Friday, December 23, 2016

Financial Scandals and Nuclear Arms Race

It's my last paid "personal day" of the year.  My beloved bride is at work, errands have been done;  I'm going to have a dark beer or two and work on some music.  But before I do that, lest I drop the ball like I did yesterday, imma hit you with some BLOG.

How's Goldman Sachs doing?

Even as Goldman Sachs is gaining a more prominent profile in the administration of Donald J. Trump, the Wall Street investment firm is undergoing scrutiny in an investigation in a sprawling international money laundering and embezzlement scheme.

How's Deutsche Bank doing?

Deutsche Bank announced late on Thursday that it had reached a tentative $7.2 billion deal to resolve a federal investigation into its sale of toxic mortgage securities, capping months of negotiations that weighed heavily on the bank’s stock price and reputation.

(Once they've settled that, they can get back to business helping Russians smuggle money out of their own country.  Russia, led by strong leader!  Much we can learn from them!)

How's Credit Suisse doing?

Credit Suisse said on Friday that it had agreed to pay $5.3 billion to settle an investigation by the United States authorities into the packaging and sale of mortgages ahead of the global financial crisis eight years ago.

How's Wells Fargo doing?

The failure of the bank’s so-called living will test, even as four other big banks passed, kicked off the latest crisis for Wells Fargo, which is still reeling from its sales-tactics scandal. And it poses yet another challenge for [Wells Fargo Chief Timothy] Sloan, who only took the bank’s helm in October after the abrupt retirement of former CEO John Stumpf.

(God, remember this?  Almost certainly, what the finance sector needs is less regulation.)

“Let it be an arms race,” Mr. Trump said, according to Ms. Brzezinski, who described her conversation with the president-elect on the morning news program moments later. Mr. Trump added: “We will outmatch them at every pass and outlast them all.”

Great! A nuclear arms race.

Happy holidays everyone!!!

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