Receiving Wide Coverage ...
One step forward, two back
Citigroup is preparing to launch a "Digital Asset Receipt" backed by cryptocurrencies, according to a report in Business Insider. The DARs would be similar to American Depository Receipts (ADRs), which allow American investors to own foreign stocks that are not traded on U.S. exchanges. They would also be similar to exchange-traded funds, in which investors do not actually own the underlying asset held by the ETF. While Citi would issue the DARs, the underlying cryptocurrency assets would be held by a custodian.
The new vehicle "is expected to offer legitimacy to the fledgling asset class as well as provide investors with a new way of tracking an investment within a familiar system."
Still, all is not well in crypto land. Prices of various cryptocurrencies plunged Monday after the Securities and Exchange Commission announced that it had
Meanwhile, Chain, a startup that is working with Nasdaq to build a blockchain-based trading platform, is
Unexpected consequences
The global financial crisis "exposed an economy that had been a charade — one that most Americans didn't understand or appreciate," DealBook editor Andrew Ross Sorkin writes in his lookback piece. "The use of debt had masked the real problems underneath the surface: a significant decrease in worker participation, automation that would take jobs and stagnant wage growth. It is hardly a stretch to suggest that
Warren Buffett invested in Goldman Sachs and Bank of America during the crisis but took a pass on Lehman Brothers (which went bankrupt) and AIG (which was bailed out by the federal government). He
The Washington Post answers
Financial Times
Taking the fall
ING's chief financial officer Koos Timmermans resigned "after being singled out as
What took so long?
Citigroup's decision last week to consolidate its corporate and investment banking division with its capital markets originations unit came after its main Wall Street competitors had done the same thing a long time ago. What took Citi so long? "
Quotable
"I still think it's an open question