In the wake of McKinsey’s $600 million settlement with states over sales advice it had given drugmakers on opioids, partners at the consulting powerhouse have voted out the firm’s top executive, Kevin Sneader. ...more
2/25/2021
/ CBS ,
Child Care ,
Commercial Bankruptcy ,
Coronavirus/COVID-19 ,
Federal Contractors ,
Federal Reserve ,
Financial Services Industry ,
GameStop ,
Infectious Diseases ,
Internet Streaming ,
Market Manipulation ,
Market Volatility ,
Opioid ,
SoftBank ,
Stock Prices ,
Unemployment ,
USPS ,
Viacom
Visa is “abandoning its $5.3 billion planned acquisition of Plaid Inc.,” a fintech startup that the DOJ had called an upstart “but important competitive threat to Visa” in its antitrust lawsuit challenging the deal....more
1/13/2021
/ Administrative Appointments ,
Air Cargo ,
Amazon Marketplace ,
Antitrust Violations ,
Biden Administration ,
Big Tech ,
China ,
Financial Services Industry ,
Financial Stimulus ,
Gig Economy ,
Grocery Stores ,
Libor ,
Netflix ,
Securities and Exchange Commission (SEC) ,
Special Purpose Acquisition Companies (SPACs) ,
Trump Administration ,
Visa Inc
Because too much of a good thing is always trouble (especially on Wall Street), market watchers are warning of a new tech bubble after Airbnb’s monster IPO on Thursday. The home-sharing app’s shares rose more than 112% to...more
12/11/2020
/ AirBnB ,
Amazon Marketplace ,
Antitrust Violations ,
Apple ,
Big Tech ,
Bitcoin ,
Bonds ,
Competition ,
Cookies ,
Coronavirus/COVID-19 ,
Data Privacy ,
Enforcement Actions ,
EU ,
European Central Bank ,
Facebook ,
Federal Trade Commission (FTC) ,
Financial Markets ,
Financial Services Industry ,
Financial Stimulus ,
France ,
Google ,
Infectious Diseases ,
Initial Public Offering (IPO) ,
MassMutual ,
MasterCard ,
Online Platforms ,
Pornography ,
Trade Agreements ,
UK ,
UK Brexit ,
Unemployment ,
Visa Inc
After an ill-fated multi-year effort to develop a self-driving car, Uber (which spent “hundreds of millions of dollars” on the project) is “handing the autonomous vehicle effort over to a Silicon Valley start-up”—Aurora—along...more
12/8/2020
/ Automotive Industry ,
Capital Raising ,
Common Stock ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Criminal Prosecution ,
Department of Justice (DOJ) ,
Dish Network ,
Driverless Cars ,
Failure to Comply ,
Financial Services Industry ,
FTC Act ,
Infectious Diseases ,
Loan Modifications ,
MasterCard ,
Meat Processing Plants ,
Mortgage Servicers ,
Musical Sound Recordings ,
Pornography ,
Poultry ,
Price-Fixing ,
Settlement Agreements ,
Startups ,
Target ,
TCPA ,
Telemarketing ,
Tesla ,
Theranos ,
TikTok ,
Uber ,
Visa Inc
Former Fed Chair Janet Yellen is “poised to become the first female Treasury secretary and one of few people to ever have wielded economic power from the White House, the Federal Reserve and the president’s cabinet.” If...more
11/24/2020
/ Biden Administration ,
BlackRock ,
China ,
Coronavirus/COVID-19 ,
Department of Justice (DOJ) ,
E-Commerce ,
Economic Downturn ,
Elon Musk ,
Federal Reserve ,
Financial Distress ,
Financial Services Industry ,
Foreign Relations ,
Fuel Efficiency ,
General Motors ,
Infectious Diseases ,
Janet Yellen ,
Macy's ,
National Emissions Standards ,
Retailers ,
Tesla ,
Trump Administration ,
Visa Inc
