News 

Let’s get creative with existing taxes to fix housing crisis | Op-Ed

“Why not put a tax on real estate sales that sellers pay into a separate, dedicated fund to develop affordable housing?” writes Special To The for seattletimes.com. We were glad to see the Seattle City Council scrap its ill-advised head tax on jobs to address the growing homelessness and housing crisis.A county that keeps $10 million annually could potentially bond that to secure $100 million toward creating affordable housing.Similarly, why not expand the construction budget commitment and add a public-private matching grant program to rapidly develop affordable housing and job-training…

Read More
News 

Wall Street traders set for best year since aftermath of crisis

“Wall Street trading desks started to see their fortunes fade in 2010 as the huge relief rally that came after the 2007-2009 financial crisis dissipated” writes Midwest Communications Inc for 95kqds.com. As Wall Street banks overhauled trading businesses and waited for markets to pick up, revenue tracked almost consistently downward since 2009.Citigroup Inc was the only major bank to report lower trading revenue, citing challenges in fixed income markets.New regulations on proprietary trading, derivatives and capital crimped big banks’ trading profits in the following years, as did the popularity of…

Read More
News 

France needs ‘food safety police’ to avoid new Lactalis crisis: report

“Food inspections in France are currently split between three administrations – economy, food and health -, which has created gaps and confusions in previous crises” writes Midwest Communications Inc for 95kqds.com. In their findings, lawmakers recommended tougher judicial and financial sanctions against food makers in case they sell a contaminated product.PARIS (Reuters) – France should appoint a “food safety police” and increase fines on those who sell contaminated products to avoid a repeat of the salmonella outbreak at a Lactalis milk factory last year that led to dozens of babies…

Read More
Brokers News Stocks 

Crisis of the Week: TP ICAP Stock Price Takes a Hit

“TP ICAP said it is facing costs relating to Brexit, regulation and technological security” writes Ben Dipietro for wsj.com. TP ICAP, the world’s biggest interdealer broker, lost more than one-third of its market value on July 10 after the company revealed it faces higher costs and announced the departure of its chief executive.What failings led to the higher costs?. The stock price is up slightly since the announcement, closing on July 16 at 274 pence ($3.63) after ending July 10 at 269.3 pence ($3.57). Source: wsj.com Share This:

Read More
News 

America may not have the tools to counter the next financial crisis, warn Bernanke, Geithner and Paulson

“A decade after the 2008 recession, the policymakers who countered it on its front lines are worried that the U.S. may not be adequately armed for the next economic crisis” writes Natasha Turak for cnbc.com. Post-crisis reforms also strengthened the banking system and made it easier for big banks to be shut down rather than needing government bailouts.The former economic officials said that the changes so far made sense, like exempting some smaller banks from the law’s strictest requirements.Current efforts are underway by Congressional Republicans and President Donald Trump to…

Read More
News 

Three financial titans are worried we’re forgetting the lessons learned from the 2008 crisis

“Three men who played a central role in the US response to the 2008 financial crisis have voiced concern that the country may be forgetting the lessons learned from the crisis” writes Michael Selby-green for businessinsider.com. President Trump’s administration has been spearheading a loosening of Dodd-Frank, the law passed after the financial crisis to tighten financial regulatory loopholes.This combined with what they called the US’ “dysfunctional” political system could cause trouble if another financial crisis were to strike, they said.The 2010 saw was designed to make the US financial system…

Read More
News 

Dark money lurks at the heart of our political crisis

“Dark money is cash whose source is not made public, and which is spent to change political outcomes” writes George Monbiot for theguardian.com. While dark money has been used to influence elections, the role of groups such as the IEA is to reach much deeper into political life.A mere two millennia after Roman politicians paid mobs to riot on their behalf, we are beginning to understand the role of dark money in politics, and its perennial threat to democracy.I see them as the means by which money comes to dominate…

Read More
News Stocks 

Goldman Sachs Names David Solomon C.E.O. as Blankfein Plans Exit

“Then came the financial crisis that hobbled the banking industry, followed by a return to robust profits in 2009” reports nytimes.com. Blankfein’s first full year running Goldman Sachs, the firm brought in close to $1 billion per week in revenue, thanks largely to its stock and bond trading. Source: nytimes.com Share This:

Read More
News 

David Solomon, investment banker and part-time DJ, to lead bank

“A veteran banker who also DJs under the stage name DJ D-Sol has been named as the next chief executive officer of Goldman Sachs” writes Dominic Rushe for theguardian.com. Blankfein steered the bank into and out of the aftermath of the financial crisis – a crisis that proved almost existential for Goldman Sachs.Solomon, the current president of the bank, is also a yoga practitioner and plays electronic dance music as DJ D-Sol. Source: theguardian.com Share This:

Read More
News 

Debenhams denies it faces cash crisis after insurer setback

“Debenhams is seeking to reassure the City it is in financial good health after a top credit insurer cut cover to suppliers of the troubled retail chain” writes Liam Halligan for telegraph.co.uk. A credit insurance industry source said the decision to reduce cover would be taken to “avoid unacceptable risk” and was a “similar sign to what other unsecured creditors might do” to limit exposure to the risk of unpaid bills. The source added that credit insurers were closely scrutinising retailers as they come under increasing pressure from online rivals.…

Read More