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
Goldman’s deal-making advising is sputtering a bit these days, so Lloyd and the gang are working on generating some of those deals themselves through a new Innovations Lab internal venture....more
10/12/2017
/ Banking Sector ,
Barclays ,
Caterpillar ,
Class Action ,
Computer Virus Protection ,
Department of Justice (DOJ) ,
Derivatives ,
Federal Reserve ,
Financial Markets ,
FIRREA ,
Goldman Sachs ,
Inflation Adjustments ,
JPMorgan Chase ,
Lloyds Banking Group ,
Malware ,
RMBS ,
Securities Fraud ,
Shareholder Litigation
Yahoo—via new parent Verizon Communications—has officially tripled its estimate of the number of accounts affected by its 2013 cyber hack, putting the total at a staggering 3 billion (aka, all of them)....more
10/5/2017
/ Activist Investors ,
Administrative Appointments ,
Automotive Industry ,
Canada ,
Corporate Culture ,
Data Breach ,
Electric Vehicles ,
Employee Benefits ,
Equifax ,
Federal Reserve ,
Financial Markets ,
Gas Stations ,
Hackers ,
Moody's ,
Nestle ,
Public Pension ,
Technology Sector ,
Verizon ,
Warren Buffett ,
Yahoo!
Equifax CEO Richard F. Smith is out as the fallout continues from the massive cyberbreach of the consumer credit reporting agency that exposed the personal information of as many as 143 million people....more
9/27/2017
/ Banking Sector ,
Credit Reporting Agencies ,
Criminal Investigations ,
Cyber Attacks ,
Data Breach ,
EDGAR ,
Equifax ,
FBI ,
Federal Reserve ,
Hackers ,
Insider Trading ,
Interest Rates ,
PACE ,
Railways ,
Securities and Exchange Commission (SEC) ,
Siemens ,
Uber ,
UK
Uber’s got more than a spot of bother on its hands in London after this morning’s announcement that the company’s largest market in Europe won’t renew the ride-hailing service’s license to operate in the city (citing “a lack...more
9/22/2017
/ AIG ,
Banks ,
Bonds ,
China ,
Corporate Social Responsibility ,
Credit Ratings ,
Data Breach ,
Department of Justice (DOJ) ,
EDGAR ,
EU ,
Federal Reserve ,
Financial Markets ,
FSOC ,
Global Market ,
Google ,
Grocery Stores ,
Hackers ,
HTC America ,
Moody's ,
Payment Systems ,
Public Safety ,
S&P ,
Securities and Exchange Commission (SEC) ,
Sharing Economy ,
SIFIs ,
Smartphones ,
Technology Sector ,
Uber ,
UK
As expected, the Fed left interest rates at current levels yesterday, though it hinted at another December rate hike and officially unveiled the start of its bond wind-down next month....more
9/21/2017
/ Apple Watch ,
Bank Accounts ,
Bonds ,
Consumer Financial Protection Bureau (CFPB) ,
Cross-Selling ,
Data Breach ,
EDGAR ,
Electronic Communications ,
Electronically Stored Information ,
Encryption ,
Equifax ,
Federal Reserve ,
Financial Markets ,
Hackers ,
Illegal Trading ,
Inflation Adjustments ,
Insider Trading ,
Interest Rate Adjustments ,
Mobile Apps ,
Securities and Exchange Commission (SEC) ,
Technology Sector ,
Toshiba ,
Wells Fargo ,
White Collar Crimes
The Systemic Risk Council—a heady group of “former top financial regulators, regulators, policymakers and academics”—is warning that the rollback of Dodd-Frank and other financial regulators could lead to bank failures and...more
9/20/2017
/ Bonds ,
Bribery ,
Corruption ,
Data Breach ,
Deregulation ,
Dodd-Frank ,
Enforcement Actions ,
Equifax ,
Federal Reserve ,
Financial Crisis ,
Financial Regulatory Reform ,
Foreign Corrupt Practices Act (FCPA) ,
Initial Public Offering (IPO) ,
Regulatory Agencies ,
Sharing Economy ,
Uber ,
White Collar Crimes
The Fed’s Open Markets Committee will wrap up meetings tomorrow, and it’s expected [markets be ready] to avoid a rate hike but reveal the beginning of a measured shrinking of the Fed’s $4.2 trillion mortgage/Treasury bond...more
9/19/2017
/ Advertising ,
Best Buy ,
Bonds ,
Consumer Financial Products ,
Cryptocurrency ,
