JPMorgan Chase will pay $2.8 million to settle charges that a broker-dealer unit lacked sufficient controls to safeguard customer securities from several countries over more than eight years, a U.S. regulator said on Wednesday. The Financial Industry Regulatory Authority said JPMorgan Clearing created hundreds of millions of dollars of deficits by violating U.S. rules designed
There have been doubts about whether proceeds from Chinese green bonds are used to finance projects that truly help the environment. For instance, the People’s Bank of China and the National Development and Reform Commission allow green bonds to fund “clean” coal projects — something that many regulators overseas would not allow, according to a
Check out the companies making headlines after the bell Tuesday: Energous stock surged more than 65 percent after the bell. The charging technology company announced it received Federal Communications Commission approval for its propriety WattUp transmitter. The much-hyped router purports to charge devices wirelessly, using Radio Frequency projections. The certification is the first of its
Greenlight Capital’s David Einhorn, who is known for his prescient short bets against stocks like Lehman Brothers, shared the top reasons for his stellar hedge fund career. The billionaire hedge fund manager was asked what he believed is most important factor for his investing success during an Oxford Union event last month. “If I had
After rallying to a record high above $19,800 midway through December, bitcoin prices collapsed last Friday. The digital currency lost a third of its value in a single day, briefly sinking below $11,000 before regaining some of the ground it lost. Bitcoin traded at $15,185 on Tuesday, according to Coinbase. “For experts that have been
If the cryptocurrency boom goes bust, Wells Fargo Securities believes stocks could easily get dragged into the chaos. Christopher Harvey, the firm’s head of equity strategy, is paying close attention to the unprecedented activity in what could be one of the most epic bubbles of all time. “There is a significant amount of froth in
Yes, it’s a bull on a goddamn pogo stick, vaulting over a bear. Talk about tempting fate… But so what. If fading this cover is your idea of “managing money”, maybe retire. If mocking it is your idea of cleverness, delete your account. It’s an old joke that hasn’t been funny in a decade. Here’s
The Wells Fargo Investment Institute sees the tax overhaul as a game changer. Scott Wren, the firm’s senior global equity strategist, says there’s a high probability the stock market could see a 10 percent gain or more next year because it’s single-handedly lengthening the recovery. “This tax package is definitely a kicker, and it’s going
Royal Bank of Scotland Group will pay $125 million to resolve claims that it made misrepresentations while selling mortgage-backed securities to two large California pension funds, the state’s attorney general has announced. The settlement announced on Friday by California Attorney General Xavier Becerra was the latest by RBS aimed at resolving claims stemming from its
A skeptic doesn’t need to be a political partisan to wonder about the Wells Fargo claim that the tax cuts made all the difference. In fact, Wells Fargo provided reason to doubt its intentions as it stumbled in getting the minimum wage message out. Just look at this Los Angeles Times story from Thursday: Wells
The only major Wall Street strategist to formally cover bitcoin raised his price target on the digital currency the day of a massive price rout. “We are buyers of bitcoin on this pullback,” Fundstrat co-founder Tom Lee said in a Friday note. “The intrinsic/fundamental value of bitcoin has risen in the past month given the
Bitcoin soared above $19,800 on Sunday and was trading near $15,500 for much of Thursday New York time, according to Coinbase. On Friday morning, bitcoin dropped to a low of $10,400 on Coinbase. It had recovered above $13,500 by Friday afternoon. The market action on Friday led to buying and selling being temporarily disabled for
Getty Images A computer screen at the Cboe Global Markets exchange (previously referred to as CBOE Holdings, Inc.) shows Bitcoin cash and futures prices on December 19, 2017 in Chicago, Illinois. Cboe Global Markets has applied with the SEC to list six bitcoin-related exchange-traded funds as the company bets further on the emerging new asset
Bitcoin hit a record high above $19,800 Sunday but had plunged 47 percent from that level to a low of $10,400 on Coinbase Friday in a volatile trading session. The former Fortress macro hedge fund manager said on CNBC’s “Fast Money” on Dec. 12 that he was going to launch his fund at the end
Bank of America will give some of its employees a $1,000 bonus, citing the tax bill that was just signed into law. “Beginning in 2018, we will see benefits from the tax reform … in the form of lower corporate tax rates,” CEO Brian Moynihan said in an internal memo to employees obtained by CNBC.
If the price of bitcoin continues to drop, other markets could begin to feel the heat, according to Ron William, founder and principle market strategist at RW Market Advisory. Bitcoin was seen trading below a psychologically key mark of $13,000 Friday, shaving $3,000 from its value in less than 12 hours. William said that a
However, the declines followed a volatile few days for cryptocurrencies. The bitcoin offshoot, bitcoin cash, soared to record highs above $4,000 Wednesday, as crypto-marketplace Coinbase made a rocky attempt to make it possible for people to buy and sell the digital currency. However, bitcoin and bitcoin cash fell Thursday, and losses accelerated in the evening.
Most people including traders are not very good at making predictions, even just a year ahead. But Art Cashin has had a reasonably strong track record. (Read Cashin’s 2018 outlook here.) On December 14, 2016, I sat down with Art at Bobby Van’s for our annual look-ahead. The discussion was dominated by the election of
Anthony Kwan | Bloomberg | Getty Images Roger Ver, chief executive officer of Bitcoin.com. “Whereas if they’re stuck on your own phone or your own computer and everybody’s running for the door … it will be too late at that point to move your own bitcoins from your own wallet onto an exchange,” he said.
Bitcoin cash, an offshoot of the wildly popular bitcoin, climbed Tuesday afternoon and soared further above $3,000 after Coinbase announced around 7 p.m. ET it was beginning trading in the cryptocurrency. The news surprised many in the market since Coinbase said in August it wouldn’t allow withdrawals of bitcoin cash until Jan. 1, 2018. “This