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Former high-ranking FDIC attorney Mark Black pleads guilty in child sex exploitation
UPDATED WED, JAN 24 2024 at 9:56 EST
https://www.cnbc.com/2024/01/23/fdic-attorney-mark-black-guilty-of-child-sex-exploitation.html?recirc=taboolainternal
A former top lawyer at the Federal Deposit Insurance Corporation pleaded guilty in Virginia federal court to conspiring to sexually exploit multiple children and now faces a mandatory minimum prison sentence of 15
Black, 50, most recently had been special counsel in the general counsel’s office of the FDIC, which insures the deposits of U.S. commercial and savings
The lawyer, Mark Black, also previously served as president of the board of the Arlington Aquatic Club, a renowned Virginia swim club that includes U.S. Olympic swimmers among its alumni. Black resides in Arlington.
The Department of Justice said Black, who is married and has teenage sons, was a member of “two online groups dedicated to exploiting children.”
“The goal of the two groups was to locate prepubescent girls online and convince them to livestream themselves engaging in sexually explicit conduct,” the DOJ said in a press release.
“Black and his co-conspirators would covertly record this conduct and share the videos with each other,” the DOJ said.
Black pleaded guilty Tuesday in U.S. District Court in Alexandria, Virginia, to one count of conspiracy to produce child pornography and one count of coercion and enticement.
He is due to be sentenced on April 30. He faces a mandatory minimum sentence of 15 years in prison and a maximum sentence of life behind bars.
The FDIC said Black’s criminal activity “had nothing whatsoever to do with the FDIC,” and did not involve the use of agency computers or other devices. The agency also said it had cooperated with the FBI and DOJ in the criminal probe.
CNBC has requested comment from Black’s defense attorneys and from the Arlington Aquatic Club.
On Jan. 5, Black was deemed indefinitely ineligible by the U.S. Center for SafeSport, a nonprofit group that has the authority to resolve abuse and misconduct reports in sports associated with U.S. Olympic programs.
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Thanks go to HSGWSWAMU26YEARS on the BP board -Ts😉
🤔😂😂😂——GoGooooooCOOP
Have a great evening people AND don’t let the noise from dark places bother you cause haters are going to hate regardless,-GLTA-Ts 😉
Stox
Here is an important piece to remember: It is better to attempt a dream, even knowing it very unlikely, than to do nothing. Even if you attempt it and “fail” or realize why it will fail - there are chances you will pick up a lot of experience and learning along the way.
Remember this law: The probability of success if you do may only be 0.001%. But the probability of success if you do not is a guaranteed 0. And how does anything nonzero compare to zero? It is infinitely bigger.
🙄😉
As for me I can Deal with IFFEN in this circumstance 👌
GoGooooooCOOP
Have a great evening people AND don’t let the noise from dark places bother you cause haters are going to hate regardless,-GLTA-Ts 😉
Gooooood morning people, While sitting and doing some lite reading before hitting the gym, ,nothing much new going on ,so out of boredom I hit the insider trading numbers for shets n gigs ,my man BJ. isssss killing it , can’t blame him , I would be too if I had a monies making mooooochine lololol the gift that keeps on giving,, you would think he would throw us a bone(divs) for our 2x12 RV.Or at lease try to make it look like a good try to do so hehehe, ( then again it would prob piss me off a little being that I sold 75% already, but mo, monies is still momonies lol ) Oh well time to hit the workout 🏋️ Seya later IFFEN anything new
GoGooooooCOOP
Have a great day people AND don’t let the noise from dark places bother you cause haters are going to hate regardless,-GLTA-Ts 😉
Good afternoon people,BLACKROCK INC.owns 14.42% +/- of COOP as of this post
9/30 report BLACKROCK was -2.612%
GOGOOOOOOCOOP
Have a great day people AND don’t let the noise from dark places bother you cause haters are going to hate regardless,-GLTA-Ts 😉
Wowww Pre was -1.26 to +1.42 hehehe gotta love the game 😀😉
GoGooooooCOOP
I wonder who disliked my earlier post @ 6:30/7 am , Oooops sorry lol
Have a great day people AND don’t let the noise from dark places bother you cause haters are going to hate regardless,-GLTA-Ts 😉
Good Morning people , Reading the pre open numbers as of this post COOP - 1.26 that’s not to say it will hold up at the opening ,but ouch! Let’s hope not , 😉
Have a great day people AND don’t let the noise from dark places bother you cause haters are going to hate regardless,-GLTA-Ts 😉
P.S.
