Banks Slowly Offer Alternatives to Overdraft Fees, a Bane of Struggling Spenders

Aggressive overdraft fees are worth tens of billions of dollars a year to the banking industry. Account holders are finally getting some better options.

#ally-financial-inc, #banking-and-financial-institutions, #chime-bancorp-bank, #consumer-protection, #customer-relations, #fines-penalties, #jpmorgan-chasecompany, #personal-finances, #warren-elizabeth

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Supreme Court Gives Goldman Sachs a Do-Over in Securities Fraud Suit

The justices said the bank may renew its arguments that its statements about honesty and integrity were too generic to support a class action for billions of dollars.

#appeals-courts-us, #banking-and-financial-institutions, #barrett-amy-coney, #conflicts-of-interest, #goldman-sachs-group-inc, #securities-and-commodities-violations, #stocks-and-bonds, #subprime-mortgage-crisis, #suits-and-litigation-civil, #supreme-court-us

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Stocks Drop as Wall Street’s Unease Stretches to a Fourth Day

Investors have been adjusting their expectations for interest rates, leading to a turbulent stretch for the stock market.

#banking-and-financial-institutions, #federal-reserve-system, #interest-rates, #standardpoors-500-stock-index, #stocks-and-bonds, #united-states-economy

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Natalie Edwards Exposed the Truth About ‘Dirty Money.’ Why Send Her to Prison?

If President Biden really wants to fight global financial corruption, he should pardon Natalie Mayflower Sours Edwards.

#banking-and-financial-institutions, #buzzfeed-inc, #corruption-institutional, #edwards-natalie-mayflower-sours, #freedom-of-the-press, #leopold-jason-1969, #news-and-news-media, #news-sources-confidential-status-of, #whistle-blowers

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Bitcoin Is Actually Traceable, Pipeline Investigation Shows

The F.B.I.’s recovery of Bitcoins paid in the Colonial Pipeline ransomware attack showed cryptocurrencies are not as hard to track as it might seem.

#banking-and-financial-institutions, #bitcoin-currency, #blockchain-technology, #colonial-pipeline-co, #computers-and-the-internet, #crime-and-criminals, #cyberattacks-and-hackers, #darkside-hacking-group, #extortion-and-blackmail, #federal-bureau-of-investigation, #justice-department, #search-and-seizure, #start-ups, #virtual-currency

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Thousands Descend on Miami to Glorify Bitcoin

It was the largest Bitcoin event in the world and the first major in-person crypto conference since the pandemic started. The jargon, the liquor and the millionaire talk flowed.

#banking-and-financial-institutions, #bitcoin-currency, #computers-and-the-internet, #coronavirus-2019-ncov, #dorsey-jack, #high-net-worth-individuals, #mobile-commerce-and-payments, #nonfungible-tokens-nfts, #quarantine-life-and-culture, #social-media, #suarez-francis-x-1977, #twitter, #virtual-currency, #winklevoss-cameron, #wynwood-miami-fla, #zed-run-digital-platform

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Biden Tells Officials to Prepare for Climate Change’s Impact on Economy

A warming planet holds potential risks for home prices, investments, banking and other aspects of the global economy, the government said.

#banking-and-financial-institutions, #biden-joseph-r-jr, #federal-reserve-system, #global-warming, #greenhouse-gas-emissions, #insurance, #mortgages, #real-estate-and-housing-residential, #stocks-and-bonds, #treasury-department, #united-states-economy, #yellen-janet-l

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As Paycheck Protection Program Runs Dry, Desperation Grows

Overwhelmed lenders and panicking borrowers are in a frenzy to grab the remaining money in the small business relief program.

#banking-and-financial-institutions, #coronavirus-2019-ncov, #small-business, #small-business-administration, #stimulus-economic, #united-states-economy, #united-states-politics-and-government

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Fed Minutes April 2021: Officials Hint They Might Soon Talk About Slowing Bond-Buying

Minutes from the Federal Reserve’s April meeting showed some officials wanted to soon talk about a plan to pull back some central bank support for the economy if “rapid progress” persisted.

#banking-and-financial-institutions, #federal-reserve-system, #inflation-economics, #interest-rates, #labor-and-jobs, #quantitative-easing, #quarles-randal-k, #stimulus-economic, #united-states-economy

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The Wall Street Capitalists Who Put Morals Above Money

Zachary Karabell’s “Inside Money” traces the fortunes of the investment firm Brown Brothers Harriman across two centuries.

