Investor plaintiffs won a big discovery battle with the US gov’t over its 2012 decision to seize Fannie & Freddie’s profits. Federal Claims Court Judge Margaret Sweeney has ruled that the government improperly invoked the...more
10/5/2016
/ Acquisitions ,
Bank of America ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Deutsche Bank ,
Disney ,
Fannie Mae ,
Financial Institutions ,
Freddie Mac ,
Housing Market ,
IBM ,
JPMorgan Chase ,
Millennials ,
Mobile Devices ,
Prepaid Payment Products ,
Retail Market ,
Salesforce ,
Target ,
Twitter ,
Wells Fargo
The Journal gives us a closer look at Italy’s Monte dei Paschi—the world’s oldest bank (founded in 1472)—that’s deeply tied to Siena and that’s threatening to drag the whole of the region’s economy down with it if it fails,...more
10/4/2016
/ Acquisitions ,
Bank Accounts ,
Banks ,
Bitcoin ,
Blockchain ,
Cross-Selling ,
Deutsche Bank ,
Digital Currency ,
Financial Crisis ,
Financial Institutions ,
Fraud ,
Germany ,
Italy ,
JPMorgan Chase ,
Morgan Stanley ,
Och-Ziff ,
RMBS ,
Royal Bank of Scotland ,
Underwriting ,
Virtual Currency ,
Wells Fargo
Deutsche Bank’s penchant for dealing in risk—in the form of currency swaps, bond sales, or derivatives, among others—has left it (and its highly leveraged balance sheet) particularly vulnerable amidst last week’s news of...more
10/3/2016
/ Asset Management ,
Automotive Loans ,
Clawbacks ,
Cross-Selling ,
Department of Justice (DOJ) ,
Deutsche Bank ,
Executive Compensation ,
Financial Markets ,
Janus Capital Group ,
Mergers ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Securities Fraud ,
Settlement Offer ,
Stock Prices ,
Stocks ,
Tick Size ,
Wells Fargo
NY hedge fund Och-Ziff has agreed to pay a $413 million fine as part of a deferred-prosecution agreement with US regulators over allegations that it was involved in the payment of more than $100 million in bribes to African...more
9/30/2016
/ Acquisitions ,
Bank Accounts ,
Banks ,
Bribery ,
Cross-Selling ,
Deferred Prosecution Agreements ,
Deutsche Bank ,
EU ,
Financial Institutions ,
Financial Markets ,
Fraud ,
Germany ,
Hedge Funds ,
IBM ,
Investment ,
Natural Resources ,
Och-Ziff ,
Wells Fargo
It wasn’t exactly a direct reaction to his testimony on the Hill, but Wells Fargo CEO John Stumpf didn’t do himself any favors there, and Wells Fargo’s Board has announced that it will claw back an estimated $41 million in...more
9/28/2016
/ AIG ,
Bank Accounts ,
Banks ,
Clawbacks ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Cross-Selling ,
Deutsche Bank ,
Elon Musk ,
Financial Institutions ,
FinTech ,
Fraud ,
Indonesia ,
Insurance Industry ,
Life Insurance ,
NCUA ,
Online Marketplace Lending ,
Payday Loans ,
RBS ,
RMBS ,
Technology Sector ,
Tesla ,
Wells Fargo
We learned yesterday that Twitter’s shopping itself around for a buyer. It’s facing one big complication, though—the sizeable amount of stock Twitter has doled out to its employees over the years. Last year, for example,...more
9/27/2016
/ Acquisitions ,
American Express ,
Antitrust Litigation ,
Antitrust Violations ,
Bank Accounts ,
Banks ,
Consumer Financial Products ,
Credit Cards ,
Cross-Selling ,
Department of Labor (DOL) ,
Deutsche Bank ,
Disney ,
EBITDA ,
Energy Sector ,
Facebook ,
Financial Institutions ,
Financial Markets ,
Fraud ,
Germany ,
Indonesia ,
Insider Trading ,
Lands End ,
Securities ,
Securities and Exchange Commission (SEC) ,
Settlement Offer ,
Social Media ,
Standard Chartered Bank ,
Stock-Based Compensation ,
Stocks ,
Twitter ,
Unfair Labor Practices ,
Wells Fargo ,
White Collar Crimes
Gretchen Morgenson and Fair Game have had a few days to reflect on the Bayer/Monsanto deal, and with that little bit of hindsight (and a lot of history), she’s not too sure that Bayer’s stockholders are going to be thrilled...more
9/19/2016
/ Agribusiness ,
Bank Accounts ,
Banks ,
Bayer ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Justice (DOJ) ,
Deutsche Bank ,
Fees ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
High Frequency Trading ,
Job Creation ,
Mergers ,
Monsanto ,
Pharmaceutical Industry ,
Prepaid Payment Products ,
Regulatory Oversight ,
RMBS ,
Unemployment ,
Wells Fargo
