“DEM NIGHT ONE: BAD START; BETTER FINISH — Things got off to a brutal start in Philadelphia with outrage and boos from Bernie Sanders supporters over revelations in hacked emails that the DNC favored Hillary Clinton in the primaries. This is something that was already obvious — Saturday night debates anyone? — but having it in […]
“Throughout the presidential campaign, Hillary Clinton has been dogged by complaints that she is too close to Wall Street, from her six-figure speaking fees from Goldman Sachs and others to, most recently, her selection of Senator Tim Kaine as her running mate. This created an opening for Bernie Sanders during the primary and continues to […]
“Editor’s note: This story was originally published in mid-January. As Hillary Clinton prepares to accept the Democratic nomination this week at the Democratic National Convention in Philadelphia, it’s worth taking another look at what the U.S. economy may look like under a President Clinton. When it comes to matters of Wall Street regulation, taxes, trade and boosting […]
“Sen. Elizabeth Warren may not be on the Democratic ticket as many liberals had hoped, but when the Massachusetts firebrand takes the stage at the party’s convention tonight, she’ll be more powerful than ever. A Hillary Clinton administration would have to decide right away whether to give Warren a seat at the table for key personnel decisions […]
WALL STREET INVADES PHILLY — POLITICO’s Ben White: “Wall Street is taking the Acela down to Philadelphia this week. Hordes of industry executives will descend on the city to celebrate Hillary Clinton’s nomination for president and renew close associations that vexed the Democratic standard-bearer throughout her primary battle with Bernie Sanders. “Goldman Sachs, which paid Clinton millions […]
“Hillary Clinton’s unveiling of Tim Kaine as her vice presidential pick was greeted by mixed reactions from liberal groups on Friday night. But one constituency breathed a sigh of relief: Wall Street. While some praised his consistent support of labor and women’s rights, several progressive organizations were quick to criticize Clinton’s newly minted running mate, […]
“NEW YORK — Wall Street is taking the Acela down to Philadelphia this week. Hordes of industry executives will descend on the city to celebrate Hillary Clinton’s nomination for president and renew close associations that vexed the Democratic standard-bearer throughout her primary battle with Bernie Sanders. Goldman Sachs, which paid Clinton millions for private speeches, […]
“WASHINGTON—Democratic vice presidential pick Tim Kaine’s support for the financial industry isn’t likely to allay some liberals’ concerns that the party’s presidential ticket is too cozy with Wall Street. Since being chosen by presumptive Democratic nominee Hillary Clinton on Friday, a few voices in the party’s liberal wing have criticized the selection, saying the Virginia senator is a […]
“An 80-year-old banking law has done the impossible: united Republicans and Democrats. “Donald Trump Republicans and Bernie Sanders Democrats have inserted into their party platforms a call to readopt the Glass-Steagall Act, which limits big banks. The move comes after Hillary Clinton explicitly rejected the idea, and Republicans called for repealing the Dodd-Frank Act, which imposed tougher restrictions […]
“The Republican Party platform calls for the reinstatement of the Glass-Steagall law, but the idea is driven more by politics than policy and probably won’t get very far, financial industry observers say. “Donald Trump is backing the revival of the Depression-era law, which separated the functions of commercial and investment banking, and pushed for its […]
“Wall Street has descended into a state of shock after Donald Trump’s campaign revealed the Republican presumptive presidential nominee would push for the reinstatement of the Glass-Steagall banking law to effectively break up the big banks. “Mr Trump’s campaign manager, Paul Manafort, said at the Republican National Convention in Cleveland on Monday that the party’s […]
“Both major political parties are now calling for an overhaul of the financial industry through the return of Glass-Steagall, a Depression-era banking law. “Paul Manafort, presumptive Republican presidential nominee Donald Trump‘s campaign manager, told reporters gathered in Cleveland Monday that the GOP platform would include language advocating for a return of that law, which was repealed […]
“Donald Trump is a man of mystery when it comes to regulating Wall Street. The presumptive Republican presidential nominee has yet to offer many details about how he would handle the financial sector as president, creating a guessing game among the industry’s advocates and detractors. On May 18, Trump told Reuters that in roughly two […]
“Better Markets’ Dennis Kelleher emails with a cogent argument as to why the Fed requires European lenders to keep a lot of capital in the U.S. and subjects them to stress tests.” *** “If U.S. taxpayers are going to bail out European banks during a crisis, then the Fed should regulate them before they crash.” […]
“Two blocks from the White House, in a century-old stone building once owned by Lehman Brothers, federal prosecutors are probing the activities of Goldman Sachs in Malaysia. Department of Justice officials are investigating whether the Wall Street bank violated the Bank Secrecy Act in its handling of the proceeds of securities offerings for 1Malaysia Development Berhad (1MDB), a […]
“At the end of 2015, there were at least 48 bills pending before Congress that sought to change, defund, or otherwise weaken the Consumer Financial Protection Bureau. None of them passed. “Yet some critics of the bureau think there is a renewed chance to change the bureau’s structure. They point to the presidential election and […]