I have Something else to say , A while ago I mentioned a stock I happen to play once in awhile when it’s on the down swing , and another #$%=*& poster accused. me of blah , blah, blah etc,etc, but said poster from dark places and came back to say ohhhhh, not that I need that but! Again don’t let the noise from dark places bother you cause haters are going to hate regardless
Asap, I was referring this!!! Chris will retire at the end of 2024. and this today appointed Chris Marshall as Executive Chairman, effective immediately. In this role And yes I know there’s a connect with Sagent for sometime now
Possibly a discontent within ,again who knows EOS.
Please Remeber I still hold a fair amount of shs, just not as much as before
GoGooooooCOOP
Have a great evening & weekend people AND don’t let the noise from dark places bother you cause haters are going to hate regardless,-GLTA-Ts 😉
Nice find , Hmmmmm? Chris Marshall, who currently serves as Vice Chairman and President, will remain with Mr. Cooper Group to assist with the transition and oversee fundraising for the Company’s MSR fund. As previously disclosed, Chris will retire at the end of 2024.
KING OF PRUSSIA, Pa.--(BUSINESS WIRE)--Sagent, a Warburg Pincus-backed fintech software company modernizing mortgage servicing for banks and lenders, today appointed Chris Marshall as Executive Chairman, effective immediately. In this role, Marshall will work closely with Sagent’s executive team to deliver the $13 trillion mortgage servicing industry’s first and only cloud-native software platform in 2024.
Could there have been trouble in Paradise,who knows
Have a great evening people AND don’t let the noise from dark places bother you cause haters are going to hate regardless,-GLTA-Ts 😉
Hi goodie, The Blue sky law is for the protection of the investor ,plain and simple
P, visionary oil wells, distant gold mines and other like fraudulent exploitations.” Before the formation of the SEC in 1934, many fraudsters raised money by making up investment opportunities, only to disappear with the investors’ money. In 1956, the Uniform Securities Act offered guidelines on how each state should implement its own blue sky laws. It also addresses potential differences between state and federal regulations.
THE BROKERS Brokers must pass the Series 63 Securities Agent State Law Examination before selling securities in a particular state. States may fine a broker or a financial advisor for failing to register with their state before they start selling securities and providing investment advice. Offerers must also register their securities with state regulators unless specific exemptions apply.
(Brokers buy & sell online for investors from every State ) 🤔😉🤭
——————————-
We know the boyzzzzz are magically inclined to the dark side BUT NOT WITH THIS KIND OF $$ (IFFEN ANY AT THALL)🤔🥴
Sorry to say but Ol Cactus issss getting just as bad as frick & frack from the basement
GoGooooooCOOP
Have a great day people-AND don’t let the noise from dark places bother you cause haters are going to hate regardless,-GLTA-Ts 😉
IMHO -
Boris , Yeah ur dream has A meaning n dat isssss ,STOP TAKING THAT NIGHTCAP 😉😂👍
GoGooooooCOOP
GLTA-Ts 💥😉😂
COOP to Discuss 4Q Financial Results on Feb,9, 2024 10:00 A.M.
Company Release - 1/11/2024 4:55 PM ET
DALLAS--(BUSINESS WIRE)-- Mr. Cooper Group Inc. (NASDAQ: COOP) will discuss its financial results for the fourth quarter 2023 on February 9, 2024 at 10:00 A.M. Eastern Time. A copy of the press release and investor presentation will be posted prior to the call under the investors section on Mr. Cooper Group’s website, www.mrcoopergroup.com. Pre-registration for the call is now open by following the registration link here. Participants will receive a toll-free dial-in number and a unique registrant ID to be used for immediate call access. A simultaneous audio webcast of the conference call will be available under the investors section on www.mrcoopergroup.com.
