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The Morgan Stanley bankers taking on America’s two-party system

“A group of top bankers at Morgan Stanley have thrown their weight and more than a million dollars behind a fledgling political party they hope can take on US president Donald Trump” writes Paul Donovan for telegraph.co.uk. But the Morgan Stanley bankers believe the recently launched Serve America Movement (SAM) will be the one to make a breakthrough, at a time when US politics is more divided than ever. Source: telegraph.co.uk Share This:

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Who has Fed Chair Powell’s ear? Lawmakers and bankers

“Powell met international central bankers and other foreign government officials 32 times versus Yellen’s 26” reports businessinsider.com. In contrast, in her first four months on the job, Yellen met with seven lawmakers, six of whom were Democrats.Yellen, who holds a doctorate in economics and was a university professor before joining the Fed, had six meetings with bankers and eight with economics professors. Source: businessinsider.com Share This:

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Top bankers accused of avoiding responsibility for stopping money laundering 

“Senior bankers are dodging responsibility for stopping money laundering, senior crime fighters suspect, to avoid them or their banks suffering the consequences if clients turn out to be crooks” writes Tim Wallace for telegraph.co.uk. Tougher laws could help the authorities hold finance companies liable for enabling laundering, but currently they struggle to pin the blame on institutions involved.Mark Thompson, interim director of the Serious Fraud Office, told MPs top bankers may be deliberately avoiding making any decisions which could come back to haunt them later. He said the Treasury select…

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GBP News 

Barclays moving up to 50 investment bankers to Frankfurt ahead of Brexit

“Barclays is moving up to 50 investment banking jobs from the UK to Frankfurt as it accelerates preparations for Brexit” writes Matthew Lynn for telegraph.co.uk. Forty to 50 of these jobs will be based in a unit in Frankfurt, a branch business that sits below the Ireland subsidiary.The high street bank employs almost 49,000 people in the UK in total.The UK bank has previously said it is moving between 150 to 200 people to its business in Dublin, which has an EU banking licence and will be its main base…

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US businesses are putting off investment because of trade war worries, Fed chief warns

“US businesses are now holding off on vital investment decisions because of increasing worries about a global trade war, according to Jerome Powell, the chairman of the US Federal Reserve” writes Ben Marlow for telegraph.co.uk. Central bankers have noted a chilling effect on business investment as tit-for-tat tariffs are exchanged between the US and other countries triggered by Donald Trump’s decision to put levies on metals imports. Mr Powell said: “For the first time we’re hearing about decisions to postpone investment, postpone hiring, postpone making decisions.” The US Fed chief’s revelation, while speaking on…

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This critical look at central bankers is Amazon’s best business book of 2018

“Central banks come in for a bashing in the book that Amazon.com lists as the best business and leadership book so far this year” writes Silvia Ascarelli for marketwatch.com. Amazon AMZN, -0.33% book editors put “Collusion: How Central Bankers Rigged the World” at the top of their midyear list of the best business and leadership books.In her latest book, published in May, she takes a hard look at how central bankers have behaved in the wake of the 2007-2008 financial crisis and how they are changing the world with a…

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Biotech’s Soon-Shiong hiring bankers for Nant cancer drug IPO

“LOS ANGELES (Reuters) – Billionaire Patrick Soon-Shiong plans to take an experimental cancer treatment company public this year and has begun hiring bankers, the biotechnology entrepreneur told Reuters” reports businessinsider.com. Later, he founded Culver City, California-based NantWorks, from which he has spun off two publicly traded companies – cancer-testing company NantHealth Inc and immunotherapy developer NantKwest Inc .Soon-Shiong made billions by founding and selling an injectable drugmaker, followed by a company that developed a way to make a chemotherapy drug more effective. Source: businessinsider.com Share This:

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Swiss vote on how to create money is challenging for bankers, economist says

“Switzerland’s upcoming vote on how to create money is intellectually challenging for the traditional banking system, an economist told CNBC on Friday” writes Silvia Amaro for cnbc.com. They use the 2008 global financial crash as an example of why the banking system needs to reduce irresponsible spending.The wealthy nation is due to vote Sunday on whether it should have a so-called sovereign money system — meaning the central bank would be the only provider of Swiss francs.In other words, commercial banks would no longer be able to create cash; their…

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Time is right for RBS share sale, bankers and analysts say

“One top 20 RBS shareholder said both his company and other funds would be interested in participating in the sale to gain access to RBS shares” reports businessinsider.com. But two equity capital markets bankers said that the window was still open for a possible RBS share sale despite nervousness over Italy, but it might now mean a smaller stake would be offered.”All further sales of RBS shares should be halted, and the bank reorganized under public control,” John McDonnell, finance policy chief for the opposition Labour Party, said in a…

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Getting Rich on Government-Backed Mortgages

“In 2007 he started making government-backed loans, working for various firms before signing on last year with American Financial Network” writes Prashant Gopal for bloomberg.com. To protect taxpayers, FHA borrowers are supposed to make small down payments, equal to 3.5 percent of the home’s purchase price.Jonathan Gwin, American Financial Network’s chief operating officer, says delinquencies are low for these kinds of loans.Then, as now, independent mortgage companies, the so-called nonbanks, dominated the business of making loans to people with blemished credit and low incomes. Source: bloomberg.com Share This:

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