Prime Minister May signs EU divorce papers

British Prime Minister Theresa May signed the EU divorce papers on Tuesday. Brexit has officially begun as foreign exchange response seems to be muted as both the pound and euro traded off slightly against the dollar. US equities and bonds were also nonplussed by the much-anticipated move by the Brits. City of London bankers from […]

Heads up for the Goldman guys grudge match

With Steve Mnuchin’s Senate confirmation Monday night, a White House battle is staged. Mnuchin will be in the Treasury building on the Great Mall and National Economic Council director, Gary Cohn will be at the head of the mall at the White House. While both men come from Goldman Sachs, Mnuchin is second generation banker […]

Dodd/Frank goes the way of the dodo

Despite campaigning to the contrary, President Trump is scheduled to sign an executive order on Friday to roll back banking and advisory provisions adopted after the financial crisis. The president will begin dismantling the 2010 Dodd/Frank rules, which put too much restraints on the Wall Street banking industry says White House National Economic Council Director […]

Banks settling up with regulators

Two Wall Street banks agreed to pay multi-million fines Wednesday without admitting guilt as usual. Goldman Sachs was fined $120 million for rigging a key interest rate index, according to the Commodity Futures Trading Commission. And JPMorgan agreed to settle charges and pay $30 million fine brought by Swiss financial regulators for rigging Libor and […]

1MDB fire sale coming to Manhattan

As I have written about earlier this year on the billions of dollar siphoned out of Malaysian government investment fund, the feds on Wednesday are likely to start seizing assets bought with the ill-gotten gains. While it may sound like a complicated bond story the assets purchased and financed through the fund are anything but. […]

Bank stocks are banking on fees

Wall Street banks finished their reporting for Q1 “earnings” with Goldman Sachs reporting Monday. While the TV financial commenters said it was a tough quarter, they proudly stated that the large banks “beat” estimates and yada, yada, yada. Give me a break. The average profit decline for the quarter was down over 30% year-over-year for […]

Fed insider calls for wholesale reforms

More voices are coming out of the establishment calling for the Federal Reserve to be overhauled and lose its private owners — the Wall Street banks — and be more accountable to the American public, an insider said Monday. Dartmouth economics professor Andrew Levin,  a one-time special adviser to then Fed chair Ben Bernanke between […]