Big Friday win for Apple in its ongoing battle with Epic Games, as N.D. Cal. Federal Judge Yvonne Gonzalez Rogers ruled that Cook & Co. didn’t “need to reinstate the popular video game Fortnite in its App Store,” a blow to...more
10/12/2020
/ App Store ,
Apple ,
Bonds ,
British Airways ,
CEOs ,
Competition ,
Coronavirus/COVID-19 ,
Cyber Crimes ,
Economic Downturn ,
Electronic Trading ,
EPIC ,
EU ,
Federal Reserve ,
Financial Markets ,
Financial Services Industry ,
Fraud ,
Infectious Diseases ,
Investment ,
Layoffs ,
Main Street Lending Programs ,
Mobile Apps ,
Netflix ,
Payment Systems ,
Popular ,
Restaurant Industry ,
Retailers ,
Robinhood Financial ,
Securities and Exchange Commission (SEC) ,
Small Business ,
Venmo
The latest from Fed Chair Powell and Treasury Secretary Mnuchin’s first of several days on the Hill, including their take that the economy is improving but that continued fiscal support—from the Fed and from Congress—was...more
9/23/2020
/ Accounting Fraud ,
Amazon Marketplace ,
Antitrust Investigations ,
China ,
Commercial Bankruptcy ,
Competition ,
Congressional Investigations & Hearings ,
Coronavirus/COVID-19 ,
Department of Labor (DOL) ,
E-Commerce ,
Electric Vehicles ,
Employee Definition ,
Federal Reserve ,
Financial Markets ,
Financial Services Industry ,
Financial Stimulus ,
Gig Economy ,
Google ,
Independent Contractors ,
Infectious Diseases ,
Layoffs ,
Legislative Agendas ,
Mobile Devices ,
Ralph Lauren ,
Retailers ,
Supply and Demand ,
Tesla ,
Trump Administration
Dramatically escalating the growing tension with China (despite considerable ambiguity in its language), the White House issued executive orders that would “ban all ‘transactions’” with ByteDance, the Chinese owner of TikTok,...more
8/10/2020
/ Bausch & Lomb ,
CalPERS ,
Capital One ,
China ,
Data Breach ,
Enforcement Actions ,
Fashion Industry ,
Federal Reserve ,
Financial Services Industry ,
Hackers ,
Independent Contractors ,
Infrastructure ,
Job Creation ,
Lyft ,
Misclassification ,
NBC ,
Nintendo ,
Payment Systems ,
Pharmaceutical Industry ,
Race Relations ,
Social Media ,
TikTok ,
Uber ,
Unemployment ,
Universal ,
USPS ,
Wage Theft
With the Treasury Department’s release of PPP data on Monday, we now have a clearer picture of the top recipients of the government’s “$660 billion small business relief program,” with “restaurants, medical offices and car...more
Rising infection rates around the U.S. and the globe are worrying markets, as fear of a second wave of cases linked with the reopening of the economy freaks out traders....more
6/15/2020
/ Amazon Marketplace ,
American Express ,
Apple ,
China ,
Commercial Bankruptcy ,
Coronavirus/COVID-19 ,
Corporate Culture ,
Employer Liability Issues ,
Facebook ,
Federal Reserve ,
Financial Crimes ,
Financial Markets ,
Financial Services Industry ,
Foreign Currency ,
Google ,
Hertz ,
Liability ,
Microsoft ,
Nissan ,
Payment Processors ,
PayPal ,
Race Relations ,
Recessions ,
Recovery Plans ,
Small Business ,
Social Distancing ,
Square ,
Unemployment
As Americans [way-too] slowly come to the realization that COVID-19 is a very real and very present threat, the business world is changing around them at a staggering pace. Stocks nosedived again on Monday, with the three...more
3/17/2020
/ Abuse of Power ,
