Prepaid card company NetSpend has reached a $53 million settlement with the FTC to resolve claims that the company “deceived customers about when and whether they could access money they deposited on its reloadable debit...more
4/3/2017
/ 401k ,
Agricultural Land ,
Banking Sector ,
Bonds ,
Consumer Financial Products ,
Credit Suisse ,
Deutsche Bank ,
Employee Benefits ,
Enron ,
Federal Trade Commission (FTC) ,
Financial Institutions ,
Fraud ,
Interest Rate Adjustments ,
Marijuana ,
Merrill Lynch ,
Prepaid Payment Products ,
Retirement Plan ,
Takeover Bids
A group of current and former Citizen Bank branch employees from five states has admitted to fabricating information about the results of the Bank’s much-touted “Citizens Checkup” program (in which real customers are invited...more
3/30/2017
/ Article 50 Treaty of the EU ,
Banking Sector ,
Capital Raising ,
Commercial Bankruptcy ,
Confidential Information ,
Credit Cards ,
Energy Sector ,
EU ,
Foreclosure ,
Google ,
Initial Public Offering (IPO) ,
Intellectual Property Protection ,
Loan Modifications ,
Member State ,
Mortgages ,
Pharmaceutical Industry ,
Referendums ,
Technology Sector ,
Uber ,
UK ,
UK Brexit ,
Valeant
Greenlight Capital’s David Einhorn is pushing GM to split its common stock into two classes—one for dividends and the other for all additional earnings—in an effort to boost the carmaker’s market cap. GM’s not on board....more
3/29/2017
/ Automotive Industry ,
Automotive Loans ,
Bank Accounts ,
Banking Sector ,
Bonds ,
China ,
Class Action ,
Commercial Bankruptcy ,
Common Stock ,
Consumer Lenders ,
Discriminatory Lending Practices ,
General Motors ,
OCC ,
Preferred Shares ,
Robots ,
Technology Sector ,
Tesla ,
Toshiba ,
Wells Fargo
News emerged in past weeks that North Korean hackers were likely behind the theft of $81 million from the central bank of Bangladesh. You can add to that an attack on more than 20 Polish banks and an attempt at other...more
3/27/2017
/ Airlines ,
Amazon Marketplace ,
American Airlines ,
Antitrust Violations ,
Asset Management ,
Aviation Industry ,
Banking Sector ,
Barclays ,
Class Action ,
Cyber Crimes ,
EFTs ,
Exploration and Production Assets ,
Financial Markets ,
Foreign Currency ,
Hackers ,
Investment ,
JPMorgan Chase ,
North Korea ,
Oil & Gas ,
OPEC ,
Pensions ,
Price-Fixing ,
Risk Management ,
State Street
Eddie Lampert’s Sears mega-gamble appears to finally be catching up with him. Or the store, at least. Mr. Lampert, it seems, will come out not as worse for the wear as one might have expected....more
3/23/2017
/ Apple ,
Banking Sector ,
Dakota Access Pipeline ,
Deutsche Bank ,
Iran Sanctions ,
Loans ,
Mobile Apps ,
Native American Issues ,
Oil & Gas ,
Personal Data ,
Retail Market ,
Sears ,
Takeover Bids ,
Technology ,
Tribal Lands ,
Water Supplies ,
ZTE
Uber’s board is sticking with the devil it knows. And that means that CEO Travis Kalanick’s safe where he is, despite a few pretty awful months for the ride-hailing company and promises to change the company culture....more
3/22/2017
/ Bank of New York (BNY) Mellon ,
Banking Sector ,
Commerzbank ,
Debt Market ,
Department of Justice (DOJ) ,
Distressed Debt ,
Financial Markets ,
Insider Information ,
Price-Fixing ,
RMBS ,
Sharing Economy ,
Shipping Cargo ,
Student Loans ,
Subpoenas ,
Takeover Bids ,
Uber
White Collar Watch dates itself considerably with its Perry Mason allusion, but its bigger point is an interesting one–good luck finding a true “gotcha” moment when dealing with what are “quintessentially offenses of the...more
3/21/2017
/ Banking Sector ,
Fraud ,
