Gary Cohn Says Goodbye To Goldman Sachs (BI)
"Now I'm going onto a spectacularly new challenge, and I'm sure many of those voids will get filled," he said. "But this spot in my heart, in my mind, will be here for a long time."
President-elect Donald J. Trump on Tuesday officially selected Rex W. Tillerson, the chief executive of Exxon Mobil, to be his secretary of state. In saying he will nominate Mr. Tillerson, the president-elect is dismissing bipartisan concerns the globe-trotting leader of an energy giant has a too-cozy relationship with Vladimir V. Putin, the president of Russia.
While the Fed has faced more severe pressure from past presidents than a Twitter tantrum, the last three administrations under Bill Clinton, George W. Bush and Barack Obama have refrained from publicly commenting on policy decisions. That could change under Trump, who slammed the Fed during his election campaign and has demonstrated repeatedly his willingness to flout the conventions and sensibilities of establishment Washington.
Traders Scheme To Cash In On Trump Tweets (Politico)
On Wall Street, a person who can move a stock is called an “axe.” Trump, with his itchy Twitter finger, is quickly emerging as the biggest axe there is. Move quickly after a Trump tweet and there are potentially millions to be made. Miss out on one, or misjudge its impact, and your portfolio could take a hit.
Many of the "disturbing" trends that affected mainland equities just before they crashed in mid-2015 are still present and some have even gotten worse, said David Cui, a Singapore-based strategist at Bank of America. Leverage is higher now, individual investors still dominate trading, major shareholders are cutting their stakes, while hedge funds have emerged as the largest institutional investor, he said.
There’s one rather glaring problem with Ms. Warren’s attack: Whitney Tilson happens to be one of the few financial executives who publicly fought Mr. Trump’s election and supported Hillary Clinton. A lifelong Democrat, Mr. Tilson also happened to be one of the rare Wall Street executives who had donated to Ms. Warren and actively sought new regulations for the industry. Recently, he gave Mrs. Clinton $1,000 so he could see Ms. Warren speak at a campaign fund-raiser. (He’s also far, far from a billionaire.)
The former ball player—and admitted steroid user—has gained an odd following in the financial community after making several economic predictions on Twitter, some of which were surprisingly correct. In February, he predicted a gold rally when other analysts felt bearish. He also raised the red flag on a housing bubble in Vancouver.
Soon after Steve Mnuchin sold OneWest Bank last year, problems emerged that may tarnish his record there. The U.S. Department of Housing and Urban Development opened an investigation into foreclosure practices in a division that handles loans to senior citizens. Accountants determined the unit’s books were a mess. Eventually, the bank’s new owner, CIT Group Inc., discovered a shortfall of more than $230 million.
When a banking glitch accidentally granted an Australian law student massive overdraft privileges, he did what he thought anyone in his shoes would do: spend, spend, spend. Luke Moore breezed through $1.5 million ($2.01 million in Australian currency) on sports cars, boats, luxury vacations and strippers.