What you need to know on Wall Street today

Welcome to Finance Insider, Business Insider's summary of the top stories of the past 24 hours. Sign up here to get this email delivered direct to your inbox.

It looks like White House chief strategist Steve Bannon is out.

Check backhere for more news as we get it. Youcan follow the market reaction here.

Billionaire investor Lee Cooperman is stepping up his attack against fellow billionaire Bill Ackman.In a phone call with Business Insider on Thursday, August 17, Cooperman laid out an argument against Ackman's attempt to change ADP, charging against what he perceived as Ackman's misguided attempt to shake up the human resources company.

"He's conducting himself in a very destructive manner," said Cooperman, the founder of Omega Advisors, a multi-billion New York-based hedge fund. You canread the billionaire's barrage in full here.

Elsewhere in finance news, Goldman Sachs has ascended to the top of a different kind of ranking —and it's poised for a big payoff. The US investment also mayhave lost $100 million on an energy bet gone wrong.

US pension funds are suingsix of world's largest banks for allegedly colluding on a $1 trillion market. And the SEC has dropped its caseagainst two ex-JPMorgan traders over the $6.2 billion "London Whale" fiasco.

The White House scrapped plans foran infrastructure council after CEOs bolted from two others. A group of investors isbuying debt-ridden Calpine for $5.6 billion. And

here are cracksforming under the surface of the stock market. And the stock market'ssafety net is working better than ever. And traders have lost almost $10 billion betting against Alibaba this year.

We spoke to the cofounder of $1.3 billion startup Robinhood, and he explained.

Wall Street's biggest bearthinks bitcoin will surge to $6,000. And a 25-year-old made a fortune in bitcoin —now he travels the world partying and plotting the future of money

In company news:

Snap seems to (finally) have a good story to tell
Foot Locker is crashing after a big earnings miss
Blue Apron's comeback
Deere beats on earnings and boosts its forecast for the year
Gap crushes earnings and raises guidance
RBC: "Everyone who was going to shop at Walmart already shops at Walmart"
Cisco's revenue has declined for 7 quarters — but the signs of a comeback are already visible

Lastly, we tried the ultra-decadent secret "billionaire menu" atWall Street's oldest steakhouse that features a $100 grilled cheese.

What you need to know on Wall Street today

JOIN OUR PULSE COMMUNITY!