Debt Collection ,
Defense Sector ,
Department of Labor (DOL) ,
Digital Currency ,
Equifax ,
Federal Reserve ,
Fiduciary Rule ,
Investment Adviser ,
Retailers ,
Retirement Plan ,
Sharing Economy ,
Student Loans ,
Toys R Us ,
Uber
Lots of Fed news this morning, and all of it on the administrative side. First, it now appears that a likely choice to replace Chair Yellen could be out before he was even in. And we’ve learned that Fed No. 2 Stanley Fischer...more
9/7/2017
/ Administrative Appointments ,
Amazon Marketplace ,
Banking Sector ,
Bernie Madoff ,
Facebook ,
Federal Reserve ,
Financial Crisis ,
FinTech ,
Hurricane Irma ,
Insider Trading ,
Janet Yellen ,
Online Advertisements ,
Procter & Gamble ,
Puerto Rico ,
Securities and Exchange Commission (SEC) ,
Small Business ,
Square
Breakingviews suggests that the devil is definitely in the details in Sempra Energy’s apparent winning bid for Oncor. Control of the company, for example, isn’t as simple as it might seem....more
8/22/2017
/ Administrative Procedure Act ,
Banking Sector ,
Berkshire Hathaway ,
BHP Billiton ,
Bonds ,
Energy Sector ,
Federal Reserve ,
Financial Crimes ,
Financial Fraud ,
Foreign Investment ,
Oil & Gas ,
RMBS ,
Securities and Exchange Commission (SEC) ,
Securities Violations ,
Wells Fargo
We got our dose of Fed minutes yesterday, and it appears that the Fed—like the rest of us—is scratching its head over the “new reality” of concurrent low inflation and low unemployment. Fed officials are hoping that the low...more
8/17/2017
/ Alibaba ,
China ,
EU ,
European Central Bank ,
Federal Reserve ,
Financial Markets ,
Foreign Trade Regulations ,
Inflation Adjustments ,
JPMorgan Chase ,
London Whale ,
NAFTA ,
Telecommunications ,
UK ,
UK Brexit
As expected, Wells Fargo has promoted former Fed governor and current vice chair Elizabeth Duke to succeed Board chair Stephen Sanger. Incredibly, the move makes Duke the first woman to hold the top spot at one of the...more
8/16/2017
/ Amazon ,
Automotive Industry ,
Automotive Loans ,
Banking Sector ,
Bonds ,
Class Action ,
Customer Privacy ,
Energy Sector ,
Fair Credit Reporting Act (FCRA) ,
Federal Reserve ,
Federal Trade Commission (FTC) ,
Injury-in-Fact ,
KPMG ,
Oil & Gas ,
Securities and Exchange Commission (SEC) ,
Solar Energy ,
Uber ,
Wells Fargo ,
Whole Foods
The Fed’s Open Markets Committee meets today, and despite relatively robust economic numbers of late, the lack of oped-for inflation (among other things) is likely to keep the Fed from moving on interest rates again at this...more
7/25/2017
/ Bitcoin ,
CFTC ,
Commercial Bankruptcy ,
Commercial Loans ,
Digital Currency ,
Elon Musk ,
Federal Reserve ,
Financial Institutions ,
Fraud ,
High-Speed Rail ,
Interest Rate Adjustments ,
Martin Shkreli ,
Pharmaceutical Industry ,
PNC ,
Prescription Drugs ,
Regulatory Agencies ,
Regulatory Oversight ,
Samsung ,
Trade Options ,
Transportation Industry ,
WebMD
Big American banks (BofA, Citi, Morgan Stanley) are avoiding deals with Chinese conglomerate HNA Group over concerns regarding HNA’s debt level and ownership structure....more
7/20/2017
/ Bank of America ,
Cable Television Providers ,
China ,
Citibank ,
Climate Change ,
Federal Reserve ,
Financial Institutions ,
Fintech Charter ,
Goldman Sachs ,
Inflation Adjustments ,
Morgan Stanley ,
OCC ,
Telecommunications ,
Trading Platforms ,
UK Brexit ,
Whole Foods
There’s been a hitch in Saudi Aramco’s IPO plans (mind-boggling $2 trillion possible valuation and all): where to list. The frontrunners, by the way, are the London Stock Exchange and the NYSE....more
6/15/2017
/ Anbang ,
Bonds ,
Commercial Bankruptcy ,
Consumer Bankruptcy ,
Cryptocurrency ,
Fashion Industry ,
Federal Reserve ,
Federal Sentencing Guidelines ,
Financial Institutions ,
Inflation Adjustments ,
Initial Public Offering (IPO) ,