GOGOOOOOOCOOP
Have a great day people GLTA-Ts
I’m sorry Ole Cactus but ur repetitive posts are now grouped in wit Frick & Fracks repetitiveness, IMHO. datzzzz dat wit dat
Have a great day people,
AND don’t let the noise from dark places bother you cause haters are going to hate regardless,-GLTA-Ts 😉
Good morning people, jhd. What can I say, I don’t print it I just post it , decicphering & conclusions are in the hands of the beholder//reader 😉😀
Have a great day people, time to hit the gym
AND don’t let the noise from dark places bother you cause haters are going to hate regardless,-GLTA-Ts 😉
COOPS Short interest up only 92,977 but up nevertheless
Settlement Date Short Interest
12/29/2023 ——1,781,377
12/15/2023 ——1,688,400
Have a great evening people
AND don’t let the noise from dark places bother you cause haters are going to hate regardless,-GLTA-Ts😉 😉]
COOPS Buzzer # 63.61 pps +0.73 Vol..280,066 shs
GOGOOOOOOCOOP
AND don’t let the noise from dark places bother you cause haters are going to hate regardless,-GLTA-Ts😉 😉]
Jhd, Alllll theses boyzzzzz hang in the same circles ,it’s the biz their in ,same clubs, same parties , 😉
GLTA-Ts
But of course , birds of a feather thanggggg lol
GLTA-Ts
Mr. Cooper Group Appoints Mike Weinbach as President
Company Release - 1/9/2024 4:00 PM ET
DALLAS--(BUSINESS WIRE)-- Mr. Cooper Group Inc. (NASDAQ: COOP) announced today the appointment of Mike Weinbach as President, effective February 1, 2024, with responsibility for leading the Company’s operations, including Originations, Servicing and
With more than 25 years' experience in the financial services industry, Weinbach has a track record of senior leadership roles across consumer and mortgage banking. Most recently, he served as CEO of Consumer Lending for Wells Fargo and as a member of the firm's Operating Committee, responsible for leading more than 40,000 team members focused on Home Lending, Auto Lending, Credit Cards, Merchant Services, Student Lending and Personal Lending. Previously, he served as CEO of Chase Home Lending at JP Morgan Chase, where he also held leadership roles in Consumer Banking, Business Banking, Mortgage Servicing and Auto Finance, with oversight of sales, finance and operations.
“I am delighted to welcome Mike to Mr. Cooper Group. His extensive background in consumer lending and financial services as well as his people-first approach will be a great fit for our team as he helps lead the company forward on the next phase of our journey,” said Jay Bray, Chairman and CEO of Mr. Cooper Group.
Weinbach said, “I have long admired Mr. Cooper’s impressive record of growth and profitability as well as their commitment to the customer experience, and I am thrilled to hit the ground running with this fantastic team.”
Chris Marshall, who currently serves as Vice Chairman and President, will remain with Mr. Cooper Group to assist with the transition and oversee fundraising for the Company’s MSR fund. As previously disclosed, Chris will retire at the end of 2024.
GLTA-Ts
Hi Big , yeeeah, but it’s built in the game , I personally have stopped playing the swing/momo in this paper ever since the very low 40 pps Alllll I can say isssss wammmm bammmmm thank you to this stock from the 0.035 to when I bailed 75% last year,
As for my Ks it will be what it will be EOS buddy
And as always Have a great great day people AND don’t let the noise from dark places bother you cause haters are going to hate regardless,-GLTA-Ts😉
Good morning people: I want to posts about banks/hubs/pods in shopping malls 60,70,80’s mostly all banks were. In the malls back then, the residential/community banks to stay in the focus/competitively was necessary to be seen where ur competitors were to compete ..ex. You see Pepsi,You see Coca Cola, unless ur watching old Saterday night skits lol.IMHO, To say it was a mistake back then issss ridiculous
Nice to see our COOP upward movement yesterday GOGOOOOOOCOOP
And as always Have a great great day people AND don’t let the noise from dark places bother you cause haters are going to hate regardless,-GLTA-Ts 😉
Boris FYI.,10 States People Are Leaving
According to USPS change-of-address data, these are the 10 top states people are fleeing.
