SEC’s Gensler warns of AI risk to financial stability
Securities and Exchange Commission Chairman Gary Gensler told lawmakers that artificial intelligence could be used to game securities transactions in favor of corporate interests over those of investors. Critics say the SEC’s plan to combat such conflicts of interest is hostile to technology.
Call Sen. Hawley’s bluff on credit card interest rate cap
Republican Josh Hawley, the senior senator from Missouri, says he intends to offer legislation that would cap credit card rates at 18%. For a bill designed to go nowhere, it’s a surprisingly good idea.
Citi’s family office clients are hunting for direct investments
More than half of investment firms for the world’s superrich seek opportunistic direct deals based on attractive valuations, Citigroup found in a survey of 268 family offices representing $565 billion in net worth.
Affirms warns that its funding costs will rise
The buy now/pay later lender expects those increased expenses — brought on by rising interest rates — to eat into one of its key metrics: revenue less transaction costs.
US is looking to offload nearly $13 billion of MBS seized from SVB and Signature
The securities have been hard to sell in part because the bonds will probably pay below-market coupons for years.
American Express plans luxury lounge for Newark Airport’s newest terminal
Amex is planning to debut a new luxury lounge at Newark Liberty International Airport, part of the credit-card giant’s continued push into travel and entertainment services.
Centerview Partners hires former Council of Foreign Relations chief Haass
The move comes as independent banks such as Centerview have branched into other areas of advisory like geopolitical and ESG matters.
Franklin Templeton joins race to offer U.S. spot bitcoin ETF
Franklin Templeton has joined fellow asset manager powerhouses Fidelity and BlackRock in the race to win approval to offer the first U.S. exchange-traded fund that invests directly in bitcoin.
SEC’s proposed conflict-of-interest rules include a massive oversight
The proposed rule would make it virtually impossible for lenders to enter into routine hedging transactions.
Wall Street bosses want anonymity to talk China with Congress
U.S. lawmakers scrutinizing China said Wall Street executives asked to have their identities withheld when meeting with them so as not to alienate their Chinese investors.