A letter sent to the Trump administration from New York City’s A-List business leaders, including many from top Wall Street financial services firms, underscores the need for “an orderly presidential transition process” so that the country can re-focus on ending the global pandemic. The letter also underscores the need for more cooperation among groups and… Read More >>
Meet the New Czar of Wall Street Regulation
Until recently, Congressman Jeb Hensarling, a Republican from Texas, was not that well known outside the beltway in Washington, D.C., and the hallways of Wall Street firms. But that is rapidly changing. Given the GOP’s control of the federal government, Hensarling may well become the sworn enemy of U.S. Senator Elizabeth Warren, the divisive Democrat… Read More >>
Why the Wells Fargo Mess Makes Wall Street Nervous
My guess is that the dizzying fall from grace for Wells Fargo Chairman and CEO John Stumpf is making some Wall Street executives a little nervous, especially if they have something to hide. To recap, after a scandal broke about the bank setting up fraudulent consumer accounts, the Wells Fargo board of directors decided this… Read More >>
SEC Hits WL Ross with $2.3M Penalty
SEC officials report that WL Ross & Co. LLC, a New York-based private equity fund adviser, founded and chaired by investor Wilbur L. Ross, will pay a civil penalty of $2.3 million, plus reimbursements, to settle charges that it failed to disclose its fee allocation practices to the WLR Funds and their investors, resulting in… Read More >>
Glass-Steagall May Survive the U.S. Presidential Race
The major U.S. political party conventions to nominate Donald Trump and Hillary Clinton for president have been nothing if not colorful. Yet hidden among the balloons and confetti is the news that both political parties have more or less endorsed a return to the Glass-Steagall provision separating commercial and investment banking. Our first stop is… Read More >>
House Financial Services Chair Offers Plan to Gut Dodd-Frank
The Republican chairman of the House Financial Services Committee, Texas Congressman Jeb Hensarling, has unveiled a plan to repeal the Dodd-Frank Act, which he has called a “grave mistake,” and replace it with the Financial CHOICE Act. CHOICE, in the Hensarling plan, is an acronym for Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs…. Read More >>
A Wish List for the Presidential Debates
Now that the smoke is clearing from the U.S. presidential primary battles and we have two clear winners, let me offer a few suggestions to the presumptive nominees Donald Trump for the Republicans and Hillary Clinton for the Democrats. (Bernie, please exit while you still have your dignity.) This is a wish list of Wall… Read More >>
Reporter’s Notebook: How Donald Trump Horrifies Europe
(Editor’s note: Lynn Strongin Dodds, a London-based contributor to FTF News, shares her views of the Trump phenomenon. Dodds has dual citizenship in the U.S. and the U.K.) Although the U.K. is in the throes of the European Union referendum debate, there is also incredulity that Donald Trump has clinched the Republican nomination. It was… Read More >>
Why Trump Has Few Friends on Wall Street
As we have seen during the endless presidential campaign, Donald J. Trump, the presumptive nominee of the Republican Party has skillfully ducked specifics when making speeches or during debates. Until last week, Trump, who loves to blast his own horn, has been rather quiet about the Dodd-Frank reforms. But that is over. “Dodd-Frank has made… Read More >>
Bernie Sanders Joins Trump Campaign
After several secret overtures, real estate mogul and self-declared King of America, Donald J. Trump has apparently seduced U.S. Senator Bernie Sanders into the joys of capitalism and the former sappy socialist from Vermont is begging forgiveness from “yuge” Wall Street behemoths. In a major rally today outside of the New York Stock Exchange, the… Read More >>
