Daily Archives: November 22, 2016

Trump ‘doesn’t respect’ Jamie Dimon, not considering him for Treasury, source says

Hold off on the balloons and cake for Jamie. He’s off of Trump’s list.

It’s probably safe to say that JPMorgan Chase CEO Jamie Dimon won’t be the treasury secretary after all.

Wall Street has been abuzz for the past two weeks with speculation that the 60-year-old head of the largest U.S. bank by assets would run the Treasury Department for President-elect Donald Trump. CNBC reported on Nov. 10 that advisers close to Trump were suggesting Dimon for the vital Cabinet role.

However, a source speaking to NBC News said a Dimon appointment is not going to happen.

In fact, Trump “doesn’t respect” Dimon, the source said, adding that the bank chief “was never under consideration” for the appointment and was not on “any Trump-approved list.”

That may be just as well considering that the sources who initially spoke to CNBC had indicated Dimon wasn’t interested anyway.

Read on.

Ally Financial to pay $52 million in ResCap toxic mortgage bond settlement

Ally Financial will pay $52 million to settle allegations that one of its subsidiaries,Residential Capital (also called ResCap), knowingly marketed mortgage bonds despite the fact that the underlying mortgages were toxic, the U.S. Attorney’s Office announced Monday.

The settlement stems from 10 subprime residential mortgage-backed securities issued in 2006 and 2007.

Read on/

Wells Fargo payouts should be halted in wake of ruling: U.S. lawmakers

The U.S. government should go after payouts to former Wells Fargo & Co (>> Wells Fargo & Co) executives involved in a scandal over unauthorized accounts now that a federal regulator has said it has the power to do so, lawmakers said on Monday.

The San Francisco-based bank reached a $190 million settlement with federal regulators after admitting employees opened as many as 2 million accounts without customer consent.

That September deal allowed Wells Fargo to make “golden parachute” payments to departing executives. But on Friday, the Office of the Comptroller of the Currency, which oversees many federal banks, voided those terms.

On Monday, two leading Democratic lawmakers urged the OCC to move ahead and revoke compensation to relevant executives.

“Bank executives shouldn’t get golden parachutes while employees making $12 an hour get shown the door,” U.S. Senator Sherrod Brown of Ohio told Reuters in a statement.

Read on.