Banks

  • 30 Sep 2014 at 3:30 PM
  • Banks

Benjamin Lawsky Shows The Limeys How It’s Done

Let a financial wrongdoer off scot-free? That wouldn’t be good for New York Financial Services Superintendent Benjamin Lawsky’s future political career, and so it is not how New York Financial Services Superintendent Benjamin Lawsky operates. Now, unlike certain lazy, weak-willed, tea-drinking regulators, Benjamin Lawsky can’t put anyone in jail. But that doesn’t mean he’s going to let any Wall Street scofflaw escape responsibility, even if it is the easy way out. Read more »

Read on and learn, well, basically nothing that you could not have intuited. Read more »

  • 30 Sep 2014 at 1:45 PM
  • Banks

BofA Kinda Forgot That Structured Notes Mature

Ah, 2009: Heady times at Bank of America, what with Merrill Lynch being dropped (/forced) into their lap and all. Still, it does seem rather a big oversight to have failed to account for the fact that bonds and options, you know, don’t last forever—and then to have missed it for four years and almost $4 billion. Read more »

Paul Singer doesn’t want to hear the bank’s bellyaching. Neither does the U.S. Second Circuit Court of Appeals. But not wanting to go the way of BNY Mellon, Citi will try its hand once more with the not-always-sympathetic Thomas Griesa. Read more »

The former chief counsel of the U.S. Treasury Office of Foreign Control Assets is leaving his lucrative white-shoe law-firm job for the (presumably even more lucrative) job leading BNP’s shiny new U.S.-based compliance operation. Read more »

  • 18 Sep 2014 at 3:15 PM
  • Banks

An Offer You Couldn’t Possibly Want To Refuse

The Justice Department more or less exists to put people in jail. And in spite of what Antonin Scalia might think, banks are not people. At least, they aren’t people-y enough to put in jail. And that’s the point: You can file criminal charges against a bank, sure, but you probably won’t get to grandstand in front of a jury and will instead have to strike some sort of unsatisfying settlement that might not impress the white-shoe law-firm you’d like to join in a couple of years as much as a courtroom scalp.

You know who you can put into jail? Bank employees. Because bank employees are actual people whose physical personages can be placed behind bars. And if you’re a bank and you can help the Justice Department put some people in jail, it would sure be grateful. Full cooperation credit grateful. Read more »

  • 16 Sep 2014 at 3:25 PM
  • Banks

Citigroup Will Get Out Of Subprime Lending No Matter What It Takes

Mike Corbat’s subprime albatross, OneMain Financial, is finally making some money, meaning it’s now or never for getting rid of it. Which means now. Read more »