Biden’s Picks for Financial Regulator Jobs Emphasize Transparency and Fairness

Nominees to lead the Securities and Exchange Commission and the Consumer Financial Protection Bureau faced questions about the limits of their power but said they wouldn’t shy from flexing it.

#banking-and-financial-institutions, #chopra-rohit, #consumer-financial-protection-bureau, #consumer-protection, #gensler-gary-s, #regulation-and-deregulation-of-industry, #securities-and-exchange-commission, #senate-committee-on-banking, #stocks-and-bonds, #united-states-politics-and-government

0

China Charges Ahead With a National Digital Currency

The electronic Chinese yuan is now being tested in cities such as Shenzhen, Shanghai and Beijing. No other major power is as far along with a homegrown digital currency.

#alipay, #banking-and-financial-institutions, #bitcoin-currency, #computers-and-the-internet, #currency, #innovation, #mobile-applications, #mobile-commerce-and-payments, #peoples-bank-of-china, #politics-and-government, #renminbi-currency, #virtual-currency, #wechat-mobile-app

0

What Should You Do With Your Savings?

If you’ve been fortunate enough to put away some cash, here are a few ideas on what to do with it.

#banking-and-financial-institutions, #content-type-service, #personal-finances, #quarantine-life-and-culture

0

Landlords Eager for Covid-Era Revamps Are Finding Hungry Investors

The growing attraction of short-term real estate loans during the pandemic is making it easier to borrow to refurbish properties.

#aflac-inc, #banking-and-financial-institutions, #coronavirus-2019-ncov, #landlords, #new-haven-conn, #shopping-centers-and-malls

0

The GameStop Craze Was Mostly Just Crazy

The congressional hearing about the “meme stock” frenzy shows it was definitely bizarre, but maybe not as meaningful as we desire.

#banking-and-financial-institutions, #computer-and-video-games, #gamestop-corporation, #short-selling, #united-states-politics-and-government

0

Janet Yellen on Jobs, Debt, Taxes, Climate and Cryptocurrency

The Treasury Secretary dropped hints about her priorities — if you know how to interpret them.

#banking-and-financial-institutions, #national-debt-us, #treasury-department, #unemployment, #united-states-economy, #virtual-currency, #yellen-janet-l

0

Private Equity Firms Are Piling On Debt to Pay Dividends

Dividend recaps, a kind of borrowing long condemned for loading up companies with debt for the benefit of their private equity owners, has surged.

#banking-and-financial-institutions, #blackstone-group-the, #credit-and-debt, #dividends-finance, #private-equity, #tpg-capital, #warren-elizabeth

0

In GameStop Saga, Robinhood Is Cast as the Villain

Lawmakers at a congressional hearing kept coming back to the chief of the stock-trading app with pointed questions and a key argument: “Something very wrong happened here.”

#banking-and-financial-institutions, #citadel-investment-group, #computer-and-video-games, #gamestop-corporation, #house-financial-services-committee, #house-of-representatives, #melvin-capital-management-lp, #robinhood-financial-llc, #stocks-and-bonds, #tenev-vladimir, #united-states-politics-and-government, #waters-maxine

0

Citigroup’s $900 Million Defeat

Citi committed “one of the biggest blunders in banking history,” a federal judge says.

#banking-and-financial-institutions, #carlyle-group-lp, #citadel-investment-group, #citigroup-inc, #corporate-social-responsibility, #greenhouse-gas-emissions, #robinhood-financial-llc

0

Incoming Citigroup C.E.O. Jane Fraser Faces Major Turnaround Job

The incoming C.E.O. of Citi wants to take a more global approach to issues and expand banking services for poor Americans even as the bank faces pressure to get itself in shape.

#appointments-and-executive-changes, #banking-and-financial-institutions, #citigroup-inc, #corbat-michael-l, #fraser-jane-1967, #women-and-girls

0

Why SPACs Could Leave Investors in the Cold

Known as SPACs, these shell companies allow businesses to sell shares to the public with different disclosure than usual. What could go wrong?

#ackman-william-a, #banking-and-financial-institutions, #initial-public-offerings, #mergers-acquisitions-and-divestitures, #spac-special-purpose-acquisition-company, #stocks-and-bonds, #venture-capital

0

The New Deal’s Capitalist Lessons for Joe Biden

The most effective part of F.D.R.’s program wasn’t its direct spending. It was his use of U.S. financial might to reignite business.

