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The union, which remains locked in heated contract negotiations with Southwest Airlines, published the letter Dec. 31. Kelly served as Southwest CEO from 2004 until last February, and replaced Southwest co-founder Herb Kelleher as chairman in 2008. This is not an employees of Southwest Airlines problem. The union, Nekouei wrote, "has been beating this drum to management for nearly a decade pleading with them to spend the necessary capital to prevent the ultimate consequence someday." In an emailed statement responding to the union's letter, Southwest said that "it has a more than 51-year history of allowing — and encouraging — its Employees to express their opinions in a respectful manner."

☆ Who's afraid of Wells Fargo?
▼ + stars: | 2022-12-20 | by ( Allison Morrow | ) edition.cnn.com time to read: +6 min

New York CNN —Wells Fargo reached a $3.7 billion deal with regulators over the bank’s “widespread mismanagement” that allegedly hit more than 16 million consumer accounts. KEY CONTEXTSadly, all of this echoes earlier reports about Wells Fargo’s practices that have emerged since 2016, when its fake-accounts scandal made national headlines, my colleague Matt Egan writes. Wells Fargo workers ended up creating millions of bank accounts for customers without their knowledge. Chopra described Wells Fargo as a “repeat offender” and a “corporate recidivist,” adding that Tuesday’s fine is just an initial step toward holding the bank accountable. The web of scandals at Wells Fargo is massive, and after six years of fallout, a lot of folks aren’t convinced the bank can save itself.

☆ Op-ed: FTX crash shows cryptocurrency market needs bank-like regulation
▼ + stars: | 2022-12-05 | by ( Rob Nichols | Dennis Kelleher | ) www.cnbc.com time to read: +6 min

Instead, many crypto-asset customers had accounts at nonbank crypto firms. This is very similar to what happened at nonbank financial firms during the 2008 financial crash and would have happened when the 2020 pandemic hit if the Fed had not acted so quickly. Finally, this principle doesn't mean that a company has to be a bank to offer financial products or services. Innovation in the financial sector is critical to maximizing benefits for consumers, and fair, properly and consistently regulated competition can drive this process forward. But consumers also expect that the rules that govern providers — whether bank or nonbank — protect them and financial stability.

☆ Morning Bid: Powell clears the decks
▼ + stars: | 2022-12-01 | by ( ) www.reuters.com time to read: +4 min

LONDON, Dec 1 (Reuters) - A look at the day ahead in U.S. and global markets from Mike Dolan. Intended or not, investors clearly read Wednesday's keynote speech by the Federal Reserve chair as a green light for a yearend relief rally in beaten down assets. On the face of it, Fed chief Jerome Powell merely confirmed what most had already assumed - that the Fed would downshift the size of its interest rate rises to half a point next month. The upshot is that markets have dragged their implied peak Fed rate next year back below 5% and continue to price up to half a point of cuts by the end of 2023. Core PCE inflation numbers are due later and another barrage of Fed speakers to hold Powell's take up to the light.

☆ Sam Bankman-Fried took plenty of blame for FTX's downfall, but denied fraudulent behavior
▼ + stars: | 2022-12-01 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

And while I've got you here, it's time to start thinking about gifts with the holidays season in full swing. Do you know what's an informative, funny gift that has a long shelf life and, most important of all, is free? FTX Cryptocurrency exchange CEO Sam Bankman-Fried at a hearing on Capitol Hill on May 12, 2022. But the main attraction at The New York Times DealBook Summit on Wednesday was Sam Bankman-Fried. And frankly conflict of interest risk," SBF said.

☆ UBS not seeking to benefit from crisis at Credit Suisse- chair
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: 1 min

ZURICH, Nov 30 (Reuters) - UBS (UBSG.S) is not actively benefiting from the crisis at rival Credit Suisse (CSGN.S), UBS Chairman Colm Kelleher told a Financial Times banking conference. He also said rich clients at UBS, the world's biggest wealth manager, were holding more cash than at any time since the financial crisis of 2008. Reporting by Noele Illien and Oliver Hirt, Editing by Michael ShieldsOur Standards: The Thomson Reuters Trust Principles.

