The City Will Decline—and We Will Be the Poorer for It
What might Brexit-induced losses to the City cost the UK economy?
Read more...Category Archives: Banking industry
Wells Fargo CEO John Stumpf Blames Nasty, Scheming Employees for Fake Accounts Scandal
If Stumpf were captain of the Titanic, not only would the crash be the iceberg’s fault, but he’d also get the first seat on the lifeboat
Read more...Thomas Palley: The Fed’s Misguided Approach to Tightening
The Fed touted its “creativity” in bailing out banks during the crisis. That “creativity” is absent in how it is planning to exit its extraordinary policies.
Read more...Wells Fargo Exec Who Oversaw Fake Accounts Received $125 Million Upon Recent Retirement, Praise from CEO; Senate Hearings Next Week
The Wells Fargo “fake accounts” scandal gets uglier.
Read more...Hoisted From Comments: First Cut at Perps in Massive Wells Fargo Consumer Fraud
More evidence that regulators had no excuse for not naming, shaming, and at least fining key Wells Fargo execs in its massive consumer fraud.
Read more...Wells Fargo Fined $185 Million for Opening Phony Customer Accounts, Charging Fees Without Consent; Executives Go Scot Free
Wells Fargo executives make a clean getaway despite the bank engaging in large-scale, systematic consumer fraud.
Read more...Law Enforcement Losing War on White Collar Crime
Governments are losing the war on economic crime and considering new approaches, including involving the private sector to a greater degree.
Read more...Does Wall Street Do “God’s Work”? Or Even Anything Useful?
Bank executives frequently proclaim that Wall Street is vital to the nation’s economy and performs socially valuable services by raising capital, providing liquidity to investors, and ensuring that securities are priced accurately so that money flows to where it will be most productive. There’s just one problem: the Wall Street mantra isn’t true.
Read more...Deutsche Bank and a $10Bn Money Laundering Nightmare: More Context Than You Can Shake a Stick at
Deutsche Bank’s $10Bn: the shell company back story
Read more...What Else Can Central Banks Do?
This column presents the latest Geneva Report on the World Economy, in which the authors argue that central banks can do more to stimulate economies and restore full employment when nominal interest rates are near zero. Quantitative easing and negative interest rates have had beneficial effects so far and can be used more aggressively, and the lower bound constraint can be mitigated by modestly raising inflation targets.
Read more...Liberty Reserve, Bitcoin, and the US Bank Regulatory Dog That Didn’t Bark
How a toothless US watchdog, FinCEN, has largely ignored money laundering via Bitcoin and other digital currencies.
Read more...SEC Takes Victory Lap for Pathetic Performance of Whistleblower Program
The SEC has taken a premature victory lap on the pathetic performance of its whistleblower program, with messaging trumping performance.
Read more...Business Groups Aim to Strong-Arm CFPB on Arbitration
Business groups seek to thwart proposed CFPB regulations to limit forced arbitration clauses and allow consumers to bring class actions.
Read more...Big Banks’ Blockchain: Boondoggle?
Ethereum’s Big Bank Blockchain consortium: trying to look behind the hype
Read more...Revealed: ECB Secretly Hands Cash to Select Corporations
Is the ECB’s latest bond-buying program creating corporate winners and losers?
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