More on yesterday’s news of a split power-generation division at GE, including why fixing the ailing business is such an important task for new CEO Larry Culp and what federal criminal and civil accounting probes mean for the...more
10/31/2018
/ Anti-Money Laundering ,
Chicago Mercantile Exchange (CME) ,
China ,
Criminal Prosecution ,
Cryptocurrency ,
Economic Development ,
EU ,
Foreign Currency ,
General Electric ,
Healthcare Fraud ,
Investment Fraud ,
Kickbacks ,
Pharmaceutical Industry ,
Pyramid Schemes ,
Sanctions ,
Spoofing ,
UK Brexit ,
Valeant
Though he was apparently ready to go with his “verbal agreement with the Saudis” defense, Elon Musk capitulated to pressure “from his lawyers and investors of Tesla” and agreed to resolve all SEC allegations of wrongdoing,...more
10/1/2018
/ 3-D Technology ,
Automotive Industry ,
Board of Directors ,
Canada ,
Cryptocurrency ,
Cyber Attacks ,
Data Breach ,
Deutsche Bank ,
Elon Musk ,
Embedded Tweets ,
Energy Projects ,
Energy Sector ,
Enforcement Actions ,
Facebook ,
Federal Rules of Civil Procedure ,
Financial Institutions ,
Free Trade Agreements ,
Gender Equity ,
General Data Protection Regulation (GDPR) ,
General Electric ,
Hackers ,
Housing Market ,
Internal Controls ,
Libor ,
Marijuana ,
NAFTA ,
Procter & Gamble ,
Saudi Arabia ,
Securities and Exchange Commission (SEC) ,
Securities Fraud ,
Securities Violations ,
Social Media ,
SoftBank ,
Solar Energy ,
Tesla ,
Trade Relations ,
Twitter ,
UK ,
UK Brexit
To no one’s surprise, the Fed followed through with its months of promises and raised its benchmark interest rate by 25 basis points yesterday. The FOMC also indicated that it’s planning to raise rates again in December....more
9/27/2018
/ 21st Century Fox ,
Agricultural Sector ,
Automotive Industry ,
Bailout ,
Benchmarks ,
Blockchain ,
CalPERS ,
Canada ,
CFTC ,
Collateralized Loan Obligations ,
Comcast ,
Commodities ,
Cryptocurrency ,
Dairy Farmers ,
Data Breach ,
Digital Currency ,
Distributed Ledger Technology (DLT) ,
Exports ,
Federal Reserve ,
Financial Markets ,
FOMC ,
Hong Kong ,
Initial Public Offering (IPO) ,
Interest Rates ,
Japan ,
Junk Bonds ,
Leveraged Lending ,
NAFTA ,
Pensions ,
Pharmaceutical Industry ,
Prescription Drugs ,
Regulatory Oversight ,
Sharing Economy ,
Supply Chain ,
Trade Relations ,
Trump Administration ,
Uber ,
US Trade Policies ,
USDA ,
Virtual Currency
Hiding somewhat in the shadows during the rise of virtual currencies over the past year or two has been blockchain, the ledger technology that undergirds bitcoin and other cryptos, and its potential application beyond digital...more
9/26/2018
/ Apple ,
Arby's ,
Banking Sector ,
Blockchain ,
Capital Raising ,
Community Reinvestment Act ,
Confidential Information ,
Consumer Financial Products ,
Consumer Lenders ,
Cryptocurrency ,
Deutsche Bank ,
Digital Currency ,
Distributed Ledger Technology (DLT) ,
Facebook ,
Fast-Food Industry ,
Financial Markets ,
FOMC ,
Franchises ,
Fraud ,
Futures ,
Initial Public Offering (IPO) ,
Instagram ,
Intel ,
iPhone ,
Low-Income Issues ,
Market Manipulation ,
Money Laundering ,
Qualcomm ,
Redlining ,
Securities Violations ,
Social Media ,
Software ,
Spoofing ,
Virtual Currency ,
Wal-Mart ,
White Collar Crimes
“Pot is the new crypto,” declares Bloomberg, and if you’ve seen how the virtual currencies are faring these days, that should be a warning and not a selling point....more
9/20/2018
/ 21st Century Fox ,
Administrative Appointments ,
Amazon Marketplace ,
