US Politics in Trump era Public date: 03.10.2019 13:07:34

Publisher: NYTimes

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7 Mar 2019

Regulators Move to Ease Post-Crisis Oversight of Wall Street

Federal regulators moved on Wednesday to ease oversight of the country’s largest banks and other financial firms, continuing a push by the Trump administration to reverse rules that were put in place following the 2008 financial crisis.The Federal Reserve said it would adjust the structure of its annual “stress tests,” which measure the ability of leading banks to withstand a potential economic or financial storm. The changes are likely to make it easier for banks to get regulatory approval to pay higher dividends or buy back their own shares.
Federal regulators moved on Wednesday to ease oversight of the country’s largest banks and other financial firms,...
5 Mar 2019

Banking leak exposes Russian network with link to Prince Charles

A charity run by Prince Charles received donations from an offshore company that was used to funnel vast amounts of cash from Russia in a scheme that is under investigation by prosecutors, the Guardian can reveal. Money flowing through the network included cash that can be linked to some of the most notorious frauds committed during Vladimir Putin’s presidency.
A charity run by Prince Charles received donations from an offshore company that was used to funnel vast amounts of cash...
5 Mar 2019

US banks on back foot as global rivals charge into China

European and Japanese financial institutions are breaking new ground in the Chinese market as U.S. competitors take a back seat due to tensions over trade and intellectual property practices.Although China relaxed rules on majority foreign stakes in its financial sector last year, with full ownership taking effect after 2021, authorities there have yet to grant such approval for U.S. banks' joint ventures.
European and Japanese financial institutions are breaking new ground in the Chinese market as U.S. competitors take a...
9 Feb 2019

New Bank Law Is Already Making Banks Bigger

The proposed $28 billion merger announced Thursday between large regional banks SunTrust and BB&T is the biggest banking tie-up since the financial crisis, creating what would become the nation’s sixth-largest bank. And it’s a direct result of actions taken by the Trump administration and the bipartisan group of lawmakers who passed a bank deregulation bill in 2018.
The proposed $28 billion merger announced Thursday between large regional banks SunTrust and BB&T is the biggest...

Publisher: Bloomberg

Author:

7 Feb 2019

Banks’ $21 Billion Tax Windfall Doesn’t Stop Their Job Cuts

Major U.S. banks shaved about $21 billion from their tax bills last year -- almost double the IRS’s annual budget -- as the industry benefited more than many others from the Republican tax overhaul.By year-end, most of the nation’s largest lenders met or exceeded their initial predictions for tax savings.
Major U.S. banks shaved about $21 billion from their tax bills last year -- almost double the IRS’s annual budget --...
1 Nov 2018

Goldman Sachs Ensnarled in Vast 1MDB Fraud Scandal

Goldman Sachs is facing one of the most significant scandals in its history, a multibillion-dollar international fraud that investigators say was masterminded by a flamboyant financier with a taste for Hollywood and carried out with help from the Wall Street firm’s bankers.
Goldman Sachs is facing one of the most significant scandals in its history, a multibillion-dollar international fraud...
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Publisher: NYTimes

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19 Oct 2018

Wall Street Loves These Risky Loans. The Rest of Us Should Be Wary.

A financial assembly line that went haywire a decade ago and contributed to an economic crisis is gearing up again on Wall Street. This time around, a similar kind of investment, called C.L.O.s, are at the heart of the boom. And that’s not the only parallel: The loans are being made to risky borrowers, lending standards are dropping fast, and regulators are easing the rules.
A financial assembly line that went haywire a decade ago and contributed to an economic crisis is gearing up again on...
30 Jun 2018

Justice Anthony Kennedy’s son led Deutsche Bank as it loaned Trump over $1 billion

The son of Supreme Court Justice Anthony Kennedy  was leading a real-estate division of Deutsche Bank as it gave President Donald Trump over $1 billion in loans to finance his real-estate projects when other banks wouldn't, The New York Times reported Thursday.
The son of Supreme Court Justice Anthony Kennedy  was leading a real-estate division of Deutsche Bank as it...
15 Mar 2018

Senate passes rollback of banking rules enacted after financial crisis

The Senate on Wednesday passed the biggest loosening of financial regulations since the economic crisis a decade ago, delivering wide bipartisan support for weakening banking rules despite bitter divisions among Democrats.
The Senate on Wednesday passed the biggest loosening of financial regulations since the economic crisis a decade ago,...

