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☆ The Silicon Valley Bank crisis is 'clearly' a bailout, says former FDIC chairman William Isaac
▼ + stars: | 2023-03-14 | by ( Cheryl Teh | ) www.businessinsider.com time to read: +3 min

William Isaac says the FDIC's handling of Silicon Valley Bank's collapse "clearly" constitutes a bailout. On Monday, Bloomberg anchor Scarlet Fu asked Isaac about his views on the FDIC taking over Silicon Valley Bank — and whether it should be considered a bailout. Isaac added that the Silicon Valley Bank situation is similar to what happened with the Continental Illinois National Bank and Trust Company's collapse in 1984. But Isaac also questioned if the FDIC should go as far with Silicon Valley Bank as it did with Continental Illinois. Isaac separately told Politico on Sunday that Silicon Valley Bank's failure will likely spread to more banks.

☆ These million-dollar luxury condos used to be the storied offices of a big Wall Street bank. See inside the transformation.
▼ + stars: | 2023-03-12 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +2 min

Developer Macklowe Properties converted a Financial District office building into a condominium. The 1.25 million-square-foot tower is the largest office-to-residential conversion in New York City. The New York landmark was completely reconfigured inside, including removing 30 elevators. Developer Macklowe Properties took on the challenge of creating 566 luxury residences while maintaining the original Art Deco aesthetic of the 1.25 million-square-foot building. Once most of the inside was gutted, it made for a clean canvas for Smith to reconstruct office space to residential, she said.

☆ How the market has changed in the 20+ years I’ve covered it
▼ + stars: | 2023-03-03 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +6 min

Eastman Kodak (KODK) was a Dow stock. I’ve written about B2B (aka business-to-business) software companies, cloud computing firms, IPOs and SPACs, and cannabis/pot stocks. There have been more flavors of the month in the stock market during my CNN career than at your local Baskin-Robbins. It’s fine to have a lot of your money in S&P 500 ETFs and other funds that will track the broader market. “We still continue to believe that over long periods of time, stocks provide a reasonable hedge against inflation,” Patterson said.

LONDON, March 1 (Reuters) - Binance's stablecoin, Binance USD, has seen around $6 billion of outflows following a U.S. regulatory crackdown on the company that issues the token, according to market tracker CoinGecko. Binance CEO Changpeng Zhao said that the regulator's decision meant the market cap of the token would decrease over time. On Wednesday, the value of all Binance USD was around $10.5 billion, down from $16.1 billion on Feb. 13, according to market tracker CoinGecko. The Financial Times reported on Wednesday that investors have pulled more than $6 billion out of the Binance-branded token in the past month, citing data from blockchain analytics firm Nansen. Analysts said the NYDFS move represented a setback in Binance's efforts to gain market share from larger stablecoins.

☆ Invest in old economy companies that embrace digital solutions, says Laffer Tengler's Nancy Tengler
▼ + stars: | 2023-03-01 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInvest in old economy companies that embrace digital solutions, says Laffer Tengler's Nancy TenglerBill Stone, chief investment officer at The Glenview Trust Company, Nancy Tengler, CEO of Laffer Tengler Investments and CNBC's Jeff Cox join 'The Exchange' to discuss pricing in the Fed's inflation plan, slowing growth and investment opportunities in technology and consumer discretionary stocks.

☆ Watch CNBC's full interview with Glenview's Bill Stone, Laffer Tengler's Nancy Tengler and CNBC's Jeff Cox
▼ + stars: | 2023-03-01 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Glenview's Bill Stone, Laffer Tengler's Nancy Tengler and CNBC's Jeff CoxBill Stone, chief investment officer at The Glenview Trust Company, Nancy Tengler, chief executive officer of Laffer Tengler Investments and CNBC's Jeff Cox join 'The Exchange' to discuss pricing in the Fed's inflation plan, slowing growth and investment opportunities in technology and consumer discretionary names.

The proposed deal may violate laws on the unregistered offer and sale of securities, the SEC said in a filing on Wednesday. It also cited news reports of U.S. investigations into the global Binance crypto exchange, of which Binance.US is a purportedly independent partner, that mean the deal could become "impossible to consummate." New York's top financial regulator and New York Attorney General Letitia James also objected to the deal in filings on Wednesday. The New York Department of Financial Services said that Voyager "illegally operated a virtual currency business within the state without a license." The U.S. Justice Department is investigating the global Binance exchange for possible money laundering and sanctions violations, Reuters reported in December.

