Deutsche Bank Unlikely to Get Much of a Break From the DoJ’s $14 Billion Mortgage Fine Target
Deutsche Bank isn’t likely to have much luck in trying to get a big break on a pending Department of Justice fine.
Read more...Category Archives: Banking industry
Class Action Lawsuit Against Wells Fargo Seeking $2.6 Billion for Wrongful Terminations Unlikely to Go Very Far
A case arguing that Wells Fargo fired and demoted employees who didn’t commit fraud to meet sales targets, does not deliver the goods.
Read more...The End of the Beginning at Wells Fargo
By Lambert Strether of Corrente. Now this is not the end. It is not even the beginning of the end. But it is, perhaps, the end of the beginning. –Winston Churchill The old reprobate got that one right, didn’t he? This post will be absurdly short (for Naked Capitalism) and absurdly sweet (for Naked Capitalism). […]
Read more...The Private Debt Crisis
Why private debt is so dangerous, and why that risk looms large, particularly in China.
Read more...The Rise and Rise of the Bubble Managers
It’s becoming even more obvious that Fed policy is focused on keeping the bubble inflated over real economy concerns.
Read more...Wells Fargo Fake Accounts Hidden by Fake Whistleblowing: Former Employees, Including HR Officials, Allege Systematic Retaliation
As short seller David Einhorn says, “No matter how bad you think it is, it’s worse.” That’s proving true at Wells Fargo as former employees allege systematic whistleblower retaliation.
Read more...Wells Fargo CEO’s Teflon Don Act Backfires at Senate Hearing; “I Take Full Responsibility” Means Anything But
Wells Fargo CEO John Stumpf’s days are numbered, as they should be based on his inability even to fake contrition in Senate hearings.
Read more...Theresa May Outs Herself as Wall Street’s Poodle in Brexit Talks
It would be better if the latest Brexit news were a farce….
Read more...Ilargi: China Relies On Property Bubbles To Prop Up GDP
More concerned tea-leaf reading in the wake of a BIS report that sounded alarms about China’s debt growth.
Read more...Michael Hudson: Celebrating the One Percent – Is Inequality Really Good for the Economy?
The backlash has begun. Prominent economists are upping their game in trying to depict the gains of the One Percent as virtuous and beneficial.
Read more...Wells Fargo’s Management by Magical Thinking Comes Up Short in the Cover-Up Category
The more the press digs into the the sordid details of the Wells Fargo fake account scandal, the more rancid the stench.
Read more...Political Foundations of the Lender of Last Resort
The Global Crisis has raised concerns over how far ‘lender of last resort’ policies by central banks should go. This column examines the history of the development of these policies throughout the world. Last resort lending is a locus of political power, and as such, its creation should be viewed as the outcome of a political bargain. It is therefore not surprising that countries differed in their propensity to create such policies, and in the powers with which they chose to endow them.
Read more...Deutsche Defies DoJ, Says It Won’t Pay Anything Near $14 Billion in Mortgage Settlement
Deutsche has launched a media war against the DoJ.
Read more...DoJ Asks Deutsche Bank to Pay $14 Billion in Mortgage Settlement
The Obama Administration is trying to wrap up long-overdue mortgage-related cases, with Deutsche and possibly then other foreign banks.
Read more...DoJ Opens Investigation Into Wells Fargo Fake Accounts; Why Top Execs Are Responsible
Sanctimonious Wells Fargo may finally be getting its comeuppance.
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