1. California
2021 saw a net loss of over 101 thousand households in California despite a mostly pleasant climate and robust tech industry. Rising housing costs, rising taxes and politics seem to be driving many people to look for opportunities elsewhere. Other factors that emigrants have cited are the rising threat of wildfires and the constantly increasing cost of living. Many families from the state are relocating to Texas.
2. New York
Moving out of New York has become trendy, it would seem. The skyrocketing cost of living and ever-increasing local, state and federal taxes are driving factors. Many technology and banking industry workers that had spent a great deal of time in the office have found that working remotely due to the pandemic better suits their desires, allowing them to leave the city and, perhaps, live closer to extended family members. New York saw a net loss of over 75 thousand families last year.
3. Illinois
IllinoisPolicy.org cited opportunities for employment and better housing as the leading cause of the population decline in the state. Nearly half of would-be movers also said that the tax rate is a major factor in their reasons for leaving. About 29 thousand outbound moves weren’t reciprocated in 2021. Weather, high traffic levels and crime only make the declining population problem worse for the state.
4. Pennsylvania
Pennsylvania’s decline of 18 thousand-plus households recently directly results from job losses resulting from the pandemic. The state’s sometimes sketchy weather doesn’t help either. Many families are seeking better employment odds in nearby states, while a considerable number of them are taking the opportunity to head for warmer weather and a lower cost of living.
5. Massachusetts
Several publications list retirement and work motives as the reasons behind Massachusetts’ population decline. The state realized a net loss of 15,489 households last year. Recent history shows strong GDP growth and a robust economy. Yet, similar to its neighboring states, the recent push towards remote work allows families to leave high-density population areas and choose more suburban lifestyles beyond the state’s borders.
6. Washington
Former Washington residents are finding refuge from the state’s skyrocketing cost of living in places like Oregon and Idaho. Oregon’s cost of living is 7% cheaper, while Idaho boasts the lowest cost of living among the western states. With the ever-deepening housing crisis and the ability for many to work from home, it’s no wonder the Evergreen State experienced a loss of over 13 thousand families last year.
7. Colorado
Once considered a swing state, Colorado’s politics have shifted towards the left in recent years. Conservatives leaving the state for Texas and Arizona are on the move. Overall, 12,145 families left Colorado last year, and politics was just one small factor. The high cost of living and out-of-reach real estate prices continue to drive would-be homebuyers out of the area, while traffic congestion, increasing crime rates and pollution seal the deal for many deciding to leave.
8. Indiana
Indiana’s overall population loss of nearly 12 thousand families last year is a result of lower than average pay. Despite the state’s low cost of living, Indiana’s neighboring states pay better. Those looking for substantial pay increases are looking elsewhere. Another factor in the decline is the state’s taxing of retirement income. Retired people on a fixed income may see better options outside of Indiana.
9. Michigan
Divided almost exactly into thirds, families leaving Michigan cited retirement, family and employment opportunities as their reason for leaving the state. Despite the nationwide worker shortages, young families in the state still feel like better working conditions exist across state lines. Michigan experienced a net loss of nearly 11 thousand households last year.
10. Wisconsin
Ten thousand more families left Wisconsin last year than moved in. Much of the decline is blamed on the fallout from the pandemic. Job changes and being closer to family became more accessible in the current employment environment, and the state’s high tax rates and harsh weather were the last straw for emigrants.
10 states people are moving to
Southern states, where taxes tend to be low and sunshine is abundant, make up the top seven places moving destinations. These are the top ten recent population gainers.
1. Texas
According to the USPS, Texas gained over 12,700 residents overall in 2021. Part of the influx is due to the state’s conservative political environment, which is inviting to many people from nearby liberal states. Low taxes, a robust economy, a low cost of living and excellent weather round out the list of why Texas is a popular destination.
2. Florida
An admittedly non-scientific survey conducted by The Tampa Bay Times told of taxes, affordable housing, sunshine and relaxed Covid restrictions being the leading causes of Florida’s influx of residents. Sandy beaches and tropical weather are a magnet for those searching for the affordable endless summer. Florida has always been a favorite of retirees and is now attracting a younger crowd with jobs that allow them to move around.