Administrative Law Judge (ALJ) ,
Airlines ,
Amazon Marketplace ,
Apple ,
Aviation Industry ,
Business Interruption ,
Capital Markets ,
CEOs ,
Chapter 11 ,
China ,
Commercial Bankruptcy ,
Consumer Financial Products ,
Coronavirus/COVID-19 ,
Distance Learning ,
E-Commerce ,
Economic Downturn ,
Enforcement Actions ,
Federal Aid ,
Federal Reserve ,
Financial Services Industry ,
France ,
Hiring & Firing ,
Infectious Diseases ,
IRS ,
Lockheed Martin ,
Net Operating Losses ,
OCC ,
PG&E ,
Public Health ,
Recessions ,
Restaurant Industry ,
Stock Prices ,
Tax Code ,
Tax Deductions ,
Telecommuting ,
Wage and Hour ,
Wells Fargo
The Ninth Circuit has ruled unanimously that privately operated internet platforms are “free to censor content they don’t like”—a “not unexpected” ruling that nonetheless “marks the most emphatic rejection . . . that YouTube,...more
2/27/2020
/ Antitrust Provisions ,
Bribery ,
CEOs ,
Coal Industry ,
Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Disney ,
Economic Downturn ,
Emergency Management Plans ,
Financial Services Industry ,
First Amendment ,
International Travel ,
Loan Servicer ,
Nestle ,
Online Platforms ,
Peabody Energy ,
Social Media ,
SoftBank ,
Student Loans ,
Traveling Employee ,
White Collar Crimes
Wall Street apparently got together and decided that Monday was the day to start paying attention to the coronavirus for real. In the form of a massive selloff that left the Dow off more than 1000 points for its worst finish...more
2/25/2020
/ Acquisitions ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Credit Karma ,
Cryptocurrency ,
Director Removal ,
E-Cigarettes ,
Federal Reserve ,
Financial Markets ,
Financial Services Industry ,
Hewlett-Packard ,
Hostile Takeover ,
Independent Director ,
Intuit ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
TurboTax ,
Wall Street ,
Xerox
Newly released minutes from the Fed’s January meeting show central bankers preoccupied with global risks, including the still-growing economic impact of the coronavirus, while still taking a wait-and-see approach to any...more
2/20/2020
/ 401k ,
Appraisal ,
Bank of America ,
CEOs ,
China ,
Class Action ,
Constitutional Challenges ,
Consumer Financial Products ,
Coronavirus/COVID-19 ,
Countrywide ,
Cyber Threats ,
Economic Injuries ,
Elon Musk ,
Employee Benefits ,
Federal Reserve ,
Fidelity Investments ,
Financial Reporting ,
Financial Services Industry ,
France ,
Fraud ,
Global Market ,
Government Investigations ,
Huawei ,
Initial Coin Offering (ICOs) ,
Investment ,
Junk Bonds ,
Mortgages ,
NDAA ,
Presidential Pardons ,
Publicly-Traded Companies ,
Renault-Nissan ,
Retirement Plan ,
Risk Management ,
Securities and Exchange Commission (SEC) ,
Securities Violations ,
Settlement Agreements ,
Solar Energy ,
Startups ,
Supply Chain ,
Telecommunications ,
Token Sales ,
Trump Administration ,
UBS ,
White Collar Crimes ,
ZTE
The OCC announced yesterday that it’s bringing enforcement actions against five former Wells Fargo bank executives as part of their alleged roles in the bank’s sales practices scandal. The agency further revealed that it’s...more
1/24/2020
/ Apple ,
Board of Directors ,
Bribery ,
Broadcom ,
China ,
Climate Change ,
Consumer Financial Products ,
Corporate Executives ,
Credit Scores ,
Criminal Prosecution ,
Cross-Selling ,
