Four years on from the financial crisis, new banking scandals still seem to break out every few months. But this week has been particularly bad for the industry. There was HSBC’s $1.9 billion settlement with the U.S. Justice Department over laundering money for Latin American drug cartels and helping countries like Iran, Cuba, Sudan, …
Finance
How Fining Bad Banks Can Fix Our Biggest Money Problems
When the government came down hard on Big Tobacco a decade ago regulators required that a portion of any penalties go toward educating youth on the dangers of smoking. Amid the big bank Libor scandal and a stream of continuing bank fines, regulators now should require that a portion of future bank penalties fund financial education. It’s …
Highly Educated Have Biggest Debt Problems
The federal government is suing Bank of America for a $1 billion over the bank’s pre-crisis mortgage practice known as “the hustle.” But it wasn’t just naive home buyers who fed the financial crisis. Renters and the well educated had too much debt too, and a new study concludes that college graduates are most prone to debt mismanagement.
How to Crowdfund Your Creative Project
Once a quirky financing option for intrepid entrepreneurs, crowdfunding has evolved into a fast, effective way to raise cash for just about any endeavor. Even the producers of the upcoming Charlie Kaufman movie, Anomalisa, raised …
Saving the Euro Zone, One Bank at a Time
EU’s new focus on banking union is a political minefield but a financial imperative to stave off further crises
Vikram Pandit Falls on His Sword. But Who Can Save Citigroup?
When Vikram Pandit took over Citigroup in 2007, he was seen as an unlikely choice. In an industry dominated by white, glad-handing alpha males, Pandit is a bookish Indian immigrant known for his financial acumen but not his …
Spain Plays Cat-And-Mouse Over Bailout
An upcoming E.U. summit on banking union is being overshadowed by speculation over whether Spain will apply for financial rescue.
Are Average Investors Getting Bilked by Wall Street Supercomputers?
While high-frequency trading has propped up volume in the market, the method rewards shortsighted investors looking to make a quick profit
Bain Capital, Private Equity Firms Accused of Price Fixing in Lawsuit
Mitt Romney’s presidential run has had the ancillary effect of increasing scrutiny of the private equity industry. After all, Romney founded the private equity outfit Bain Capital, and has built his case for the presidency in …
New Public-Private Partnerships: The President’s Stealth Plan To Create Jobs?
As casual reading, the Presidential Memorandum “Accelerating Technology Transfer and Commercialization of Federal Research in Support of High-Growth Businesses,” released Oct. 28, 2011, is about as riveting as the Department of …
‘Super Mario’ Rides to the Euro’s Rescue
ECB plan to buy sovereign bonds of euro nations under market attack marks significant shift in policy
Amid Public Backlash, Bankers Maintain Influence in Washington
Wall Street isn’t the most popular industry in America right now. A poll conducted last fall by the Washington Post and ABC News found that 70% of the country viewed financial institutions on Wall Street unfavorably — and that …
