The Wall Street attorney chosen by President Donald Trump to head the Securities and Exchange Commission has worked on many of the kinds of deals the agency regulates and represented some of the biggest financial firms. A financial disclosure report Jay Clayton filed with the government reveals clients that pose potential conflicts of interest for the SEC job.
Category: Financial Services
Trump SEC Pick Made Millions Representing Banks, Hedge Funds
President Donald Trump’s pick to lead the Securities and Exchange Commission has earned $7.62 million since 2015 representing some of Wall Street’s biggest firms, including Goldman Sachs Group Inc. and Bill Ackman’s Pershing Square Capital Management, according to a federal disclosure form. Jay Clayton, the Sullivan & Cromwell partner tapped by Trump, outlined his clients — and his potential conflicts — in a filing to the U.S. Office of Government Ethics that he signed in January.
SEC nominee Clayton vows separation from his Wall Street law firm
Wall Street attorney Jay Clayton, President Donald Trump’s pick to head the U.S. Securities and Exchange Commission, has vowed to recuse himself from agency matters involving his law firm and former clients, according to an ethics agreement made public on Wednesday. Under the agreement, the Sullivan & Cromwell attorney will not participate in SEC matters involving the firm for one year.
Berenberg’s Pickering Says Economy Better Than Expected
Berenberg Senior U.K. Economist Kallum Pickering discusses the U.K.’s economy post-Brexit vote. He speaks on “Bloomberg Daybreak: Europe.”
Foster doesn’t appeared worried about combine ejection
A person with knowledge of the situation tells The Associated Press that linebacker Reuben Foster, a poten… An Oklahoma lawmaker who once likened Islam to a cancer has handed out a form asking Muslims whether they beat their wives. Two people were arrested as protesters clashed with supporters of President Donald Trump during a rally at the Tennessee Capitol in Nashville.
Bond Report: Treasury yields rise as traders hope for more details about Trump’s tax plans
Treasury yields ticked higher on Monday as investors were reluctant to open large positions ahead of President Donald Trump’s first congressional address, market strategists said. The Wall Street Journal reported that Trump’s speech will focus on overhauling the tax code and health-care system.
File photo taken in 2012 shows the logo of Capital
Capital One eyed in anti-money-laundering probe Bank update says fed and state investigators focus on former check casher clients and related issues Check out this story on jacksonsun.com: http://usat.ly/2lDmYNN Here’s what’s in Capital One Financial’s wallet: Federal and state investigators’ requests for information about the U.S. banking giant’s anti-money-laundering program. Investigations by the Department of Justice, the Department of the Treasury’s Financial Crimes Enforcement Network, and the Manhattan District Attorney’s office in New York focus on “certain former check-casher clients” of Capital One’s commercial banking business, the company said Thursday in its annual report .
Big banks earn $6.4 billion in ATM and overdraft fees
If you’ve ever had to pay $3 to get your own money out of an ATM machine, you aren’t alone. Nobody likes those fees.
The World Bank’s View Through the Looking Glass
A few days ago, I had the rare opportunity to watch an arm of the World Bank answer in court for the harm one of its projects allegedly caused. The International Finance Corporation , the private-sector lending arm of the World Bank, responded to allegations that a power plant it financed harmed fisher folk in Gujarat, India.
HSBC Boosts CEO Gulliver’s Pay as Bank’s Bonus Pool Drops 12%
HSBC Holdings Plc boosted Stuart Gulliver’s total potential pay to 9.7 million pounds as the chief executive officer was rewarded for cutting costs, while the bank’s bonus pool dropped. Gulliver, 57, saw his annual incentive pay for 2016 raised to 1.7 million pounds from 1.1 million pounds a year earlier as he hit targets for paring expenses and assets, even as he fell short of a profit goal, the bank said in its annual report Tuesday.
It’s Getting Late Early: the Left and the Working Class
The accidental genius of Donald Trump’s presidential campaign, particularly with a programmed establishment type like Hillary Clinton to run against, is how in its own way it covered the both right and left flanks. With all Trump’s babbling about carnage and ‘inner cities’ he hit on the traditional rightwing terror of being overwhelmed and slaughtered by the expanding colored hordes.
What Bernie Sanders said about Trump has backfired Big Time! [Video]
Doddering Bernie Sanders is accusing President Trump of being a fraud. He’s decrying Wall Street and Trump’s connections to them and billionaires.
Elizabeth Warren to Trump’s $285 million Goldman Sachs man: Recuse yourself
Elizabeth Warren is not cool with the eye-popping $285 million Gary Cohn is collecting from Goldman Sachs on his way to becoming President Trump’s top economic adviser. The Democrat from Massachusetts sent Cohn a letter on Friday questioning the “astonishing windfall,” and it’s impact on the former Goldman Sachs exec’s ability not to “play favorites” when he makes decisions about the economy.
