Receiving Wide Coverage ...
It ain't over...: Wells Fargo's settlement last week didn't end its woes. While the bank was making apologies, officials were assessing the situation. Sen. Jeff Merkley, D-Ore., a member of the Senate Banking Committee, called on the panel to hold hearings to find out exactly what happened. A member of the Federal Reserve Board also weighed in. "What I have seen is that too many banks, instead of putting in place a comprehensive system for assuring that all their employees understand what is legal and ethical across the board, only respond when there is a particular problem," Fed Governor Daniel Tarullo said in an interview with CNBC.
Pondering blockchain: Blockchain, the technology underlying bitcoin, has the potential to "be as revolutionary as the internet itself," according to Richard Lumb, Accenture's group chief executive for financial services. But, he says, "there is an elephant in the room that will need to be confronted." Blockchain's ability to create a "permanent, immutable ledger of transactions," while vital in building trust in digital currencies, "could severely
The Financial Times has a similar take. Blockchain is difficult to shut down or hack into, transactions can't be reversed, and it's transparent. While these features appealed to financial services companies at first, "they may prove
Justice delayed?: New York State's lawsuit against Maurice R. Greenberg, the 91-year-old former CEO of American International Group, is set to go to trial Tuesday, more than 11 years after the charges were originally filed. Greenberg and AIG's former CFO, Howard I. Smith, 71, are accused of engineering phony transactions in 2000 and 2001 to make its reserves look bigger than they really were. If they lose, Greenberg and Smith could be forced to disgorge about $25 million in bonuses, plus interest.
Open for new business: Bridgewater Associates, the world's largest hedge fund, is opening up its flagship Pure Alpha fund to new money for the first time since 2009 and has already raked in $22.5 billion. "The inflows mark a striking contrast to the pattern seen in many other parts of the hedge fund industry, where many funds have experienced redemptions as a result of market losses," the Financial Times said. "It also shows the loyalty that Bridgewater continues to command from many of its clients, in spite of suffering unusually large losses in a flagship fund this year and facing questions about its corporate culture."
Wall Street Journal
GSEs win again: Fannie Mae and Freddie Mac prevailed in yet another lawsuit brought by investors. A federal judge in Kentucky
Not to worry: International banking regulators have pledged not to increase