Initial Public Offering (IPO) ,
Offerings ,
Pharmaceutical Industry ,
Repurchases ,
SoftBank ,
Tax Evasion ,
Telecommunications ,
UBS ,
Valeant ,
Wells Fargo ,
White Collar Crimes ,
Wireless Technology
Following up on news last week that Bill Ackman was finally done with his grand Valeant experiment, the Times gives us a deeper look at what was really going on with the activist investor’s bet and ultimate $4 billion loss....more
3/20/2017
/ Activist Investors ,
Automotive Industry ,
Banking Sector ,
Debt Market ,
Ethics ,
Federal Reserve ,
Financial Institutions ,
General Motors ,
Netflix ,
Pharmaceutical Industry ,
Private Equity ,
Resignation ,
RMBS ,
Sharing Economy ,
Stock Markets ,
Uber ,
Valeant
The struggle to attract and retain businesses and the jobs they provide has increasingly led to states and cities squaring off against others, with competing tax incentive packages the very real currency of the battle....more
3/17/2017
/ Anti-Competitive ,
Automotive Industry ,
Banking Sector ,
Cross-Selling ,
Initial Public Offering (IPO) ,
Job Creation ,
National Emissions Standards ,
Offerings ,
Regulatory Oversight ,
Snapchat ,
Tax Incentives ,
Volkswagen ,
Wells Fargo ,
White Collar Crimes
As anticipated (and hinted-at forcefully by its officials), the Fed raised the benchmark interest rate yesterday to a range nearing 1 percent, a move that signals the slow end to the body’s nine-year stimulus effort....more
3/16/2017
/ Administrative Appointments ,
Banking Sector ,
Caterpillar ,
CFTC ,
Class Action ,
Deutsche Bank ,
FinTech ,
Innovative Technology ,
Insider Trading ,
Interest Rate Adjustments ,
OCC ,
RBS ,
Stock Markets ,
Stocks ,
Underwriting ,
Wells Fargo
Another tech-related disappointment for the Winklevii, this time with ramifications for an entire means of payment, as the SEC has rejected an application by the brothers to create an ETF tied to the price of bitcoin....more
3/13/2017
/ AIG ,
Banking Sector ,
Berkshire Hathaway ,
Bitcoin ,
Consumer Lenders ,
Fannie Mae ,
Financial Institutions ,
Financial Markets ,
Freddie Mac ,
Interest Rate Adjustments ,
Libor ,
Real Estate Market ,
Securities and Exchange Commission (SEC) ,
Technology Sector ,
UK Brexit ,
Virtual Currency
We now know what all of that law-enforcement activity around Caterpillar HQ in past weeks. A government report out this week reveals that investigators are targeting CAT for tax and accounting fraud, though no charges have...more
3/9/2017
/ Accounting Fraud ,
Administrative Appointments ,
Banking Sector ,
Caterpillar ,
Class Action ,
Confirmation Proceedings ,
Financial Institutions ,
Germany ,
Industrial Products ,
Initial Public Offering (IPO) ,
Nominations ,
Private Sector ,
Securities and Exchange Commission (SEC) ,
Snapchat ,
Social Media ,
SoftBank ,
Tax Fraud
It’s been far from a smooth ride for Uber over the past few weeks. And Friday’s revelation that the ride-sharing company’s been using a tool called “Greyball” to mine and use app data to “deceive the authorities in markets...more
3/6/2017
/ Appeals ,
Automotive Industry ,
Banking Sector ,
Banks ,
Bitcoin ,
Blockchain ,
Capital Raising ,
Deutsche Bank ,
Digital Currency ,
Federal Reserve ,
Financial Institutions ,
Financial Markets ,
General Motors ,
Interest Rate Adjustments ,
Mobile Apps ,
RMBS ,
Securities Violations ,
Sharing Economy ,
Summary Judgment ,
Technology Sector ,
Uber ,
Valuation
SoftBank’s been burning up the deal scene in recent months (Fortress, anyone?), and it keeps right on rolling by helping orchestrate the merger of satellite operator and investee OneWeb with Intelsat in a bid to increase...more
