U.S. bankers want federal regulators to investigate the short-selling of financial institutions as regional banks get clobbered in the stock market. The American Bankers Association (ABA) penned a May 4 letter to Securities and Exchange Commission (SEC) chair Gary Gensler, requesting that the regulatory body probe the substantial short sales of bank stocks that the…
Regional Bank Stocks See Sharp Rebound After Jobs Report Posts Huge Beat
Regional bank shares rallied sharply premarket and extended those gains in early trading Friday after a bruising session the day prior, as a government jobs report beat market forecasts for both payroll growth and the unemployment rate despite banking sector turmoil and a slowing economy. PacWest led the charge in the regional bank stock rebound,…
Lawmakers Tout Effect of CHIPs Act in US Competition with China
May 5, 2023
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Last August, President Joe Biden signed the Chips and Science (or CHIPS) Act into law, promising over $50 billion to domestic semiconductor manufacturers to boost domestic production and “counter China.” Pivotal in drafting and negotiating on behalf of the law was Sen. Mark Kelly (D-Ariz.), who beat out Republican candidate Blake Masters in the 2022…
Goldman Sachs Under Federal Investigation for Role in Failed Silicon Valley Bank Fundraising Deal
May 5, 2023
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The Goldman Sachs Group (GSG) is under federal investigation for its attempt to raise money for Silicon Valley Bank (SVB) before its collapse in March. The U.S. investment bank said it was cooperating and providing information to various government agencies in their investigation of SVB in a filing with the Securities and Exchange Commission on May…
SEC Moves to Curb Stock Buybacks, Drawing Criticism From Companies and Investors
May 5, 2023
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The Securities and Exchange Commission (SEC) moved to curtail the use of stock buybacks, drawing much criticism from corporate lobbyists. The regulator on May 3 announced changes to share-repurchase disclosure rules that would increase transparency, competition, and efficiency in the $25 trillion marketplace for hedge fund and private equity fund advisors. The new updates will amend Form…
Shell Beats Forecasts With $9.65 Billion Profit in First Quarter
May 4, 2023
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Shell announced higher-than-expected profits for the first three months of 2023, continuing a positive winning streak after energy prices surged last year due to the Russian war against Ukraine. Quarterly earnings benefited from higher oil and gas prices, a boost in refining profits, and excellent performance from its trading division. The UK-based oil company released its first…
If Investors Almost Never Know, Why Would Fed Officials Ever Know?
Commentary On April 13, CNN’s business site blasted out the headline “banking is sound.” Who uttered those words? No less than Lael Brainard, former vice chair of the Federal Reserve and presently director of President Biden’s National Economic Council (NEC). CNN flattered Brainard. Really, what else was she going to say? The above question isn’t a trick one, and…
Commercial Real Estate Could Trigger the Next Big Bank Shock
May 4, 2023
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Commentary Charlie Munger, believed by some to be the real “brains” behind Berkshire-Hathaway, the multinational investment leviathon helmed by Warren Buffet, recently told The Financial Times, “We have a lot of troubled office buildings, a lot of troubled shopping centres, a lot of troubled other properties. There’s a lot of agony out there” in real…
French Oil Company Sues Greenpeace Over ‘False, Misleading’ Emissions Report
May 4, 2023
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One of the world’s top five oil companies is suing Greenpeace over what it calls a false and misleading emissions report. The French oil giant, TotalEnergies, has filed a lawsuit against environmentalist group Greenpeace France and climate consulting firm Factor-X over a report accusing the company of massively underreporting its total greenhouse gas emissions in…
British Regulator Easing Rules to Stem Company Outflow From UK Stock Markets
May 3, 2023
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Britain’s top financial regulator announced plans to make stock markets in the United Kingdom and its overseas territories more attractive to companies. The Financial Conduct Authority (FCA) has discussed simplifying financial regulations to make the United Kingdom “more competitive” with foreign stock markets, but there are some concerns that the proposals could hurt shareholders’ rights….
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