“America’s bankers are backing the Democrats in record numbers as they fret over the unpredictability of Republican presidential candidate Donald Trump. “Campaign donation receipts show almost 5,200 employees from the top six US banks made a total of $1.1m in personal donations to the campaigns of either Democratic nominee Hillary Clinton or her party rival […]
” Proponents of the Dodd-Frank financial reform law are taking a victory lap after regulators relaxed rules on a financial firm. Advocates for strict rules on Wall Street said the Wednesday decision by regulators to step back oversight on GE Capital is actually a good sign for the landmark financial reform law. Regulators decided Wednesday that the lending […]
“GE Capital’s successful exit from the stricter government scrutiny enacted after the financial crisis is giving supporters of the 2010 Dodd-Frank Act a new weapon to defend the law’s safeguards against systemic risk, which have been under increasing political and legal attack. “The Financial Stability Oversight Council, made up of the nation’s top regulators, said Wednesday that […]
“You know that term “Too Big to Fail”? The ultimate symbol of this last recession when taxpayers had to bail out huge companies for the sake of the broader economy? Yeah, nobody wants that to happen again. So “Too Big to Fail” became more than a symbol. These days the companies that are so big […]
“The Brexit vote has cast doubt over US-EU initiatives to harmonise transatlantic regulation, with a senior Democrat and potential vice-presidential candidate warning against a return to a “patchwork” of global rules. “Moves to co-ordinate rules and supervision have been central to boosting global financial resilience following the 2008-09 crisis. But the prospect of the UK leaving the EU has […]
“Federal regulators on Wednesday ruled that General Electric’s lending unit is no longer a threat to the financial system, allowing the conglomerate to escape from additional government oversight measures established to prevent another 2008-style financial crisis. “GE had fought for years to shed its “too big to fail” designation, aggressively shrinking the footprint of its […]
“Federal regulators on Wednesday ruled that General Electric’s lending unit is no longer a threat to the financial system, allowing the conglomerate to escape from additional government oversight measures established to prevent another 2008-style financial crisis. “GE had fought for years to shed its “too big to fail” designation, aggressively shrinking the footprint of its […]
“The upstart IEX’s application to become a full-fledged stock exchange was contentious as it awaited approval by the Securities and Exchange Commission. Once the SEC announced on Friday evening that IEX had won approval, though, lawmakers who had earlier submitted worrying comments about the possible market effects were quiet about the approval. IEX has been a […]
” An ever-widening gap between the fees paid by US companies for bread-and-butter advisory services and those paid in the rest of the world has helped Wall Street’s big lenders dominate global investment banking. Data analysed by the Financial Times show US buyers and sellers paid $8bn more in fees than their European peers for similar […]
“A top House Republican on Tuesday unveiled a sweeping plan to replace the Dodd-Frank financial reform law, which has been fiercely criticized as overly burdensome by GOP lawmakers and Wall Street executives. Rep. Jeb Hensarling (R-Texas), chairman of the House Financial Services Committee, called the 2010 law “a grave mistake foisted upon the American people” as he laid out the alternative that […]
“The influential head of the House Financial Services Committee wants to do away with most of the Wall Street regulations passed by Congress in the wake of the 2008 financial crisis. Rep. Jeb Hensarling, R-Texas, would allow banks that keep more capital on their books than they currently do to be exempt from most of […]
“A replacement for the Dodd-Frank Wall Street Reform and Consumer Protection Act was unveiled Tuesday by House Financial Services Committee Chairman Jeb Hensarling, R-Texas. “The Republican legislative proposal that will be introduced later this month would repeal the Volcker rule and reduce capital demands on banks; end taxpayer-funded bailouts and the concept of “too big […]
“A plan to revamp Dodd-Frank regulation won broad support from the financial industry on Tuesday, but its chances of enactment appear to depend on whether Donald Trump takes the White House in November. House Financial Services Committee Chairman Jeb Hensarling met with the presumptive Republican presidential nominee at Trump Tower during the morning to brief […]
“Professional groups representing the brokerage and insurance industries last week finally broke their silence on the Labor Department’s regulation to raise investment advice standards for retirement accounts by filing a lawsuit that could put the rule in limbo. “We will ask the court to proceed quickly in the case given how burdensome and disruptive the […]
” The memo landed on a Sunday in November. It was 2007, and securities backed by subprime mortgages were roiling markets and imperiling banks. Merrill Lynch Chief Executive Officer Stan O’Neal had just resigned under pressure, and Citigroup CEO Chuck Prince was rumored to be on his way out. So the Nov. 4 memo to employees […]
“Wall Street and business lobbying groups have teamed up to fight the Obama administration’s new rules for U.S. brokers managing retirement accounts, saying the regulations include a “deliberately unworkable” fiduciary standard. The U.S. Chamber of Commerce joined groups including the Securities Industry and Financial Markets Association and the Insured Retirement Institute in filing the lawsuit […]