Antitrust Provisions ,
Antitrust Violations ,
Bank of America ,
Comcast ,
Corruption ,
Cryptocurrency ,
Data Collection ,
Digital Currency ,
Enforcement Actions ,
EU ,
Financial Institutions ,
Marijuana ,
Money Laundering ,
Nominations ,
Philanthropy ,
Resignation ,
Securities and Exchange Commission (SEC) ,
UK ,
Virtual Currency ,
Wells Fargo ,
White Collar Crimes
China is answering the White House’s latest tariff announcement with another $60 billion in levies on US goods of its own....more
9/19/2018
/ BMW ,
Carbon Emissions ,
CFTC ,
China ,
Corruption ,
Cryptocurrency ,
DaimlerAG ,
Derivatives ,
Digital Currency ,
Elon Musk ,
Embedded Tweets ,
Employment Discrimination ,
Equal Employment Opportunity Commission (EEOC) ,
European Commission ,
Facebook ,
Government Investigations ,
Hiring & Firing ,
Imports ,
Initial Coin Offering (ICOs) ,
ISDAfix ,
Job Applicants ,
Market Manipulation ,
Securities Violations ,
Sex Discrimination ,
Social Media ,
Swaps ,
Tariffs ,
Tesla ,
Token Sales ,
Trade Relations ,
Trade Retaliation ,
Trump Administration ,
US Trade Policies ,
Virtual Currency ,
Volkswagen ,
White Collar Crimes
Incoming Goldman CEO David Solomon has chosen his top deputies, settling on investment banking vets John Waldron (49) and Stephen Scherr (54) as his president/COO and CFO, respectively, and signaling the firm’s shift away...more
9/14/2018
/ AIG ,
Anti-Money Laundering ,
Broker-Dealer ,
Browning-Ferris Industries of California Inc. ,
Campbell Soup Company ,
Collective Bargaining ,
Cryptocurrency ,
Deutsche Bank ,
Digital Currency ,
Enforcement Actions ,
Financial Crimes ,
Financial Crisis ,
Goldman Sachs ,
Initial Coin Offering (ICOs) ,
Interest Rate Adjustments ,
Joint Employers ,
NLRB ,
Securities and Exchange Commission (SEC) ,
Token Sales ,
Unregistered Securities ,
Virtual Currency
On Wednesday, the Census Bureau reported that median household income in the US reached just over $61k—a level it described as “statistically indistinguishable” from its pre-crisis level in 2007. Lots more here on the numbers...more
9/13/2018
/ #MeToo ,
CBS ,
China ,
Corporate Culture ,
Cryptocurrency ,
Deutsche Bank ,
Enforcement Authority ,
EU ,
European Banking Authority (EBA) ,
European Commission ,
Financial Crisis ,
Foreign Investment ,
Interest Rate Adjustments ,
Money Laundering ,
Sexual Harassment ,
Sovereign Wealth Funds ,
Terrorism Funding ,
Turkey ,
White Collar Crimes
The SEC has taken its first enforcement action against a hedge fund over its cryptocurrency investments—namely, falsely holding itself out as the “first regulated fund in the U.S. focused on crypto assets.” It also targeted a...more
9/12/2018
/ Apple ,
Banking Sector ,
Bitcoin ,
China ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Cryptocurrency ,
Digital Assets ,
Digital Currency ,
Enforcement Actions ,
FCC ,
Financial Industry Regulatory Authority (FINRA) ,
Independent Contractors ,
Initial Coin Offering (ICOs) ,
Job Creation ,
Misclassification ,
Mobile Devices ,
Securities and Exchange Commission (SEC) ,
Sprint ,
State Labor Laws ,
T-Mobile ,
Telecommunications ,
Token Sales ,
Trade Relations ,
Uber ,
Unemployment ,
Unregistered Securities ,
Virtual Currency ,
Whistleblowers
As expected based on buzz from late last week, longtime CBS chief Les Moonves is out at the network he’s led for more than 20 years. While his exit has been in the works for some time, a report out yesterday detailing new...more
9/10/2018
/ Alibaba ,
Banking Sector ,
