tyb
Execs at SNAP Inc. sold $1.5m in shares-June 20
Snap Inc. is a camera company. The Company’s flagship product, Snapchat, is a camera application that helps people to communicate through short videos and images known as a Snap. The Company provides Camera, Friends Page, Discover, Snap Map, Memories and Spectacles. Snapchat opens directly into the Camera, helping in creating a Snap and sending it to friends. It offers a range of creative tools that enables people to personalize and add content to their Snaps. Its chat services includes creating and watching stories, chatting with groups, making voice and video calls, and communicating through a range of stickers and Bitmojis. Memories enable users to create Snaps and stories from their saved snaps, as well as their camera roll. It also offers Spectacles, its sunglasses that make Snap. The Company’s advertising products include Snap Ads and Sponsored Creative Tools, such as Sponsored Lenses and Sponsored Geofilters.
Number of employees : 2 884 people.
https://www.marketscreener.com/SNAP-INC-34091150/company/
https://www.secform4.com/insider-trading/1564408.htm
NYSE execs staged trading-floor hoax to impress Snap CEO-Video
This video wasn’t caught on Snapchat — but the New York Stock Exchange really wishes it would disappear.
One day in late 2016, executives at the Big Board ordered dozens of regulatory staffers to head down to the trading floor so it looked busier than it really was — an elaborate ruse to impress the chief executive of Snap Inc. as he weighed whether to list the vanishing-photo app maker’s shares there, The Post has learned.
NYSE brass hatched the sneaky sham, secretly caught on video by a disgusted employee, after Snap CEO Evan Spiegel remarked during a Nov. 18, 2016, tour of the exchange’s historic building at 11 Wall St. that the trading floor looked empty, according to a source.
In response, Thomas Farley, then the president of the exchange, promptly ordered regulatory officials to fill it up, insiders said.
Spiegel never made his way to the floor, according to the company and sources, and it’s not clear whether he glimpsed the phony show from a visitors gallery before leaving the building. But about two months later, Snap decided to take its $3 billion IPO to NYSE instead of archrival Nasdaq.
Farley, who left NYSE earlier this year, disputed The Post’s version of events on the Snap IPO.
“Evan never toured NYSE nor set foot on trading floor prior to IPO,” Farley insisted in an email, referring to Spiegel.
However, Josh King, a spokesman for NYSE’s parent company, Intercontinental Exchange, known as ICE, confirmed to The Post that Spiegel in fact “was in the building,” adding, “He came up for a meeting and left.”
Within minutes of Farley’s order, sources said, NYSE’s internal regulators — who are supposed to police the exchange, not help it win business — received an email from an assistant to Anthony Albanese, NYSE’s chief regulatory officer.
The message: Albanese wants you down on the trading floor.
Between 50 and 70 regulators then stopped their work and took two elevators from the 20th and 21st floors down to the trading floor, according to two sources.
NYSE spokeswoman Kristen Kaus didn’t respond to questions about the email or why regulators went down to the floor that day. Snap didn’t respond to requests for comment.
The video of the hoax, exclusively obtained by The Post, reveals a slew of NYSE regulators including Albanese on the trading floor. But instead of shouting, shoving and barking into phones, the officials were standing around chatting in a scene that looked more like a cocktail party.
https://nypost.com/2018/12/13/nyse-execs-used-fake-traders-on-market-floor-to-impress-snap-ceo/
put the op in. How that is presented is to mitigate the problem with bifurcated property rights. My take is that an attempt to not allow this problem to occur again. That company's CEO (Overstock) know where the bodies are buried on wall street based on stuff he did several years ago. deepcapture.com
While not crazy about the name I see it as a step in the right direction so the MERS issue cannot be repeated.
You have the rightful owners of a property registered with a blockchain verifying the title and note so the ycan't be split. This also has implications for a hard asset backed money system-badly needed.
Eric Holder was a member of the firm that started MERSCORP
read all about that process here
http://stopforeclosurefraud.com/
http://stopforeclosurefraud.com/mers-101/
U.S. banks clear first hurdle of Federal Reserve's annual stress test-BULLSHIT
The 18 largest banks operating in the United States took the first step toward doling out capital on dividends, share buybacks and other investments on Friday, after clearing the first stage of their yearly health checks with the U.S. Federal Reserve that assess their ability to weather a major economic downturn.
he central bank said lenders, including JPMorgan Chase & Co, Citigroup Inc, Goldman Sachs, Morgan Stanley and Bank of America Corp, would face losses of $410 billion under its most severe recession scenario ever, but levels of high-quality capital would still be well above regulatory minimums.