3. South Carolina
Charleston.com cited reasons similar to Florida’s population increase, with the addition of people in search of green space as the drivers behind South Carolina’s growth. The pandemic has spurred migration to the state through remote work allowing families to move closer together and a strong job market keeping existing residents there. The state saw a net gain of over 10 thousand residents last year.
4. North Carolina
Many sources describe the reasons for North Carolina’s recent inflow of residents as being work, family and weather-related. North Carolina’s topography makes the state one of the most sought-after places to live among outdoor enthusiasts. The state saw a 9,000 person net increase in 2021 due largely to families’ newfound ability to choose where they live.
5. Georgia
Georgia realized a net population gain of just over 5,000 last year. The state is full of outdoor activity opportunities, tropical summers, mild winters, beaches and plenty of mountainous terrains. It’s no wonder families are arriving in droves to take advantage of the low housing costs and the strong job market in Georgia.
6. Tennessee
Tourism is the number two industry in Tennessee. A net gain of over 4,500 families in the state can partially be attributed to many people deciding that Tennessee is ideal for living like you’re on vacation. Tennessee’s low cost of living, low taxes, expanding job market and natural beauty make it a perfect location to call home for many retirees and young families alike
7. Nevada
Nevada’s population grew by over 3,100 families last year. Many of the immigrants came from the Pacific Northwest and southern states that are typically more humid than Nevada. Always popular with retirees for its weather, the state’s proximity to adventure-laden places in its five neighboring states, and its low cost of living are major driving factors in the populating surge among younger movers.
8. Maine
Many people leaving more expensive New England states are moving to their relatively low-cost, northerly neighbor, Maine. The state saw a net influx of over 2,500 families recently. Maine offers all of the benefits of New England, living without the crowds or the expense. During the pandemic, remote workers and those seeking new employment flocked to the state.
9. Delaware
For much of the same reasons as Maine, Delaware is the other popular place to move to. Low taxes, affordable housing, its own strong job market and its proximity to nearby financial stronghold states have made Delaware a go-to place to set up home while still enjoying all the trappings of east coast living. The state grew by almost 2,200 families last year.
10. Idaho
Right next door to crowded, expensive west coast states sit Idaho. With its low cost of living, Idaho is a state that’s close enough to the water without the real-estate woes of living right on the coast. In both agriculture and medicine, booming job markets are also driving the population increase in and around Boise. Nearly 1,800 more households came in than left last year.
GogooooooooCOOP
And as always Have a great evening people and don’t let the noise from dark places bother you cause haters are going to hate regardless,-GLTA-Ts 😉
Vermin Is that the only card you hold/ have ,there are many cards offering Ex. Citi master, Discover, even PayPal, for years on transfer balances also with 3-5% charge, Even Chase once upon a time ,nothing new, Sorry
GoGooooooCOOP
And as always Have a great evening people and don’t let the noise from dark places bother you cause haters are going to hate regardless,-GLTA-Ts 😉
b3 If that’s his belief whether right or wrong thats his belief
To Allllll! A Healthy, Happy & Prosperous New Year FROM MY FAMILY TO YOU N URS-Ts🥂
Good morning people, hope all had a great Holiday, COOP seems to be holding its own as the next few trading sessions should be interesting to see if some end of year selling with some head faking maybe, but! so far the month of Dec. has held up well regardless of the few Cyber PR’s anyhow GOGOOOOCOOP
And as always Have a great day people and don’t let the noise from dark places bother you cause haters are going to hate regardless,-GLTA-Ts 😉
[Wishing ALLLL Happy Holidays & A Prosperous New Year GLTA 😉
Seya in 24-PEACE-Ts
Good morning people , While skimming through the news snippets this morning I noticed that COOPS Cyber problem surfaced again once during yesterdays morning trading hours and once after trading hours , what I found a little odd was the The Housing Wire Press had the news out Friday morning at 9:45 AM.and The WSJ. puts the news info out after hours not counting the one yesterday morning hmmm?