#banking-and-financial-institutions, #books-and-literature, #brown-brothers-harrimanco, #content-type-personal-profile, #inside-money-brown-brothers-harriman-and-the-american-way-of-power-book, #karabell-zachary, #stocks-and-bonds

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Banks Fight $4 Billion Debt Relief Plan for Black Farmers

Lenders are pressuring the Agriculture Department to give them more money, saying quick repayments will cut into profits.

#agriculture-and-farming, #agriculture-department, #american-bankers-assn, #american-rescue-plan-2021, #banking-and-financial-institutions, #biden-joseph-r-jr, #black-people, #compensation-for-damages-law, #credit-and-debt, #discrimination, #independent-community-bankers-of-america, #lobbying-and-lobbyists, #minorities, #national-rural-lenders-association, #race-and-ethnicity, #suits-and-litigation-civil, #united-states-economy, #united-states-politics-and-government, #vilsack-tom

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Archegos and the Huge Family Funds that Could Sink the Economy

Regulators have shockingly little insight into the inner workings of funds like Archegos. Here’s how to fix that.

#banking-and-financial-institutions, #derivatives-financial-instruments, #dodd-frank-wall-street-reform-and-consumer-protection-act-2010, #federal-reserve-system, #hwang-bill, #regulation-and-deregulation-of-industry

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China’s Biggest ‘Bad Bank’ Tests Beijing’s Resolve on Financial Reform

Chinese regulators say they want to clean up the country’s financial system, but a state-owned conglomerate may ultimately get in the way.

#banking-and-financial-institutions, #china, #china-huarong-asset-management-co, #credit-and-debt, #economic-conditions-and-trends, #foreign-investments, #regulation-and-deregulation-of-industry, #stocks-and-bonds

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British Fraud Unit Is Investigating Gupta and Greensill

The inquiry will focus a spotlight on a steel magnate and a financier whose business collapse has provoked a scandal in Britain.

#banking-and-financial-institutions, #cameron-david, #frauds-and-swindling, #gfg-alliance-ltd, #great-britain, #greensill-capital, #gupta-sanjeev-1971, #money-laundering, #serious-fraud-office-united-kingdom

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How a Bank of America Executive Created a Tense Work Culture

Thomas K. Montag, the bank’s No. 2 executive, has long run its markets and corporate banking division with favoritism and an iron fist, employees say.

#bank-of-america-corporation, #banking-and-financial-institutions, #montag-thomas-k, #quarantine-life-and-culture, #telecommuting

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As Scrutiny of Cryptocurrency Grows, the Industry Turns to K Street

Companies behind digital currencies are rushing to hire well-connected lobbyists, lawyers and consultants as the battle over how to regulate them intensifies.

#banking-and-financial-institutions, #biden-joseph-r-jr, #binance, #bitcoin-currency, #blockchain-technology, #coinbase-inc, #conflicts-of-interest, #lobbying-and-lobbyists, #regulation-and-deregulation-of-industry, #ripple-labs-inc, #securities-and-exchange-commission, #trump-donald-j, #united-states-politics-and-government, #virtual-currency

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Goldman Sachs Wants Its Bankers Back at the Office

Goldman Sachs is the latest to call an end to remote work.

#banking-and-financial-institutions, #dimon-james, #facebook-inc, #goldman-sachs-group-inc, #interest-rates, #social-media, #solomon-david-m, #virtual-currency, #yellen-janet-l

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S.E.C. Chair Gensler Emphasizes Transparency in Markets

In a hearing focused on the frenzied trading of GameStop stock, the new S.E.C. chairman suggests more disclosure is needed.

#archegos-capital-management-llc, #banking-and-financial-institutions, #gamestop-corporation, #gensler-gary-s, #house-committee-on-financial-services, #house-financial-services-committee, #regulation-and-deregulation-of-industry, #robinhood-financial-llc, #securities-and-commodities-violations, #securities-and-exchange-commission, #stocks-and-bonds

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The History of Banks and Social Movements

Financial institutions have a unique power to contribute to social movements — if they choose to use it.

#banking-and-financial-institutions, #civil-rights-and-liberties, #corporate-social-responsibility, #municipal-bonds, #race-and-ethnicity, #saturdaynewsletter

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Hurt by Losses, Credit Suisse Faces Reckoning Under New Chairman

The nearly $5 billion loss from the collapse of Archegos Capital Management was just the latest problem for Credit Suisse’s beleaguered investment bank.

#appointments-and-executive-changes, #archegos-capital-management-llc, #banking-and-financial-institutions, #credit-suisse-group-ag, #gottstein-thomas, #greensill-capital, #horta-osorio-antonio

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China and the Fall of Jack Ma’s Ant Group

Chinese regulators have a message for the finance sector: Tread carefully.

