Silver as an investment

Category Archives: Comptroller of the Currency

Why Is Amazon Meeting With Banking Regulators?

While the financial media has been preoccupied with the idea that the banking business is at risk of being “Amazon’d” by the blockchain, the banks themselves are worried about being “Amazon’d” by…well…Amazon… Or at least they should be, as American Banker’s Lalita Clozel explains in a piece tracing large tech companies’ attempts to forge ties […]

In Ominous Sign For Banks, Equity Trading Revenues Continue To Drop

It’s not just the HFT industry that has cannibalized itself so much, while spooking regular traders out of the markets, there is hardly any revenue growth left (as the WSJ showed last week). After suffering a substantial drop in bank equity trading revenues over the past several years, there was hope that finally this key […]

Trump’s Treasury Secretary Pick Is A Lucky Man… Very Lucky

Authored by Jesse Eisinger, originally posted at ProPublica.org, Steven Mnuchin has made a career out of being lucky. The former Goldman Sachs banker nominated to become Donald Trump’s treasury secretary had the perspicacity to purchase a collapsed subprime mortgage lender soon after the financial crisis, getting a sweet deal from the Federal Deposit Insurance Corporation. […]

Wells Fargo To Be Sanctioned By DOJ For Improperly Seizing Soldiers’ Cars

And the hits just keep on coming. The full court press on Wells Fargo continues, on the heels of California’s sanctions, Bloomberg reports the bank is now facing a Justice Department sanction over improperly repossessing cars owned by members of the military, according to two people with knowledge of the investigation. As Bloomberg details, Federal […]

Janet Yellen Testimony Live Feed: Five Key Things To Look For

This morning, Janet Yellen testifies before the House Financial Services Committee on financial regulation topics. While there us unlikely to be much talk of monetary policy, it may come up, although most of the lawmakers’ questions are likely to relate to the Fed’s oversight of banks; other questions may touch on the Fed’s recent bank […]

Frontrunning: September 23

Futures slip after three-day rally as oil dips (Reuters) Charlotte protests diminish early on Friday as family views video (Reuters) Undecided Voters Are Proving a Tough Sell for Clinton and Trump (BBG) Facebook Overestimated Key Video Metric For Two Years (WSJ) Trump received $1.6 million from Secret Service (Politico) How Bond Yields Got This Low […]

JPM Downgrades Wells Fargo; Expects More Probes “Following Tough Senate Hearings”

One day after what was a rather disastrous hearing for Wells CEO John Stumpf, which culminated with a Senator telling the embattled chief executive he may want to consider going to prison, the bad news continued overnight when the bank that overtook Wells in the “biggest US bank by market cap” category, JPMorgan, downgraded Wells […]

Fed Wants To Bar Banks From Owning Physical Commodities, Equities

What is The Fed suddenly worried about? In a somewhat shocking report from The Federal Reserve, Janet Yellen and her motley crew of private bankers are urging Congress to make some significant changes to banking regulation. As Bloomberg highlights: Fed urges Congress to repeal section of the Bank Holding Act that allows Wall Street firms […]

18 Years Later – Pam Martens Sends Another Warning To The Fed & The Clintons

It is the same players that we saw enabling reckless behavior in 1998: Citigroup, the Fed, and the Clinton-led Wall Street Democrats. And, as Jesse notes, here we are again, almost eighteen years later, watching the same short term, selfish characteristics by the big money banks putting the entire economy of productive individuals at risk […]

Buffett Exits Entire Credit Default Swap Exposure, As Citi’s Appetite For Derivative Destruction Surges

It was considered one of the bigger paradoxes for years. Back in 2003, Warren Buffett famously dubbed derivatives “financial weapons of mass destruction” and yet over the next several years went ahead and entered a number of the contracts, including both equities and credit, ostensibly by selling CDS to collect monthly premiums, although not to […]