Stream of Reading (Prepare to be Forwarded) – An Archive of What I'm Reading
Seven years after the collapse of Lehman Brothers jolted the global economy, the world’s biggest banks may need to raise as much as $1.2 trillion to meet new rules laid down by financial regulators. QuickTake Too Big to Fail After years of work, the Financial Stability Board, created by the Group of 20 nations in…
END ID=”RES451923946″ CLASS=”BUCKETWRAP STATICHTML” Janet Yellen, chair of the U.S. Federal Reserve, speaks during a news conference. Andrew Harrer/Bloomberg via Getty Images hide caption itoggle caption Andrew Harrer/Bloomberg via Getty Images Janet Yellen, chair of the U.S. Federal Reserve, speaks during a news conference. Andrew Harrer/Bloomberg via Getty Images After the…
High fees are eroding the retirement savings of millions of Americans, but employers who shop around can often find much better options for their employees’ 401(k) plans. Annette Elizabeth Allen/NPR hide caption itoggle caption Annette Elizabeth Allen/NPR High fees are eroding the retirement savings of millions of Americans, but employers who shop around…
The past week has been a nightmare for Americans who use Russell Simmons’ pre-paid RushCard debit cards and have been completely unable to access their money, including recent paychecks, thanks to glitches arising from a “technology transition.” Today marks the eighth day some customers are unable to access their funds. On its own, that’s stunningly…
Marcia Davis, a mother of six in Baltimore, walked to work this morning. And not for the fresh air or the exercise — she walked because she couldn’t pay for her bus pass. She couldn’t buy it for the same reason she can’t buy anything else: Since last week, she has been unable to access…
The same analytical technique that uncovered cheating in currency markets and the Libor rates benchmark — resulting in about $20 billion of fines — suggests the dealers who control the U.S. Treasury market rigged bond auctions for years, according to a lawsuit. The analysis was part of a 115-page lawsuit filed in Manhattan federal court…
Evans Bank on Thursday settled a lawsuit in which the state of New York accused the bank of racist practices, including denying loans to residents of predominantly black neighborhoods in Buffalo. The suit, filed in 2014 by New York Attorney General Eric Schneiderman, accused the Buffalo-based bank of intentionally not making loans in eastern parts…
‘Bring a map of New Orleans.’’ That was all that Alden J. McDonald Jr., president and chief executive of Liberty Bank and Trust Company, said when I first asked to meet him. It was the summer of 2005, less than two weeks after the city’s flood-protection system failed to keep out the storm surge created…
After the biggest drop since the Great Recession on Monday, U.S. stocks today posted their biggest gain in four years, because the stock market is driven mainly by bullshit. http://gawker.com/is-the-stock-m… What happened between Monday morning—when investors around the world were selling stocks as fast as possible—and today, when investors around the world were buying so…
Few banks are as close to the industries they serve as Silicon Valley Bank is to the technology world. An industry mainstay since the 1980s, the bank veers far from the course of conventional financial institutions. Part lender, part consultant, part cheerleader and part investor, Silicon Valley Bank has been a nursemaid to countless start-ups…