#banking-and-financial-institutions, #biden-joseph-r-jr, #keynes-john-maynard, #new-deal-1930s, #treasury-department, #united-states-politics-and-government

0

Do Fed Policies Fuel Bubbles? Some See GameStop as a Red Flag

Analysts warn that low-interest rates are promoting speculative bubbles. The Fed itself has downplayed the possibility that it’s behind asset prices.

#banking-and-financial-institutions, #coronavirus-2019-ncov, #federal-reserve-system, #gamestop-corporation, #interest-rates, #powell-jerome-h, #reddit-inc, #stocks-and-bonds, #united-states-economy

0

Mario Draghi Saved the Euro. Can He Now Save Italy?

Mario Draghi has broad support as he tries to form a new government and restore Italy’s credibility and clout in Brussels. But Italian politics is a dangerous place for an enigmatic technocrat.

#bank-of-italy, #banking-and-financial-institutions, #conte-giuseppe, #credit-and-debt, #draghi-mario, #economic-conditions-and-trends, #economics-theory-and-philosophy, #euro-currency, #european-central-bank, #european-union, #eurozone, #italy, #legislatures-and-parliaments, #politics-and-government

0

Are GameStop’s ‘Degenerates’ Just Getting Started?

They may have lost their bet. But they haven’t lost their political power.

#banking-and-financial-institutions, #gamestop-corporation, #gill-keith-1986, #hedge-funds, #reddit-inc, #stocks-and-bonds

0

Robinhood’s C.E.O., Vlad Tenev, Is in the Hot Seat

Vlad Tenev has incited the fury of the trading app’s fans amid a stock market frenzy. His lack of preparedness on nuts-and-bolts issues was part of a pattern, former employees and analysts said.

#banking-and-financial-institutions, #bhatt-baiju, #computer-and-video-games, #computers-and-the-internet, #customer-relations, #financial-brokers, #gamestop-corporation, #millennial-generation, #mobile-applications, #robinhood-financial-llc, #social-media, #start-ups, #stocks-and-bonds, #tenev-vladimir

0

Biden’s Plan to Uncouple the Democrats From Corporations

Uncoupling his party from big business is a daunting task.

#appointments-and-executive-changes, #banking-and-financial-institutions, #biden-joseph-r-jr, #chopra-rohit, #dodd-frank-wall-street-reform-and-consumer-protection-act-2010, #gensler-gary-s, #regulation-and-deregulation-of-industry, #united-states-politics-and-government

0

Why Are There So Few Black Economists at the Fed?

Monroe Gamble became the San Francisco Fed’s first Black research assistant in 2018. His path shows why fixing a striking diversity shortfall will take commitment.

#banking-and-financial-institutions, #black-people, #colleges-and-universities, #daly-mary-c, #federal-reserve-bank-of-chicago, #federal-reserve-bank-of-san-francisco, #federal-reserve-system, #hiring-and-promotion, #labor-and-jobs, #minorities, #race-and-ethnicity, #united-states-economy, #united-states-politics-and-government

0

Robinhood, Under the Gun, Raises $2.4 Billion

The high volume of trading by its customers, many of them egged on by social media, has put a strain on the company’s balance sheet.

#banking-and-financial-institutions, #depository-trust-and-clearing-corporation, #fidelity-investments, #gamestop-corporation, #hedge-funds, #sequoia-capital, #stocks-and-bonds, #tenev-vladimir, #venture-capital

0

Biden’s Covid Relief Plan Could Help End the GameStop Frenzy

We can’t beat Wall Street at its own zero-sum game. But we can change the rules.

#banking-and-financial-institutions, #biden-joseph-r-jr, #citadel-investment-group, #financial-brokers, #gamestop-corporation, #united-states-economy

0

Why Tackling Gamestop’s Wild Stock Rise Will be a Challenge for Gensler

There is broad agreement that the capital markets have been distorted but less consensus on what, if anything, the S.E.C. should do about it.

#banking-and-financial-institutions, #commodity-futures-trading-commission, #futures-and-options-trading, #gamestop-corporation, #gensler-gary-s, #hedge-funds, #regulation-and-deregulation-of-industry, #robinhood-financial-llc, #securities-and-exchange-commission, #stocks-and-bonds

0

PPP Aid to Small Businesses: How Much Did $500 Billion Help?

