Tag: Banking and Financial Institutions

Risky Borrowing Is Making a Comeback, but Banks Are on the Sideline

A decade after reckless home lending nearly destroyed the financial system, the business of making risky loans is back. This time the money is bypassing the traditional, and heavily regulated, banking system and flowing through a growing network of businesses that stepped in to provide loans to parts of the economy that banks abandoned after […]

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Trump’s Trade War Has Wall Street Forecasts Frozen in Place

Get the DealBook newsletter to make sense of major business and policy headlines — and the power-brokers who shape them.__________ Business executives have warned repeatedly about the damage President Trump’s trade wars could do to their profits. Wall Street analysts and strategists have called increasing tit-for-tat tariffs the greatest risk to economic growth. Trade groups […]

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Deutsche Bank Acknowledges Lapse in Checks on Money Laundering

FRANKFURT — Deutsche Bank on Monday acknowledged a lapse in its money laundering controls, underlining the bank’s continuing struggle to move beyond a series of scandals that have helped push its stock price to a record low. An internal audit uncovered deficiencies in the way that the bank processed checks on behalf of clients, Deutsche […]

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Wall Street Asks When, Not if, the Fed Will Cut Interest Rates

The American economy is showing signs of cooling, and Wall Street is counting on Jerome H. Powell, the chairman of the Federal Reserve, to come to the rescue. The big question facing the Fed is when, not whether, to act, as far as investors are concerned. But the Fed faces a tricky balancing act as […]

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How NYC Taxi Drivers Bought Medallions and Became Victims of a Reckless Lending Scheme

Episode 2: The Myth of the Medallion Producer/Director Suzanne Hillinger How does a New York City taxi driver who makes about $22,000 a year get a loan for almost $1 million? Our reporters investigating the taxi industry for “The Weekly” found that a group of under-regulated industry leaders created a financial bubble in the market […]

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Herb Sandler, Banker Who Financed ProPublica, Dies at 87

Herb Sandler, a banker and philanthropist who with his wife, Marion, provided the initial financing for ProPublica, the nonprofit investigative-reporting organization that seeks to be an alternative model for sustaining vigorous journalism, died on Wednesday at his home in San Francisco. He was 87. His family announced the death. The cause was not given. Mr. […]

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These Artists Want to Blow Up the Whole Financial System

LONDON — “3 … 2 … 1 …” A deafening bang echoed around the deserted Royal Docks marina in East London, as a crowd of onlookers cheered and whooped. The source of this ruckus on a recent Sunday morning? The exploding carcass of a gold-painted van, surrounded by fluttering paper notes, each stamped with the […]

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JPMorgan Chase Seeks to Prohibit Card Customers From Suing

WASHINGTON — JPMorgan Chase is trying to require its credit card customers to go into private arbitration to settle disputes — even if they involve an older account — by reintroducing provisions it dropped a decade ago. “With arbitration, you cannot go to court, have a jury trial or initiate or participate in a class […]

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A Financial Checklist for Your Newly Minted High School Graduate

The summer after high school graduation inevitably includes monthslong encounters with various to-do lists. Extra-long-sheet purchases and milk crates for future collegians. A résumé for job seekers. Thank-you notes for all. But let me suggest one more itemized offering: a list of financial tasks. If you want to set your child up properly for college, […]

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Fed Could Mull Lower Rates if Inflation and Global Risks Worsen

Federal Reserve officials are confronting a series of economic risks that could prod them away from their patient stance and push them toward cutting interest rates. The central bank is grappling with low inflation — price gains have hovered below their 2 percent target for most of this 10-year-long expansion — at the same time […]

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Alibaba Weighs a Hong Kong Listing as Trade Hawks Turn Up the Temperature

BEIJING — President Trump’s trade war with China has prompted a broad rethinking of how the American and Chinese economies have become so intertwined, leading some manufacturers to trim supply chains in China and the American authorities to start cutting off access to crucial technology for Chinese companies like Huawei. Now another important area is […]

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What Actually Happened to New York’s Taxi Drivers

Listen and subscribe to our podcast from your mobile device: Via Apple Podcasts | Via RadioPublic | Via Stitcher In the past year, many New York City taxi drivers have fallen deeper into debt, even as the city moved to rein in ride-hailing apps like Uber and Lyft. Our colleague explains how the rush to […]

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