Tag Archives: OCC

Financial Daily Dose 8.7.2020 | Top Story: White House Issues EOs Banning Transactions with TikTok and WeChat Parent Companies in 45 Days

BY: Michael D. Reif | August 7, 2020

Jobs Report Friday again. Yes, it’s been another month already, and yes, we’re still in desperate need of some signs of strength in what appears to be a flagging U.S. economic comeback from the spring lockdown – NYTimes and WSJ and Bloomberg and MarketWatch Meanwhile, US weekly jobless claims fell to their lowest level since … Continue reading

Financial Daily Dose 5.20.2020 | Top Story: Fed Chair and Treasury Secretary Urge Action to Support U.S. Economy

BY: Michael D. Reif | May 20, 2020

In testimony to the Senate Banking Committee on Tuesday, Fed Chair Powell and Treasury Secretary Mnuchin both “offered a stark assessment of the fragile state” of the U.S. economy, though they differed in a solution. Powell stressed the need for additional monetary support from Congress and the Fed for states and businesses, while Mnuchin focused … Continue reading

Financial Daily Dose 5.19.2020 | Top Story: US Markets Surge on Hopes for Covid-19 Vaccine

BY: Michael D. Reif | May 19, 2020

Optimism over promising results for a coronavirus vaccine from Moderna helped drive stocks up on Monday after a rough go of it last week – WSJ and NYTimes and Bloomberg and MarketWatch Inside sources suggest that the DOJ is preparing to file “antitrust charges against Google as early as this summer . . . in … Continue reading

Financial Daily Dose 5.12.2020 | Top Story: Fed Launches ETF Buying in Effort to Aid Credit Markets

BY: Michael D. Reif | May 12, 2020

For the first time, the Federal Reserve system will begin buying corporate bonds—all part of the central bank’s efforts to “support the economy and financial system in the coronavirus crisis.” The NY Fed will kick things off with hundreds of billions in ETFs, which it views as “a fast way to direct money rapidly into … Continue reading

Financial Daily Dose 3.17.2020 | Top Story: The Bear Market Roars, with Markets Falling nearly 13% as Whole Sectors of US Economy Shut Down

BY: Michael D. Reif | March 17, 2020

As Americans [way-too] slowly come to the realization that COVID-19 is a very real and very present threat, the business world is changing around them at a staggering pace. Stocks nosedived again on Monday, with the three major indices in the U.S. charting a drop of between 12-13% in the worst single day since markets … Continue reading

Financial Daily Dose 1.30.2020 | Top Story: Facebook Pays $550 Million to Resolve Privacy Class Action Over Use of Facial Recognition Tech

BY: Michael D. Reif | January 30, 2020

Facebook has agreed to pay $550 million to resolve a class-action lawsuit claiming that Zuck & Co.’s use of facial recognition technology violated Illinois’ biometric privacy law. Though the settlement is little more than “a rounding error for Facebook, which reported that revenue rose 25 percent to $21 billion in the fourth quarter,” it’s still … Continue reading

Financial Daily Dose 1.24.2020 | Top Story: OCC Hits Former Wells Fargo Execs With Enforcement Actions Over Sham-account Scandal

BY: Michael D. Reif | January 24, 2020

The OCC announced yesterday that it’s bringing enforcement actions against five former Wells Fargo bank executives as part of their alleged roles in the bank’s sales practices scandal. The agency further revealed that it’s already settled with three additional execs, including former CEO John Stumpf, who will pay $17.5 million and lose access to the … Continue reading

Financial Daily Dose 1.22.2020 | Top Story: Boeing Again Delays Return of 737Max to the Skies

BY: Michael D. Reif | January 22, 2020

Boeing has again pushed back the return of its flawed 737Max model, revealing yesterday that it doesn’t expect regulators to sign-off on their return to the air until at least summer – NYTimes and WSJ and Bloomberg and MarketWatch Brazilian prosecutors have charged former Vale SA CEO Fabio Schvartsman and ten others with homicide “in … Continue reading

Financial Daily Dose 1.9.2020 | Top Story: “Highlights” from Carlos Ghosn’s Accusatory Press Conference

BY: Michael D. Reif | January 9, 2020

A recap of Carlos Ghosn’s big media moment on Wednesday, which was short on the escape details everyone wanted to hear and long on accusations against other execs at Nissan and Japan’s justice system – NYTimes and WSJ and Bloomberg and MarketWatch The Journal’s reporting that food-delivery company Grubhub, which went public nearly 6 years … Continue reading

Financial Daily Dose 12.10.2019 | Top Story: Remembering Influential Former Fed Chair Paul Volcker

BY: Michael D. Reif | December 10, 2019

Some remembrances upon the passing of influential former Fed Chair Paul Volcker, a force in American economic policy for nearly 60 years who led “the Federal Reserve’s brute-force campaign to subdue inflation in the late 1970s and early ‘80s” – NYTimes and WSJ and Bloomberg and MarketWatch and Marketplace Antivirus software company McAfee LLC is … Continue reading