Fiduciary Rule: Helps Not Hurts Wall Street, So Full Rescission Unlikely
WSJ says fiduciary rule helps Wall Street, so rescission unlikely. But still may be better for retail investors than previous status quo.
Read more...Category Archives: Investment banks
Trump Treasury Secretary Steve Mnuchin Renounces Commitment to Glass-Steagall While Saying He Isn’t
Steven Mnuchin demonstrates that he is a shameless liar even by Goldman standards.
Read more...China Cannot Finance the Belt and Road Alone
The One Belt One Road initiative holds great promise for the global economy, but will need a huge amount of finance. Initial presumptions that China would be able to provide all the finance are now unrealistic. Other partners should consider providing finance for some aspects, especially Europe – which has a lot to gain from the project.
Read more...Business Press Waking Up to Bank Legacy IT Risk
Reuters discusses the challenge of moving off legacy systems. While the piece is a long overdue, it still seems more than a tad optimistic.
Read more...Wolf Richter: Judge Reveals Shady Side of Crushed Aetna-Humana Merger, Banks to Lick their Wounds, Aetna to Get Pummeled
Yesterday, a federal judge blocked Aetna’s $34-billion acquisition of Humanam, citing concerns that their combined pricing power would raise costs to consumers.
Read more...Ending Too Big to Fail
Yves here. Remember the explosion of press coverage last year when incoming Minneapolis Fed member and former Goldmanite and Treasury official Neel Kashkari announced his intent to develop a plan to end the “too big to fail” problem. He not only was going to devote Minneapolis Fed researchers to his program, but solicited broad based […]
Read more...“Peak Trade” is Premature
Over the past five years, global trade growth has been stagnant. With protectionist sentiment intensifying. Will this trend continue?
Read more...Wolf Richter: US Pension Crisis: This is How Families Get Squeezed to Bail Out Pension Funds in Chicago
Coming to a municipality near you..
Read more...Bill Black: Wall Street’s Apologist-in-Chief Mansplains Regulation to Senator Warren
The New York Times’ Roger Lowenstein is so convinced of Wall Street’s and the SEC’s virtue that he can’t even be bothered to get facts right.
Read more...Don Quijones: Stealth Bailout of 2 Franken-Banks Now Happening in Spain
Another bailout of two of Spain’s franken-banks: mostly state-owned Bankia and wholly state-owned Banco Mare Nostrum (BMN).
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...How Finance Costs Too Much and Fails to Deliver
The costs of looting by the financial services industry are even more staggering than you probably imagined.
Read more...Wall Street Journal Tallies DoJ and SEC’s Pathetic Record in Tackling Wall Street Crime
The officialdom continues to defend the half-hearted effort by the DoJ and SEC to pursue financial services industry misconduct.
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