Banking and Financial Institutions
SEC Charges Crypto Companies With Offering Unregistered Securities
The Securities and Exchange Commission on Thursday charged the cryptocurrency lender Genesis Global Capital and the cryptocurrency exchange Gemini Trust with offering unregistered securities through a program that promised investors high interest on deposits. The S.E.C. said that Genesis, a subsidiary of Digital Currency Group, and Gemini, which is run by Tyler and Cameron Winklevoss, […]
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Sam Bankman-Fried Responds to Fraud Charges: ‘I Didn’t Steal Funds’
Sam Bankman-Fried, the disgraced cryptocurrency executive, on Thursday made his first detailed response to the criminal charges filed against him last month, arguing that the millions of customers of his collapsed exchange, FTX, could still get their money back. In a statement published on Substack, Mr. Bankman-Fried said that “very substantial recovery remains potentially available.” […]
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The Companies That Take Money Straight From Your Paycheck
At any given time, millions of workers are overdue on at least one bill. But it is the rare employer that is late in cutting its paychecks or that bounces them altogether. Therein lies an opportunity for lending companies like Kashable and OneBlinc and for retailers that do business at sites like payrolljewelry.com and purchasingpower.com: […]
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The Crypto Market Crashed. They’re Still Buying Bitcoin.
“If you call out someone’s risks they’re taking, and they’re otherwise healthy, you can be accused of creating a run on the bank or being a troll,” said Michael Saylor, the chief executive of MicroStrategy, a software company that has built up a large Bitcoin reserve. “It’s kind of hard to explain this theoretically before […]
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If the Economy Is Shaky, Why Are Company Profits Still Strong?
In its earnings report, Ally Bank, a big auto loan maker, provided data on past-due auto loans in the second quarter for borrowers at a range of income levels. Past-due loans were either at or close to prepandemic levels for borrowers with lower incomes. Ally declined to provide the same data for earlier quarters, making […]
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Fed Prepares Another Rate Increase as Wall Street Wonders What’s Next
Federal Reserve officials are set to make a second abnormally large interest rate increase this week as they race to cool down an overheating economy. The question for many economists and investors is just how far the central bank will go in its quest to tame inflation. Central banks around the world have spent recent […]
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Chinese Banking Scandal Tests Faith in Communist Party’s Leadership
BEIJING — The saving opportunity with the rural bank in central China looked, to Sun Song, a 26-year-old-businessman, like a great find. It would be linked to his existing account at a large, reputable state-owned bank. The rural bank was also offering high interest rates, making it seem like an ideal place to park his […]
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Euro Hits Parity With U.S. Dollar for First Time in 20 Years
Take a look: €1 = $1. With a war on the eurozone’s border, an uncertain energy supply from Russia and a growing risk of recession, the pressures bearing down on the euro finally grew so strong that on Wednesday it briefly dipped below parity with the U.S. dollar — a one-to-one exchange rate. It was […]
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At June Meeting, Fed Officials Worried Inflation Would Become Entrenched
Federal Reserve officials made their biggest interest rate increase since 1994 at their June meeting, after incoming inflation data spooked them, minutes from the meeting showed, with policymakers expressing concern that stubbornly persistent price pressures posed a “significant risk” of becoming a more permanent feature of the economy if the central bank did not act […]
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