Receiving Wide Coverage...
DAO-saster: If there's a simple rule for bank robbing, it's "follow the money."
As investors and consumers put their funds online and adopt new technologies — like cryptocurrency — so go the outlaws.
That appears to be one takeaway from Friday morning's theft of more than $50 million of the digital currency Ether. The hackers targeted the Decentralized Autonomous Organization, a fund built around the currency, which could spell the project's demise.
The attack is disheartening for those who are hopeful that digital currencies can improve security and transparency in the banking system. Terms like "black eye" and "nightmare scenario" are being bandied about. It also raises fresh questions about the future of self-executing "smart contracts" and the governance of virtual currency communities. (Who conducted the attack and whether he technically did anything wrong is still being sorted out.)
Let there be light: The Securities and Exchange Commission formally approved an application from dark pool IEX to become an official stock exchange on Friday.
Founder Brad Katsuyama is best known for his criticism of high-frequency traders in Michael Lewis' 2014 book, "Flash Boys." The new exchange will include a "speed bump" designed to protect investors from those who use high-speed tactics to gain an advantage. Wall Street Journal, New York Times, Financial Times, Washington Post
Wall Street Journal
Off the hook: The Justice Department announced Friday that it's dropping its civil investigation of Countrywide's Angelo Mozilo for his role in the financial crisis.
Sharing is hard: Banks and fintech firms are still debating how startups can access bank-customer account information for use on outside platforms, such as by robo-advisors like Betterment. Plaid Technologies, whose software facilitates those efforts, has raised another $44 million from investors.
New York Times
Who, me? Goldman Sachs thinks a new kind of customer can help boost its bottom line: "ordinary Americans."
Style is everything: The "style" of top bankers — personality, talent and work ethic — impacts risk-taking at an institution more than pay structure or education, according to a new study.
First finance, then the universe: More students are seeking a master of finance degree as banking becomes increasingly complex.