#banking-and-financial-institutions, #china, #economic-conditions-and-trends, #regulation-and-deregulation-of-industry, #xi-jinping

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Former White House Adviser Is Charged With Stealing From Charter School Network

Seth Andrew, who served in the Obama administration, stole more than $200,000 to help him buy a $2 million Manhattan apartment, prosecutors said.

#andrew-seth, #banking-and-financial-institutions, #charter-schools, #crime-and-criminals, #democracy-prep-public-schools, #education-k-12, #frauds-and-swindling, #interest-rates, #money-laundering, #mortgages

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Justice Dept. Asked to Examine Whether Swiss Bank Kept Helping Tax Dodgers

Credit Suisse had admitted to helping American clients evade taxes in 2014 and was fined $2.6 billion, but it avoided even higher fines because of its vow that it had stopped the practice.

#banking-and-financial-institutions, #credit-suisse-group-ag, #federal-taxes-us, #garland-merrick-b, #internal-revenue-service, #justice-department, #senate-committee-on-finance, #switzerland, #tax-evasion, #united-states-politics-and-government, #wyden-ron

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Still Getting Your Head Around Digital Currency? So Are Central Bankers.

If you are trying to grasp Bitcoin and understand what China’s digital yuan means, America’s Federal Reserve is right there with you.

#banking-and-financial-institutions, #brainard-lael, #federal-reserve-bank-of-boston, #federal-reserve-system, #giancarlo-j-christopher, #libra-currency, #massachusetts-institute-of-technology, #peoples-bank-of-china, #powell-jerome-h, #united-states-economy, #us-dollar-currency, #virtual-currency

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Money Market Funds Melted in Pandemic Panic. Now They’re Under Scrutiny.

In March 2020, the Federal Reserve had to step in to save the mutual funds, which seem safe until there’s a crisis. Regulation may be coming.

#banking-and-financial-institutions, #commercial-paper-finance, #coronavirus-2019-ncov, #federal-reserve-system, #financial-stability-oversight-council, #money-market-mutual-funds, #mutual-funds, #presidential-election-of-2020, #regulation-and-deregulation-of-industry, #securities-and-exchange-commission, #yellen-janet-l

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How to Win a Bidding War

Here are some tips on navigating today’s supercharged real estate market, where inventory is low and other buyers can be cutthroat.

#banking-and-financial-institutions, #content-type-service, #mortgages, #quarantine-life-and-culture, #real-estate-and-housing-residential, #real-estate-brokers

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U.S. Home Sales Are Surging. When Does the Music Stop?

Nervous buyers and sellers are asking: ‘When is the housing market going to crash?’ Here’s what to expect this year.

#banking-and-financial-institutions, #interest-rates, #mortgages, #national-assn-of-realtors, #quarantine-life-and-culture, #real-estate-and-housing-residential, #suburbs

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Gary Gensler, Wall Street’s New Watchdog, Has a Full Plate

Gary Gensler, the new S.E.C. chairman, wants to improve corporate disclosure and regulate digital assets better. But a lot awaits him already.

#archegos-capital-management-llc, #banking-and-financial-institutions, #biden-joseph-r-jr, #center-for-american-progress, #coinbase-inc, #derivatives-financial-instruments, #gensler-gary-s, #ripple-labs-inc, #securities-and-exchange-commission, #special-purpose-acquisition-companies-spac, #stocks-and-bonds, #united-states-politics-and-government, #virtual-currency

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JPMorgan draws public ire for financing a breakaway European soccer league.

The bank’s role has made it one of the targets for criticism. European heads of state, former players and supporter groups of the clubs involved were among those speaking out against the plan.

#banking-and-financial-institutions, #european-super-league-soccer, #jpmorgan-chasecompany, #soccer

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The Fed Faces Criticism as It Wades Into Climate and Equity Issues

The Federal Reserve is proudly politically independent. That makes key discussions around climate change and racial inequity a balancing act.

#banking-and-financial-institutions, #daly-mary-c, #federal-reserve-system, #global-warming, #politics-and-government, #powell-jerome-h, #race-and-ethnicity, #united-states-economy, #united-states-politics-and-government

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How Can the City of London Survive Brexit?

Other European cities are eating away at Britain’s edge in financial services. The government is trying to find ways to keep it.

#banking-and-financial-institutions, #deliveroo-roofoods-ltd, #economic-conditions-and-trends, #great-britain, #great-britain-withdrawal-from-eu-brexit, #hill-jonathan-hopkin-1960, #initial-public-offerings, #international-trade-and-world-market, #london-england, #london-stock-exchange, #special-purpose-acquisition-companies-spac, #stocks-and-bonds

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Goldman Sachs’s Top Image Maker, Jake Siewert, Will Leave

Jake Siewert led the firm’s post-financial crisis reputation makeover.