3/1/2017
/ Banking Sector ,
Capital Raising ,
Citibank ,
Enforcement Actions ,
Federal Reserve ,
Forex ,
Information Technology ,
Initial Public Offering (IPO) ,
Interest Rate Adjustments ,
Internet ,
Internet Service Providers (ISPs) ,
NYSE ,
Offerings ,
Publishers ,
S&P ,
Securities and Exchange Commission (SEC) ,
Securities Violations ,
Snapchat ,
Social Media ,
SoftBank ,
Takeover Bids ,
Technology Sector
A collection of corporate heavy hitters are betting big on the blockchain technology behind bitcoin rival Ethereum to build a computing system to track data and financial contracts. The project is seen by some as a way to...more
2/28/2017
/ Banking Sector ,
Berkshire Hathaway ,
Bitcoin ,
Blockchain ,
Bonds ,
Bribery ,
China ,
Corruption ,
Department of Labor (DOL) ,
Derivatives ,
Digital Currency ,
Dodd-Frank ,
Elon Musk ,
Energy Market ,
Energy Sector ,
Fiduciary Duty ,
Fiduciary Rule ,
Financial Institutions ,
Financial Markets ,
Foreign Investment ,
Forex ,
Indictments ,
Insurance Industry ,
Samsung ,
Senate Confirmation Hearings ,
South Korea ,
Stock Markets ,
Stocks ,
Technology ,
Technology Sector ,
Tesla ,
Trump Administration ,
U.S. Commerce Department ,
Valuation ,
Virtual Currency ,
Warren Buffett ,
White Collar Crimes
It may lack some of the flourish of a BBG missive, but you can be sure that plenty of insiders are paying close attention to Mr. Buffet’s annual letter to Berkshire Hathaway shareholders....more
2/27/2017
/ Banking Sector ,
Banks ,
Berkshire Hathaway ,
Bonds ,
Capital Raising ,
China ,
Citigroup ,
Dodd-Frank ,
False Claims Act (FCA) ,
Financial Institutions ,
Financial Markets ,
Foreign Workers ,
Hiring & Firing ,
Initial Public Offering (IPO) ,
Investment ,
Investors ,
Japan ,
Offerings ,
Securities and Exchange Commission (SEC) ,
Smartphones ,
Stocks ,
Technology ,
Warren Buffett ,
Whistleblowers ,
Wireless Industry ,
Wireless Technology
A review of the Fed minutes released yesterday shows the willingness of some Fed Governors to start rate raising again sooner rather than later....more
2/23/2017
/ Academy Awards ,
Banking Sector ,
Banks ,
Energy Sector ,
Federal Reserve ,
Financial Crisis ,
Financial Institutions ,
FinTech ,
Foreclosure ,
Innovation ,
Innovative Technology ,
Interest Rate Adjustments ,
Interest Rates ,
NASA ,
Outer Space ,
Renewable Energy ,
Secretary of the Treasury ,
Shareholders ,
Silicon Valley ,
Solar Energy ,
SolarCity ,
Tax Reform ,
TCPA ,
Technology ,
U.S. Treasury ,
Wells Fargo
Acting SEC Chair Michael Piwowar has reportedly scaled back some of the agency’s enforcement staff’s use of delegated authority by funneling all subpoena issuance and probe initiation through the SEC’s director of...more
2/17/2017
/ Administrative Proceedings ,
Anti-Corruption ,
Banking Sector ,
Bribery ,
Consumer Lenders ,
Enforcement Actions ,
Financial Institutions ,
Kraft ,
Online Marketplace Lending ,
Pharmaceutical Industry ,
Samsung ,
Securities and Exchange Commission (SEC) ,
Takeover Bids ,
Technology ,
Technology Sector ,
Theranos ,
Unilever
We had a pretty good inkling this was coming. Yahoo and Verizon are reportedly nearing a new deal, with Y! knocking something close to $300 million off of the sale price to ensure that Verizon will still go through with the...more
2/16/2017
/ Banking Sector ,
Banks ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Financial Institutions ,
Initial Public Offering (IPO) ,
Merger Agreements ,
Mortgages ,
Public Offerings ,
Snapchat ,
Social Media ,
Social Networks ,
Verizon ,
Yahoo!
