Bankruptcy Blogs

'Buying Black' spurs huge gains in Carver Bank, Urban One shares

06/17/20

Carver Bancorp. and Urban One Inc., two companies that serve black and underrepresented communities, more than doubled on Wednesday as traders aid trends associated with supporting black-owned businesses amid global protests against police brutality.

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Banks back bill to eliminate brokered deposit restrictions

06/17/20

The legislation would aim to address concerns that the current policy is outdated by establishing a new regime to limit asset growth for banks that are not well-capitalized.

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Federal housing agencies extend foreclosure moratorium to Aug. 31

06/17/20

The FHFA and FHA both announced for the second time that they were delaying the freeze to protect borrowers and renters during the coronavirus pandemic.

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OCC’s proposal rightfully directs banks to upgrade

06/17/20

The agency’s advance notice of proposed rulemaking, which would require banks to evolve with technology, shows foresight that policymakers too often lack.

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How to Start Closing the Racial Wealth Gap

06/17/20

I have an article out in The American Prospect about How to Start Closing the Racial Wealth Gap. Unlike a lot of writing bemoaning the racial wealth gap, this piece has a concrete reform that could be undertaken on day 1 of a Biden administration without any need for legislation or even notice-and-comment rulemaking.

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HSBC resuscitates plan to cut 35,000 jobs to boost growth

06/17/20

The bank joins rivals such as Deutsche Bank AG and UniCredit SpA in forging ahead with job cuts that were put on hold at the outset of the pandemic.

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Broadway invalidates activist investor's proxy challenge

06/17/20

The Los Angeles company said Commerce Mortgage, founded by former bank CEO Steven Sugarman, wasn't a shareholder by the record date for its annual meeting, even though the firm reported a 9.7% stake earlier this year.

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FDIC eyeing bank dividends; Morgan Stanley sued by former diversity head

06/17/20

Banks paid out nearly twice as much as they earned in the first quarter; Marilyn Booker, a managing director, said she was fired in December for pushing too hard on a diversity plan.

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Brazilian 5 Year Sovereign Bonds at a 2.875% Yield: Aiyiyiyi

06/16/20

Paul Krugman had a piece in yesterday’s NYT about the lunacy in the stock market, where a bankrupt company like Hertz is merrily issuing new stock (here).  Matt Levine of Bloomberg has similarly, and hilariously, discussed the Hertz case and other recent examples of this bizarre pandemic bubble (here). Why the rush to buy overpriced rubbish?

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Wells Fargo ties senior executive pay to improving diversity

06/16/20

Wells Fargo Chief Executive Officer Charlie Scharf, who vowed last month to do more to improve diversity within the firm's ranks, is tying executives' pay to their progress in doing so.

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