☆ Analysis: Stablecoin regulatory crackdown sends warning to industry
▼ + stars: | 2023-02-22 | by ( Hannah Lang | ) www.reuters.com time to read: +5 min

But usage is raising questions from regulators who have expressed concern about the disclosures stablecoin issuers provide, as well as the tokens' potential instability during periods of stress. While the crypto industry has criticized the SEC's broad industry crackdown, the move against Binance USD, the third-biggest stablecoin with about $16 billion in circulation, could lend some guidelines for which stablecoin activities may get scrutinized. SEC Chairman Gary Gensler has previously said he believes some stablecoins are in fact securities, which require registration and additional regulatory oversight. The New York Department of Financial Services also ordered Paxos last week to stop minting Binance USD. But the specific features of tokens like Binance USD have some stablecoin issuers keen to highlight their differences.

REUTERS/Benoit Tessier/File PhotoFeb 21 (Reuters) - The world of stablecoins is suddenly looking shaky. "There's way too much demand for dollar-based stablecoins for them to go away," said Alex Miller, CEO at bitcoin developer network Hiro. Market leader tether (USDT) has been a big beneficiary, adding $1.9 billion to its market capitalization to hit $70.3 billion since the news. It now commands 52.6% of the stablecoin market, up from just over 51%. Traders also use these tokens to hedge their positions, and hence dwindling market value is associated with falling liquidity and leverage in the broader crypto market.

☆ Paxos engaged in 'constructive discussions' with U.S. SEC over Binance stablecoin- internal email
▼ + stars: | 2023-02-21 | by ( ) www.reuters.com time to read: 1 min

Feb 21 (Reuters) - The firm behind Binance's stablecoin, Paxos Trust Company, is having constructive discussions with the U.S. Securities and Exchange Commission after the firm disclosed that the regulator told the company it should have registered the token as a security, according to an internal email from Paxos' chief executive officer. "We are engaged in constructive discussions with the SEC, and we look forward to continuing that dialogue in private," said Paxos CEO Charles Cascarilla in an email sent Saturday to Paxos employees. He added that if necessary, Paxos would defend its position that Binance USD is not a security through litigation. Reporting by Hannah Lang in WashingtonOur Standards: The Thomson Reuters Trust Principles.

☆ Warren Buffett is missing out on this year’s market comeback
▼ + stars: | 2023-02-19 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +8 min

But the Oracle of Omaha has missed out on this year’s stock market rally. Buffett, in fact, has promoted that idea to investors many times, arguing that most individual stock pickers will not be able to beat the market. And to his credit, that usually pays dividends: Berkshire stock was up 3% last year in a down market. “High rates of inflation create a tax on capital that makes much corporate investment unwise,” Buffett said in his 1980 shareholder letter to Berkshire investors. Investors will get several more clues about consumer spending this week when several top retailers report earnings.

☆ Bitcoin hits six-month high as investors warm to risk
▼ + stars: | 2023-02-16 | by ( ) www.reuters.com time to read: +2 min

LONDON, Feb 16 (Reuters) - Bitcoin touched a six-month high on Thursday, swept higher with equities and other relatively risky assets as investors gained confidence in the economic outlook and dismissed concern about regulatory scrutiny of the sector. The world's largest cryptocurrency reached $24,895 on Thursday, its highest since August 2022, after jumping 9.5% on Wednesday. Global stocks rose on Thursday as economic data from around the world drove hopes the economy might face a softer landing than feared a few months ago, even as interest rates threaten to remain higher for longer than expected. "Bitcoin bolted past $24,000 for the first time in two weeks after surging more than 8% over the past 24 hours. Reporting by Alun John; editing by Barbara LewisOur Standards: The Thomson Reuters Trust Principles.

REUTERS/Dado Ruvic/IllustrationLONDON, Feb 13 (Reuters) - New York's chief financial regulator has ordered Paxos, the company behind the stablecoin of major crypto exchange Binance, to stop issuing the token, Paxos said in a statement on Monday. The Binance USD (BUSD) stablecoin, one of the world's biggest, is issued and redeemed by New York-based Paxos Trust Company, both of which are regulated by the New York Department of Financial Services. Paxos said it would stop issuing new BUSD as of Feb. 21 "as directed by and working in close coordination with the New York Department of Financial Services". Binance USD is the seventh-largest cryptocurrency, with more than $16 billion in circulation, according to market tracker CoinGecko. Zhao said Binance would "continue to support BUSD for the foreseeable future" and that he saw users "migrating to other stablecoins over time."