Some economists say the Paycheck Protection Program has not proved as useful as other aid. The debate could sway the new administration’s plans.

#banking-and-financial-institutions, #coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #federal-aid-us, #law-and-legislation, #layoffs-and-job-reductions, #recession-and-depression, #shutdowns-institutional, #small-business, #stimulus-economic, #united-states-economy

0

Gensler Faces Big Challenge in Tackling GameStop’s Wild Ride

There is broad agreement that the capital markets have been distorted but less consensus on what, if anything, the S.E.C. should do about it.

#banking-and-financial-institutions, #commodity-futures-trading-commission, #content-type-service, #futures-and-options-trading, #gamestop-corporation, #gensler-gary-s, #hedge-funds, #regulation-and-deregulation-of-industry, #robinhood-financial-llc, #securities-and-exchange-commission, #stocks-and-bonds

0

How the Stock Market’s Relentless Rise Saved Companies

When the pandemic hit, banks cut credit to businesses that suddenly looked risky. Investors happily stepped in, buying their stocks and bonds.

#amc-entertainment-holding-inc, #banking-and-financial-institutions, #carnival-corporation, #coronavirus-2019-ncov, #credit-and-debt, #dennys-inc, #royal-caribbean-cruises-ltd, #stocks-and-bonds, #united-airlines

0

Lawmakers Look at GameStop Furor and See a Populist Issue to Seize

Ted Cruz. Alexandria Ocasio-Cortez. The rush by both parties to side with young traders disrupting the markets reflects the broad recognition of the impulses driving American politics.

#banking-and-financial-institutions, #cruz-ted, #democratic-party, #fortenberry-jeffrey-l-1960, #gamestop-corporation, #gingrich-newt, #khanna-ro, #ocasio-cortez-alexandria, #politics-and-government, #reddit-inc, #regulation-and-deregulation-of-industry, #republican-party, #robinhood-financial-llc, #united-states-economy, #united-states-politics-and-government

0

The Silicon Valley Start-Up That Caused Wall Street Chaos

Robinhood pitched itself to investors as the antithesis of Wall Street. It didn’t say that it also entirely relies on Wall Street. This past week, the two realities collided.

#banking-and-financial-institutions, #charles-schwab-corporation, #e-trade-financial-corporation, #fidelity-investments, #financial-brokers, #futures-and-options-trading, #gamestop-corporation, #jpmorgan-chasecompany, #mobile-applications, #regulation-and-deregulation-of-industry, #robinhood-financial-llc, #securities-and-exchange-commission, #silicon-valley-calif, #stocks-and-bonds, #td-ameritrade-holding-corp, #venture-capital

0

GameStop and Investing for the Long Run

Signs of irrational exuberance abound. Stay sober and invest for the long run, our columnist says.

#banking-and-financial-institutions, #blockbuster-inc, #charles-schwab-corporation, #facebook-inc, #financial-brokers, #gamestop-corporation, #hedge-funds, #long-term-capital-management-lp, #stocks-and-bonds

0

Join Us in Miami! Love, Masters of the Universe

Silicon Valley techies and Wall Street titans have bought homes and moved businesses there in the pandemic, coaxed by an eager mayor.

#banking-and-financial-institutions, #blackstone-group-the, #computers-and-the-internet, #coronavirus-2019-ncov, #elliott-management-corp, #entrepreneurship, #miami-fla, #private-equity, #real-estate-and-housing-residential, #relocation-of-business, #start-ups, #suarez-francis-x-1977, #venture-capital

0

GameStop Rally Stalls as Robinhood and Others Set Limits

Small investors accused one trading platform of being “dishonest” and “pandering to the elite” as new restrictions on some stock trades spurred a calmer day in the markets.

#banking-and-financial-institutions, #computers-and-the-internet, #financial-brokers, #gamestop-corporation, #regulation-and-deregulation-of-industry, #robinhood-financial-llc, #stocks-and-bonds

0

The GameStop Reckoning Was a Long Time Coming

This week, gleeful online hordes turned the stock market upside down. This shouldn’t come as a surprise.

#banking-and-financial-institutions, #computers-and-the-internet, #demonstrations-protests-and-riots, #financial-brokers, #gamestop-corporation, #reddit-inc, #robinhood-financial-llc, #stocks-and-bonds

0

Fed Leaves Interest Rates Near-Zero as Economic Recovery Slows

Fed Chair Jerome H. Powell said the economic outlook remains “highly uncertain” and will depend on the path of the virus.

