All told, Goldman will pay billions in penalties and disgorgement in Malaysia, the United States and Hong Kong for its role in the looting of the 1Malaysia Development Berhad fund.
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Tag Archives: Banking and Financial Institutions
Senate Bill Would Outlaw Bank Discrimination for the First Time
Democrats unveiled a proposal to close a loophole in the Civil Rights Act of 1964 after a New York Times report on obstacles faced by customers.
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The Fed’s $4 Trillion Lifeline Never Materialized. Here’s Why.
The Federal Reserve was meant to take $454 billion and drastically expand it. So far, it has lent $20 billion.
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The Big Role That Big Donors Still Play, Quietly, for Joe Biden
The Biden campaign has trumpeted its success with small donations, but in the last six months it has raised almost $200 million from donors who gave at least $100,000. As sums have grown, transparency has diminished.
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Tax Officials Investigate Euro Pacific Bank in Puerto Rico
Tax enforcers from five nations are investigating Euro Pacific Bank, which operates in a U.S. territory criticized in the past for its lax financial regulation.
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The Money Men Could Save Us. But They’re Stuck in the Seventies.
(And, unfortunately, yes, they mostly are men.)
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America’s Money Men Could Save Us. But They’re Stuck in the Seventies.
(And, unfortunately, yes, they mostly are men).
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When Your Last $166 Vanishes: ‘Fast Fraud’ Surges on Payment Apps
People are getting defrauded as they turn to Square’s Cash App and PayPal’s Venmo to do more online banking in the pandemic.
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Three Rockefellers Say Banks Must Stop Financing Fossil Fuels
JPMorgan Chase and other big banks should use their lending power to force cuts in greenhouse gas emissions.
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Finding the Right Path in an Up-and-Down Market
Does the latest twist herald the end of a bull run or the beginning of a shift toward long-neglected niches?
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A Columnist Makes Sense of Wall Street Like None Other (See Footnote)
Finance journalism isn’t known for its writerly voices. Matt Levine, the author of Money Stuff, is an oddball exception.
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Killer Mike: ‘Scared White People Scare Me.’
The rapper and activist on transforming fear into power.
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The Short Tenure and Abrupt Ouster of Banking’s Sole Black C.E.O.
Tidjane Thiam made Credit Suisse profitable again. But the Swiss rejected him as an outsider, and a sudden scandal took him down.
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Apps Will Get You Paid Early, for a Price
Pay-advance apps have been downloaded millions of times, and more employers are offering them as benefits to workers who need cash.
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Despite Billions in Fees, Banks Predict Meager Profits on P.P.P. Loans
Banks collected at least $13 billion in fees on Paycheck Protection Program loans, according to a New York Times analysis. But the largest lenders say costs wiped out most of what they took in.
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Dust Off Desks and Boot Up Terminals: Wall St. Returns, Fitfully
New York’s finance industry is beginning to reoccupy offices in fits and starts, impeded by uncertainty around the virus.
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Embattled Fed Nominee Celebrates Free Markets, but Not in Her Backyard
Judy Shelton, a longtime Federal Reserve critic and gold standard fan, could soon clinch a job on the Fed board. Her views have often been inconsistent.
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#BankBlack
If you’re looking for innovative ways beyond the ballot box to be an ally, look to the small and minority-owned banks anchoring your community.
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Banks Suspected Illegal Activity, but Processed Big Transactions Anyway
A leak of thousands of “suspicious activity reports” that banks filed with regulators shows the widespread nature of illicit money flows.
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$2.50 a Year in Interest? That’s What $5,000 in Savings Gets
With the Federal Reserve keeping rates low, home buyers are benefiting. But savers? Their average interest rate is just 0.05 percent.
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Can Digital Mortgage Platforms Reduce Discrimination in Lending?
Early indications are promising. But automated systems provide rich opportunities to perpetuate bias.
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Fed Forecasts Low Interest Rates for Years, and Until Inflation Picks Up
The Federal Reserve’s latest economic forecasts suggest that interest rates will remain near zero at least through 2023.
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Fed Pledges Low Rates for Years, and Until Inflation Picks Up
Federal Reserve economic forecasts show that interest rates will remain near zero at least through 2023.
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Struggling Hotel Owners, Some With Trump Ties, Seek Federal Bailout
Hotel owners, who spent years loading up on a cheap type of debt, are now faced with the potential for default as the pandemic saps revenues.
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Justice Dept. Announces Dozens of Fraud Charges in Small-Business Aid Program
Fifty-seven people were charged with trying to steal more than $175 million from the Paycheck Protection Program, law enforcement officials said.