Publisher: IBTimes

Author:

10 Jan 2018

Trump Administration Waives Punishment For Convicted Banks, Including Deutsche — Which Trump Owes Millions

The Trump administration has waived part of the punishment for five megabanks whose affiliates were convicted and fined for manipulating  global interest rates. One of the Trump administration waivers was granted to Deutsche Bank — which is owed at least $130 million by President Donald Trump and his business empire, and has also been fined for its role in a Russian money laundering scheme.
The Trump administration has waived part of the punishment for five megabanks whose affiliates were convicted and fined...
17 Nov 2017

The Senate Is Getting Ready to Erode Obama’s Landmark Wall Street Law

On Monday, the Senate Banking Committee announced that it struck a rare bipartisan deal to deregulate banks. The deal would gut several of the protections enacted in 2010 in response to the financial crisis as part of the Dodd–Frank Wall Street Reform and  Consumer Protection Act, most notably a key rule requiring that “Too Big To Fail” banks—those with more than $50 billion in assets—undergo stricter oversight.
On Monday, the Senate Banking Committee announced that it struck a rare bipartisan deal to deregulate...
11 Jul 2017

U.S. Agency Moves to Allow Class-Action Lawsuits Against Financial Firms

The nation’s consumer watchdog is adopting a rule on Monday that would pry open the courtroom doors for millions of Americans, restoring their right to bring class-action lawsuits against financial firms. Under the Consumer Financial Protection Bureau rule, banks and credit card companies could no longer force customers into  arbitration and block them from banding together to file a class-action suit. The change would deal a serious blow to Wall Street and could wind up costing financial firms billions of dollars.
The nation’s consumer watchdog is adopting a rule on Monday that would pry open...
13 Jun 2017

Trump Jr. Now Tied To Banker Behind Russian Money Laundering Scheme

Donald Trump Jr. has a direct, personal connection to the central figure in multiple money laundering cases involving Russia, Latvia, Ukraine, UK, Seychelles Islands, New Zealand, Vanuatu, Kyrgyzstan...
Donald Trump Jr. has a direct, personal connection to the central figure in multiple money laundering cases involving...
19 May 2017

Steven Mnuchin Goes Through the Looking Glass-Steagall in Strange Exchange With Elizabeth Warren

Sen. Elizabeth Warren had a confounding exchange with Treasury Secretary Steven Mnuchin at a Senate Banking Committee hearing today. Mnuchin indicated that the Trump administration supports a 21st  century version of the Glass-Steagall Act, except for the part about separating commercial and investment banks, which is substantially what is meant by Glass-Steagall.
Sen. Elizabeth Warren had a confounding exchange with Treasury Secretary Steven Mnuchin at a Senate Banking...

Publisher: NYTimes

Author:

6 Mar 2017

Leashes Come Off Wall Street, Gun Sellers, Miners and More

In a flurry of deregulation, the Trump administration has already suspended or reversed more than 90 rules. And industry is clamoring for more. Telecommunications giants like Verizon and AT&T will not have to take “reasonable measures” to ensure that their customers’ Social Security numbers, web browsing history and other personal information are not stolen or accidentally released.Wall Street banks like Goldman Sachs and JPMorgan Chase will not be punished, at least for now, for not collecting extra money from customers to cover potential losses from certain kinds of high-risk trades that helped unleash the 2008 financial crisis.
In a flurry of deregulation, the Trump administration has already suspended or reversed more than 90 rules. And industry...
12 Nov 2016