#banking-and-financial-institutions, #coronavirus-aid-relief-and-economic-security-act-2020, #income-inequality, #interest-rates, #quantitative-easing, #stimulus-economic, #united-states-economy

0

For Sale: Souvenirs of Capitalism’s Failures

A bustling market for souvenirs of Lehman Brothers, Enron, and other casualties of the system.

#banking-and-financial-institutions, #capitalism-theory-and-philosophy, #collectors-and-collections, #memorabilia-and-souvenirs, #stocks-and-bonds

0

Progressives Are Seething Over Biden’s Likely Pick for Banking Regulator

A former Obama administration official is the front-runner to be comptroller of the currency. The prospect has angered groups hoping for more dramatic reform.

#banking-and-financial-institutions, #baradaran-mehrsa-1978, #barr-michael-s, #office-of-the-comptroller-of-the-currency, #presidential-transition-us, #regulation-and-deregulation-of-industry

0

Big Banks’ Earnings Reflect the U.S. Economy Joe Biden Is Inheriting

Big banks are sending mixed signals.

#amazon-com-inc, #bank-of-america-corporation, #banking-and-financial-institutions, #citigroup-inc, #coronavirus-2019-ncov, #executive-orders-and-memorandums, #goldman-sachs-group-inc, #jpmorgan-chasecompany, #morgan-stanley, #stimulus-economic, #united-states-economy, #vaccination-and-immunization, #wells-fargocompany

0

Janet Yellen Readies Big Changes for Treasury

From financial regulation to minority lending, Biden’s pick is poised to change course sharply from the policies of Secretary Steven Mnuchin.

#adeyemo-adewale, #appointments-and-executive-changes, #banking-and-financial-institutions, #bernanke-ben-s, #biden-joseph-r-jr, #brookings-institution, #dodd-frank-wall-street-reform-and-consumer-protection-act-2010, #federal-reserve-system, #financial-stability-oversight-council, #mnuchin-steven-t, #presidential-transition-us, #regulation-and-deregulation-of-industry, #united-states-economy, #united-states-politics-and-government, #yellen-janet-l

0

With Vaccines and Stimulus on the Way, Banks Brighten Their Outlook

The biggest banks in the United States have begun to pare back the enormous reserves they had socked away in case of an economic disaster.

#banking-and-financial-institutions, #citigroup-inc, #credit-and-debt, #jpmorgan-chasecompany, #united-states-economy

0

‘We Need to Stabilize’: Big Business Breaks With Republicans

Low taxes and light regulation made the party popular with corporate America for decades. President Trump and his supporters have frayed those bonds.

#banking-and-financial-institutions, #bastian-edward-h, #corporate-social-responsibility, #edelman-richard-winston, #lesser-richard, #robbins-charles-h, #storming-of-the-us-capitol-jan-2021

0

Sherrod Brown: Progressives Will Be ‘Pretty Happy’ With Biden

In an interview, the incoming Senate Banking Committee Chairman opened up about bypassing bipartisanship if necessary, the looming housing crisis and more.

#banking-and-financial-institutions, #regulation-and-deregulation-of-industry, #stimulus-economic, #united-states-politics-and-government

0

As Bitcoin Prices Swing, Millionaires Lose Sleep Over Lost Keys

Bitcoin owners are getting rich because the cryptocurrency has soared. But what happens when you can’t access that wealth because you forgot the password to your digital wallet?

#banking-and-financial-institutions, #bitcoin-currency, #computer-security, #computers-and-the-internet, #currency, #lost-and-found-property, #virtual-currency, #wallet-recovery-services

0

The Business Rules the Trump Administration Is Racing to Finish

From tariffs and trade to the status of Uber drivers, regulators are trying to install new rules or reduce regulations before President-elect Joe Biden takes over.

#antitrust-laws-and-competition-issues, #banking-and-financial-institutions, #biden-joseph-r-jr, #community-reinvestment-act, #computers-and-the-internet, #electric-light-bulbs, #energy-department, #energy-efficiency, #executive-orders-and-memorandums, #freelancing-self-employment-and-independent-contracting, #labor-and-jobs, #law-and-legislation, #office-of-the-comptroller-of-the-currency, #presidential-transition-us, #regulation-and-deregulation-of-industry, #social-media, #transportation-department-us, #treasury-department, #trump-donald-j, #united-states, #united-states-economy, #united-states-politics-and-government, #virtual-currency

0

When Can I Apply for a P.P.P. Loan?