“The U.S. Chamber of Commerce has joined with a group of Wall Street trade groups – including the Financial Services Institute, Financial Services Roundtable, and the Securities Industry and Financial Markets Association – and filed a lawsuit challenging the Department of Labor’s fiduciary rule for brokers and registered investment advisers. *** But Dennis Kelleher of Better Markets […]
“Foreign corporations could sue to undermine US protections for consumers’ health, safety and financial security under a provision added to the proposed Trans-Pacific Partnership trade deal (TPP) after executives of big banks pressed the nation’s chief trade negotiator, himself a former big-bank executive, to include it. “A series of emails, obtained under the Freedom of Information […]
“A spending bill that funds watchdog agencies overseeing Wall Street will offer lawmakers one of their last opportunities to undercut President Barack Obama’s signature financial overhaul before the November elections.” “Financial interests are pushing for big changes, championed mostly by Republicans, to the Consumer Financial Protection Bureau in the $21.7 billion House Financial Services draft appropriations […]
“If I’m ever dragged into court for a financial fraud, I want to throw myself on the mercy of Judge Richard C. Wesley. Wesley is the U.S. appeals court judge in New York who, with his colleagues Reena Raggi and Christopher F. Droney, found a loophole in federal fraud law big enough for the nation’s […]
“A federal judge rejected a request by a financial reform advocacy group to explain in greater detail why the court allowed many documents in MetLife’s lawsuit against the Financial Stability Oversight Council to remain under seal.” *** “We are gratified that the court granted our motion to Intervene, but respectfully disagree with the court’s view […]
“Bank of America won a victory over the U.S. government Monday when a federal appeals court reversed a lower court decision against the country’s second-largest bank by assets. The U.S. Court of Appeals for the 2nd Circuit in New York ruled the Charlotte, North Carolina-based bank does not have to pay a $1.27 billion penalty in connection […]
“A Manhattan federal appeals court struck again on Monday — making life a bit easier for those on Wall Street looking to cut corners. The Second Circuit Court of Appeals reversed a jury’s finding that a unit of Bank of America committed fraud by dumping shoddy mortgages on government-sponsored Fannie Mae and Freddie Mac leading up to […]
“TRUMP AND WALL STREET: THE TRUTH — Couple of pieces out on Monday from Bloomberg and the New York Times on Donald Trump’s relationship with Wall Street (both are below). But the reality can be summed up pretty quickly: Wall Street loathes the man. While you can find several examples of people who like Trump (Anthony Scaramucci, […]
“As the rift between Sen. Bernie Sanders’ supporters and Hillary Clinton’s expands into anger and even some violent threats, many Democrats are pointing to a potential bridge: Sen. Elizabeth Warren. “The Massachusetts senator is one of the few figures in the Democratic Party who carries as much credibility with the party’s restive left wing as Sanders, the Vermont […]
“Hillary Clinton has vowed to be tougher on Wall Street than any other presidential candidate, but that hasn’t stopped the financial industry from sending a flood of cash to help elect her. “That includes segments of finance she has singled out for greater oversight in her planto rein in “shadow banking,” where financial companies act like […]
“Republican presidential candidate Donald Trump said on Tuesday that sweeping financial reforms put in place under President Barack Obama were harming the economy and he would dismantle nearly all of them. Trump told Reuters in an interview that he would release a plan in about two weeks for overhauling the 2010 financial regulatory law known […]
“Better Markets’ Dennis Kelleher responding to Thursday’s item complaining about Fine’s criticism of Jamie Dimon.” ### “The anonymous ‘former senior Hill staffer’ attack on ICBA Pres Cam Fine is baseless. Community banks would benefit from targeted reg relief and ending the unfair competition from Wall Street’s TBTF banks.” ### “He merely called out those TBTF […]
“For 147 years, Goldman Sachs has been best known as a secretive, Wall Street dealmaker with the ear of the White House. It helps big institutions and billionaires bet on the markets, and large corporations raise money.” “What it hasn’t done — until now — is work closely with the average American. Now, the elite New […]
“Donald Trump’s decisive victory in the Indiana primary late Tuesday has cleared the path for him to become the Republican nominee for president – but hasn’t cleared up the lingering doubts many bankers have about the real estate magnate.” “Just six months out from the general election, Trump’s positions on banking issues remain a complete […]
“Sir, Caroline Binham’s report “FCA sets out plans to streamline debt issuance” (April 28) points out the importance of developing capital markets in the UK. However, the Financial Conduct Authority and the Treasury seem insufficiently aware that sustainable market-based finance and economic growth require robust regulation that protects investors and markets while preventing catastrophic crashes […]
“Barclays shareholders are restless. The stock price is down even as the market is up. The bank’s shares are trading near the level prevailing in 2012, when Bob Diamond was ousted as chief executive, which was also about the level at which they traded on his arrival at the bank in 1996. There have been […]
“Even as the nation is gripped by the populist politics of the presidential primaries, special interests continue to shape the rules of the economy in the shadows. Last year, a market regulator called the Financial Accounting Standards Board released a proposal that could make it easier for corporations to withhold important financial information from shareholders. This […]
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