Major commercial players split on state of the RE cycle: survey
Major stakeholders are split on whether the market has already hit its peak, according to a survey conducted by one of the country’s largest commercial real estate trade groups. The report from the Commercial Real Estate Finance Council , whose members include giant asset managers like BlackRock and New York developers like Fisher Brothers, noted that 55 percent of respondents at the group’s annual conference concluded that the real estate market has already passed its high point, while another 43 percent said the market is still moving through the middle of the cycle.
In new White House, a look at Trump’s inner circle
Since taking office 10 days ago, President Donald Trump has moved to consolidate power within a small cadre of close aides at the White House. He’s added a senior political adviser to the National Security Council and appears to have cut out Cabinet secretaries from decision making on some of his top policies, including the immigration and refugee order that led to protests, legal challenges and temporary detention of some legal U.S. residents this weekend.
What does President Trump mean for housing?
It’s early days in President Donald Trump’s administration, but he’s already moving fast to make changes in the housing market. What does President Trump mean for housing? It’s early days in President Donald Trump’s administration, but he’s already moving fast to make changes in the housing market.
Donald Trump Just Gave Wells Fargo a Break
But the tide has already begun to turn for the nation’s third biggest bank by assets, thanks in no small part to the new presidential administration. Earlier this week, the U.S. Labor Department removed a website it had created to log complaints from Wells Fargo employees who claimed to have been retaliated against by supervisors for blowing the whistle on a massive fake-account scandal that look place at the bank from at least 2011 through 2015.
Northeast Pennsylvania falls off appellate map
Pictured in his Scranton home with his family on May 19, 1959 is Democratic nominee for Supreme Court justice. Judge M.J. Eagen’s nomination was conceded by independent rival, Justice Thomas D McBride, after surprisingly close fight.
U.S. brings charges over Ponzi scheme, ‘Hamilton’ tickets fraud
U.S. authorities on Friday unveiled criminal charges against two men accused of helping operate a hedge fund as a Ponzi scheme and of swindling investors in a ticket-reselling business for popular events, including the smash Broadway musical “Hamilton.” Joseph Meli, who ran the ticket business, and Steven Simmons, the head of an alternative investments at Sideris Capital Partners, were arrested on Friday on securities fraud and wire fraud charges brought by Manhattan federal prosecutors.
Even the firm that hired actors to cheer Trumpa s campaign launch had to wait to be paid
Carrie Levine of the Center for Public Integrity found a report from the Federal Election Commission examining an under-reported aspect of Trump’s campaign launch. Trump’s announcement, held on the lower level of the Trump Tower lobby, was framed by cheering crowds watching from the floors above.
Nason, former Treasury official, being vetted for Fed role -sources
David Nason, a General Electric executive and former Treasury Department official, is the front runner to become the Federal Reserve’s top Wall Street regulator under President-elect Donald Trump, sources familiar with the screening said on Thursday. In 2008, Nason was a deputy to Treasury Secretary Henry Paulson as U.S. regulators tried to stabilize Wall Street and prevent an economic meltdown after the housing market collapsed.
Trump’s Treasury pick Stephen Mnuchin facing criticism over foreclosures
Donald Trump ‘s pick to lead the Treasury Department, Stephen Mnuchin , built his reputation and his fortune as a savvy Wall Street investor. But one of those investments has put him in the crosshairs of Democrats as he heads into his confirmation hearing Thursday: sub-prime mortgage lender IndyMac bank.
DOJ: Deutsche Bank Agrees to Pay $7.2 Billion for Misleading Investors an hour ago
Deutsche Bank AG reached a final settlement with the U.S. Justice Department over its handling of mortgage-backed securities before 2008, resolving one of its biggest litigation risks. The bank agreed to pay $7.2 billion and admitted to misleading investors, according to the Justice Department.
Quicken Loans founder accuses DOJ of shakedown
Quicken Loans founder Dan Gilbert, whose company has refused to settle a lawsuit with the Department of Justice, said he’s looking forward to new leadership under President-elect Donald Trump. The Justice Department sued Quicken in 2015 following a three-year investigation, claiming the Detroit-based company approved hundreds of mortgages backed by the Federal Housing Administration that didn’t meet federal guidelines.
Jared Kushner
President-elect Donald Trump appointed his influential son-in-law Jared Kushner as a White House senior adviser Monday, putting the young real estate executive in position to exert broad sway over both domestic and foreign policy, particularly Middle East issues and trade negotiations. Trump has come to rely heavily on Kushner, who is married to the president-elect’s daughter Ivanka.
Corzine Agrees to Futures Industry Ban in CFTC Settlement
Jon Corzine has agreed to a lifetime ban from the futures industry to settle a U.S. lawsuit that he failed to properly oversee MF Global Holdings Ltd. as the brokerage spiraled toward failure in 2011. Corzine, an ex-governor and U.S. senator from New Jersey and the former co-chairman of Goldman Sachs Group Inc., also agreed to pay a $5 million penalty from his own pocket to the Commodity Futures Trading Commission, under a consent order approved by a federal judge in New York Thursday.