“The nation’s largest banks are significantly stronger than before the crisis and would be well-positioned to support the economy even after a severe shock,” Fed Vice Chairman Randal Quarles said in a statement.
The Fed said hypothetical losses were broadly comparable to results from prior years, with the most significant loan losses seen in credit cards, followed by commercial and industrial loans.
Friday’s results, the first of the two-part annual “stress test,” showed the country’s biggest lenders could meet minimum Fed standards based on information they submitted to the regulator.
But banks could still stumble next Thursday, when the Fed announces whether it will permit banks to dish out dividends and buy back shares. That second test is more rigorous, assessing whether it is safe for banks to implement their capital plans. It also reviews operational controls and risk management.
All eyes are on Deutsche Bank, which is bracing for potentially its fourth flunking in five years amid ongoing turmoil in its U.S. operations, Reuters reported on Thursday. Last year, the Fed failed the bank, citing “material weaknesses” in its data capabilities and capital planning.
The Fed created the stress tests during the 2007-2009 financial crisis to ensure banks are strong enough to continue lending through a severe economic downturn.
This year’s tests are more streamlined following a Fed review of the process, which has long been hated by the industry. Roughly half as many banks were tested this year compared to 2018 after the Fed earlier this year moved several smaller firms onto a two-year testing cycle.
The 18 banks tested this year hold roughly 70 percent of all U.S. bank assets, according to the Fed.
In addition, most banks can no longer fail on “qualitative” grounds. Previously, banks that had sufficient capital could still be flunked if the Fed identified risk management and operational problems.
In March, the Fed said it was dropping this qualitative objection for domestic U.S. banks. Only the U.S. subsidiaries of five foreign lenders — Deutsche Bank, Credit Suisse Group AG, UBS Group AG, Barclays Plc and TD Bank — must clear that hurdle this year.
Since the first test in 2009, banks have seen losses shrink, loan portfolios improve and profits grow. The largest banks have also strengthened their balance sheets by adding more than $680 billion in top-tier capital, the Fed said.
This year’s recession scenario included a jump to 10 percent unemployment, as well as elevated stress in corporate loan markets and falling real estate prices. However, the Fed also this year gave banks more information about the testing models, after years of industry gripes that the process is too opaque.
https://www.reuters.com/article/us-usa-fed-stresstest/u-s-banks-clear-first-hurdle-of-federal-reserves-annual-stress-test-idUSKCN1TM2MT
how they pass these is simple: The FRB allows the banks to place whatever they deem fit into a place or 'bucket' called hold to maturity-that way none of the assets that should be part of this test are ever actually part of it.
in short, ridiculous bullshit-and always has been.
:-)
thank you baker
here is some additional background on the stress tests and the changes made.
Federal Reserve scraps 'qualitative' test for U.S. banks in 2019 stress tests
The U.S. Federal Reserve said on Wednesday it would no longer flunk banks based on operational or risk management lapses during its annual health check of the country’s domestic banks.
The “qualitative” portion of the 2019 test, however, will still apply to the U.S. subsidiaries of five foreign banks subject to the annual exam.
The move, which is a big win for major banks, such as Goldman Sachs Group Inc, Morgan Stanley and JP Morgan, Bank of America and Citigroup, forms part of a broader effort by the Fed to overhaul its annual “stress-testing” process, which the industry has long criticized as too onerous and opaque.
Since the 2007-09 global financial crisis, the Fed has put the country’s lenders through strict annual tests to see whether they would have enough capital to withstand a major economic downturn.
For the largest lenders, that test also included a so-called “qualitative objection,” that gives the Fed the discretion to fail banks due to risk management or operational failures, even if they have sufficient capital.
Most banks that have failed the tests in the past stumbled on the qualitative objection. Banks that receive an objection from the Fed are required to adjust their capital distribution plans.
On Wednesday, the Fed said it would eliminate the qualitative objection for most firms “due to the improvements in capital planning made by the largest firms” since the crisis.
Lenders which are still relatively new to the tests and may have “less established” capital planning capability would still remain subject to the qualitative test.
The Fed will still examine domestic banks for operational and risk management problems, but will address them through enforcement actions rather than a public flunking.
The U.S. subsidiaries of five foreign lenders - Deutsche Bank, Credit Suisse Group AG, UBS Group AG, Barclays Plc and TD Bank - would also still b subject to the qualitative objection.
TD Group would be potentially freed of the qualitative requirement beginning in 2020 assuming it passes in 2019, while the remaining banks would have to wait for the 2021 testing cycle.
https://www.reuters.com/article/us-usa-fed-stresstests/federal-reserve-scraps-qualitative-test-for-u-s-banks-in-2019-stress-tests-idUSKCN1QN2PX
thanks for the blanks, make a nighshift for nb