yahoo user accounts, the Department of Justice announced Wednesday.

Two other people, one Russian and one Canadian, were also charged in connection with the hacks.

The DOJ named Dmitry Dokuchaev and Igor Sushchin as the two members of the Russian intelligence agency FSB involved in the hacks.

The Canadian that was charged in connection with the hacks, Karim Baratov, was arrested Tuesday, the DOJ said. 

The DOJ said that Dokuchaev and Sushchin paid the two other defendants to hack into the Yahoo accounts and obtain personal and financial information from users, including government officials and journalists.

In a statement, Yahoo's assistant general council Chris Masden said, "The indictment unequivocally shows the attacks on Yahoo were state-sponsored. We are deeply grateful to the FBI for investigating these crimes and the DOJ for bringing charges against those responsible."

Yahoo didn't disclose the 2014 cyber attacks until last year. Yahoo later disclosed another attack that happened in 2013 that affected about 1 billion users.

Yahoo's public disclosures about the attacks threatened to kill Verizon's offer to buy Yahoo. In the end, Verizon and Yahoo agreed to shave $350 million off the acquisition, bringing the cost to $4.48 billion. Verizon originally wanted to reduce the cost of the deal by $925 million, according to a filing by Yahoo. The acquisition is expected to close in the second quarter of this year. 

The Yahoo hacks were billed as the largest in history, likely affecting the majority of Yahoo accounts. An internal Yahoo investigation into the hacks found that Yahoo executives didn't "properly comprehend or investigate" the situation. Following the investigation, CEO Marissa Mayer gave up her 2016 bonus. Mayer also announced that she was voluntarily giving up her 2017 bonus and equity grants. Yahoo's top lawyer, Ronald S. Bell, resigned as a result of the investigation.

Here's the full announcement from the DOJ:

A grand jury in the Northern District of California has indicted four defendants, including two officers of the Russian Federal Security Service (FSB), for computer hacking, economic espionage and other criminal offenses in connection with a conspiracy, beginning in January 2014, to access Yahoo’s network and the contents of webmail accounts. The defendants are Dmitry Aleksandrovich Dokuchaev, 33, a Russian national and resident; Igor Anatolyevich Sushchin, 43, a Russian national and resident; Alexsey Alexseyevich Belan, aka “Magg,” 29, a Russian national and resident; and Karim Baratov, aka “Kay,” “Karim Taloverov” and “Karim Akehmet Tokbergenov,” 22, a Canadian and Kazakh national and a resident of Canada.

The defendants used unauthorized access to Yahoo’s systems to steal information from about at least 500 million Yahoo accounts and then used some of that stolen information to obtain unauthorized access to the contents of accounts at Yahoo, Google and other webmail providers, including accounts of Russian journalists, U.S. and Russian government officials and private-sector employees of financial, transportation and other companies. One of the defendants also exploited his access to Yahoo’s network for his personal financial gain, by searching Yahoo user communications for credit card and gift card account numbers, redirecting a subset of Yahoo search engine web traffic so he could make commissions and enabling the theft of the contacts of at least 30 million Yahoo accounts to facilitate a spam campaign.

The charges were announced by Attorney General Jeff Sessions of the U.S. Department of Justice, Director James Comey of the FBI, Acting Assistant Attorney General Mary McCord of the National Security Division, U.S. Attorney Brian Stretch for the Northern District of California and Executive Assistant Director Paul Abbate of the FBI’s Criminal, Cyber, Response and Services Branch.

“Cyber crime poses a significant threat to our nation’s security and prosperity, and this is one of the largest data breaches in history,” said Attorney General Sessions. “But thanks to the tireless efforts of U.S. prosecutors and investigators, as well as our Canadian partners, today we have identified four individuals, including two Russian FSB officers, responsible for unauthorized access to millions of users’ accounts. The United States will vigorously investigate and prosecute the people behind such attacks to the fullest extent of the law.”

“Today we continue to pierce the veil of anonymity surrounding cyber crimes,” said Director Comey. “We are shrinking the world to ensure that cyber criminals think twice before targeting U.S. persons and interests.”

“The criminal conduct at issue, carried out and otherwise facilitated by officers from an FSB unit that serves as the FBI’s point of contact in Moscow on cybercrime matters, is beyond the pale,” said Acting Assistant Attorney General McCord. “Once again, the Department and the FBI have demonstrated that hackers around the world can and will be exposed and held accountable. State actors may be using common criminals to access the data they want, but the indictment shows that our companies do not have to stand alone against this threat. We commend Yahoo and Google for their sustained and invaluable cooperation in the investigation aimed at obtaining justice for, and protecting the privacy of their users.”

“This is a highly complicated investigation of a very complex threat. It underscores the value of early, proactive engagement and cooperation between the private sector and the government,” said Executive Assistant Director Abbate. “The FBI will continue to work relentlessly with our private sector and international partners to identify those who conduct cyber-attacks against our citizens and our nation, expose them and hold them accountable under the law, no matter where they attempt to hide.”

