EUROPE’s biggest banks are vulnerable and pose a huge risk to financial stability, according to some of Wall Street’s top bankers.
Financial heavyweights from the US and Switzerland joined forces to sound the alarm over Deutsche Bank and its peers.
Goldman Sachs’ president Gary Cohn hit out at eurozone banks for failing to clean-up their balance sheets after the financial crisis. Continue reading
House Intelligence Committee chair says $2 trillion has been lost
Chinese government-backed hackers have cost the United States nearly $2 trillion in “lost and stolen property” that was seized through illicit Internet attacks, Rep. Mike Rogers (R., Mich.), chairman of the House Permanent Select Committee on Intelligence, said Monday.
The theft of proprietary information and technology by the Chinese constitutes “the largest transfer of wealth illegally in the world’s history,” according to Rogers, who warned that the United States is not prepared to combat these cyber threats. Continue reading