In the years since the financial crisis, big banks, including Credit Suisse, increasingly have touted their expertise in wealth management. But what if these banks can't manage the risks tied to managing money?
Bethany McLean tells the story of Aubrey McClendon, the now-deceased CEO of Chesapeake Energy, who was considered by his peers to be a buffoon, a con man of sorts, and maybe even a fraud.
When Omeed Malik, an executive at Bank of America Merrill Lynch, was fired at the start of 2018, he quickly became the poster child for #MeToo on Wall Street. Now he's suing his former firm.
Wells Fargo has had its share of scandals lately. But lurking in the background is a largely forgotten lawsuit involving Wells’ overdraft practices. No wonder it’s been forgotten: The case has been tied up in torturous litigation for almost a decade.
Attorney General Jeff Sessions is focusing on violent crime, not corporate crime. Late last week, President Donald Trump’s budget blueprint was released. Among many other headline-grabbing cuts—the EPA, Meals on Wheels, climate change funding, legal aid for low-income households, and on, and on, and on—it also included a less-noticed $1.1 billion, or 4%, cut to the Department of Justice.
Former Valeant CEO Michael Pearson (L-R), former CFO Howard Schiller and Pershing Square Capital Management CEO Bill Ackman testify about price spikes in pharmaceuticals before the Senate on, U.S. April 27, 2016. A drug called Syprine has played a starring role in the collapse of Valeant (VRX), the rogue pharmaceutical company that lost 90% of its value after revelations of price-gouging and other questionable tactics. Wilson’s disease has been diagnosed in only about 2,000-3,000 people in the US, according to the National Organization for Rare Disorders.
Can you maybe almost feel a teeny tiny bit of pity for Steven Mnuchin, Trump’s pick as Treasury Secretary? Despite Trump’s tough-on-banks rhetoric, he picked a banker, and a former Goldman Sachs banker at that.
Trump supporter and hedge fund manager John Paulson would like to see Fannie and Freddie reconstituted. During the 2008 financial crisis, with home prices tumbling, mortgage holders defaulting, and the stock prices of the GSEs tumbling, they were taken over by the government and put into a state called conservatorship, where they have languished for the last eight years.