Wall Street looked set to crater on Monday after the Federal Reserve’s aggressive move to cut interest rates to nearly zero heightened fears of the …
Stocks set to crash again after Fed slashes rates amid coronavirus fears
Wall Street looked set to crater on Monday after the Federal Reserve’s aggressive move to cut interest rates to nearly zero heightened fears of the …
Futures pounded as Fed’s aggressive rate cut fans recession fears
TORONTO — The U.S. futures market is pointed to another plunge on North American stock markets this morning. Read More
North American stock markets set to plunge when trading begins today
LONDON — U.S. crude fell below $30 on Monday as emergency rate cuts by the U.S. Federal Reserve and its global counterparts failed to tame markets …
U.S. crude falls below $30 as Fed move fails to calm markets
WASHINGTON — President Donald Trump said he hoped the U.S. Federal Reserve “would finally get on board” and lower interest rates. Read More
Trump says hopes the Fed will ‘finally get on board’ — Financial Post
The Dow Jones Industrials index was on course for its worst day since 1987 as President Donald Trump’s sweeping move to restrict travel from Europe added to growing signs of corporate distress in the face of the coronavirus pandemic. Read More
Dow heads for worst day since 1987 on Europe travel shock — Financial Post
WASHINGTON — The U.S. Congress on Thursday struggled to pass legislation to help Americans cope with the expanding coronavirus crisis, as Democrats planned to push ahead with a wide-ranging bill that Republicans branded as “unworkable.” Read More
Partisan battle erupts in U.S. Congress over coronavirus response — Financial Post
NEW YORK — Any sudden decision by investors to sell shares in credit-focused asset managers and exchange traded funds (ETFs) over concerns about the coronavirus outbreak could put pressure on the managers to sell their riskier assets quickly, the director of IMF Monetary and Capital Markets said on Wednesday. Read More
ETFs, asset managers at risk from sudden sales over coronavirus – IMF official — Financial Post
This practice has been going on since 2013 to meet sales goals. Forced to commit acts of fraud to keep their jobs, tellers opened accounts without the client’s knowledge. This time the Consumer Financial Protection Bureau is filing a lawsuit against Fifth Third Bank for allegedly opening fake accounts without consumer consent. As usually, no one (in upper management) is going to jail.
The CFPB alleges Fifth Third employees created fake deposit and credit card accounts, and transferred money back and forth between consumers’ existing accounts and the fake ones in order to be credited for sales.The Ohio-based Fifth Third’s incentive-based pay structure encourages its employees to “cross-sell” products and convince customers to sign up for more services, the CFPB said.
https://www.cnn.com/2020/03/10/business/fifth-third-cfpb-lawsuit/index.html
Financial markets plunged; Italy ordered nearly all businesses to close; and the World Health Organization declared a pandemic as the virus spread.
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President Trump said he would be suspending all travel from Europe for the next 30 days starting Friday. The restrictions will not apply to Britain.
the Java Exchange 