Markets proved that last Friday’s 600-point Dow drop wasn’t an isolated incident, as all major US indices were down nearly 4% (at least) in a nasty Monday of trading....more
2/6/2018
/ Alphabet Company ,
Automotive Industry ,
Banking Sector ,
Bitcoin ,
Class Action ,
Corruption ,
Criminal Prosecution ,
Digital Currency ,
Dow Jones ,
Driverless Cars ,
Federal Reserve ,
Financial Markets ,
HSBC ,
Intellectual Property Litigation ,
RMBS ,
Samsung ,
South Korea ,
Stock Prices ,
Uber ,
Virtual Currency ,
Wells Fargo ,
White Collar Crimes
It’s getting worse before better at GE, which yesterday made a disclosure double whammy of a $9.8 billion Q4 loss and an SEC inquiry over the company’s accounting practices....more
1/25/2018
/ Amazon Marketplace ,
Banking Sector ,
Commercial Bankruptcy ,
Digital Currency ,
Financial Markets ,
General Electric ,
Initial Coin Offering (ICOs) ,
KPMG ,
Retailers ,
Securities and Exchange Commission (SEC) ,
Securities Violations ,
Token Sales ,
Toys R Us
John Flannery’s been working hard to right the ship at GE, but the seas have turned choppy again this week on news that the company’s taking a $6.2 billion Q4 write-off “after conducting a review of the insurance portfolio...more
1/17/2018
/ Banking Sector ,
BlackRock ,
Citigroup ,
Class Certification ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
General Electric ,
Payday Loans ,
Stock Prices ,
Tax Cuts and Jobs Act ,
Tax Reform
In naming Gregory Abel and Ajit Jain vice chairs, Berkshire Hathaway took another big step this week in laying out LAWB (Life After Warren Buffet)....more
1/11/2018
/ Automotive Industry ,
Banking Sector ,
Berkshire Hathaway ,
Bond Markets ,
Community Reinvestment Act ,
Debt Collection ,
Deutsche Bank ,
Environmental Violations ,
Fiduciary Duty ,
Ford Motor ,
Fraud ,
IRS ,
Morgan Stanley ,
Mortgages ,
National Emissions Standards ,
Pharmaceutical Industry ,
Securities and Exchange Commission (SEC) ,
Tax Liability ,
Valeant ,
Xerox
US regulators have given passing grades to the living wills for all 8 major US banks, a reversal from the April 2016 determination that 5 of the 8 had deficiencies in their bailout-prevention plans....more
12/20/2017
/ Banking Sector ,
Banks ,
Barclays ,
Bitcoin ,
C-Suite Executives ,
Digital Currency ,
EU ,
Financial Services Industry ,
FinTech ,
Gig Economy ,
Health Care Providers ,
Hospital Mergers ,
Libor ,
Living Will ,
Money Transfer ,
Regulatory Oversight ,
Ridesharing ,
Sexual Harassment ,
Sharing Economy ,
Transportation Industry ,
Uber ,
Virtual Currency ,
Woman Board Members
European authorities have opened an investigation into Inter Ikea, one of the Swiss retail giant’s two primary divisions based in the Netherlands, over “concerns that it may have been given unfair tax advantages”....more
12/19/2017
/ Amazon Marketplace ,
Automotive Industry ,
Banking Sector ,
Bitcoin ,
Campbell Soup Company ,
Commercial Bankruptcy ,
Digital Currency ,
Electric Vehicles ,
EU ,
IKEA ,
International Tax Issues ,
Retail Market ,
Retailers ,
Tax Reform ,
Technology Sector ,
Toys R Us ,
Virtual Currency
Crowdfunding site Indiegogo is hoping that a bold move—as one of the first mainstream companies to do so— into the roller-coaster world of ICOs will help make the offerings more palatable for small and large investors....more
12/13/2017
/ Banking Sector ,
Bitcoin ,
Broadcom ,
Climate Change ,
Crowdfunding ,
Digital Currency ,
Disney ,
ETFs ,
Exxon Mobil ,
Fintech Charter ,
General Electric ,
Indiegogo ,
Initial Coin Offering (ICOs) ,
Interest Rate Adjustments ,
NYDFS ,
OCC ,
Qualcomm ,
Shopping Centers
The UK and EU made a significant breakthrough early this morning to “unlock” Brexit divorce negotiations. The still-rough agreement would see Britain repaying $53 billion and addressed in at least vague terms thorny issues...more