Trump Presidency Could Be Worth $14 Billion to His Troubled Lender

Donald Trump’s election has likely given a massive lifeline to Deutsche Bank, the German financial firm that has been rocked recently by rumors that they would have to pay a $14 billion fine to the Justice Department over crisis-related mortgage abuses. That money is unlikely to ever be imposed, now that one of Deutsche Bank’s biggest borrowers – Trump – will soon be sitting in the White House.
Donald Trump’s election has likely given a massive lifeline to Deutsche Bank, the German financial firm that has...
5 Nov 2016

Leaked Deutsche Bank Speech Shows Clinton Asking Wall Street To Police Itself, Supporting US Pivot To Asia

Clinton’s October 2014 speech to Deutsche Bank was leaked as part of WikiLeaks’ archive of John Podesta’s Gmail account, revealing more of the nominee’s agenda for the financial sector and global affairs.
Clinton’s October 2014 speech to Deutsche Bank was leaked as part of WikiLeaks’ archive of John Podesta’s Gmail...
16 Oct 2016

Aide Planted Anti-Bank Comments in One Paid Clinton Speech to Throw Reporters Off the Scent

A top aide calculatingly inserted a passage critical of the financial industry into one of Hillary Clinton’s many highly-paid speeches  to big banks, “precisely for the purpose of having something we could show people if ever asked what she was saying behind closed doors for two years to all those fat cats,” he wrote in an email  posted by Wikileaks.
A top aide calculatingly inserted a passage critical of the financial industry into one of Hillary Clinton’s many...

Publisher: The Intercept

Author:

8 Oct 2016

Excerpts of Hillary Clinton’s Paid Speeches to Goldman Sachs Finally Leaked

The excerpts, posted by WikiLeaks, appear in an internal campaign email that highlighted the most politically damaging quotes from each paid speech. She admits that she needs to have a public and a private opinion on policy which goes to the trust issue/
The excerpts, posted by WikiLeaks, appear in an internal campaign email that highlighted the most politically damaging...
15 Sep 2016

Elizabeth Warren Asks Newly Chatty FBI Director to Explain Why DOJ Didn’t Prosecute Banksters

Like many Americans, Sen. Elizabeth Warren wants to know why the DOJ hasn't criminally prosecuted anyone responsible for the 2008 financial crisis. On Thursday, Warren released two highly provocative letters demanding some explanations. One is to DOJ Inspector General Michael Horowitz, requesting a review of how federal law enforcement managed to whiff on all 11 substantive criminal referrals submitted by the Financial Crisis Inquiry Commission (FCIC), a panel set up to examine the causes of the 2008 meltdown
Like many Americans, Sen. Elizabeth Warren wants to know why the DOJ hasn't criminally prosecuted anyone responsible for...

Publisher: Bill Moyers

Author:

28 Jul 2016

Hillary’s Choice: Why Tim Kaine Isn’t a ‘Safe’ Pick

The author points out that Tim Kane is not a progressive and has time and again stood with Wall Street in favor of big banks. The article also points out that the Tim Kane choice was an affront to the progressives and a signal to the establishment that she will play ball.
The author points out that Tim Kane is not a progressive and has time and again stood with Wall Street in favor of big...
21 Jul 2016

Tim Kaine, Possible Hillary Clinton Pick for Vice President, Goes to Bat for Banks

Virginia Sen. Tim Kaine, a leading candidate for the Democratic nominee for vice president, has signaled to the financial industry that he’ll go to bat for them. On Monday, Kaine signed onto two letters, one to federal banking regulators and the other to the Consumer Financial Protection Bureau, urging them to loosen regulations on certain financial players.
Virginia Sen. Tim Kaine, a leading candidate for the Democratic nominee for vice president, has signaled to the...

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