Category: Mark Williams

Bank of America and DOJ near $17 billion settlement over mortgage securities

August 20th, 2014 in 2014, Mark Williams, Newsmakers, School of Management, Washington Post 0 comments

MarkWilliams1Washington Post
Mark Williams, School of Management

Final terms are almost in place for the record $17 billion settlement between Bank of America and the Justice Department over allegations that the nation’s second-largest bank knowingly sold faulty mortgage securities that contributed to the financial crisis, people familiar with the talks said Wednesday. An announcement could come as early as Thursday…

Expert quote:

“The banks extracted billions from unassuming customers and now Justice has extracted billions of dollars in settlements to make up for that. But corporate executives should not be able to hide behind their companies and have shareholders pay for egregious behavior.”

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Subprime car buyers fueling default surge

August 20th, 2014 in 2014, Mark Williams, Newsmakers, School of Management 0 comments

MarkWilliams1Yahoo! Finance
Mark Williams, School of Management

Borrowers with shaky credit histories? A rush to fill out paperwork to facilitate loans for them? Bundling pools of those loans and selling them to investors? No, this is not the sub-prime mortgage crisis of 2008. This is the sub-prime auto loan business of 2014…

Expert quote:

“There’s many similarities between the sub-prime crisis we went through and sub-prime auto lending today. I see it very much a parallel with 2007, that is the Fed reduced interest rates and increased in particular, greater demand to find products that had higher yields, and today that’s what we see. So risk levels are increasing here.”

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Bitcoin Price Reaction: “An Ecosystem Built on Clay Feet”

August 18th, 2014 in 2014, Bitcoin, Mark Williams, Newsmakers, School of Management 0 comments

MarkWilliams1Inside Bitcoins
Mark Williams, School of Management

Ask the so-called “Man Who Really Built Bitcoin” why the price is falling and Gavin Andresen, chief scientist at the Bitcoin Foundation and former lead developer of the cryptocurrency’s source code, shrugs his shoulders…

Expert quote:

“The recent significant price collapse demonstrates that the bitcoin trading ecosystem has been built on clay feet.Since August the average daily trading volume has remained under 30,000 yet prices have plummeted by over 50% — from a high of $633 to a low of $309.  Bitcoin lacks liquidity and the recent low on BTCe is a case in point.  The new low of $309 was driven by a trade of approximately 7,500 bitcoins.  If bitcoin is going to survive it will need to gain stronger liquidity.”

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Bitcoin shakes up remittances as poorer people offered digital deals

August 18th, 2014 in 2014, Bitcoin, Mark Williams, Newsmakers, School of Management, The Guardian 0 comments

MarkWilliams1The Guardian
Mark Williams, School of Management

Social entrepreneurs in developing countries are using mobile phones and the controversial digital currency bitcoin to increase the speed, and slash the price, of international money transfers, raising the prospect of a revolution in the $600bn annual global remittance market…

Expert quote:

“Consumers learned a hard lesson [from Mt Gox]. Under the current structure, bitcoin participants have little protection and can lose everything. Since inception, bitcoin has been the designer currency of choice for the criminally inclined. Given the genesis of bitcoin and its inherent flaws, it is dangerous to assume that this new and unproven technology is the solution [to reducing remittance fees]. Bitcoin has the potential to be used for legitimate purposes but for this to happen it has to be restructured to provide consumer protection and tighter oversight, and meet important money laundering prevention standards.”

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WaPo: Regulatory Vigilance Warranted on Frothy Auto Loans

August 15th, 2014 in 2014, Mark Williams, Newsmakers, Newsmax, School of Management 0 comments

MarkWilliams1Newsmax
Mark Williams, School of Management

As U.S. auto sales surge, so do subprime auto loans, raising worries of a bubble…

Expert quote:

“It appears that investors have not learned the lessons of Lehman Brothers and continue to chase risky subprime-backed bonds.”

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Bitcoin trading website accused of defrauding thousands of customers

July 30th, 2014 in 2014, Bitcoin, Los Angeles Times, Mark Williams, Newsmakers, School of Management 0 comments

MarkWilliams1Los Angeles Times
Mark Williams, School of Management

A major bitcoin-to-gold trading website is facing a class-action lawsuit after allegedly defrauding thousands of customers…

Expert quote:

“You build a website, you put a piece of gold on it or a picture of a bitcoin and it gets people excited. It’s like they check their brain at the door.”

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What to consider before jumping into Bitcoin

July 24th, 2014 in 2014, Bitcoin, Mark Williams, Newsmakers, School of Management 0 comments

MarkWilliams1CiteWorld
Mark Williams, School of Management

Overstock.com offers it. So does Dish Network, Dell Computer, and most recently AirBaltic. But when a customer approached Spreadshirt CEO Philip Rooke to ask if it would start accepting Bitcoin as a payment option, Rooke said no…

Expert quote:

“Unlike credit cards, Bitcoins are not regulated in terms of accountability should a breach occur.”

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How TD Bank is linking up with Bill Clinton to win over the U.S. market

July 23rd, 2014 in 2014, Mark Williams, Newsmakers, School of Management 0 comments

MarkWilliams1Financial Post
Mark Williams, School of Management

In the fiercely competitive U.S. banking business, Toronto-Dominion Bank, with its increasing focus on the stateside market, has found a unique way to stand out — marrying its brand to a powerful American symbol of prosperity, approachability, and pure Southern charisma…

Expert quote:

“They market themselves in the United States as a bank ‘for the people,’ and I think you could argue that Bill Clinton was the president for the people. TD knows its marketing plan. It gets its target market.”

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In a Subprime Bubble for Used Cars, Borrowers Pay Sky-High Rates

July 21st, 2014 in 2014, Mark Williams, New York Times, Newsmakers, School of Management 0 comments

MarkWilliams1New York Times (subscription required)
Mark Williams, School of Management

Rodney Durham stopped working in 1991, declared bankruptcy and lives on Social Security. Nonetheless, Wells Fargo lent him $15,197 to buy a used Mitsubishi sedan…

Expert quote:

“It appears that investors have not learned the lessons of Lehman Brothers and continue to chase risky subprime-backed bonds.”

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Yellen Should Remain Cagey Over Rate-Hike Timing

July 15th, 2014 in 2014, FoxBusiness.com, Mark Williams, Newsmakers, School of Management 0 comments

MarkWilliams1FoxBusiness.com
Mark Williams, School of Management

Federal Reserve Chair Janet Yellen will answer a whole lot of questions on Tuesday and Wednesday during her semi-annual monetary policy testimony before two separate Congressional committees…

Expert quote:

“She needs to send the message that the course is going to be steady and that she has a firm hand on the rudder.”

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