Yesterday felt a little like that scene from the 1946 movie “It’s a Wonderful Life” starring Jimmy Stewart. There’s a run on Stewart’s bank because his absent-minded Uncle Billy loses the cash he was sent off to deposit on behalf of the bank. The bank examiners discover there’s money missing and rumors spread. The rumors […]
Bonds, Stocks, & Bullion Battered as Powell Shrugs Off Liquidity Crisis…
Wall Street Wins OK for Payouts Worth Billions in Fed Stress Tests…
The largest U.S. banks are poised to return billions of dollars to investors after Federal Reserve stress tests showed planned dividends and stock buybacks wouldn’t leave them too weak to survive a harsh economic downturn. Under the most severe test scenario, a recession with unemployment spiking to 10% and the Dow Jones Industrial Average falling […]
Democrats Are Cozying Up to Corporate Lobbyists Despite Purity Pledges…
When former Navy officer Gil Cisneros mounted his campaign for retiring Rep. Ed Royce’s House seat in Southern California, he found a clear way to distinguish himself from his Republican rival. While Young Kim, a former state lawmaker, took in donations from high-profile corporate PACs, including those of Chevron, ExxonMobil and Koch Industries, Cisneros, a […]
Did ‘Chairwoman’ Maxine Waters’ Warning Cause Stock Sell-Off
Neil Cavuto and his financial panel on Wednesday discussed whether a curt warning from incoming House Financial Services Committee Chairwoman Maxine Waters caused the New York Stock Exchange to start a selloff. The NYSE index finished the trading day down about 206 points — or 8/10 of a percentage point. The Dow Jones Industrial Average […]
Wells Fargo Says Hundreds of Customers Lost Homes After Computer Glitch…
Hundreds of people had their homes foreclosed on after software used by Wells Fargo incorrectly denied them mortgage modifications. The embattled bank revealed the issue in a regulatory filing this week and said it has set aside $8 million to compensate customers affected by the glitch. The same filing also disclosed that Wells Fargo (WFC) […]
Wells Fargo to Pay $2.09 Billion Penalty for Mortgage Loan Abuses…
The Justice Department announced that embattled Wells Fargo, which has seen its name feature in virtually every prominent banking scandal in the past year, will pay a civil penalty of $2.09 billion under the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) based on the bank’s alleged origination and sale of residential mortgage […]
U.S. to Fine Wells Fargo $1 Billion–the Most Aggressive Bank Penalty of the Trump Era…
Federal regulators are preparing to fine mega bank Wells Fargo about $1 billion for misbehavior in its auto and mortgage markets, according to two people familiar with the negotiations. The settlement, which could be announced as soon as Friday, would be the most aggressive move by regulators during the Trump administration to punish a big […]
Biggest Three Banks Gobble Up $2.4 Trillion in New Deposits Since Crisis …
Americans are parking more money with the biggest banks than ever before, cementing the firms’ dominance of the financial industry less than a decade after the crisis. The three largest U.S. banks have added more than $2.4 trillion in domestic deposits over the past 10 years—a 180% increase—according to a Wall Street Journal analysis of […]
Fed’s Crackdown on Wells Fargo Will Curb 2018 Profit by $400 Million…
The Federal Reserve’s decision to cap Wells Fargo growth until it sufficiently improves corporate oversight in the wake of a fake accounts scandal will curb the lender’s profit by as much as $400 million this year, CEO Tim Sloan said. The directive, announced after the close of New York trading on Friday, requires the San […]