By Jack Kelly:
It’s Friday afternoon and about 75 degrees in New York City, life is pretty good.
If you are not from the New York tri-state area, the weather in late February historically has been horrible (for those of you living further up North, no snickering at us whinny New Yorkers). We would endure the cold starting in October and suffer snow storms and freezing weather through March. By now everyone would be miserable and totally over winter but everything has now changed.
I love global warming. No mounds of snow, freezing ice storms, and dreary looking days. The way I look at it, I’ll enjoy the beautiful weather and let my kids worry about it later. It will give them yet another thing to resent us parents for.
Not everyone is reveling in the sunshine. The Wall Street Journal/City edition reported that investment banks separated more than 2,000 front office people from their payrolls (isn’t that a nicer way to say fired, terminated, riffed or axed?). Total front-office headcount at the major big banks declined 4% in 2016, with fixed-income trading bearing much of the pain. These numbers follow an ongoing trend of contraction in the securities industry. By comparison, in 2011, banks employed 67,100 people in front-office roles whereas the number is down to 53,200.
Do you know what is in Capital One’s wallet ? – A federal and state investigators’ requests for information about the bank’s anti-money-laundering program.
The love note was sent 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 and focuses on “certain former check-casher clients” of Capital One’s commercial banking business. Capital One also noted that it is already subject to a 2015 consent order with the Office of the Comptroller of the Currency “concerning regulatory deficiencies” in the bank’s anti-money-laundering program. Separately, but an interesting coincidence, there has been recent reports of Amazon being interested in acquiring the bank.
Today President Trump issued an executive order requiring the installation of regulatory watchdogs inside all federal agencies. The order, “Enforcing the Regulatory Reform Agenda,” calls for the examination of existing regulations.
Each agency and department will be required to create a task force and regulatory reform officer. They will have 90 days to evaluate existing regulations, and decide which ones to repeal or modify. The reform officers also will enforce Trump’s regulatory decisions. Earlier, he signed an executive order requiring agencies to repeal two rules for every new rule they issue.
“We’re going to put the regulation industry out of work and out of business. And by the way, I want regulation. I want to protect our environment. I want regulations for safety,” Trump said. “I want all of the regulations that we need and I want them to be so strong and so tough. But we don’t need 75 percent of the repetitive, horrible regulations that hurt companies, hurt jobs.”
“This executive order is one of many ways we’re going to get real results when it comes to removing job-killing regulations and unleashing economic opportunity,” Trump said.
So, if I correctly understand this new edict, we will now have creepy Trump agents embedded in every regulatory agency eerily spying on the them to make sure that they don’t get all too regulatoryish? At least we have global warming.