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Bank of America slams 'volatile' and 'impractical' bitcoin

Financial News
Bitcoin's volatility makes it 'impractical as a store of wealth or payments mechanism'
Bitcoin’s exceptional volatility makes it “impractical as a store of wealth or payments mechanism,” the bank's analysts said
Getty Images
By
Wednesday March 17, 2021 2:11 pm
Analysts at Bank of America have attacked bitcoin as “exceptionally volatile” and “impractical” in a 17 March research note.
In the note, the analysts said there was “no good reason to own bitcoin unless you see prices going up”.
The analysts said the supply of the cryptocurrency was by design artificially constrained so demand swings are...

United-states , America , Analysts-at-bank , Bank-of-america , Fintech , Bitcoin , News , Cryptocurrencies , Banking , Banking-credit , Financial-services

Crypto firm Cred failed due diligence, set ex-UK fugitive in charge of capital raising

Crypto firm Cred failed due diligence, set ex-UK fugitive in charge of capital raising
The firm’s collapse into bankruptcy was largely due to a 'dereliction in corporate responsibility'
By
Wednesday March 10, 2021 7:30 am
Cryptocurrency investment platform Cred unwittingly put a convicted financial criminal identified by the UK as a fugitive in charge of raising and deploying the firm’s capital before its collapse into bankruptcy, a court-appointed examiner said.
An examiner’s report filed on 8 March in the US Bankruptcy Court in Wilmington, Delaware, said that Cred failed to keep reliable records, properly track customer funds, perform due diligence on the firm’s investments or uncover the “extremely worrisome past” of former Chief Capital...

Delaware , United-states , United-kingdom , Us-bankruptcy-court , Chief-capital , Fintech , News , Crypto-currency , Banking-credit , Financial-services , Financial-technology

Hong Kong won't appeal ex-JPMorgan banker bribery acquittal

Hong Kong won’t appeal ex-JPMorgan banker bribery acquittal
Leung Kar-cheung was acquitted of two counts of bribery on 1 February
By
Thursday March 4, 2021 8:16 am
The Hong Kong government won’t appeal the acquittal of an ex-JPMorgan banker accused of bribery after offering a job to the son of a client.
Ex-banker Catherine Leung Kar-cheung was charged in 2019 with bribing the chair of Kerry Logistics by offering a job to his son, The Wall Street Journal reported.
Leung was acquitted of two counts of...

Hong-kong , Catherine-leung-kar-cheung , Kerry-logistics , Wall-street-journal , News , Jp-morgan , Freight-transportation-arrangement , Financial-investment-services , Banking-credit , Freight-transport-logistics , Financial-services

Family sue Robinhood app over young trader's suicide

A young trader believed he had lost hundreds of thousands of dollars on the Robinhood app

California , United-states , Nebraska , Alex-kearns , University-of-nebraska , Robinhood-markets , Wall-street-journal , Gamestop , News , Trading , Markets , Robin-hood

Nouriel Roubini: The great crypto heist

Cryptocurrencies have given rise to an entire new criminal industry, but financial regulators and law-enforcement agencies remain asleep at the wheel

Bitcoin , Trading , Regulation , Crypto-currency , View , Banking-credit , Financial-services , Financial-technology , Technology , Virtual-currencies-cryptocurrencies , Regulation-government-policy

They were involved with white-collar crimes but Donald Trump has pardoned them

They were involved with white-collar crimes but Donald Trump has pardoned them
Trump has pardoned a string of business people convicted of crimes including racketeering, wire fraud, money laundering, and insider trading
Former Google and Uber engineer Anthony Levandowski was sentenced to 18 months in prison in August for stealing trade secrets from Googles self-driving car programme but has now been pardoned by Donald Trump
Getty Images
By
Wednesday January 20, 2021 2:19 pm
Trump has pardoned 73 people and commuted the sentences of an additional 70 people as his time in office draws to a close.
These are the people from the worlds of business and finance who received pardons or commutations from Trump.

Donald-trump , Crime , News , Politics , Corporate-crime-legal-action , Corporate-industrial-news , Insider-dealing , Political-general-news , Crime-legal-action , Money-laundering , Financial-crime

Siemens Energy Stock Tumbles as GE Sues Rival Over Alleged Trade Secrets Theft

Siemens Energy
stock tumbled on Friday, after
General Electric
sued the German company over the alleged theft of trade secrets it claims were used to win contracts worth billions of dollars.
Shares in the company, a spinoff of
Siemens
that listed in September last year, were 6.3% lower in early trading. Despite the fall, the stock has still risen 44% since its listing.
The lawsuit, filed with a U.S. District Court in Virginia on Thursday, alleges that Siemens Energy obtained the U.S. giant’s trade secrets when both companies were competing over a gas turbine contract for Virginia-based power utility

Germany , Virginia , United-states , South-carolina , German , Siemens-energy , Dominion-energy , Siemens , Us-district-court , General-electric , Electricity-gas-utilities

Cuba's Support for Terror

Obama’s engagement failed to change Havana’s behavior.

Cuba , Colombia , United-states , Venezuela , Havana , Ciudad-de-la-habana , Colombian , Venezuelan , American , Cuban , Department-bureau-of-counterterrorism

New York State Senator Accused of Domestic Abuse

Jan. 12, 2021 5:38 pm ET
A Democratic New York state senator representing parts of the Bronx was stripped of his committee assignments on Tuesday after an alleged domestic abuse incident last week, a top lawmaker said.
Luis Sepúlveda, 56 years old, turned himself in Tuesday at a Bronx police precinct, a New York Police Department spokeswoman said. Mr. Sepúlveda was charged with criminal obstruction of breathing, a misdemeanor, in connection with an altercation with his wife, police officials said.
According to the officials, authorities received a 911 call for a domestic incident involving Mr. Sepúlveda and his wife early on the morning of Jan. 9. Officers who responded to the Daly Avenue residence said both spouses accused each other of assault, police officials said.

Luis-sep , Marvin-raskin , York-police-department , Democratic-new-york , New-york-police-department , Daly-avenue , Political-general-news , Society-community , Crime-legal-action , Domestic-violence , Politics-international-relations , Domestic-politics

Supreme Court Restores Mandate That Women Pick Up Abortion Drugs in Person

Updated Jan. 12, 2021 9:24 pm ET
WASHINGTON—The Supreme Court Tuesday reinstated requirements that women seeking medication abortions make in-person visits to pick up their prescriptions, siding with the Trump administration over medical organizations that argued the mandate exposes patients to needless risks during the coronavirus pandemic.
The court’s three liberal justices dissented from the majority’s brief, unsigned order.
In March, the Food and Drug Administration relaxed in-person dispensing requirements for other drugs and encouraged telemedicine to reduce the spread of Covid-19. But the Trump administration, which opposes abortion rights, left in place regulations requiring women to make in-person visits to a hospital, clinic or physician’s office to pick up mifepristone, one of two drugs used to induce a medication abortion.

Washington , United-states , Theodore-chuang , Supreme-court , Fourth-us-circuit-court , American-college-of-obstetricians , Drug-administration , Supreme-court-tuesday , American-college , Judge-theodore-chuang , Abortion , Political-general-news