☆ Stone: When better news is priced into the markets, you have to be more careful
▼ + stars: | 2023-02-07 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailStone: When better news is priced into the markets, you have to be more carefulThe Glenview Trust Company's Bill Stone discusses where to invest your money.

The reports renewed questions about global economic demand, the effect of higher interest rates and whether the market's January rally got ahead of itself. Apple, the world's largest publicly traded company, fell short of expectations, hurt by lower iPhone sales and production disruptions in China. Amazon said operating profits could fall this quarter due to lower demand, and Alphabet's online advertisers cut back their spend as well. Shares of the three companies dropped after the results were released and were expected to drag the market lower Friday following a euphoric rally Thursday. These three firms and Microsoft (MSFT.O), the four U.S. companies with trillion-dollar market values, have led the broad-market S&P 500 in 2023.

☆ JPMorgan and the US Virgin Islands are blaming each other in court for failing to stop Jeffrey Epstein's sex-trafficking scheme
▼ + stars: | 2023-02-02 | by ( Jacob Shamsian | ) www.businessinsider.com time to read: +4 min

The US Virgin Islands is suing JPMorgan for facilitating Jeffrey Epstein's sex-trafficking scheme. The finger-pointing comes in response to a lawsuit the US Virgin Islands attorney general filed against JPMorgan in December, in a Manhattan federal court. In court filings Wednesday asking a judge to dismiss the US Virgin Islands lawsuit, JPMorgan said the US territory got greedy after already reaching a settlement with Epstein's estate last year. If anything, JPMorgan claims, the Virgin Islands attorney general's office was in an even better position to stop Epstein's trafficking scheme given its powers as a law enforcement agency. In fact, JPMorgan says, the Virgin Islands government "granted Epstein and his businesses lucrative privileges and massive tax incentives."

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☆ Crypto firm Nexo Capital agrees to pay $45 mln to settle U.S. SEC, state charges
▼ + stars: | 2023-01-19 | by ( Chris Prentice | ) www.reuters.com time to read: +1 min

NEW YORK, Jan 19 (Reuters) - Nexo Capital Inc has agreed to pay $45 million in penalties to settle charges from the U.S. Securities and Exchange Commission and state regulators that the crypto firm failed to register its crypto asset lending product, the SEC said on Thursday. Nexo has agreed to pay a $22.5 million penalty to the SEC and another $22.5 million in fines to state regulators in relation to its Earn Interest Product to U.S. investors, the SEC said in a statement. Nexo began to offer its lending product around June 2020, allowing U.S. investors to give their crypto assets to the company in exchange for a promise of interest, the SEC said. The company ceased offering the product to new investors after the SEC announced similar charges against another company in February 2022. Last week, the SEC sued Genesis Global Capital LLC and Gemini Trust Company LLC for their lending product.

☆ SEC Sues Crypto Firms Genesis and Gemini Over Lending Product
▼ + stars: | 2023-01-13 | by ( Dave Michaels | Vicky Ge Huang | ) www.wsj.com time to read: 1 min

Under Gemini Earn, customers of crypto exchange Gemini lent their crypto assets to crypto lender Genesis in exchange for interest payments as high as 8%. WASHINGTON—The Securities and Exchange Commission on Thursday sued Genesis Global Capital LLC and Gemini Trust Company LLC over a $900 million crypto-lending program that allegedly violated investor-protection laws. The SEC filed its civil lawsuit in Manhattan federal court alleging that Genesis should have registered the product, which would have required providing clients with detailed financial disclosures. The companies began marketing the program to individual investors in February 2021 and raised billions of dollars’ worth of crypto assets from hundreds of thousands of investors, the SEC said.

☆ Investors can't time the market based on economic data, says Glenview's Bill Stone
▼ + stars: | 2023-01-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInvestors can't time the market based on economic data, says Glenview's Bill StoneBill Stone, Glenview Trust Company CIO, joins 'The Exchange' to discuss markets and his 2023 investing playbook.

☆ Watch CNBC’s full interview with Glenview Trust Company's Bill Stone
▼ + stars: | 2023-01-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC’s full interview with Glenview Trust Company's Bill StoneBill Stone, Glenview Trust Company CIO, joins 'The Exchange' to discuss markets, meme stocks and his 2023 playbook.

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