CBS ,
Citigroup ,
Countercyclical Capital Buffer (CCyB) ,
Cryptocurrency ,
Digital Assets ,
Digital Currency ,
Ether ,
EU ,
Financial Crisis ,
General Data Protection Regulation (GDPR) ,
Google ,
Job Creation ,
Pharmaceutical Industry ,
Privacy Concerns ,
Pump and Dump ,
Resignation ,
Right to Be Forgotten ,
Search Engines ,
Securities and Exchange Commission (SEC) ,
Securities Violations ,
Sexual Harassment ,
Teva Pharmaceuticals ,
Trading Platforms ,
Unemployment
So about that whole going private thing. Change of plans for Elon & co. Here’s the inside scoop on the reversal...more
8/27/2018
/ Automotive Industry ,
Bitcoin ,
Bribery ,
China ,
Conglomerates ,
Corruption ,
Cryptocurrency ,
Digital Currency ,
Elon Musk ,
ETFs ,
Foreign Corrupt Practices Act (FCPA) ,
Free Trade Agreements ,
Going-Private Transactions ,
Inflation Adjustments ,
Investment ,
Korea ,
Mexico ,
Minority Shareholders ,
NAFTA ,
Securities and Exchange Commission (SEC) ,
Tariffs ,
Tesla ,
Trade Relations ,
US Trade Policies ,
Virtual Currency ,
White Collar Crimes
Here’s all you need to know from the Fed minutes released yesterday, including next month’s rate increase, an apparent plan to continue rate hikes at their gradual pace (unless White House trade policies “scramble their...more
8/23/2018
/ Auto Insurance ,
Bitcoin ,
Blockchain ,
China ,
Chrysler ,
Citigroup ,
Cryptocurrency ,
Digital Currency ,
Disgorgement ,
Enforcement Actions ,
ETFs ,
Fiat ,
Forex ,
Gig Economy ,
Independent Contractors ,
Initial Public Offering (IPO) ,
Interest Rate Adjustments ,
Market Manipulation ,
Price Manipulation ,
Putative Class Actions ,
S&P ,
Saudi Arabia ,
Securities and Exchange Commission (SEC) ,
Tariffs ,
Trade Options ,
Trade Relations ,
US Trade Policies ,
Virtual Currency
Google is facing a federal lawsuit in San Francisco over last week’s AP investigation that showed that the search giant “was sill tracking iPhone and Android device users, even if they turned off the ‘Location History’...more
8/21/2018
/ Android ,
Arbitration ,
Automotive Industry ,
BlackRock ,
Cell Phones ,
China ,
Conflicts of Interest ,
ConocoPhillips ,
Cryptocurrency ,
Digital Currency ,
E-Commerce ,
Elon Musk ,
Enforcement Actions ,
Excessive Fees ,
Failure To Disclose ,
Fashion Industry ,
Google ,
Initial Public Offering (IPO) ,
Interest Rate Adjustments ,
Internet Retailers ,
Investment ,
iPhone ,
Location Data ,
Merrill Lynch ,
Mutual Funds ,
Oil & Gas ,
Regulatory Violations ,
Securities and Exchange Commission (SEC) ,
Tariffs ,
Tesla ,
Trade Relations ,
US Trade Policies ,
Venezuela ,
Virtual Currency
Today’s Muskdate is all about the SEC issuing a subpoena to Tesla as it continues its investigation into Elon’s August 7 Twitter post about the “funding secured” detail of his plans to take the company private....more
8/16/2018
/ AT&T ,
ATMs ,
Automotive Industry ,
China ,
Commercial Real Estate Market ,
Cryptocurrency ,
Cybersecurity ,
Cybertheft ,
Data Security ,
Earnings Reports ,
Elon Musk ,
Financial Markets ,
Financial Regulatory Reform ,
Going-Private Transactions ,
Initial Public Offering (IPO) ,
Internet ,
Legislative Agendas ,
Malware ,
Market Manipulation ,
Mortgage Fraud ,
Regulatory Agenda ,
Regulatory Oversight ,
Regulatory Violations ,
Ridesharing ,
Securities and Exchange Commission (SEC) ,
Stock Prices ,
Tesla ,
Trade Relations ,
Uber ,
US Trade Policies ,
Volcker Rule