Debt ,
Diversity and Inclusion Standards (D&I) ,
Enforcement Actions ,
EU ,
European Central Bank ,
Financial Crisis ,
Financial Markets ,
Financial Services Industry ,
Foreign Currency ,
Goldman Sachs ,
Healthcare Fraud ,
Infectious Diseases ,
Initial Public Offering (IPO) ,
Interest Rates ,
Loans ,
Microchip Technology ,
OCC ,
Opioid ,
Pain Management ,
Physicians ,
Popular ,
Prescription Drugs ,
Public Health ,
Racketeering ,
Underwriting ,
Wells Fargo
Fiat Chrysler and rival Peugeot have agreed to binding merger terms that, if approved by US and European regulators, would create a “$50 billion auto giant that would rank among the world’s largest car companies by sales”....more
12/18/2019
/ Aircraft Sales ,
Amazon ,
Automotive Industry ,
Banks ,
Bed Bath & Beyond ,
Boeing ,
Bond Markets ,
Borrowers ,
Capital Raising ,
CBS ,
Chrysler ,
Competition ,
Complaint Procedures ,
Consumer Financial Products ,
Diversity and Inclusion Standards (D&I) ,
DNA ,
E-Commerce ,
Electricity ,
Equipment Failure ,
EU ,
Fannie Mae ,
Federal Reserve ,
Federal Trade Commission (FTC) ,
Fiat ,
Financial Markets ,
Financial Services Industry ,
Financing ,
Freddie Mac ,
Goldman Sachs ,
Infrastructure ,
Institutional Investors ,
Interest Rate Adjustments ,
Life Sciences ,
Monopolization ,
Mortgage Lenders ,
Mortgages ,
Natural Disasters ,
Office Space ,
Peugeot ,
PG&E ,
Popular ,
Publicly-Traded Companies ,
Rate-Rigging ,
Real Estate Investments ,
Retailers ,
Retaliation ,
Settlement Agreements ,
Sharing Economy ,
SoftBank ,
Startups ,
Trump Administration ,
UK ,
UK Brexit ,
Wildfires
The United States and Mexico appear poised to move past a last-minute snag over new language on Labor Department attaches to posts in Mexico. Mexico feared that the diplomats would “act as labor inspectors,” and for a day or...more
12/17/2019
/ Aircraft ,
Aircraft Sales ,
Amazon ,
Beer ,
Beverage Manufacturers ,
Boeing ,
Breach of Duty ,
Commerzbank ,
Consumer Financial Products ,
Consumer Lenders ,
Department of Labor (DOL) ,
Discriminatory Lending Practices ,
Employee Definition ,
FedEx ,
Financial Services Industry ,
Foreign Relations ,
Foreign Workers ,
Free Trade Agreements ,
Housing Market ,
HSBC ,
Independent Contractors ,
Internet Streaming ,
Liquidity ,
Loans ,
Low-Income Issues ,
Manufacturers ,
Mexico ,
Misclassification ,
Mortgages ,
NAFTA ,
Netflix ,
Opioid ,
Pain Management ,
Purdue Pharma ,
Race Discrimination ,
Real Estate Transactions ,
Ridesharing ,
RMBS ,
Supply Chain ,
Tax Increases ,
Tax Rates ,
Third-Party Agents ,
Uber ,
United States-Mexico-Canada Agreement (USMCA) ,
Wells Fargo ,
Wine & Alcohol
The City of London has denied Uber’s request to extend its license in the city over concerns for rider safety. The decision puts Uber’s 45,000 drivers there in limbo, though they’ll be able to continue operating while the...more
11/25/2019
/ Airplane Accidents ,
Apple ,
Aviation Industry ,
Black Friday ,
Boeing ,
Brazil ,
Bribery ,
Business Licenses ,
Capital Investments ,
Charles Schwab ,
China ,
Comcast ,
Dow Jones ,
E-Cigarettes ,
Economic Growth ,
Enforcement Actions ,
Fannie Mae ,
Federal Bans ,
Financial Services Industry ,
Foreign Policy ,
Foreign Relations ,
Freddie Mac ,
Gig Economy ,
Housing Market ,
Intellectual Property Protection ,
Microsoft ,