Have a great day people ,time to hit the gym 😉
GLTA-Ts
Buzzer # 65.50pps.-$01.70 (live feed)TGIF-Babeeee
Going to the club for cocktails 🥃🍻GLTA & Have a great weekend people -Ts
Ok this once , That’s like saying can COOP separate themselves from NSM, because the people who took them public drained them dry and couldn't wait to off them, also their stock was stagnant for sometime UNTIL WMI,WMIH WAVED A MAGICAL WAND.With an unknown guarantor of unknown origins and with our 12x12 Reverse blood it/they/us will always be connected UNTIL they can turnover these/us shareholders completely ,only then maybe ALLLL the history will
Ts
Buzzer #67.20 +0.51 Vol.823,243 (live feed)
GLTA-Ts😉
Good afternoon people, GoGooooooCOOP NICE
And as always Have a great evening people and don’t let the noise from dark places bother you cause haters are going to hate regardless,-GLTA-Ts 😉
Close 65.11 pps +0.87 Vol.332,329 GOGOOOOOOCOOP 😉
And as always Have a great evening people and don’t let the noise from dark places bother you cause haters are going to hate regardless,-GLTA-Ts 😉
GogoooooCOOP NICE N FYI Percentage points. Last year, 3 out of 4 Jobs Days were losers, with an average loss of 0.46 percentage points.
Moving ahead to Tuesday, the BLS releases the Consumer Price Index (CPI) and related inflation metrics for November. This year, investors have been rewarded an average of 0.45 percentage points per report — nearly 5.0 percentage points if you add all of them up — with a 73% win rate. That's also a flip from last year, when investors lost a total of 0.72 percentage points and ended red 58% of the time.
A day later, next Wednesday, Jerome Powell takes the podium at the Fed, as the Federal Open Market Committee releases its final interest rate decision of the year.
Investors might be surprised to learn that last year stocks gained 4.14 percentage points on Fed days, despite only winning 50% of the time. In 2023, investors have lost an average of 0.15 percentage points per Fed day for a total loss in 2023 of 1.05 percentage points, with a 57% win rate.
With the drop in volatility ahead of these key reports, markets are primed to make a strong directional move. The direction in 2023 has been strongly up for most of the year. But bond market volatility is on the rise, as is the US dollar — both of which act as headwinds for stocks.
Shorts are loading up as all the major indexes — plus the Russell 2000 — are sitting just under strong potential historical resistance. If stocks crack because of a narrative-changing report or announcement, watch out, as liquidity is low and downside moves can get exacerbated.
But if these reports end up bullish, the bears simply become fuel for a short-covering rally that could take the S&P 500 to a fresh record high by year-end or early 2024.
Short-term traders might watch for a potential bear trap if the S&P 500 trades down to 4,500. A head fake lower before ripping higher would be a fitting year-end surprise for the bulls.
And as always Have a great evening people and don’t let the noise from dark places bother you cause haters are going to hate regardless,-GLTA-Ts 😉
+National Pearl Harbor Remembrance Day+ Dec.7 The GREATEST GENERATION 🇺🇸
Peace-Ts
Hi sillyinvestor This isssssss very true ! but it can at times help getting through some of the tuff times , not allll but some lol
LIFE ISSSSSS GOOD 😉 gotta hit the gym, I’m running a little late this morning as I was at the club a little late last night 😳😂😉
GOGOOOOOCOOP
And as always Have a great day people and don’t let the noise from dark places bother you cause haters are going to hate regardless,-GLTA-Ts 😉
Good morning people, GogoooooooCOOP with the raising of our COOP shs you would think that the basement people dweller's would be cheering instead of their daily doom and gloom posts, I don’t bother with them anymore as they have become boring and non important, ENUFF SAID AND TIME ON DAT EOS
GOGOOOOCOOP
And as always Have a great day people and don’t let the noise from dark places bother you cause haters are going to hate regardless,-GLTA-Ts 😉
Good morning people FYI. The CEOs of America's largest banks will line up
before lawmakers this week in a highly anticipated appearance to try and convince Washington — and the world — that the banking sector is back on steady ground following the regional banking crisis earlier this year.
The hearing before the Senate’s banking committee is part of Congress's annual oversight of the financial sector and will feature top bosses from Jamie Dimon of JPMorgan Chase (JPM) and David Solomon of Goldman Sachs (GS) to Brian Moynihan of Bank of America (BAC).
Much of the focus during Wednesday's hearing is set to be on the higher capital requirements proposed this summer by the Federal Reserve, called Basel III endgame measures, which the assembled CEOs have been lobbying furiously against for months.