#appointments-and-executive-changes, #banking-and-financial-institutions, #coronavirus-2019-ncov, #goldman-sachs-group-inc, #international-business-machines-corporation, #warburg-pincus, #workplace-hazards-and-violations

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Biden Sanctions on Russian Debt Called a ‘First Salvo’ That Send a Message

The curbs on U.S. banks’ purchases of some bonds apply to a small portion of the market but could signal a sharper aim at Russia’s access to global capital.

#banking-and-financial-institutions, #central-bank-of-russia, #credit-and-debt, #embargoes-and-sanctions, #politics-and-government, #united-states-international-relations, #united-states-politics-and-government

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With Earnings Soaring, Wall Street Banks See Economic Boom Ahead

The banks said they released large chunks of money that had been set aside to cushion themselves from losses caused by the pandemic.

#banking-and-financial-institutions, #company-reports, #dimon-james, #goldman-sachs-group-inc, #jpmorgan-chasecompany, #united-states-economy, #wells-fargocompany

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Why Coinbase’s IPO Is a Cryptocurrency Coming-Out Party

With acceptance from traditional investors, a profitable start-up that eases transactions is offering proof of the industry’s staying power.

#armstrong-brian-1983, #banking-and-financial-institutions, #bitcoin-currency, #coinbase-inc, #computers-and-the-internet, #ethereum-foundation, #initial-public-offerings, #tesla-motors-inc, #tusk-bradley-1973, #venture-capital, #virtual-currency

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A $1.2 Million Charles Schwab Bank Deposit Error Buys a House, and an Arrest, Officials Say

Kelyn Spadoni tried to keep a deposit that was off by five decimal places, according to the authorities, who said she was charged with fraud and fired from her job on the same day.

#arbitration-conciliation-and-mediation, #bank-robberies, #banking-and-financial-institutions, #charles-schwab-corporation, #financial-brokers, #financial-industry-regulatory-authority, #frauds-and-swindling, #jefferson-parish-la, #louisiana, #new-orleans-la, #suits-and-litigation-civil

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Archegos Left a Sparse Paper Trail for a $10 Billion Firm

In its eight-year history, the family office that managed the fortune of Bill Hwang never publicly disclosed any stock ownership. Securities lawyers said that was highly unusual.

#archegos-capital-management-llc, #banking-and-financial-institutions, #derivatives-financial-instruments, #hwang-bill, #regulation-and-deregulation-of-industry, #securities-and-exchange-commission

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‘Maximum Pressure’ on Iran Has Failed

A return to the nuclear deal is the first step out of the morass.

#banking-and-financial-institutions, #coronavirus-2019-ncov, #embargoes-and-sanctions, #iran, #nuclear-weapons, #peace-process, #united-states-international-relations

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With a Big Tax Break, Hong Kong Tries to Soothe the Rich

Beijing, which can’t afford to let its attack on civil liberties scare away global banks and financiers, is offering them a big tax break and other perks.

#bank-of-america-corporation, #banking-and-financial-institutions, #cambridge-associates-llc, #china, #communist-party-of-china, #credit-suisse-group-ag, #goldman-sachs-group-inc, #hedge-funds, #high-net-worth-individuals, #hong-kong, #hsbc-holdings-plc, #morgan-stanley, #regulation-and-deregulation-of-industry, #taxation

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Minority Entrepreneurs Struggled to Get Small-Business Relief Loans

A year after the Paycheck Protection Program started, studies show how its design hurt Black- and other minority-owned businesses.

#american-rescue-plan-2021, #banking-and-financial-institutions, #black-people, #coronavirus-aid-relief-and-economic-security-act-2020, #credit-and-debt, #hispanic-americans, #income-inequality, #minorities, #paycheck-protection-program, #race-and-ethnicity, #small-business, #small-business-administration, #stimulus-economic

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He Built a $10 Billion Investment Firm. It Fell Apart in Days.

Banks were eager to do business with Bill Hwang and his Archegos Capital Management — until he ran out of money.

#archegos-capital-management-llc, #banking-and-financial-institutions, #credit-suisse-group-ag, #derivatives-financial-instruments, #goldman-sachs-group-inc, #gsx-techedu-inc, #hedge-funds, #hwang-bill, #jpmorgan-chasecompany, #morgan-stanley, #regulation-and-deregulation-of-industry, #rlx-technologies, #stocks-and-bonds, #viacomcbs-inc

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How Trump Steered Supporters Into Unwitting Donations

Online donors were guided into weekly recurring contributions. Demands for refunds spiked. Complaints to banks and credit card companies soared. But the money helped keep Donald Trump’s struggling campaign afloat.

