FROM Ben Protess
Wall Street regulation under Trump President Trump signed two more executive actions today to deregulate Wall Street — setting the table for dismantling Dodd Frank, the sweeping law passed after the financial crisis of 2008. He addressed business leaders today at the White House. “We expect to be cutting a lot out of Dodd-Frank because, frankly, I have so many people, friends of mine, who have nice businesses who can't borrow money. They just can't get any money because the banks just won't let them borrow The other action starts to eliminate the rule requiring financial advisors to act in their clients' best interest. Ben Protess, who covers the intersection of Wall Street and government for the New York Times , reports that those targeted by Dodd Frank are now on the front line to undue it.
DOJ Secures Another Billion Dollar Bank Settlement Another bank has agreed to pay big money to settle allegations over the sale of toxic mortgage-backed securities to investors. JP Morgan Chase came up with $13 billion; today it’s Citigroup with $7 billion. Attorney General Eric Holder says the bank concealed “serious defects” from its own investors. Ben Protess covers Wall Street and white-collar crime for the New York Times.
JP Morgan Chase to Pay $1.7 Billion in Madoff Case It's been five years since Bernard Madoff was arrested for running one of the largest Ponzi schemes in US history. Now his primary bank is finally facing its own punishment, of sorts. JP Morgan Chase will pay a $1.7 billion fine to settle criminal charges by federal prosecutors that it failed to alert authorities of Madoff's suspicious activities. Ben Protess is following the story for the New York Times .
JP Morgan Chase: A Record Penalty or a Get-Out-of-Jail-Free Card? What does it take to get America's biggest bank to agree to what looks like the biggest civil penalty in American history? Four hours before the Justice Department was planning to announce civil charges against JP Morgan Chase, the CEO Jamie Dimon called an aide to Attorney General Eric Holder. After five direct phone calls and a personal meeting, Dimon and Holder worked out a deal. America's biggest bank agreed to the biggest civil penalty in American history for its role in the Great Recession: $13 billion. But critics say it's not what it seems. Pension funds, retirees with 401(k)'s and even bank shareholders may not see a penny. The government still has the option of criminal prosecution, but will the real masters of Wall Street fraud ever be held accountable?
The Trump agenda: where's the beef? President Trump says big things are happening. After celebrating a House bill on health care, he doesn’t yet have Senate agreement. With James Comey’s public testimony scheduled tomorrow, the President today tweeted his selection of a new FBI Director. Is the Chief Executive all style and no substance? Later, terror attacks in Iran and conflicting claims about who’s behind them.
Trump plays scolder-in-chief with NATO allies At the opening of NATO’s dramatic new headquarters in Brussels today, President Trump acknowledged that Article 5 — promising that “an attack on one nation is an attack on all” -- has only been invoked one time: in the aftermath of September 11. But the President failed to provide what 27 other Alliance members have been waiting for: a re-commitment by America’s new leader to Article 5. Instead, they got a scolding.
Terrorism and tweets, hate speech and murder Just days before an election, Britain is coping with a rash of deadly terrorism, and Prime Minister Theresa May is on the defensive. And again today, President Trump has tweeted criticism of the Mayor of London. Later, a double murder in Portland, Oregon has revealed the ugly past of a supposedly “progressive” city. One immediate question: is “hate speech” protected by the First Amendment?
Will the Senate write a healthcare bill in secret? While Democrats and Republicans argue White House relations with Russia, another question is being decided behind closed doors: who gets help buying health insurance and who doesn't? We hear how the pros and cons are being shrouded in secrecy.