MF Global ex-CEO fined $5M, banned from work as trader
WASHINGTON — Jon Corzine, the former New Jersey governor who led the collapsed brokerage MF Global, has been ordered to pay a $5 million penalty for his role in the firm's alleged illegal use of almost $1 billion in customer funds.
After Ripping Wall Street, Trump Taps Insider to Police Industry
Donald Trump ridiculed Wall Street on the campaign trail, and frequently criticized his political opponents for their ties to Goldman Sachs Group Inc. Now, Trump is relying on a lawyer who has spent his career representing financial firms, and has his own close ties to Goldman, to lead Wall Street’s top regulator. Trump will pick Sullivan & Cromwell partner Jay Clayton to run the Securities and Exchange Commission, the president-elect’s transition team said in a statement Wednesday.
Trump names Wall Street lawyer Clayton as SEC chairman
” President-elect Donald Trump on Wednesday chose a Wall Street attorney with experience in corporate mergers and public stock launches as his nominee to head the Securities and Exchange Commission. Trump announced his nomination of Jay Clayton, a partner in the law firm Sullivan and Cromwell, as chairman of the independent agency that oversees Wall Street and the financial markets.
Laurence Fink: The Trillion-Dollar Deadhead
Among the current crop of Wall Street financiers, Laurence “Larry” Fink has received the greatest number of awards and plaudits. He is the CEO and Chairman of BlackRock , the world’s largest multinational investment management corporation.
BRIEF-Australia And New Zealand Banking agrees to sell stake in Shanghai Rural Commercial Bank
NEW YORK, Jan 2 Twitter Inc executive Kathy Chen, who courted potential Chinese advertisers for the social media platform, announced her departure from the company in a tweet on Saturday.
ANZ bank sells 20pct stake in Shanghai Rural Commercial Bank for $1.3 bln
Jan 3 Australia and New Zealand Banking Group Ltd said on Tuesday it will sell its stake in Shanghai Rural Commercial Bank Co Ltd to China COSCO Shipping Corp and Shanghai Sino-Poland Enterprise Management Development Corp for A$1.8 billion . The sale price represents a price-to-book ratio of approximately 1.1 times Shanghai Rural’s net assets as of December 2015, ANZ said in a statement.
Did I really say that? I apologize
For your semi-faithful correspondent, 2016 has been a 12-month exercise in humility. I apologize to you, gentle reader, for the errors – all unforced – to which I subjected you.
Trump holds Q&A, discussing jobs, Russia, Israel
President-elect Donald Trump applauded the return of 8,000 jobs to the U.S. and hailed his transition discussions with President Barack Obama in a series of comments that amounted to the most detailed interaction he’s had with journalists since before the election. In one of his cameos Wednesday on the front steps of his Mar-a-Lago resort in Palm Beach, Florida, Trump touted plans by a Japanese mogul to bring jobs to the United States.
Trump holds Q&A, discussing jobs, Russia, Israel
President-elect Donald Trump applauded the return of 8,000 jobs to the U.S. and hailed his transition discussions with President Barack Obama in a series of comments that amounted to the most detailed interaction he’s had with journalists since before the election. In one of his cameos Wednesday on the front steps of his Mar-a-Lago resort in Palm Beach, Florida, Trump touted plans by a Japanese mogul to bring jobs to the United States.
Trump takes credit for 8,000 jobs, talks with Obama
After weeks of giving only brief comments to the media, Donald Trump made a series of public statements Wednesday, applauding the return of 8,000 jobs to the U.S. and hailing his discussions with President Barack Obama. In one of his cameos on the front steps of his Mar-a-Lago resort in Palm Beach, Florida, Trump touted plans by a Japanese mogul to bring those jobs to the United States.
Donald Trump’s strong suit doesn’t appear to be consistency
From installing Wall Street executives in his Cabinet to avoiding news conferences, the president-elect is adopting some of the same behavior for which he criticized Clinton during their campaign. “I know the guys at Goldman Sachs,” Trump said at a South Carolina rally in February, when he was locked in a fierce primary battle with Texas Sen. Ted Cruz.
Donald Trump’s strong suit doesn’t appear to be consistency
From installing Wall Street executives in his Cabinet to avoiding news conferences, the president-elect is adopting some of the same behavior for which he criticized Clinton during their campaign. “I know the guys at Goldman Sachs,” Trump said at a South Carolina rally in February, when he was locked in a fierce primary battle with Texas Sen. Ted Cruz.
Trump adopting same behavior he criticized Clinton for
In this Dec. 13, 2016, file photo, President-elect Donald Trump speaks during a rally at the Wisconsin State Fair Exposition Center in West Allis, Wis. Trump is embracing some of his top attacks on Hillary Clinton as he forms his new administration, engaging in some of the same behavior he used against his rival during the presidential campaign.
Trump adopting same behavior he criticized Clinton for
In this Dec. 13, 2016, file photo, President-elect Donald Trump speaks during a rally at the Wisconsin State Fair Exposition Center in West Allis, Wis. Trump is embracing some of his top attacks on Hillary Clinton as he forms his new administration, engaging in some of the same behavior he used against his rival during the presidential campaign.