"Ironically, a proposal to mitigate risk will create even more risk in the financial system," Dimon is set to say in his opening remarks, adding that it "will fundamentally alter the US economy in ways that the Federal Reserve has not studied or contemplated."
Other CEOs are set to echo the message with Solomon in his prepared remarks arguing the proposal "has a particularly negative impact to capital markets functioning."
At the Goldman Sachs US Financial Services conference on Tuesday, the companies offered previews of other topics that could come up at Wednesday's hearing.
The assembled CEOs touted the resilience of the US economy during their speeches in New York but urged restraint when it comes to 2024 expectations. Wells Fargo CEO Charlie Scharf also weighed in on the Fed's capital regulations, saying the requirements could limit his bank’s activities in the future.
The CEOs of Citigroup (C), Wells Fargo (WFC), State Street (STT), BNY Mellon (BK), and Morgan Stanley (MS) will also be testifying at the hearing before a panel of 23 senators.
The questioners will range from Chairman Sherrod Brown (D-Ohio) to other prominent figures, including two former presidential candidates: Sen. Tim Scott (R-S.C.) and Elizabeth Warren (D-Mass.).
A focus on capital requirements
The central issue Wednesday is set to be the so-called Basel III measures that were first developed following the global financial crisis of 2007-2009.
The final set of these rules unveiled this summer focused on the amount of capital that banks must have in reserve to protect themselves from insolvency, which regulators are hoping to finalize in the coming months.
The standards took on a new urgency this spring after banks like Silicon Valley Bank and Signature Bank failed, largely due to a shortage of liquidity.
The proposal would raise banks' capital requirements by 16% in aggregate, and widen the scope of new requirements to institutions with as few as $100 billion in assets — an effort to include smaller banks like SVB.
A new memo released Tuesday by the Financial Services Forum — which represents all eight CEOs —argued in part that this year's banking crisis shows that the stricter requirements are not needed.
The group's president and CEO, Kevin Fromer, wrote about how America's largest banks "acted as a source of strength during the COVID-19 pandemic and the banking turmoil of 2023," arguing that the current proposal goes beyond the original framework and that the nation’s largest banks have already tripled their capital levels over the past 15 years.
The memo also noted that Wednesday's hearing will be an opportunity to discuss "how the Basel 3 Endgame capital proposal would harm consumers, businesses of every size and the economy as a whole."
While Fed Vice Chair for Supervision Michael Barr proposed the new outline this summer, not every member of the central bank has been onboard.
Fed Governor Christopher Waller recently called the proposal "excessive" in a conversation with the American Enterprise Institute. He told the think tank last week that if the proposal did away with separate requirements for so-called operational risk — risk from potential losses from disruptions due to internal mismanagement like fraud, or external shocks like a cyberattack — that he could support the proposal. The capital requirement for operational risk is a major sticking point with the banks.
"Michael Barr knows he went too far on a few things," said David Wessel, a senior fellow in economic studies at the Brookings Institution. He predicted that Washington will refine some areas including provisions around operational risk in the months ahead as lawmakers work to finalize the proposal.
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GoGooooooCOOP
Have a great day people and don’t let the noise from dark places bother you cause haters are going to hate regardless,-GLTA-Ts 😉
Good morning people, As of this post COOP seems to be holding ( but it’s early in this session 😉)while other stocks in the market that rose nicely Fri. Seems to be floundering ,it might be an interesting day to watch this paper today and the rest of the week along with this weeks reports in the markets as they comes in
GoGooooooCOOP
Have a great day people and don’t let the noise from dark places bother you cause haters are going to hate regardless,-GLTA-Ts 😉
Whoaaaaaa. TGIF Babeeeeee ————————————————————->>>
Have a great weekend people and don’t let the noise from dark places bother you cause haters are going to hate regardless,-GLTA-Ts 😉
Good morning people FYI. Mortgage rates drop for fifth straight week
Complete info inserted ->
https://www.cnn.com/2023/11/30/homes/mortgage-rates-drop/index.html
Have a great day people and don’t let the noise from dark places bother you cause haters are going to hate regardless,-GLTA-Ts 😉