Your morning briefing, the business news you need in just 15 minutes.
On today's podcast:
(1) New York Community Bancorp's credit grade was cut to junk by Moody's Investors Service less than a week after the regional lender alarmed shareholders by slashing payouts and stockpiling reserves to cover troubled loans tied to commercial real estate.

(2) Treasury Secretary Janet Yellen said that while losses in commercial real estate are a worry, US regulators are working to ensure that loan-loss reserves and liquidity levels in the financial system are adequate to cope.

(3) A rally in Chinese shares continued Wednesday, a sign of growing investor hopes for authorities to take more forceful steps to sustain a nascent market recovery.

(4)  UK lawmakers called on the Bank of England to rethink the way it's unwinding its quantitative easing stimulus program, saying asset sales the Treasury indemnified are now costing taxpayers 10s of billions of pounds.

(5) From the Glazer family at Manchester United to Todd Boehly and his Wall Street financiers at Chelsea, the American takeover of clubs in the Premier League isn't new. Yet below the world's richest competition, the footprint on the English game is deepening and widening — and raising even more questions over who will make money and who will lose it.