“Silicon Valley’s computer infrastructure provides the means by which people around the world communicate with each other in their business and personal lives. The privacy and security of those communications must be governed by the rule of law, not by the whim of criminal hackers and those who employ them. People rightly expect that their communications through Silicon Valley internet providers will remain private, unless lawful authority provides otherwise. We will not tolerate unauthorized and illegal intrusions into the Silicon Valley computer infrastructure upon which both private citizens and the global economy rely,” said U.S. Attorney Stretch. “Working closely with Yahoo and Google, Department of Justice lawyers and the FBI were able to identify and expose the hackers responsible for the conduct described today, without unduly intruding into the privacy of the accounts that were stolen. We commend Yahoo and Google for providing exemplary cooperation while zealously protecting their users’ privacy.”

Summary of Allegations

According to the allegations of the Indictment:

The FSB officer defendants, Dmitry Dokuchaev and Igor Sushchin, protected, directed, facilitated and paid criminal hackers to collect information through computer intrusions in the U.S. and elsewhere. In the present case, they worked with co-defendants Alexsey Belan and Karim Baratov to obtain access to the email accounts of thousands of individuals.

Belan had been publicly indicted in September 2012 and June 2013 and was named one of FBI’s Cyber Most Wanted criminals in November 2013. An Interpol Red Notice seeking his immediate detention has been lodged (including with Russia) since July 26, 2013. Belan was arrested in a European country on a request from the U.S. in June 2013, but he was able to escape to Russia before he could be extradited.

Instead of acting on the U.S. government’s Red Notice and detaining Belan after his return, Dokuchaev and Sushchin subsequently used him to gain unauthorized access to Yahoo’s network. In or around November and December 2014, Belan stole a copy of at least a portion of Yahoo’s User Database (UDB), a Yahoo trade secret that contained, among other data, subscriber information including users’ names, recovery email accounts, phone numbers and certain information required to manually create, or “mint,” account authentication web browser “cookies” for more than 500 million Yahoo accounts.

Belan also obtained unauthorized access on behalf of the FSB conspirators to Yahoo’s Account Management Tool (AMT), which was a proprietary means by which Yahoo made and logged changes to user accounts. Belan, Dokuchaev and Sushchin then used the stolen UDB copy and AMT access to locate Yahoo email accounts of interest and to mint cookies for those accounts, enabling the co-conspirators to access at least 6,500 such accounts without authorization.

Some victim accounts were of predictable interest to the FSB, a foreign intelligence and law enforcement service, such as personal accounts belonging to Russian journalists; Russian and U.S. government officials; employees of a prominent Russian cybersecurity company; and numerous employees of other providers whose networks the conspirators sought to exploit. However, other personal accounts belonged to employees of commercial entities, such as a Russian investment banking firm, a French transportation company, U.S. financial services and private equity firms, a Swiss bitcoin wallet and banking firm and a U.S. airline.

During the conspiracy, the FSB officers facilitated Belan’s other criminal activities, by providing him with sensitive FSB law enforcement and intelligence information that would have helped him avoid detection by U.S. and other law enforcement agencies outside Russia, including information regarding FSB investigations of computer hacking and FSB techniques for identifying criminal hackers. Additionally, while working with his FSB conspirators to compromise Yahoo’s network and its users, Belan used his access to steal financial information such as gift card and credit card numbers from webmail accounts; to gain access to more than 30 million accounts whose contacts were then stolen to facilitate a spam campaign; and to earn commissions from fraudulently redirecting a subset of Yahoo’s search engine traffic.

When Dokuchaev and Sushchin learned that a target of interest had accounts at webmail providers other than Yahoo, including through information obtained as part of the Yahoo intrusion, they tasked their co-conspirator, Baratov, a resident of Canada, with obtaining unauthorized access to more than 80 accounts in exchange for commissions. On March 7, the Department of Justice submitted a provisional arrest warrant to Canadian law enforcement authorities, requesting Baratov’s arrest. On March 14, Baratov was arrested in Canada and the matter is now pending with the Canadian authorities.

An indictment is merely an accusation, and a defendant is presumed innocent unless proven guilty in a court of law.

The FBI, led by the San Francisco Field Office, conducted the investigation that resulted in the charges announced today. The case is being prosecuted by the U.S. Department of Justice National Security Division’s Counterintelligence and Export Control Section and the U.S. Attorney’s Office for the Northern District of California, with support from the Justice Department’s Office of International Affairs.