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Citigroup’s Jane Fraser to Become Chief Executive
Jane Fraser, Citigroup’s president, will replace Chief Executive Michael Corbat in February as he retires.
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Federal Report Warns of Financial Havoc From Climate Change
A report commissioned by President Trump’s Commodity Futures Trading Commission issued dire warnings about climate change’s impact on financial markets.
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The Fiction That Makes the World Go Round
“Money: The True Story of a Made-Up Thing,” by Jacob Goldstein, is a conversational account of currency — an abstraction propped up by group faith.
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Barbara Judge, Who Shattered Many Glass Ceilings, Dies at 73
She championed the advancement of women in business, and, in a career studded with precedent-setting appointments, she set her own example.
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Will This Old Financial Tool Transform Tech Investing?
Many start-ups and big-idea companies have rediscovered an alternative to a traditional I.P.O.
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Two Black-Led Banks Merge to Form a $1 Billion Lender
The expanded City First Bank, which concentrates on underserved neighborhoods, will be the nation’s largest Black-controlled federally insured commercial lender.
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For Refusing a Drink, a Chinese Worker Was Slapped in the Face
A Chinese bank apologized for the “drunken misconduct” of two directors at a work dinner. The episode led to scrutiny of the country’s professional drinking culture.
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N.Y. Attorney General Asks Judge to Order Eric Trump’s Testimony
The Trump Organization has stalled a state inquiry into the financing of four properties for months, Attorney General Letitia James said in court papers.
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Electric Vehicle Makers Find a Back Door to Wall Street
Special purpose acquisition companies, or SPACs, are helping them and other fledgling companies raise money and gain coveted stock listings.
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Goldman Sachs Has Money. It Has Power. And Now It Has a Font
The custom-made Goldman Sans is ‘neutral, with a wink’ — or boring and derivative, according to fontheads.
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Goldman Sachs Now Has a Font
The custom-made Goldman Sans is ‘neutral, with a wink’ — or boring and derivative, according to fontheads.
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Worried Lenders Pounce on Landlords Unable to Pay Their Loans
Some hedge funds and private equity firms that lent money to property owners are now suing them for falling behind on interest payments.
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Coronavirus Tests the Leadership Style of Goldman Sachs’s C.E.O.
The pandemic has given David Solomon a chance to try out a more open-minded approach in tune with the bank’s young work force.
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The Wallets of Wall Street Are With Joe Biden, if Not the Hearts
Through donations, finance executives played a critical role in helping Joe Biden turn his campaign around. They’ve mostly grown to like him, if not love him.
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Oversight Member Blasts the Fed’s Efforts to Rescue Main Street
The Federal Reserve president leading the Main Street lending program testified before a congressional commission, as one member labeled it a “failure.”
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As Smoke Clears in Beirut, Shock Turns to Anger
As residents picked up the pieces, many saw the explosion as the culmination of years of mismanagement and neglect by Lebanon’s political leaders.
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Another Man Used Covid Relief Money to Buy a Lamborghini, Prosecutors Say
A Houston man who received more than $1.6 million bought a 2019 Lamborghini Urus, prosecutors said. Last week, a Miami man bought a Lamborghini Huracán, according to the authorities.
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Interest Rates Are Low, but Loans Are Harder to Get. Here’s Why.
Banks have tightened standards, becoming more choosy about their borrowers and asking a lot of questions.
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In Showdown Between China and the West, HSBC Gets Caught in the Middle
Global businesses are increasingly being asked to pick political and legal sides in the confrontation between the world’s two biggest economies.
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Where a Little Mortgage Goes a Long Way
Affordable homes can be hard to buy because lenders don’t make much money on small loans. But programs to encourage homeownership can help buyers build wealth.
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Deutsche Bank Opens Review Into Personal Banker to Trump and Kushner
The bank will examine a 2013 transaction between the banker, Rosemary Vrablic, and a company part-owned by Jared Kushner.
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How to Navigate the Coronavirus Real Estate Market
Suburbs and fashionable exurbs are hot, but don’t forget that home prices have fallen before, a Nobel laureate warns.
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New Gold Rush Pushes Price to Record Highs
Prices are up 27 percent this year, as the Fed’s policies drive investors to hold more gold.
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A Hedge Fund Bailout Highlights How Regulators Ignored Big Risks
The Dodd-Frank financial law succeeded at making banks safer, but empowered shadowy corners of finance that nearly wrecked the system in March.
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