Barclays Agrees to Settle Libor-Rigging Inquiry for $100 Million [NYT]
Barclays is once again paying money to regulators to settle allegations that its employees sought to manipulate a major benchmark interest rate.
On Monday, the British bank agreed to pay $100 million to settle an investigation brought by 44 states into accusations of bid-rigging involving the London interbank offered rate, or Libor. Eric T. Schneiderman, the New York attorney general, announced the multistate settlement with Barclays, which comes roughly four years after the bank paid $450 million to settle claims of Libor manipulation with federal and British authorities.
Trump Tax Plan Seen as Boon for Rich, Question Mark for Others [Bloomberg]
When Donald Trump first rolled out his tax plan last October, it contained a major boon for the middle-class -- a near quadrupling of the standard income-tax deduction, to $25,000 for individuals and $50,000 for couples filing jointly.
But when Trump updated his plan with an eye toward controlling its costs on Monday, he didn’t mention the standard deduction at all -- calling into question just how much benefit his plan has for lower- and middle-class taxpayers.
LendingClub turmoil takes toll as company posts widening losses [Reuters]
LendingClub Corp on Monday reported its largest quarterly loss in a year as it struggles to bring banks back to its online lending platform following the departure of its chief executive and a scandal involving altered loan documents.
LendingClub, which matches borrowers and lenders via an online marketplace, reported a second-quarter loss of $81.4 million, or 21 cents per share, compared to a loss of $4.1 million, or 1 cent per share, a year ago.
The company also continued its executive shakeup, with the resignation of Chief Financial Officer Carrie Dolan. Her departure is the first high-profile exit since the departure of Renaud Laplanche, the company's founder, as chief executive on May 9.
Man sets huge lorry tyre on fire - and his shorts get blown clean off when it explodes [Mirror]
A man's shorts were blown clean off - after he decided to stand right next to an exploding lorry tyre that he had just set on fire.
The bizarre prank was captured on camera by the man's pal who can be heard laughing as the man douses the tyre in lighter fluid and strikes a match.
Immediately, the huge rubber casing is engulfed in flames .
Credit Suisse CEO:‘I Will Never Declare Victory’ [Bloomberg]
Bankers face a daunting environment today, particularly chief executives of European institutions—as Tidjane Thiam of Credit Suisse has learned firsthand. Since Thiam took the reins as CEO in July 2015, the 160-year-old bank has lost more than half its market value. Critics have scrutinized him from the start for a lack of banking experience, and the Swiss media has repeatedly speculated about a possible replacement.
Born in the Ivory Coast, Thiam studied engineering at École Nationale Supérieure des Mines de Paris, one of France’s most prestigious universities, before working as a consultant at McKinsey, then rising in his native country’s government to become a cabinet member, and eventually taking over as CEO of insurer Prudential. Months after Thiam’s start at Credit Suisse—a bank steeped in history but mired in controversy—Thiam announced his strategy: expand wealth management and reduce dependence on trading. He raised capital and pushed ahead with cost cuts. An abysmal first quarter was followed by an unexpected second-quarter profit. Supporters say Thiam’s turnaround is already working: Operating expenses recently fell to the lowest level in more than two years, and the lender’s core capital ratio increased.
Deutsche Bank got fined for literally broadcasting potentially confidential information over loudspeakers [BI]
Deutsche Bank allowed potentially confidential research and trading information to be broadcast over internal speakers, according to the Financial Industry Regulatory Authority, or Finra.
That body fined Deutsche Bank $12.5 million after finding that the German bank was aware that broadcasts, known as "hoots" or "squawks," contained potentially confidential or price-sensitive information but "repeatedly ignored red flags" suggesting it wasn't adequately supervising the loud systems.
Delta Air Lines to cancel nearly 250 flights on Tuesday [Reuters]
Delta Air Lines Inc. said it was cancelling nearly 250 flights on Tuesday as it looks to restore operations after a power outage hit its computer systems on Monday, causing the cancellation of about 1,000 flights.
"We were able to bring our systems back on line and resume flights within a few hours yesterday but we are still operating in recovery mode," Delta, the No.2 U.S. airline by passenger traffic, said in a statement on Tuesday.
The outage forced Delta to ground planes, stranding passengers at airports around the globe.
World's Longest Aircraft Looks Like A Giant Flying Butt [HuffPo]
The world’s longest aircraft was brought out of its hangar in England over the weekend. But the first thing most people noticed about the Airlander 10, besides its enormous size, was that its front looked like a huge behind.