Defendants: At all times relevant to the charges, the Indictment alleges as follows:

• Dmitry Aleksandrovich Dokuchaev, 33, was an officer in the FSB Center for Information Security, aka “Center 18.” Dokuchaev was a Russian national and resident.
• Igor Anatolyevich Sushchin, 43, was an FSB officer, a superior to Dokuchaev within the FSB, and a Russian national and resident. Sushchin was embedded as a purported employee and Head of Information Security at a Russian investment bank.
• Alexsey Alexseyevich Belan, aka “Magg,” 29, was born in Latvia and is a Russian national and resident. U.S. Federal grand juries have indicted Belan twice before, in 2012 and 2013, for computer fraud and abuse, access device fraud and aggravated identity theft involving three U.S.-based e-commerce companies and the FBI placed Belan on its “Cyber Most Wanted” list. Belan is currently the subject of a pending “Red Notice” requesting that Interpol member nations (including Russia) arrest him pending extradition. Belan was also one of two criminal hackers named by President Barack Obama on Dec. 29, 2016, pursuant to Executive Order 13694, as a Specially Designated National subject to sanctions.
• Karim Baratov, aka “Kay,” “Karim Taloverov” and “Karim Akehmet Tokbergenov,” 22. He is a Canadian and Kazakh national and a resident of Canada.
• Victims: Yahoo; more than 500 million Yahoo accounts for which account information about was stolen by the defendants; more than 30 million Yahoo accounts for which account contents were accessed without authorization to facilitate a spam campaign; and at least 18 additional users at other webmail providers whose accounts were accessed without authorization.

Time Period: As alleged in the Indictment, the conspiracy began at least as early as 2014 and, even though the conspirators lost their access to Yahoo’s networks in September 2016, they continued to utilize information stolen from the intrusion up to and including at least December 2016.

SEE ALSO: Marissa Mayer awarded $23 million golden parachute by Yahoo

Join the conversation about this story »

NOW WATCH: Yahoo just confirmed that hackers stole personal information from over 500 million users — here’s what they said

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Regional police in Canada have issued a warning to local residents about fraudulent investment schemes involving bitcoin.

Source

• Losses on subprime auto loans have spiked in the last few months, according to Mizuho
• That could spell bad news for US carmakers, consumers, and the economy

The number of Americans who have stopped paying their car loans appears to be increasing, a development that has the potential to send ripple effects through the US economy. 

Losses on subprime auto loans have spiked in the last few months, according to Steven Ricchiuto, Mizuho chief US economist. They jumped to 9.1% in January of this year, up from 7.9% in January 2016. 

"Recoveries on subprime auto loans also fell to just 34.8%, the worst performance in over seven years," he said in a note. 

That could spell bad news.

Cars, consumers, and the economy

First, the rising losses spell bad news for the US auto industry, according to Ricchiuto, as borrowing costs for consumers to buy cars could go up. Rates are already heading northwards, with the Federal Reserve expected to hike this week. LIBOR, a measure of financing costs, is at the highest level since 2015, and the yield on the two-year Treasury note has also spiked, doubling in six months. 

That means financing costs for auto loans would increase, regardless of loan performance. But, with with subprime auto losses spiking, suggesting that auto loans are becoming riskier, investors are asking for a bigger spread than previously, doubling the impact on financing costs.

That's where the potential impact on automakers comes in.  

"The movement up in LIBOR, movement up in spreads, it should take a chunk out of demand," Ricchiuto said. "The monthly cost goes up."

If monthly costs go up, and demand falls, automakers could feel the impact on sales. The inventory of unsold vehicles stands at the highest level outside of the financial crisis, according to Ricchiuto. 

"Everyday you look at this, it comes out not looking particularly pretty," he said. 

For consumers, the statistics hint at stressed finances. Back in November, the New York Fed's Liberty Street Economics blog looked at the deteriorating performance of subprime auto loans and set off the alarm. 

"The data suggest some notable deterioration in the performance of subprime auto loans," Fed researchers said in a post. "This translates into a large number of households, with roughly six million individuals at least ninety days late on their auto loan payments."

Then there is the impact on the broader economy. Ricchiuto said in a note (emphasis ours): 

"The upturn in the domestic auto industry since the government bailed out GM and accommodated the merger between Fiat and Chrysler has been a mainstay of the economic recovery and expansion. Auto sales have exceeded all other consumer-related purchases and account for the bulk of the economy's upside since the turn in June 2009. This dynamic is likely to be tested in the weeks ahead as forward rates take on reduced Fed accommodation and lenders face rising losses on loans and leases made to subprime auto borrowers."

Join the conversation about this story »

NOW WATCH: Despite the negative stigma, payday loans are not much different from credit cards

An experimental 'user-activated soft fork' for pushing through a controversial bitcoin code change took another step forward this week

Source

Bitcoin's 'proof of work' validation mechanism burns a huge amount of energy, but this novel solution from developer Bram Cohen aims to change that.

Source

Prosecutors in Łódź, Poland, have launched an investigation into the shutdown of Bitcurex, one the country's oldest and largest bitcoin exchanges.

Source

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