Skip to main content

There aren’t enough dollars to go around these days for people at ATMs, investors dumping foreign currencies or money-market funds, the Fed’s best efforts notwithstanding. Companies are hoarding what cash they have. Jamie Dimon is closing a fifth of his branches. Bank stocks are in the toilet. But there is good news:

The bank, Square Financial Services, Inc., is expected to launch in 2021 and will be supervised by the Federal Deposit Insurance Corp. and the Utah Department of Financial Institutions, the company said on Wednesday.

That’s just what Paul Singer undoubtedly wants. And he’s not the only one taking issue with the profitability of Jack Dorsey endeavors.

FDIC board member Martin Gruenberg voted against Square’s application, arguing that Square had not been profitable historically and couldn’t serve as a source of financial strength to its bank.

“Square has yet to demonstrate its viability during a downturn in the economic cycle. In fact, it has failed to demonstrate its viability during the upside of an economic cycle,” Mr. Gruenberg said in a statement.

Square Gets Green Light to Open a Bank [WSJ]
Some Bank Branches Run Low on Cash as Customers Make Big Withdrawals [WSJ]
The World’s Desperate for Dollars [WSJ]
Federal Reserve to shore up prime money market funds amid Wall Street rout [CNBC]
Fed Aims to Keep Dollars Flowing Globally in Nine New Agreements [NYT]
Ford Nixes Dividend, Suspends Guidance [WSJ]
Chase to temporarily close 1,000 branches over coronavirus concerns [N.Y. Post]
Banks Have Nowhere to Hide in the Coronavirus Crisis [WSJ]


Jack Dorsey Thinks That Brian Moynihan Is A Bit Simple

Jack is playing 3D chess, Brian is still trying to figure out checkers.

See page for author [Public domain], via Wikimedia Commons

Regulators Unceremoniously Dump Volcker Rule Into Crude Ditch Next To Its Author

But not without delivering another, posthumous “F.U.” to the late former Fed chief.

Having So Many Jobs Has Apparently Taught Jack Dorsey The Art Of Under-Promising

Square's IPO is the best of times, Square's IPO is the worst of times.

Jack Dorsey Learning The Hard Way That Larry Summers Has No Quiet Period

L-Summs ain't never been about keeping it to himself.

(Getty Images)

Here’s What’s Keeping Jamie Dimon Up at Night

Here’s a hint - it rhymes with “snare.”


Jack Dorsey Has Two Jobs And One Hip-Hop Star Promising To Ruin His Life With Bad Magic

Well, this is definitely today's most entertaining Fintech story.