Japan’s SoftBank hasn’t been shy about bold moves, but its most recent one—the decision to buy American PE giant Fortress Investment Group—is an especially big one. The deal is seen as bolstering SoftBank’s recently announced...more
2/15/2017
/ Activist Investors ,
Automotive Industry ,
Banking Sector ,
Class Action ,
Deutsche Bank ,
Dodd-Frank ,
Financial Institutions ,
Financial Markets ,
Foreign Exchanges ,
Forex ,
General Motors ,
Interest Rates ,
Investment Funds ,
Japan ,
Merger Agreements ,
Motion to Dismiss ,
Procter & Gamble ,
Repeal ,
Technology ,
Toshiba
We’ve talked a fair amount about the switch to chip & pin card systems over the past few years. But how about a lack of cards altogether? Because that’s what the banks have in mind....more
2/14/2017
/ Aetna ,
Apple ,
Banking Sector ,
Chip and PIN ,
Credit Cards ,
Data Breach ,
Debit Cards ,
Financial Institutions ,
Fraud ,
Health Insurance ,
Humana ,
Insurance Industry ,
Internet Retailers ,
iPhone ,
Merger Agreements ,
Oil & Gas ,
OPEC ,
Point of Sale Terminals ,
Retail Market ,
Retailers ,
Saudi Arabia ,
Smartphones ,
Technology Sector ,
Wendy's
Ex-VW-Chairman Ferdinand Piech has thrown a wrench in the automaker’s official narrative of the emissions cheating scandal by suggesting, in sworn testimony, that the company knew of the cheating months before it was...more
2/10/2017
/ Airlines ,
Anthem Insurance ,
Appeals ,
Banking Sector ,
CIGNA ,
Corruption ,
Department of Labor (DOL) ,
Dodd-Frank ,
Environmental Violations ,
Fiduciary Rule ,
Financial Institutions ,
Health Insurance ,
Insurance Industry ,
Investment ,
Investment Adviser ,
Ireland ,
Merger Controls ,
National Emissions Standards ,
Regulatory Oversight ,
Snapchat ,
Student Loans ,
Volkswagen ,
White Collar Crimes
The FHLB Boston’s $5.9 billion MBS case against Morgan Stanley, UBS, and Credit Suisse, is back in Massachusetts state court—a result of the Supreme Court’s Lightfoot v. Cendant Mortgage case that held that Fannie Mae’s...more
2/8/2017
/ Antitrust Violations ,
Banking Sector ,
Barclays ,
China ,
Class Action ,
Commercial Real Estate Market ,
Credit Suisse ,
Deutsche Bank ,
Dodd-Frank ,
Electricity ,
Energy Sector ,
Fannie Mae ,
FHLB ,
Financial Markets ,
Financial Regulatory Reform ,
Freddie Mac ,
Investment Banks ,
Market Manipulation ,
Morgan Stanley ,
Real Estate Market ,
RMBS ,
UBS
RBS has agreed to pay $85 million to the CFTC to resolve allegations that its traders “manipulated the ISDAfix benchmark rate over a period of five years to benefit the bank’s derivatives positions”....more
2/6/2017
/ Banking Sector ,
Benchmarks ,
CFTC ,
Department of Labor (DOL) ,
Derivatives ,
Deutsche Bank ,
Dodd-Frank ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
ETFs ,
EU ,
Facebook ,
Fiduciary Rule ,
Financial Institutions ,
Financial Markets ,
Initial Public Offering (IPO) ,
Investment Adviser ,
Market Manipulation ,
Member State ,
Publicly-Traded Companies ,
RBS ,
Referendums ,
Retirement ,
Retirement Plan ,
Snapchat ,
Social Media ,
The Brexit Appeal ,
Trading Platforms ,
Trump Administration ,
UK ,
UK Brexit ,
UK Parliament
Snap Inc. filed its first public prospectus yesterday in advance of its fast-approaching offering date, playing up the strength of its ad revenue in just two short years as part of its pitch for big-time value....more
2/3/2017
/ Banking Sector ,
Deutsche Bank ,
Economic Development ,
Financial Institutions ,
Financial Markets ,
FinTech ,
Initial Public Offering (IPO) ,
Interest Rate Adjustments ,
Interest Rates ,
Job Creation ,
Snapchat ,
Social Media ,
Social Networks ,
Startups ,
Trump Administration