The DOJ has reportedly proposed an eye-popping $14 billion settlement with Deutsche Bank to resolve MBS-related probes, though insiders caution that this is likely an outsized opening bid and that the ultimate settlement will...more
We’ve got a number for that Wells Fargo settlement/fine, and it’s a doozy: $185 million for illegal banking practices (including secretly issuing credit cards without customer consent, signing up customers for online banking...more
9/9/2016
/ Administrative Law Judge (ALJ) ,
Banking Sector ,
Banks ,
Commodities ,
Cybersecurity ,
Deutsche Bank ,
Discovery ,
Dodd-Frank ,
Fraud ,
Healthcare ,
Junk Bonds ,
Private Equity ,
RMBS ,
Securities and Exchange Commission (SEC) ,
Settlement Agreements ,
Wells Fargo
Turns out that running the show at Valeant has given Pershing Square’s Bill Ackman quite the appetite. He’s looking to satisfy that hunger (and get back to the business of maximizing returns by pushing companies to make...more
9/7/2016
/ Acquisitions ,
Chipotle Grill ,
Corporate Bonds ,
Deutsche Bank ,
Elon Musk ,
Energy Sector ,
Fast-Food Industry ,
Financial Institutions ,
Natural Gas ,
Oil & Gas ,
Pipelines ,
Restaurant Industry ,
RMBS ,
Silicon Valley ,
Tesla
Canada’s signaled an interest in joining the China-led Asian Infrastructure Investment Bank—often seen as China’s answer to the World Bank. The bid is controversial at home for new PM Justin Trudeau, but it reflects the...more
9/1/2016
/ Amazon Marketplace ,
Canada ,
China ,
Commerzbank ,
Deutsche Bank ,
Elon Musk ,
Financial Crisis ,
Financial Institutions ,
Financial Reporting ,
Lehman Brothers ,
Mergers ,
Puerto Rico ,
Student Loans ,
Tesla ,
UK ,
Wells Fargo
A pair of whistleblowers is seeking discovery-related sanctions against Wells Fargo for allegedly concealing “crucial evidence” for their False Claims Act claims over fees added to government-backed mortgages....more
7/28/2016
/ Banking Sector ,
Department of Justice (DOJ) ,
Deutsche Bank ,
EU ,
Facebook ,
False Claims Act (FCA) ,
Financial Crimes ,
FOMC ,
Fraud ,
Lloyds Banking Group ,
Member State ,
Mortgages ,
Profits ,
Referendums ,
RMBS ,
UK Brexit ,
Wells Fargo ,
Whistleblowers
A putative class action filed last week is accusing 25 prominent banks—including Deutsche Bank, Goldman Sachs, and Barclays—of “conspiring to rig the market for securities” sold by the US Treasury in their roles as primary...more
7/11/2016
/ Administrative Proceedings ,
Aetna ,
Amazon Marketplace ,
Anthem Blue Cross ,
Banks ,
Barclays ,
Bitcoin ,
CIGNA ,
Class Action ,
Deutsche Bank ,
Economic Development ,
Enforcement Actions ,
EU ,
Financial Institutions ,
Goldman Sachs ,
Humana ,
Job Creation ,
Libor ,
Market Manipulation ,
Merger Agreements ,
Nintendo ,
Pension Funds ,
Putative Class Actions ,
Securities and Exchange Commission (SEC) ,
Securities Fraud ,
Serious Fraud Office (SFO) ,
Theranos ,
U.S. Treasury ,
UK ,
UK Brexit ,
Virtual Currency
How often are we going to be hearing about Brexit aftershocks? I’d expect you better get used to it. Today’s edition: two other real estate funds (these run by Aviva ad M&G) have joined Standard Life in freezing withdrawals...more
7/6/2016
/ Acquisition Agreements ,
Administrative Proceedings ,
Anti-Competitive ,
Bonds ,
Class Action ,
Deutsche Bank ,
EU ,
Financial Institutions ,
Financial Markets ,
Hersheys ,
Hostess ,
Interchange Fees ,
Interest Rates ,
Investment ,
Investment Funds ,
MasterCard ,
Member State ,
Merger Agreements ,
Miami ,
Real Estate Market ,
Referendums ,
Securities and Exchange Commission (SEC) ,
UK ,
UK Brexit
US banks made a strong showing in part 2 of the latest round of the Fed’s stress tests. Only Morgan Stanley didn’t pass unconditionally (concerns over the company’s “internal controls and processes” tripped it up), while the...more
6/30/2016
/ Banking Sector ,
Banks ,
Bitcoin ,
Cable Operators ,
Deutsche Bank ,
Entertainment Industry ,
ETFs ,
EU ,
Film Industry ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Markets ,
General Electric ,
Google ,
Initial Public Offering (IPO) ,
Internal Controls ,
Member State ,
Merger Agreements ,
Morgan Stanley ,
Referendums ,
Sale of Assets ,
Securities and Exchange Commission (SEC) ,
SIFIs ,
Stocks ,
Stress Tests ,
UK ,
UK Brexit