Elon Musk had some explaining to do in light of his “funding secured” tweet on August 7 in the context of taking Tesla private, and he’s gone to the corporate blog to do so, arguing that his meetings with representatives of...more
8/14/2018
/ Automotive Industry ,
Class Action ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Cryptocurrency ,
Deutsche Bank ,
Digital Currency ,
Discovery ,
Elon Musk ,
Enforcement Actions ,
Ether ,
Financial Crisis ,
Financial Services Industry ,
FinTech ,
LIHTC ,
Netflix ,
Real Estate Development ,
RMBS ,
Student Loans ,
Subprime Loans ,
Tesla ,
Turkey ,
Virtual Currency ,
Wells Fargo
We’ll say this—it’s not been dull over in the UK. There’s Wimbledon, the march of the Three Lions, oh, and also, less than a day after Brexit secretary David Davis and a key associate quit her government, PM May’s foreign...more
7/10/2018
/ 21st Century Fox ,
Agricultural Sector ,
Automotive Industry ,
Carbon Emissions ,
China ,
Cryptocurrency ,
Disney ,
Financial Markets ,
Financial Statements ,
Fraud ,
Initial Coin Offering (ICOs) ,
Nissan ,
Real Estate Investments ,
Recessions ,
Rental Property ,
Securities Violations ,
Smuckers ,
Startups ,
Token Sales ,
Trade Relations ,
Uber ,
UK Brexit ,
US Trade Policies ,
Wall Street
The DOJ has given Disney its official nod in its $71 billion bid for the entertainment assets of 21st Century Fox, contingent on Disney’s divestiture of Fox’s 22 regional sports networks (a condition all about Disney’s ESPN...more
6/28/2018
/ 21st Century Fox ,
Apple v Samsung ,
Blockchain ,
Countrywide ,
Cryptocurrency ,
Department of Justice (DOJ) ,
Disney ,
Distributed Ledger Technology (DLT) ,
Fundraisers ,
Janus v AFSCME ,
Lyft ,
Morgan Stanley ,
Mortgages ,
NY Supreme Court ,
Patent Infringement ,
SCOTUS ,
Securitization ,
Smartphones ,
Steel Industry ,
Stress Tests ,
Tariffs ,
Twentieth Century Fox
Milwaukee-based Harley-Davidson announced on Monday that it will shift some of its motorcycle production overseas “to avoid retaliatory tariffs imposed by the European Union” in response to the White House’s trade moves....more
6/26/2018
/ Anti-Steering Rules ,
Anticompetitive Agreements ,
Antitrust Provisions ,
Baker Hughes ,
Barclays ,
Bitcoin ,
Blockchain ,
Burden of Proof ,
China ,
Credit Card Surcharges ,
Cryptocurrency ,
Denial of Certiorari ,
Deutsche Bank ,
Digital Currency ,
Distributed Ledger Technology (DLT) ,
EU ,
EURIBOR ,
Facebook ,
FHFA ,
Financial Markets ,
General Electric ,
Harley-Davidson ,
Illegal Tipping ,
Insider Trading ,
Instagram ,
Merchant Fees ,
Merchants ,
Ohio v American Express ,
RBS ,
RMBS ,
Rule-of-Reason Analysis ,
SAC Capital ,
SCOTUS ,
Securities Fraud ,
Serious Fraud Office (SFO) ,
Social Networks ,
Tariffs ,
Trade Retaliation ,
UK ,
Virtual Currency
Theranos founder and ex-CEO Elizabeth Holmes has been indicted on federal fraud charges along with former company president Ramesh Balwani. The charges come three months after Holmes settled civil charges with the SEC....more
6/18/2018
/ Administrative Appointments ,
China ,
Citigroup ,
Comcast ,
Competition ,
Consumer Financial Protection Bureau (CFPB) ,
Cryptocurrency ,
EU ,
Fraud ,
Global Economy ,
Initial Public Offering (IPO) ,
Libor ,
Municipal Bonds ,
NAFTA ,
Oil & Gas ,
Oil Reserves ,
OPEC ,
Pharmaceutical Industry ,
Tariffs ,
Theranos ,
US Trade Policies ,
Wells Fargo
In what can only be described as a Lazarus-like return, the Ex-Im Bank is reportedly nearly back on its feet again. The White House has chosen Kimberly Reed to helm the agency after prior nominee Scott Garrett was rejected by...more
