Episode 183 -- Review of the Deutsche Bank FCPA and Spoofing Fraud Case
Compliance into the Weeds: Deutsche Bank Fined Over Epstein Accounts
Daily Compliance News: March 3, 2020, the Devil’s Advocate edition
In a significant departure from decades of restrictive population management efforts, China’s ruling party will now permit couples to have three children—“ending a two-child policy that has failed to raise the country’s...more
U.S. drug giant Merck is shuttering its coronavirus vaccine development “after early trial data showed [its pair of vaccines] failed to generate immune responses comparable to natural infection or existing vaccines.” ...more
The 2020 OFAC enforcement record underscores the importance of sanctions compliance. Yet, companies appear to move slowly in response to sanctions risks, often relying on outdated or outmoded screening technologies and...more
A federal judge has delivered another win for TikTok over the weekend, temporarily blocking a White House ban “on new downloads of the video-sharing network, which would have gone into effect at 11:59 p.m. in Washington.” The...more
New U.S. unemployment claims rose last week according to data released on Thursday, the latest sign that America’s recovery from the pandemic-induced recession is slowing—a “particularly worrisome” trend as cold-state...more
The Fed sought to reassure markets for the foreseeable future on Wednesday by announcing that it plans to hold rates at their near-zero mark until into 2023 as it tries to “coax the economy back to full strength after the...more
In a week that’s already seen plenty of C-suite shakeups, we’ve learned that Ginni Rometty is stepping down from her role as CEO at IBM. The company’s cloud computing chief, Arvind Krishna, will take over for her, though...more
The announcement itself isn’t a shock, but given the potential players, it’s headline-worthy anyway: the DOJ announced yesterday that it’s officially opening an antitrust probe into Big Tech companies and “whether they had...more
Deutsche Bank on Wednesday confirmed the basics of a recent German newspaper report that revealed that the bank “had used faulty software to screen customer transactions for suspicious activity” while claiming that “no...more
Jobs report Friday again. Which, after February’s dismal numbers, is carrying extra importance today. We’ll be keeping an eye on US manufacturing, among other things. Here’s what to watch....more
Fascinating weekend feature from the Journal exploring how Sears Roebuck went from the dominant force in American retailing to the bankrupt shell of a company that it is now—all within a period of just 40 years....more
Federal regulators moved this week to “ease oversight of Wall Street firms by scaling back two major mechanisms that were imposed to scrutinize big financial companies in the wake of the financial crisis.” ...more
It was quite a run, but on Thursday, ECB chief Mario Draghi announced that the bank is finally putting an end to the quantitative easing program it’s used “to hold down interest rates and encourage lending” since 2015. ...more
With the phrase “humiliating defeat” being bandied about quite freely by opposition leaders and Tory backbenchers alike, PM May delayed a parliamentary vote for her EU-backed Brexit plan that had been set for today. The...more
Honda is joining forces with General Motors in an effort to win the race to develop self-driving cars through a $750 million stake in GM’s Cruise Holdings autonomous vehicle unit. The Japanese carmaker plans to contribute a...more
Walmart’s broader foray into the grocery biz—letting customers order online and pick up in person and expanding home delivery—is paying dividends for the retailer and helping push its revenue up 3.8% from this period a year...more
The latest round of big bank stress tests are in, and the Fed has rejected the capital plan of Deutsche Bank and limited the payouts of Goldman Sachs and Morgan Stanley....more
The High Court has a daunting lineup of decisions yet to issue this year, but it’s checking one off the list with yesterday’s 5-4 holding upholding the right of companies to use arbitration clauses in employment contracts “to...more
A day of massive lows (opening bell) and impressive rallies (with the dow up 230 by the end of the day) marked a wild Wednesday on Wall Street....more
A White House announcement about plans for steel and aluminum tariffs left the already-unsettled markets even shakier yesterday....more
New Fed chair Jay Powell made his first official appearance before Congress in that capacity, relaying to the House Financial Services Committee yesterday that he viewed the country’s economic outlook as improved since...more
Even as JPMorgan has set the playing field for his successor (Daniel Pinto v. Gordon Smith, FYI), head honcho Jamie Dimon is making it clear that he’s not about to go anywhere anytime soon....more
Deutsche Borse CEO Carsten Kengeter announced yesterday that he’ll step down in the wake of insider-trading allegations related to the exchange’s now-defunct merger with the London Stock Exchange Group....more
The Journal gives us a revealing long look at the true meaning behind a Morningstar investment star ranking and finds that the coveted 5-star overall rating translated into a 5-year performance worthy of that designation just...more
As anticipated, the Fed raised its benchmark interest yesterday (for only the second time since the 2008 financial crisis) to somewhere between .5 and .75 percent and, perhaps more critically, revealed its expectation for...more