Article: Fed Admonishes Deutsche Bank for Ongoing Compliance Failures

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Fed Admonishes Deutsche Bank for Ongoing Compliance Failures

Robert Schmidt and Jesse Hamilton, 29 May 2021

The Federal Reserve has privately told Deutsche Bank AG that its compliance programs aren’t up to snuff, signaling that the scandal-plagued bank is failing to adhere to a number of past accords with U.S. regulators, according to people familiar with the matter.

The Fed’s recent warning came in an annual regulatory assessment that said Deutsche Bank hadn’t improved its risk management practices despite being under confidential agreements with the central bank to fix the issues, the people said. The assessment letter has the German bank’s leaders bracing for potential sanctions, including the possibility of a large fine, said one person briefed on the matter. Continue reading “Article: Fed Admonishes Deutsche Bank for Ongoing Compliance Failures”

Article: Archegos Exposes SEC Blind Spots, Dithering on Market Oversight

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Archegos Exposes SEC Blind Spots, Dithering on Market Oversight

Robert Schmidt and Benjamin Bainx, 10 April 2021

The U.S. Securities and Exchange Commission was supposed to be able to spot a whale like Bill Hwang by now. As the financial world knows, it didn’t. Will the agency be able to catch the next one?

The collapse of Hwang’s Archegos Capital Management represents one of the most spectacular failures of risk-management and oversight in recent memory. For the SEC, it caps a decade of foot-dragging on protections that were meant to avert, or at least minimize, just such a blowup. Continue reading “Article: Archegos Exposes SEC Blind Spots, Dithering on Market Oversight”

Article: Wall Street Mania Poised to Spur SEC Focus on Apps, Shorts, T+2

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Wall Street Mania Poised to Spur SEC Focus on Apps, Shorts, T+2

By ,, , and

Bloomberg, 2 February 2021

ROBERT STEELE: The article by Bloomberg is largely bullshit. Buried in one line is “failure to settle.” The reporting is unprofessional and irresponsible.

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Article: Overstock Fights Wall Street Over Dividend Amid 400% Rally

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Overstock Fights Wall Street Over Dividend Amid 400% Rally

Robert Schmidt and Ben Bain

Bloomberg, 18 May 2020

If Overstock’s dividend plan proves successful, the implications for U.S. markets could be significant. More companies may decide to dabble in digital assets or add restrictions to their shares, especially if they find that doing so gives them more sway over their investors. On Wall Street, brokerage firms and exchanges are loath to see the launch of any security that raises the specter of a monopoly and could cut them out of trading and listing fees.

Continue reading “Article: Overstock Fights Wall Street Over Dividend Amid 400% Rally”