☆ FTX crash shares eerie similarities with Bernie Madoff, ex-regulator Sheila Bair says
▼ + stars: | 2022-11-15 | by ( Matt Egan | ) edition.cnn.com time to read: +6 min

Sheila Bair, a top regulator during the 2008 financial crisis, told CNN there are eerie similarities between the dramatic rise and fall of Bankman-Fried and FTX and that of infamous Ponzi scheme mastermind Bernie Madoff. Bair notes that 30-year-old Bankman-Fried, like Madoff, proved adept at using his pedigree and connections to seduce sophisticated investors and regulators into missing “red flags” hiding in plain sight. Up until the bankruptcy filing, FTX even had an application pending with federal regulators to clear derivatives, The Wall Street Journal reported. FTX’s bankruptcy filing indicates it had liabilities of $10 billion to $50 billion at the time of the filing. — If you are an FTX customer and want to discuss how you have been impacted by the bankruptcy, please reach out to Matt.Egan@CNN.com

☆ Why Hong Kong’s Makeover Will Founder
▼ + stars: | 2022-11-08 | by ( Nathaniel Taplin | ) www.wsj.com time to read: 1 min

Hong Kong, newly reopened to the world, is still plastered with posters celebrating the 25th anniversary of the territory’s handover to China: “A New Era. Opportunity.” The first of those aims has been achieved, at very high cost. The outlook for the other two, particularly the last, remains poor. The city recently held a week of events—including a bankers summit drawing in the likes of Goldman Sachs Chief Executive Officer David Solomon and UBS Group Chairman Colm Kelleher . The events were designed to celebrate the end of its self-imposed isolation and repair reputational damage from years of heavy-handed Covid-19 policies and the government’s decision to crush the political opposition following the antigovernment protests of 2019.

☆ Morning Bid: Downbeat on the downshift
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +4 min

A look at the day ahead in U.S. and global markets from Mike Dolan. The recent burst of stock market optimism around the world still seems to be on shaky ground. Despite expectations the U.S. Federal Reserve will signal a much-vaunted 'downshift' in its rate rise campaign from next month - following a fourth straight 75 basis point rise on Wednesday - the incoming economic numbers won't play ball. The other slightly peculiar source of global market optimism this week has been unverified speculation over the past 48 hours that China will ease its draconian zero COVID rules in March. In Europe, markets awaited the Bank of England's latest interest rate decision on Thursday - with the bank's biggest rate rise in 33 years forecast.

☆ ‘The worst is behind us’: Hong Kong kicks off its finance summit with top global bankers
▼ + stars: | 2022-11-02 | by ( Michelle Toh | ) edition.cnn.com time to read: +2 min

Hong Kong CNN Business —Hong Kong leader John Lee sought to drum up confidence in the city’s future as a global financial hub on Wednesday, as he welcomed some of Wall Street’s top executives to its biggest international event in years. “We were, we are and we will remain one of the world’s leading financial centers,” Lee vowed. China’s latest five-year plan includes goals to reinforce the city’s role as an international trade, financial, shipping and aviation center, Lee said. “The worst is behind us.”Solomon, Gorman and Kelleher, who took to the stage for a panel shortly after Lee’s remarks, did not comment directly on the city’s reopening. Mainland China, however, still has a mandate in place for most inbound travelers to self-isolate for at least seven days, under its stringent “zero-Covid policy.”

[1/4] James Gorman, Chairman and Chief Executive of Morgan Stanley, speaks during the Global Financial Leaders Investment Summit in Hong Kong, China November 2, 2022. "It’s a painful transition, but not an unexpected transition," said Gorman, also the bank's chairman, at the Global Financial Leaders' Investment Summit. It was Hong Kong's biggest corporate event since it shut its borders in 2020 and introduced restrictions to combat COVID-19. Inflation and "very quick" monetary tightening after over a decade of relatively accommodative policies are making the world more volatile and uncertain, said Goldman Sachs CEO David Solomon (GS.N). If central banks find a way to tame inflation meaningfully and in a balanced way, it will "increase the chance of a soft landing" for their economies, Solomon said.

☆ Family offices have become a $6 trillion powerhouse in investing—and deal-making
▼ + stars: | 2022-07-11 | by ( Robert Frank | ) www.cnbc.com time to read: +11 min

Family offices now manage more than $6 trillion in wealth, according to some estimates, surpassing the estimated $4 trillion managed by hedge funds. Many billionaire hedge fund managers, seeking lighter regulation or freedom from benchmarks and outside investor demands, are also converting to family offices. Singapore recently created a Family Office Development Team to lead and coordinate initiatives that will attract more family offices. The Wealth Management Institute has launched the Global-Asia Family Office Circle in Singapore to attract more family offices. Even family offices that serve more than one family often receive an exemption from the SEC to keep their filings confidential.

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