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Regulators Criticize Banks For Lending Uber $1.15 Billion (venturebeat.com)
Federal regulators criticized several Wall Street banks over the handling of a $1.15 billion loan they helped arrange for Uber this past summer, reports Reuters, citing people with knowledge of the matter. From the report: Led by Morgan Stanley, the banks helped the ride-sharing network tap the leveraged loan market in July for the first time, persuading institutional investors to focus on its lofty valuation and established markets rather than its losses in countries such as China and India. The Federal Reserve and the Office of the Comptroller of the Currency (OCC), which are trying to reign in risky lending across Wall Street, took issue with the way in which the banks carved out Uber's more mature operations from the rest of the business, the people said.
and THAT is the problem
They were making sure the banks complied as an "equal opportunity lender"
"His name was James Damore."
Most are happy until they go to sell their cars and learn there is no equity left after a few years. The more you drive, the more you loose.
In theory, the people up the chain of command get a huge salary because they are responsible when something breaks.
in practice, they get to blame you.
Some of us just expect them to follow the same laws that cabbies are required to. You know like the same insurance that's required for a commercial operator. Vehicle inspections, CPR training and so on. You know, exactly the same things that were put into law because cabbies had such a terrible track record that it was killing people.
Yes, how dare people demand they actually follow the law.
Om, nomnomnom...
...long long ago, an out-of-town visitor to New York was admiring the elegant vessels harboured off the Financial District; "Those are the bankers' and brokers' yachts!" exclaimed the guide. "But where are the customers' yachts?" questioned the naÃve visitor in response...
Sanity is the trademark of a weak mind. -- Mark Harrold
What part of my statement implied I thought Trump was going to do any better? I don't think Clinton would have done better either. Partly why I didn't vote for either of them. If we the people want companies to be held responsible, then we need to voice this as something we want of our elected officials, and vote for the ones who will do something about it. But the people seem fine with how things are right now, thus nothing happens. They'll moan about things, but ultimately when it comes to vote time, they'll base their entire vote based if there's an R or a D at the end of the name.
Seriously, with Trump, it becomes increasingly obvious that most people, both Ds and Rs don't actually care about a candidates actual position. They assume a position based off of emotion and run with it. The media has been making an ass of itself claiming Trump is against certain things (gay rights specifically comes to mind) because he's an R and Rs are against it in their opinion, even though Trump isn't against it. Facts are unimportant. He's an R, Ds don't like Rs, so clearly an R can't support anything they support in their minds. You can flip the Ds and the Rs on another subject and the same holds true. It's pathetic.
Funny how it only happens to foreign corporations while wall street bankers and ratings agencies walk free after the sub-prime crisis.
Aww, that's so cute...
Which is something people also do with taxis.... If the driver wasn't going that way already and you're only covering a share of the gas money it isn't ride sharing.
The 2008 crisis taught investment banks an important lesson. If you are politically connected enough, the government will bail you out if you screw up.
There was no regulation.
Congress "deregulated" that piece of the banking industry when it repealed sections 20 and 32 of the Glass–Steagall Act in 1999.
It only took the corporations 9 years to create a national disaster.
It turns out some regulations are very, very good ideas.
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According to the latest ruleset, this post should be modded as Vorpal Flamebait +5.
If anything should happen to these banks the U.S. taxpayer will be there to bail them out and make sure the executives get their bonuses.
Just like the last time.
We will bankrupt ourselves in the vain search for absolute security. -- Dwight D. Eisenhower
There's been an entire attitude shift: Remember, civil forfeiture laws were created to steal boats and houses from rich criminals. Now, they're being used to steal a traveler's laptop and iPhone. Citizens who have won court cases against such theft have never gotten their property back, putting those police in contempt of court.
There were many complaints when NY police began 'stop and frisk' procedures but the courts have approved such fishing expeditions so the practice has spread. Police departments have militarized to combat civilian militias that don't exist and even bought house-smashing tanks for arresting non-violent criminals, such as illegal immigrants.
It's not a war on terror or drugs, it's class warfare, with the welfare-dependent and black communities being the enemy.