6/15/2018
/ AT&T ,
Barclays ,
CFTC ,
China ,
Citibank ,
Cryptocurrency ,
Department of Justice (DOJ) ,
Digital Currency ,
Ether ,
Forex ,
Imports ,
JPMorgan Chase ,
RBS ,
Regulatory Oversight ,
Securities and Exchange Commission (SEC) ,
SoftBank ,
Stays ,
Student Loans ,
Tariffs ,
Trump Administration ,
UBS ,
UK Brexit ,
US Trade Policies ,
Virtual Currency
The DOJ vs. the AT&T/Time Warner deal. The much-anticipated ruling’s finally in, and . . . the merger’s a go. Repeat, the merger’s a go....more
6/13/2018
/ AT&T ,
Automotive Industry ,
Bitcoin ,
Comcast ,
Corporate Taxes ,
Cryptocurrency ,
Department of Justice (DOJ) ,
Homeless Issues ,
Interest Rate Adjustments ,
Investment Fraud ,
Johnson & Johnson ,
Low Income Housing ,
Martin Act ,
Merrill Lynch ,
Price Manipulation ,
RMBS ,
Statute of Limitations ,
Tesla ,
Time Warner
Germany’s diesel emissions scandal bears a lot of resemblances to the Wells Fargo debacle here at home. It just can’t seem to quit itself. This week, we’ve learned that German authorities have opened a criminal inquiry into...more
6/12/2018
/ AT&T ,
Audi ,
Automotive Industry ,
Boston Scientific ,
China ,
Class Members ,
Corporate Taxes ,
Cryptocurrency ,
DaimlerChrysler ,
Fraud ,
Germany ,
Homeless Issues ,
Housing Market ,
Low Income Housing ,
National Emissions Standards ,
SCOTUS ,
Stryker ,
Takeover Bids ,
Tariffs ,
Time Warner ,
Tolling ,
Trump Administration ,
Wells Fargo ,
ZTE
The US House included the revised Volcker Rule that we’ve discussed in a broader package of Dodd-Frank reforms that it passed with bipartisan support last night. The bill—ostensibly aimed at easing restrictions on small to...more
5/23/2018
/ China ,
Class Action ,
Consumer Financial Protection Bureau (CFPB) ,
Criminal Conspiracy ,
Cryptocurrency ,
Dodd-Frank ,
Facebook ,
Financial Regulatory Reform ,
Foreclosure ,
JPMorgan Chase ,
Kickbacks ,
Legislative Agendas ,
Lowe's ,
Mark Zuckerberg ,
Money Laundering ,
Mortgages ,
Payday Loans ,
Pending Legislation ,
Pharmaceutical Industry ,
SIFIs ,
Trump Administration ,
Unemployment ,
Valeant ,
Virtual Currency ,
Volcker Rule ,
Wire Fraud ,
ZTE
Campbell’s Soup CEO Denise Morrison retired abruptly late last Friday. Though the company’s stock has struggled in the past year, Morrison gave no reason for stepping down—a move that drops the number of female chief...more
5/21/2018
/ Banks ,
Campbell Soup Company ,
CFTC ,
China ,
Commodities ,
Consumer Financial Products ,
Corporate Culture ,
Credit Ratings ,
Cryptocurrency ,
Cyber Crimes ,
Cyprus Bailout ,
Derivative Suit ,
Financial Instruments ,
Foreign Trade Regulations ,
Goldman Sachs ,
Greece ,
Media ,
Rating Agencies ,
Regulatory Oversight ,
Tariffs ,
Theranos ,
Trade Relations ,
Wells Fargo ,
Woman Board Members
More trouble for Wells Fargo, as news emerged yesterday that some employees in the company’s business banking wholesale unit “altered information on documents related to corporate customers” without customers’...more
5/18/2018
/ Administrative Appointments ,
Antitrust Provisions ,
BlackRock ,
BSA/AML ,
CBS ,
China ,
Credit Default Swaps ,
Cryptocurrency ,
Deutsche Bank ,
Federal Trade Commission (FTC) ,
Food Manufacturers ,
Initial Coin Offering (ICOs) ,
Investment ,
Iran ,
Money Services Business ,
PayPal ,
Peugeot ,
Price-Fixing ,
RMBS ,
Seafood ,
Securities and Exchange Commission (SEC) ,
Share Buybacks ,
Tax Cuts and Jobs Act ,
Tax Reform ,
Toshiba ,
Trade Deficit ,
Wells Fargo