“Light-touch” regulation got lighter
If you are someone who thinks the “light touch” approach UK regulators applied to the financial services sector ahead of the Great Financial Crisis contributed to the meltdown, you are gonna love what it in store now that Brexit is in play. Andrew Bailey, chief executive of the Financial Conduct Authority, said today that keeping UK banks strong will be one of his top priorities. Just how tough do you think regulators will be with banks when those same banks can hang the threat of moving to the continent over the regulators’ heads?
According to Anthony Scaramucci, the deal to sell his stake in SkyBridge Capital to Chinese investors is “five to six weeks away” from closing. The Mooch sold his stake to take a job in the Trump administration; a job that looks more and more like it might not materialize. Since it is Tax Day, it is timely to note that Scaramucci has 60 days from the closing date of the sale to secure a government job – any government job – to avoid paying a rather whopping tax bill. On Day 59, I reckon an ambassadorship – any ambassadorship - will start to look mighty attractive to the Mooch.
About those big infrastructure plans
It looks like all the investors who flocked to industrial metals on the promise of big infrastructure spending by the Trump administration might be having a bit of buyer’s remorse.
I admit it. Every time I read a story about - or get marketing mail from – Goldman Sachs’ retail banking unit, I think of one thing: Maaaaaaarcus. Sorry, I can’t help it.
Now Lloyd Blankfein isn’t one to blow his own horn about Marcus, but he probably doesn’t have to when the New York Times is happy to tout what the new division stands to add to Goldman’s bottom line.