A small group of lenders that focus on underserved borrowers will get priority when the Paycheck Protection Program resumes.

#banking-and-financial-institutions, #coronavirus-aid-relief-and-economic-security-act-2020, #federal-aid-us, #minorities, #small-business, #small-business-administration, #stimulus-economic

0

Wall Street Eyes Billions in the Colorado’s Water

Investor interest in the river could redefine century-old rules for who controls one of the most valuable economic resources in the United States.

#banking-and-financial-institutions, #cme-group-inc, #colorado-river, #politics-and-government, #water

0

Congress Poised to Apply Banking Regulations to Antiquities Market

Regulators have long worried that the secrecy of the antiquities trade, where buyers and sellers are seldom identified, made it an easy way to launder money.

#art, #arts-and-antiquities-looting, #auctions, #banking-and-financial-institutions, #christies, #financial-crimes-enforcement-network-treasury-department, #law-and-legislation, #money-laundering, #national-defense-authorization-act, #regulation-and-deregulation-of-industry, #senate, #united-states-politics-and-government, #vetoes-us

0

Will an Overdraft Negative Bank Balance Impact Your Stimulus Check?

Banks have the power to decide whether to let overdrawn customers gain access to the stimulus money being deposited into their accounts, but they have taken different approaches.

#banking-and-financial-institutions, #coronavirus-aid-relief-and-economic-security-act-2020, #personal-finances, #prices-fares-fees-and-rates, #stimulus-economic

0

China Orders Ant Group to Revamp Its Business

The country’s central bank made clear its displeasure with the financial technology company, adding to the growing scrutiny of Chinese internet giants.

#alibaba-group-holding-ltd, #alipay, #ant-financial-services-group, #banking-and-financial-institutions, #china, #e-commerce, #ma-jack, #regulation-and-deregulation-of-industry

0

Brexit Deal Done, Britain Now Scrambles to See if It Can Work

Britain is finally departing from the European Union, but its formal exit is only the beginning of a high-stakes experiment to unstitch commercial relations across an integrated continent.

#accounting-and-accountants, #banking-and-financial-institutions, #european-union, #great-britain, #great-britain-withdrawal-from-eu-brexit, #international-trade-and-world-market, #johnson-boris, #regulation-and-deregulation-of-industry

0

The Year the Fed Changed Forever

Jerome H. Powell’s central bank slashed rates, bought bonds in huge sums and rolled out never-before-tried loan programs that shifted its identity. The backlash is already beginning.

#banking-and-financial-institutions, #content-type-personal-profile, #coronavirus-2019-ncov, #credit-and-debt, #federal-reserve-system, #inflation-economics, #interest-rates, #labor-and-jobs, #mnuchin-steven-t, #powell-jerome-h, #treasury-department, #united-states-economy, #united-states-politics-and-government

0

What Is 13-3? Why a Debate Over the Fed Is Holding Up Stimulus Talks

The Fed’s emergency lending authorities are a key part of its job. Republicans want to curb them. Democrats are pushing back.

#banking-and-financial-institutions, #coronavirus-aid-relief-and-economic-security-act-2020, #credit-and-debt, #federal-reserve-system, #mnuchin-steven-t, #presidential-election-of-2020, #stimulus-economic, #stocks-and-bonds, #toomey-patrick-j, #treasury-department, #united-states-economy, #united-states-politics-and-government, #yellen-janet-l

0

Banks Can Resume Buybacks and Pay Dividends if They’re Profitable, Fed Says

Earlier this year, the regulator froze buybacks and put a lid on banks’ dividend payouts. Now it is slightly loosening those restrictions.

#banking-and-financial-institutions, #dividends-finance, #federal-reserve-system, #regulation-and-deregulation-of-industry

0

The W.T.O. Is Having a Midlife Crisis

Fixing the global trading system means first coming to grips with why it is broken.

#appointments-and-executive-changes, #banking-and-financial-institutions, #economic-conditions-and-trends, #international-trade-and-world-market, #okonjo-iweala-ngozi, #united-states-economy, #world-trade-organization

0