12/8/2017
/ Bank of New York (BNY) Mellon ,
Banking Sector ,
Banks ,
Basel IV ,
Bitcoin ,
Caterpillar ,
Citigroup ,
Corruption ,
Digital Currency ,
Economic Development ,
Energy Sector ,
EU ,
Federal Reserve ,
General Electric ,
Ireland ,
Job Creation ,
Member State ,
Railways ,
Regulatory Oversight ,
RMBS ,
Stress Tests ,
Tax Reform ,
UK ,
UK Brexit ,
White Collar Crimes
The Senate Banking Committee has voted out of committee a bipartisan effort to ease Dodd-Frank regulations. The bill in question could “drastically cut” the number of banks subject to heightened Fed oversight and “would ease...more
12/6/2017
/ Aetna ,
Banking Regulators ,
Banking Sector ,
Barclays ,
Bitcoin ,
Class Action ,
Community Banks ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Unions ,
CVS ,
Deregulation ,
Deutsche Bank ,
Digital Currency ,
Dodd-Frank ,
EU ,
Financial Regulatory Reform ,
Financial Services Industry ,
HSBC ,
Ireland ,
Mortgages ,
Movie Theaters ,
Nationwide Insurance Co. ,
RMBS ,
Senate Banking Committee ,
UK ,
UK Brexit
Wells Fargo is again in federal regulators’ crosshairs. The OCC has dubbed the bank a repeat offender and is weighing a “formal enforcement action” over “improprieties in its auto-insurance and mortgage operations”....more
11/29/2017
/ Auto Insurance ,
Banking Sector ,
Bitcoin ,
Class Action ,
Consumer Financial Products ,
Cryptocurrency ,
Cyan Inc v Beaver Cty Emps Ret Fund ,
Digital Currency ,
EU ,
Federal Reserve ,
Interest Rate Adjustments ,
Manufacturers ,
MiFID II ,
Mortgages ,
Securities and Exchange Commission (SEC) ,
Social Networks ,
Supply Chain ,
UK ,
UK Brexit ,
Wells Fargo
More trouble for Wells Fargo, this time involving its Forex operation, which an internal investigation revealed was plagued by routine overcharging of customers and other questionable practices by bankers engaged in a battle...more
11/28/2017
/ Administrative Appointments ,
Banking Sector ,
Bitcoin ,
Consumer Financial Protection Bureau (CFPB) ,
Corporate Bonuses ,
Corporate Culture ,
Corruption ,
Cryptocurrency ,
Cyber Monday ,
Department of Labor (DOL) ,
Digital Currency ,
Fiduciary Rule ,
Financial Markets ,
Forex ,
Initial Coin Offering (ICOs) ,
Securities and Exchange Commission (SEC) ,
Unregistered Securities ,
Wells Fargo
Time Inc. announced yesterday that it’s sold itself as part of a roughly $3 billion all-cash transaction to Meredith Corporation. Meredith, which publishes Family Circle and Better Homes and Gardens, among other glossies, is...more
11/27/2017
/ Administrative Appointments ,
Banking Sector ,
Bitcoin ,
China ,
Consumer Financial Protection Bureau (CFPB) ,
Data Breach ,
Digital Currency ,
Financial Conduct Authority (FCA) ,
Financial Markets ,
Hackers ,
Insider Trading ,
Money Laundering ,
Presidential Appointments ,
Regulatory Agenda ,
Richard Cordray ,
Ridesharing ,
Shadow Banking ,
SoftBank ,
Trading Platforms ,
Uber
As retailers do all they can to fight the e-commerce wave, some bricks-and-mortar shops are experimenting with a rather counterintuitive strategy: smaller spaces and a showroom-style approach....more
11/20/2017
/ Banking Sector ,
Banks ,
Bitcoin ,
Brick-and-Mortar Stores ,
Digital Currency ,
E-Commerce ,
FSOC ,
General Electric ,
Global Systemically Important Banks (G-SIBs) ,
Inflation Adjustments ,
Internet Retailers ,
Non-Bank Lenders ,
Phillips Standard ,
Retail Market ,
SIFIs ,
Silicon Valley ,
Technology Sector ,
Virtual Currency ,
Wells Fargo
Breakingviews is all about new GE CEO John Flannery’s quest for the “soul” of the company, but it’s also very interested in less philosophical matters—especially on the heels of GE halving dividends....more
11/14/2017
/ Antitrust Investigations ,
