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XRP cryptocurrency jumps as investors hope Ripple will win legal battle with the SEC

Jack J. Kelly Cryptocurrency, Investors, SEC, Securities and Exchange Commission March 22, 2023

The XRP cryptocurrency soared on Wednesday as investors grew hopeful that Ripple, a company closely associated with the token, would win its prolonged legal battle with the U.S. Securities and Exchange Commission. The token was worth around 45 cents at about 8 a.m. ET, according to ...Read More

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A Big Question for the Fed: What Went Wrong With Bank Oversight?

Jack J. Kelly Banks, Dodd-Frank, Federal Reserve, Investors, Risk Management March 22, 2023

Jerome H. Powell is likely to face more than the typical questions about the Federal Reserve’s latest interest rate decision on Wednesday. The central bank chair will almost certainly be grilled about how and why his institution failed to stop problems at Silicon Valley ...Read More

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Credit Suisse received a clean bill of health from regulators—then took less than a week to completely collapse

Jack J. Kelly Bankruptcy, Banks, FINMA, Regulators, Risk Management, Scandal March 21, 2023

Credit Suisse’s near-167 years of history came to a screeching end on Sunday as the lender sought refuge in the arms of cross-town rival UBS. The $3.2 billion deal, brokered by a Swiss government under considerable pressure from abroad to contain the problem, marks the latest ...Read More

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The Regulatory Breakdown Behind the Collapse of Silicon Valley Bank

admin Banks, Congress, Dodd-Frank, Federal Reserve, Regulators, Risk Management March 20, 2023

In the wake of Silicon Valley Bank’s collapse, which set off panic in the financial sector and concern across the global economy, a crucial question has been whether regulators could have intervened sooner. Recent reporting has indicated that, more than a year ago, the San Francisco ...Read More

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Elizabeth Warren says Jerome Powell has ‘failed’ as Federal Reserve chair

Jack J. Kelly Banks, Federal Reserve, Regulation March 20, 2023

Sen. Elizabeth Warren, D-Mass., slammed Federal Reserve Chair Jerome Powell in an interview Sunday on NBC News’ “Meet the Press,” saying he “has failed” and shouldn’t be in his role. “He has had two jobs. One is to deal with monetary policy. One is ...Read More

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How Silicon Valley Bank skirted Washington’s toughest banking rules

Jack J. Kelly Bailout, Banks, FDIC, Federal Reserve, Regulation, Regulators, Risk, Risk Management March 15, 2023

Before Silicon Valley Bank went down, it was the 16th-biggest US bank and had more than $200 billion in assets. Yet it didn’t have the same level of regulatory scrutiny as JPMorgan Chase (JPM), Bank of America (BAC), Citigroup (C), or Wells Fargo (WFC). Why? ...Read More

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DOJ and SEC are investigating Silicon Valley Bank’s failure

admin DOJ, Investigation, SEC, Securities and Exchange Commission March 15, 2023

The US Justice Department and Securities and Exchange Commission are opening investigations into the collapse of Silicon Valley Bank, according to sources familiar with the matter. The federal investigations are in their preliminary stages, a source said, and are looking into both the bank’s failure ...Read More

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U.S. Federal Court Rules It’s OK to Serve A Legal Notice via NFT

Jack J. Kelly Law, Lawsuit, NFT, Stabelecoins March 15, 2023

A Florida judge has declared that it is legally permissible for an individual to serve a legal notice to another party via non-fungible tokens (NFTs) in a landmark case in a federal court. It is the first case in the United States where a ...Read More

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California Governor Reportedly Failed to Disclose Silicon Valley Bank Ties While Lobbying for Bailout

Jack J. Kelly Bailout, Banks March 14, 2023

Business Insider reported that California Governor, Gavin Newsom, failed to disclose his ties with Silicon Valley Bank while lobbying for a bailout. Moreover, the report states that Newsom maintained “substantial personal ties,” to the now-closed financial institution. Specifically, Newsom is connected to the bank through “personal ...Read More

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Credit Suisse shares sink as ‘material weaknesses’ found in financial reporting

Jack J. Kelly Liquidity, Risk Management, Securities and Exchange Commission, Trading March 14, 2023

Shares of Credit Suisse fell early in Tuesday trade to hit a new all-time low, after the bank announced it had found “material weaknesses” in its financial reporting processes for 2022 and 2021. The embattled Swiss lender disclosed the observation in its annual report, which was ...Read More

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