Novartis ,
Petrobras ,
Pharmaceutical Industry ,
Retail Market ,
Ridesharing ,
Samsung ,
Sharing Economy ,
Tariffs ,
Tax Cuts and Jobs Act ,
Tax Reform ,
TD Ameritrade ,
Theft ,
Tiffany and Company ,
Trade Wars ,
Trump Administration ,
Uber ,
UK ,
White Collar Crimes
PG&E’s woes continue. Not only is the company still in the midst of a dangerous fire season, but it’s struggling to find a path out of bankruptcy while fending off a growing chorus of cities and state officials “threatening...more
11/20/2019
/ Advertising ,
Bank of New York (BNY) Mellon ,
Boeing ,
Capital Raising ,
China ,
Commercial Bankruptcy ,
Consumer Financial Products ,
E-Cigarettes ,
Economic Downturn ,
Employee Rights ,
Enforcement Actions ,
Fannie Mae ,
Federal Reserve ,
FHFA ,
Financial Fraud ,
Financial Services Industry ,
Freddie Mac ,
Freelance Workers ,
General Motors ,
Gig Economy ,
Holidays ,
Home Depot ,
Independent Contractors ,
Infrastructure ,
Interest Rate Adjustments ,
Kohls ,
KPMG ,
Marketing Perspectives ,
Mortgages ,
PG&E ,
Popular ,
Public Health ,
Public Safety ,
Purchase Agreement ,
Retail Market ,
Retailers ,
RMBS ,
Safety Inspections ,
Safety Standards ,
Student Loans ,
Target ,
Tariffs ,
Trade Negotiations ,
Trade Relations ,
Trade Wars ,
UAW ,
Unions ,
US Trade Policies ,
Wildfires
T-Mobile chief and fan-of-magenta John Legere has announced that he’ll be stepping down in April at the end of his current contract. Legere will be succeeded by Mike Sievert, the carrier’s current president and COO....more
11/19/2019
/ Appeals ,
Big Tech ,
Bonds ,
Business Valuations ,
Capital Raising ,
CEOs ,
China ,
Competition ,
Consumer Financial Products ,
Controlling Stockholders ,
Cosmetics ,
Criminal Convictions ,
Emerging Growth Companies ,
Federal Reserve ,
Financial Institutions ,
Financial Services Industry ,
Hedge Funds ,
Initial Public Offering (IPO) ,
Interest Rates ,
Internet ,
Japan ,
Loans ,
Martin Shkreli ,
Mobile Apps ,
Mortgages ,
OCC ,
Personal Care Products ,
Pharmaceutical Industry ,
Popular ,
Predatory Lending ,
Proposed Rules ,
Public Comment ,
Resignation ,
Revenue Growth ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Securities Fraud ,
Social Media ,
SoftBank ,
Startups ,
Stock Markets ,
Stock Sale Agreements ,
T-Mobile ,
Text Messages ,
Yahoo!
Fed Chair Powell was far from the main attraction on the Hill yesterday, but hey, let’s keep it on topic here and note his belief that the U.S. economy is performing well even as certain risks—including “sluggish growth...more
11/14/2019
/ Activist Investors ,
China ,
Commercial Bankruptcy ,
Constitutional Challenges ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Cyber Attacks ,
Data Breach ,
Enforcement Actions ,
Exports ,
Federal Reserve ,
Financial Services Industry ,
Food Manufacturers ,
Food Supply ,
Google ,
Hackers ,
Imports ,
Interest Rate Adjustments ,
Interest Rates ,
Mexico ,
Mortgage Servicers ,
Ocwen ,
Office Space ,
Oil & Gas ,
PEMEX ,
Ransomware ,
Removal At-Will ,
Separation of Powers ,
Sharing Economy ,
Single Director ,
Tariffs ,
Trade Relations ,
Trade Wars ,
Trump Administration ,
US Trade Policies
Dean Foods, the largest milk company in the U.S., has filed for bankruptcy protection, a “fresh setback to a U.S. dairy industry struggling against declining U.S. milk consumption and rising competition.” Industry experts...more