Banking Sector ,
Cable Television Providers ,
Capital Requirements ,
Credit Suisse ,
Dodd-Frank ,
Financial Markets ,
Forex ,
General Electric ,
Google ,
Initial Public Offering (IPO) ,
Qualcomm ,
Regulatory Oversight ,
State and Local Government ,
Takeover Bids ,
Telecommunications
Big news out of Uber this weekend, where the company and its board resolved outstanding issues with Travis Kalanick in order to finalize a deal in which a SoftBank-led consortium of investors will buy up about $1 billion of...more
11/13/2017
/ Alibaba ,
Apple ,
Banking Sector ,
Bitcoin ,
Children's Toys ,
China ,
Cryptocurrency ,
Cyber Attacks ,
Cybersecurity ,
Digital Currency ,
Disclosure Requirements ,
E-Commerce ,
Financial Markets ,
Foreign Ownership ,
Hasbro ,
Internet Retailers ,
Mattel ,
Publicly-Traded Companies ,
Ridesharing ,
Securities and Exchange Commission (SEC) ,
Sharing Economy ,
SoftBank ,
Stocks ,
Uber ,
Virtual Currency ,
Whistleblowers ,
Wireless Technology
Breakingviews is raising an eyebrow at the news from yesterday about Broadcom’s unsolicited $105 billion offer for Qualcomm [the largest-ever proposed tech deal], especially in light of the “mountain of debt” Broadcom would...more
11/7/2017
/ Banking Sector ,
Barclays ,
Bitcoin ,
Class Action ,
Class Certification ,
Dark Pool ,
Digital Currency ,
EU ,
Financial Markets ,
Foreign Investment ,
Investment ,
Investment Management ,
MiFID II ,
Qualcomm ,
Regulatory Standards ,
Saudi Arabia ,
Sprint ,
T-Mobile ,
Technology Sector ,
Telecommunications ,
Trading Platforms ,
Virtual Currency ,
Wireless Industry
The moral of this story is as follows: if Maysayoshi Son says the merger’s off, it’s probably off (regardless of what the rest of the board says). We discussed the will they/won’t they status of the T-Mobile/Sprint deal last...more
11/6/2017
/ Amazon Marketplace ,
Banking Sector ,
Board of Directors ,
China ,
Derivative Suit ,
E-Commerce ,
FHLB ,
Housing Market ,
Internet Retailers ,
Job Creation ,
Moody's ,
Qualcomm ,
Rating Agencies ,
RMBS ,
Securities Violations ,
Semiconductors ,
Shareholder Litigation ,
Sprint ,
T-Mobile ,
Technology Sector ,
Telecommunications ,
Unemployment ,
Wells Fargo ,
Wireless Industry
The White House has made it official and nominated Fed governor Jerome Powell as the next Chair of the Federal Reserve. Powell is expected to continue the basic fiscal (though not necessarily regulatory) policies of the...more
11/3/2017
/ Administrative Appointments ,
Bank of England ,
Banking Sector ,
BSA/AML ,
Federal Reserve ,
FinCEN ,
General Electric ,
Interest Rate Adjustments ,
Job Creation ,
Money Laundering ,
Mortgage Interest ,
Regulatory Violations ,
Sprint ,
T-Mobile ,
Tax Deductions ,
Tax Reform ,
Telecommunications ,
Trump Administration ,
UK ,
UK Brexit ,
Unemployment ,
Wireless Industry
Facebook may have had a difficult day on the Hill. But a 79% rise in Q3 profit—driven, ironically enough, by online ads—should help soften the blow....more
11/2/2017
/ Administrative Appointments ,
Amazon Marketplace ,
Apple ,
Arbitration ,
Automotive Loans ,
Banking Sector ,
Board of Directors ,
Class Action ,
Class Action Arbitration Waivers ,
Consumer Contracts ,
Consumer Financial Products ,
Consumer Lenders ,
Digital Currency ,
Facebook ,
Federal Reserve ,
Financial Services Industry ,
FOMC ,
Google ,
Initial Coin Offering (ICOs) ,
Interest Rate Adjustments ,
Microsoft ,
Quarterly Report ,
Securities and Exchange Commission (SEC) ,
Sharing Economy ,
Social Media ,
SoftBank ,
Subprime Loans ,
Token Sales ,
Trump Administration ,
Uber ,
Unregistered Securities ,
Virtual Currency
Samsung, beset by top-level resignations and a mess of bribery allegations reaching the former South Korean President and the crown prince of the family’s chaebol, has announced a new slate of execs “In an effort to bring...more