Despite Tribune Publishing’s (wait, wait, is that tronc now?) best efforts to play defense, Gannett is not backing down from its unsolicited offer to acquire the publisher...more
6/8/2016
/ Blockchain ,
Buyouts ,
Countrywide ,
Department of Justice (DOJ) ,
Deutsche Bank ,
Dodd-Frank ,
EU ,
Financial Crisis ,
Financial Institutions ,
Financial Markets ,
Government Bonds ,
Libor ,
Publishers ,
REIT ,
Twitter
In a gift to Wall Street today, Fed Chair Janet Yellen signaled that May’s weak job numbers were low enough to prompt reconsideration of a June rate hike out of fears of pushing a fragile economy too far too fast....more
6/7/2016
/ Capital Raising ,
Department of Justice (DOJ) ,
Deutsche Bank ,
ETFs ,
Financial Institutions ,
Financial Markets ,
Goldman Sachs ,
Initial Public Offering (IPO) ,
Interest Rate Adjustments ,
Job Creation ,
Libor ,
Morgan Stanley ,
NCUA ,
Startups ,
Stocks ,
Wire Fraud
Some thoughts about why the relatively dismal May employment numbers (just 38k jobs added) isn’t really as bad as it would seem on first glance...more
6/6/2016
/ Antitrust Violations ,
Bank of America ,
Banking Sector ,
Banks ,
Capital Investments ,
Class Action Arbitration Waivers ,
Credit Suisse ,
Deutsche Bank ,
Employment Contract ,
ETFs ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Markets ,
Job Creation ,
JPMorgan Chase ,
Market Manipulation ,
Securities and Exchange Commission (SEC) ,
Trading Platforms ,
Unemployment
May’s jobs report is out today, though it may be a slightly less valuable barometer of economic growth due to the Verizon employee strike that wrapped up this week – WSJ
Tribune Publishing’s doing more than buoying its...more
Bayer’s making good on its rumored interest in Monsanto in a deal that could be valued at more than $42 billion and would bring together two of the world’s biggest suppliers of crop seeds and pesticides...more
5/19/2016
/ Automotive Industry ,
Bank of America ,
Bayer ,
Bonds ,
Credit Suisse ,
Deutsche Bank ,
Federal Reserve ,
Financial Institutions ,
Financial Markets ,
Interest Rate Adjustments ,
Market Manipulation ,
Meeting Minutes ,
Merger Agreements ,
Monsanto ,
Shareholder Activism ,
Theranos ,
Trading Platforms ,
Yahoo!
Well, can’t say we didn’t see this coming. Fresh off of shedding two more financial-related business units (and a day removed from the MetLife SIFI decision) GE has requested that federal regulators withdraw its own SIFI...more
4/1/2016
/ Deutsche Bank ,
Financial Institutions ,
Financial Markets ,
Gig Economy ,
Initial Public Offering (IPO) ,
Job Creation ,
Marriott ,
Medical Devices ,
MetLife ,
Securities and Exchange Commission (SEC) ,
SIFIs
MetLife went to the mats over its SIFI label . . . and it won big. A federal judge in D.C. yesterday rescinded the “too big to fail” designation for the insurer, though the government can appeal the decision. The decision...more
3/31/2016
/ Banking Sector ,
Capital Raising ,
Deutsche Bank ,
Dodd-Frank ,
FinTech ,
General Electric ,
HSBC ,
Insurance Industry ,
MetLife ,
RMBS ,
SIFIs ,
Venture Capital
Major news for the extended Blackstone & private equity family yesterday, as federal authorities arrested Wall Street exec Andrew Caspersen on charges of securities and wire fraud in what they’re labeling a “’brazen’ scheme...more
3/29/2016
/ Airlines ,
Banking Sector ,
Blockchain ,
Deutsche Bank ,
Enforcement Actions ,
FinTech ,
Goldman Sachs ,
Investment ,
OCC ,
RBS ,
Regulatory Agenda ,
Securities and Exchange Commission (SEC) ,
Securities Fraud ,
Valeant ,
Virtual Currency ,
Wire Fraud
2015 was not exactly the year of the hedge fund, and 2016’s starting off with its worst start for the industry since 2008. But if you think that’s keeping managers from starting new portfolios with an eye toward hitting it...more
2/16/2016
/ Algorithmic Trading ,
Banks ,
China ,
Deutsche Bank ,
EU ,
European Central Bank ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
Hedge Funds ,
HSBC ,
Securities and Exchange Commission (SEC)
A year after announcing that it would pay roughly $2.6 billion to settle with state and federal regulators over faulty MBS, Morgan Stanley’s taking an additional $600 million hit, putting the figure at $3.2 billion—no chump...more