Report: Traditional Wall Street model “no longer an option”

Global management consulting firm McKinsey & Co has released a report detailing that the traditional Wall Street model is “no longer an option.”

(NEW YORK, NY) Despite slashing billions in costs and retrenching from key businesses since the financial crisis, Wall Street banks still have not done enough to repair and restructure, according to a new report.

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Exclusive: NY Fed first rejected cyber-heist transfers, then moved $81 million

DHAKA/NEW YORK (Reuters) – Hours before the Federal Reserve Bank of New York approved four fraudulent requests to send $81 million from a Bangladesh Bank account to cyber thieves, the Fed branch blocked those same requests because they lacked information required to transfer money, according to two people with direct knowledge of the matter.

On the day of the theft in February, the New York Fed initially rejected 35 requests to transfer funds to various overseas accounts, a New York Fed official and a senior Bangladesh Bank official told Reuters. The Fed’s decision to later fulfill a handful of resubmitted requests raises questions about whether it missed red flags.

The New York arm of the U.S. central bank initially denied the transfer requests because they lacked proper formatting for the SWIFT messaging system, the network banks use for international financial transfers, the two officials said. Continue reading

Obama Admin Advising Global Banks on Ways to Give Iran Money

 

Reporter: Is Admin Exploiting Loopholes For Iran?

The Obama administration is now advising foreign banks on how to bypass existing U.S. sanctions when dealing with Iran, according to the State Department, which disclosed that officials are offering guidance on how to grant the Islamic Republic access to billions of dollars in frozen assets.

However, the administration would not comment when pressed by reporters on whether foreign banks would be permitted to conduct monetary transactions with Iran using American dollars. Continue reading