11/1/2017
/ Aetna ,
Amazon Marketplace ,
Automotive Industry ,
Banking Sector ,
Bitcoin ,
Commodities ,
Commodity Futures Contracts ,
CVS ,
Digital Currency ,
E-Commerce ,
Extender Statutes ,
FDIC ,
Financial Crisis ,
FIRREA ,
FOMC ,
Hurricane Maria ,
Insurance Industry ,
Internet Retailers ,
Pharmaceutical Industry ,
Pharmacies ,
Puerto Rico ,
Regulatory Oversight ,
Retailers ,
Samsung ,
Sears ,
Technology Sector ,
Tesla ,
Virtual Currency
Swiss pharma giant Novartis has issued a $3.9 billion cash bid to buy Advanced Accelerator Applications, a French company [and spinoff of the organization in charge of the Large Hadron Collider] known for producing...more
10/31/2017
/ Banking Sector ,
Department of Labor (DOL) ,
Financial Markets ,
Foreign Banks ,
Foreign Currency ,
Forex ,
Market Manipulation ,
Novartis ,
Personal Jurisdiction ,
Pharmaceutical Industry ,
Retailers ,
Sears ,
SoftBank ,
Sprint ,
T-Mobile ,
Telecommunications ,
White-Collar Exemptions ,
Wireless Industry
Deutsche Borse CEO Carsten Kengeter announced yesterday that he’ll step down in the wake of insider-trading allegations related to the exchange’s now-defunct merger with the London Stock Exchange Group....more
10/27/2017
/ Aetna ,
Amazon Marketplace ,
Automotive Industry ,
Banking Sector ,
CEOs ,
CVS ,
Department of Justice (DOJ) ,
Deutsche Bank ,
Enforcement Actions ,
EU ,
European Central Bank ,
Financial Crisis ,
Financial Institutions ,
Financial Markets ,
General Electric ,
Health Insurance ,
Insider Trading ,
London Stock Exchange ,
Nissan ,
Pharmacies ,
RBS ,
Resignation ,
RMBS ,
Securities and Exchange Commission (SEC) ,
Securities Violations ,
Trains
The Journal gives us a revealing long look at the true meaning behind a Morningstar investment star ranking and finds that the coveted 5-star overall rating translated into a 5-year performance worthy of that designation just...more
10/26/2017
/ Amazon Marketplace ,
Arbitration ,
Arbitration Agreements ,
banking ,
Banking Sector ,
Class Action ,
Class Action Arbitration Waivers ,
Congressional Review Act ,
Consumer Contracts ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Deutsche Bank ,
Dodd-Frank ,
Drones ,
E-Commerce ,
Financial Services Industry ,
Internet Retailers ,
Libor ,
Retail Market ,
Uber ,
Unmanned Aircraft Systems
Tesla’s hoping that a manufacturing plant in China—the first in the country wholly owned by a foreign manufacturing company—will translate into big sales in the Chinese market. With the Chinese government loath to give up the...more
10/23/2017
/ Amazon Marketplace ,
Automotive Industry ,
Banking Sector ,
Blue Apron ,
China ,
Consumer Financial Products ,
Cross-Selling ,
Derivatives ,
E-Commerce ,
Electric Vehicles ,
EMIR ,
EU ,
Euro ,
Exchange-Traded Products ,
Fidelity Investments ,
Financial Conduct Authority (FCA) ,
Forex ,
General Motors ,
Harassment ,
Hostile Environment ,
Initial Public Offering (IPO) ,
Internet Retailers ,
Investment Banks ,
Manufacturers ,
Merrill Lynch ,
OCC ,
Regulatory Violations ,
Reporting Requirements ,
Retail Market ,
Subscription Services ,
Technology Sector ,
Tesla ,
UK ,
Wal-Mart ,
Wells Fargo
American Express Chair and CEO Kenneth Chenault announced that he’s stepping down next year after 16 years at the helm of AmEx. He’ll be succeeded by Vice Chair Stephen Squeri....more
10/19/2017
/ American Express ,
Bank of New York (BNY) Mellon ,
Banking Sector ,
Business Litigation ,
Class Action ,
Class Certification ,
Dodd-Frank ,
Dow Jones ,
Financial Markets ,
Liquidation ,
Misappropriation ,
Native American Issues ,
Online Marketplace Lending ,
Payday Loans ,
RMBS ,
Samsung ,
South Korea ,
Tribal Governments ,
Tribal Loans ,
Wells Fargo