Tag: Banking and Financial Institutions

When the Dream of Owning a Home Became a Nightmare

When tens of thousands of African-Americans held the keys to their first homes in the early 1970s as part of a new federal program that encouraged black homeownership, they thought they were about to fulfill the American dream. Instead they got an American nightmare. The story begins with the urban uprisings of the late 1960s, […]

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China’s Cryptocurrency Plan Has a Powerful Partner: Big Brother

BEIJING — When Facebook announced plans this year for a cryptocurrency called Libra, it said its goal was to reinvent money for the internet age. What the company probably didn’t imagine was that its efforts might spur China to get there first. China wants to start replacing the cash that people carry with a digital […]

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Why Is a Secretive Billionaire Buying Up the Cayman Islands?

One humid Tuesday in July, I summited the highest point on Grand Cayman, an eight-story dump known affectionately by the locals as Mount Trashmore. From the top of the foul mound — a collection of almost every piece of garbage discarded on the island since it went all-in on financial services in the 1960s — […]

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Bank Regulators Present a Dire Warning of Financial Risks From Climate Change

WASHINGTON — Home values could fall significantly. Banks could stop lending to flood-prone communities. Towns could lose the tax money they need to build sea walls and other protections. These are a few of the warnings published on Thursday by the Federal Reserve Bank of San Francisco regarding the financial risks of climate change. The […]

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Big Banks Were the Loudest Optimists. They’re Getting Quieter.

The heads of America’s largest banks have been some of the country’s most prominent optimists over the past two years, shooing away questions about the potential effects of President Trump’s trade policies, cheering his tax cuts and offering periodic reassurances that things would all work out for the American economy. But manufacturing activity and job […]

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A Brazen Scheme, and a Minor Penalty, for Winning Business in China

It was a brazen campaign to win business in China by charming and enriching the country’s political elite. The bank gave a Chinese president a crystal tiger and a Bang & Olufsen sound system, together worth $18,000. A premier received a $15,000 crystal horse, his Chinese zodiac animal, and his son got $10,000 in golf […]

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How Deutsche Bank Hired Its Way to the Top in China

Foreign companies have long clamored for access to China, the world’s most populous country and second-biggest economy. But when Germany’s biggest lender, Deutsche Bank, set its sights on China nearly two decades ago, it was late to the game and faced fierce competition. An investigation by The New York Times and the German newspaper Süddeutsche […]

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Facebook’s Libra Cryptocurrency Faces Exodus of Partners

Facebook’s troubled cryptocurrency initiative, Libra, suffered new blows on Friday as the departures of key partners became an exodus. Stripe, Mastercard, Visa and eBay said they were all pulling out of Libra, a week after PayPal became the first company to drop out. While they continue to support the idea of Libra, the companies said, […]

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Fed Votes to Lighten Regulations for All but the Largest Banks

Federal Reserve Board members voted on Thursday to adjust key bank regulations put in place after the financial crisis, enacting a series of changes that one board governor, Lael Brainard, warned could weaken “core safeguards.” Regulators are tying rules more closely to bank size, reducing the necessary level of cash and government bond stockpiles at […]

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The Twilight of the Tech Idols

The banking industry, which has consistently been one of the wealthiest industries for the last few centuries, has very few leaders one would call “heroes” or “idols.” Most of them are part of a group of men who fought and finessed their way to the top by being good at corporate politics and managing other […]

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Trump’s Trade War Could Put Swiss-Size Dent in Global Economy, I.M.F. Warns

WASHINGTON — The new head of the International Monetary Fund warned on Tuesday that America’s trade war with China could cost the global economy around $700 billion by 2020 — a loss equivalent to the size of Switzerland’s entire economy. In her first speech as managing director, Kristalina Georgieva said the global economy had shifted […]

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Jeffrey Epstein Raked In $200 Million After Legal and Financial Crises

Jeffrey Epstein’s biggest client had deserted him, his money management firm had lost more than $150 million during the financial crisis, and he was a registered sex offender. But after he started a new company with a wildly speculative business plan in 2012, Mr. Epstein had no problem pulling in cash. His start-up, Southern Trust, […]

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How to Avoid Being Fleeced When Using a Credit Card Overseas

If you travel overseas, be warned: Pickpockets really are out to get you. I don’t mean the light-fingered thieves who try to grab your wallet. I am talking about digital pickpockets: hotels, restaurants and shops that systematically overcharge foreigners who use credit and debit cards in their establishments. A few weeks ago, my family ate […]

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The Fed, Long Dominated by White Men, Is Trying to Change

The Federal Reserve’s research staff is far less diverse than the American population it is meant to serve, a reality that the central bank is trying to change as a reckoning over inclusion sweeps through the economics profession. Three in four Fed economists are men and a majority of those are white. That matters beyond […]

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Me and My Whistle-Blower

One sunny Wednesday in February, a gangly man in a sports jacket and a partly unbuttoned paisley shirt walked into the Los Angeles field office of the F.B.I. At the reception desk, he gave his name — Val Broeksmit — and began to pace anxiously in the lobby. Mr. Broeksmit couldn’t believe he was voluntarily […]

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Climate Risk in the Housing Market Has Echoes of Subprime Crisis, Study Finds

Want climate news in your inbox? Sign up here for Climate Fwd:, our email newsletter. WASHINGTON — Banks are shielding themselves from climate change at taxpayers’ expense by shifting riskier mortgages — such as those in coastal areas — off their books and over to the federal government, new research suggests. The findings echo the […]

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The New York Fed Chief Is Facing His Biggest Test. Here’s His Response.

John C. Williams, president of the Federal Reserve Bank of New York, has spent the past two weeks grappling with the regional bank’s most tumultuous period in years. Since Sept. 16, a shortage of dollars in an obscure but crucial corner of short-term Wall Street funding, called the repo market, has forced the New York […]

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How Do You Fix … All of It?

At the inaugural conference, sponsored by The New York Times, influential leaders in academia, business and politics gathered to discuss and debate provocative issues, and provide innovative solutions to some of our nation’s top policy agenda challenges. Task forces developed recommendations for businesses and policymakers, identifying some central questions that will be driving conversations through […]

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