Interest Rate Adjustments ,
J Crew ,
London Stock Exchange ,
Mortgages ,
Retailers ,
Saudi Arabia ,
Wells Fargo
Uber’s troubles over the past few months have been well documented (here, among many other places). Still, this weekend’s news that the ride-hailing company’s board is considering a three-month leave of absence for CEO Travis...more
6/12/2017
/ Climate Change ,
Consumer Lenders ,
Energy Sector ,
Exxon Mobil ,
Federal Reserve ,
Financial Institutions ,
General Electric ,
Interest Rates ,
JPMorgan Chase ,
Mortgages ,
Oil & Gas ,
Succession Planning ,
Uber
Goldman Sachs’ recent purchase of $2.8 billion in Venezuelan bonds has been kicking around the headlines for a few days now. Here’s what’s at stake for the country and the bank....more
5/31/2017
/ Administrative Proceedings ,
Anti-Money Laundering ,
BlackRock ,
Bonds ,
Class Action ,
Constitutional Challenges ,
Deutsche Bank ,
Federal Reserve ,
Financial Institutions ,
Goldman Sachs ,
Google ,
Hedge Funds ,
Impression Products v Lexmark International ,
Ocwen ,
Patent Infringement ,
RMBS ,
Robocalling ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
TCPA ,
Trade Secrets ,
Uber ,
Venezuela ,
Wells Fargo
A Dutch court has backed the local Akzo Nobel in a bid by Elliot Mgmt to remove Akzo’s chairman after ignoring multiple overtures from PPG for the pain and chemicals giant. Elliot had hoped to force a special shareholder...more
5/30/2017
/ Best Interest Contract Exemptions ,
Credit Ratings ,
Federal Reserve ,
Fiduciary Rule ,
Financial Institutions ,
Financial Markets ,
Indictments ,
Insider Trading ,
Investment Adviser ,
Italy ,
Pharmaceutical Industry ,
Retirement Plan ,
Securities and Exchange Commission (SEC) ,
Theranos ,
White Collar Crimes
Wells Fargo’s Board Chair, Stephen Sanger, did survive his reelection vote the other day. Barely. But Breakingviews thinks he should think awfully hard about his future as a Director at the bank....more
4/27/2017
/ Banking Sector ,
Canada ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Deregulation ,
Earnings Reports ,
Family Offices ,
FCC ,
Federal Reserve ,
Fintech Charter ,
Free Trade Agreements ,
Internet ,
Internet Service Providers (ISPs) ,
JPMorgan Chase ,
Mexico ,
NAFTA ,
Net Neutrality ,
OCC ,
Procter & Gamble ,
Regulatory Oversight ,
Subprime Loans ,
Trump Administration ,
US Trade Policies ,
Wells Fargo
Late last week, financial services company Raymond James agreed to resolve allegations of conspiring with the owner of several VT ski resorts (and others) in a Ponzi scheme targeting foreign investors through the EB-5...more
4/17/2017
/ Abbott Laboratories ,
Audits ,
EB-5 ,
Federal Reserve ,
Financial Institutions ,
Foreign Investment ,
Investment Management ,
KPMG ,
Pharmaceutical Industry ,
Ponzi Scheme ,
Private Equity ,
Securities and Exchange Commission (SEC) ,
Telecommunications
Accounting giant KPMG has terminated six employees—including the head of its US audit practice—after learning that they were given “improper warnings” ahead of planned audit inspections by the Public Company Accounting...more
Wells Fargo’s board not only issued a massive report on its fake account scandal yesterday. It also announced that the bank would claw back an additional $75 million from former CEO John Stumpf and former head of community...more
4/11/2017
/ Activist Hedge Funds ,
Automotive Industry ,
Bank Accounts ,
Banking Sector ,
Barclays ,
Citibank ,
Code of Conduct ,
Consumer Financial Products ,
Corporate Culture ,
Cross-Selling ,
Department of Justice (DOJ) ,
Federal Reserve ,
Insider Trading ,
Janet Yellen ,
Regulatory Oversight ,
RMBS ,
Tesla ,
Toshiba ,
UK ,
Wells Fargo ,
Whistleblowers ,
Whole Foods
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
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