#actblue, #banking-and-financial-institutions, #campaign-finance, #frauds-and-swindling, #lansing-gerrit, #presidential-election-of-2020, #rebates-and-refunds, #republican-national-committee, #trump-donald-j, #united-states-politics-and-government, #winred

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Returning to the Office Sparks Anxiety and Dread for Some

After a year of working remotely, some employees are not keen to go back to the office, and, so far, employers are being receptive to their concerns.

#amazon-com-inc, #banking-and-financial-institutions, #california-state-university-fullerton, #computers-and-the-internet, #coronavirus-2019-ncov, #de-blasio-bill, #executives-and-management-theory, #ford-motor-co, #goldman-sachs-group-inc, #jpmorgan-chasecompany, #quarantine-life-and-culture, #salesforce-com-inc, #shutdowns-institutional, #solomon-david-m, #target-corporation, #telecommuting, #workplace-environment

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China’s New Rules Worry Foreign Banks and Companies

New rules, aimed at taming big money flows and possibly controlling the Chinese currency, could give domestic rivals a competitive edge and make international firms more dependent on local lenders.

#banking-and-financial-institutions, #china, #credit-and-debt, #currency, #economic-conditions-and-trends, #foreign-investments, #international-relations, #international-trade-and-world-market, #politics-and-government, #regulation-and-deregulation-of-industry, #renminbi-currency, #stocks-and-bonds, #united-states-international-relations

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Investment Firm’s Collapse Put Unseen Risks on Full Display

Archegos Capital Management’s use of swaps helped conceal its exposure to huge blocks of shares but showed once again how lightly regulated derivatives can shake the financial system.

#archegos-capital-management-llc, #banking-and-financial-institutions, #credit-suisse-group-ag, #derivatives-financial-instruments, #hedge-funds, #hwang-bill, #nomura-holdings-inc, #regulation-and-deregulation-of-industry, #stocks-and-bonds, #viacomcbs-inc

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Banks Face Billions in Losses as a Bet on ViacomCBS and Other Stocks Goes Awry

Archegos Capital Management, led by Bill Hwang, couldn’t meet financial demands, creating turmoil on Wall Street and raising questions about the fund’s ties to lenders.

#archegos-capital-management, #banking-and-financial-institutions, #credit-suisse-group-ag, #discovery-channel, #goldman-sachs-group-inc, #gsx-techedu, #hwang-bill, #morgan-stanley, #nomura-holdings-inc, #regulation-and-deregulation-of-industry, #rlx-technology, #stocks-and-bonds, #tiger-asia, #tiger-management-llc, #viacomcbs-inc

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Supreme Court Looks for Narrow Path in Investors’ Suit Against Goldman Sachs

Both sides agreed that generic statements about firms’ integrity and honesty can sometimes be the basis for securities fraud class-action suits.

#banking-and-financial-institutions, #barrett-amy-coney, #breyer-stephen-g, #conflicts-of-interest, #goldman-sachs-group-inc, #goldstein-thomas-c, #pensions-and-retirement-plans, #suits-and-litigation-civil, #supreme-court-us

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The Start-Up Enemies of Wall Street Are Booming

Times are flush for young tech companies like Stripe and Coinbase, which are having a moment as they upend the financial establishment.

#affirm-inc, #banking-and-financial-institutions, #brex-inc, #coinbase-inc, #computers-and-the-internet, #coronavirus-2019-ncov, #e-commerce, #initial-public-offerings, #mobile-applications, #mobile-commerce-and-payments, #robinhood-financial-llc, #start-ups, #stripe-inc, #venture-capital

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Greensill Capital: The Collapse of a Company Built on Debt

Greensill Capital promised a win-win for buyers and sellers, until it all fell apart, igniting concerns about opaque accounting practices.

#accounting-and-accountants, #banking-and-financial-institutions, #bankruptcies, #bluestone-resources-inc, #cameron-david, #credit-suisse-group-ag, #federal-financial-supervisory-authority-bafin-germany, #gfg-alliance-ltd, #greensill-capital, #greensill-lex, #gupta-sanjeev-1971, #insurance, #justice-james-c-ii, #labor-and-jobs, #softbank-corporation, #suits-and-litigation-civil, #tokio-marine-holdings-inc

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How Wall Street Deals with Banker Burnout

Junior bankers are burning out. What should banks do about it?

#banking-and-financial-institutions, #careers-and-professions, #labor-and-jobs, #saturdaynewsletter, #wages-and-salaries, #working-hours

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