11/13/2019
/ #MeToo ,
AbbVie ,
Allergan Inc ,
Automotive Industry ,
Blockchain ,
Bonds ,
Checking Accounts ,
China ,
Class Action ,
Commercial Bankruptcy ,
Compensation & Benefits ,
Congressional Investigations & Hearings ,
Consumer Financial Protection Bureau (CFPB) ,
Cryptocurrency ,
Data Collection ,
Disney ,
Economic Reform ,
Employment Litigation ,
Enforcement Actions ,
EU ,
Farms ,
Financial Services Industry ,
Google ,
Government Investigations ,
Imports ,
Internet Streaming ,
Investment ,
Loss of Income ,
Manufacturers ,
Market Manipulation ,
McDonalds ,
Nissan ,
Office Space ,
Overstock.com ,
Pharmaceutical Industry ,
Popular ,
Privacy Concerns ,
Revenue ,
SBA Lending Programs ,
Securities and Exchange Commission (SEC) ,
Securities Violations ,
Sexual Harassment ,
Sharing Economy ,
Small Business ,
SoftBank ,
Stock Prices ,
Tariffs ,
Trade Relations ,
Trade Wars ,
Trump Administration ,
US Trade Policies
Here’s about as 2019 as we can get in the financial world (with a healthy dose of 1950s-era gender discrimination for good measure): a series of tweets from tech entrepreneur David Heinemeier Hansson alleging gender...more
11/11/2019
/ Algorithms ,
Alibaba ,
Apple ,
Chapter 11 ,
Climate Change ,
Commodities ,
Consumer Financial Products ,
Credit Cards ,
E-Commerce ,
Economic Growth ,
Embedded Tweets ,
Emerging Markets ,
Enforcement Actions ,
Federal Reserve ,
Fees ,
Financial Services Industry ,
Gender Discrimination ,
Global Economy ,
Goldman Sachs ,
Hong Kong ,
Initial Public Offering (IPO) ,
Insolvency ,
Investors ,
Office Space ,
Publicly-Traded Companies ,
Saudi Aramco ,
Securities and Exchange Commission (SEC) ,
Sharing Economy ,
Social Media ,
Trading Platforms ,
Twitter ,
UBS
Mario Draghi presided over his final ECB meeting yesterday, with the central bank deciding to hold rates steady and let current stimulus measures play out for the time being. His departure (and the arrival of former IMF chief...more
10/25/2019
/ Automotive Industry ,
Bribery ,
Climate Change ,
Consumer Financial Protection Bureau (CFPB) ,
Corruption ,
Debt ,
European Central Bank ,
Exxon Mobil ,
Federal Reserve ,
Federal Student Loans ,
Financial Services Industry ,
Interest Rates ,
Investigations ,
Investment Fraud ,
Japan ,
Liquidity ,
Liquidity Management ,
Loan Forgiveness ,
Mineral Extraction ,
Natural Gas ,
Netherlands ,
Nissan ,
Office Space ,
Pakistan ,
Removal For-Cause ,
Repossess ,
Repurchases ,
Resignation ,
SCOTUS ,
Securities Violations ,
Separation of Powers ,
Sharing Economy ,
Single Director ,
Trump Administration ,
UK ,
UK Brexit ,
Well Drilling ,
White Collar Crimes
Ride-hailing giant Uber laid off 350 workers on Monday as part of an ongoing effort to pare costs that now represents 1000 jobs cut since July....more
10/15/2019
/ Banks ,
Barclays ,
Boeing ,
Bribery ,
China ,
Citibank ,
Consumer Financial Products ,
Deutsche Bank ,
Earnings Reports ,
Enforcement Actions ,
Financial Crisis ,
Financial Services Industry ,
Fraud ,
Gaming ,
Google ,
Internet Streaming ,
Layoffs ,
Mobile Apps ,
OCC ,
OREO Properties ,
Payday Loans ,
Popular ,
Qatar ,
Regulatory Violations ,
Retailers ,
Saks ,
Serious Fraud Office (SFO) ,
Uber ,
Video Games ,
White Collar Crimes