Unusual Whales

wells fargo

Wells Fargo's former head Carrie Tolstedt to face up to 16-month prison time and $17 million fine over account scandal

Per Reuters The former executive of Wells Fargo has pled guilty to the charges against her over opening fake accounts in 2016. On top of her $17 million fine, she could face up to 16 months in prison. The 63-year-old Carrie Tolstedt faces a civil penalty of $17 million, per

blackrock

Blackrock CEO warns of US regional banking risks after SVB collapse saying inflation to persist and rates to rise

Per Reuters Blackrock CEO Laurence "Larry" Fink shared in an annual letter that he expects interest rates to rise even more and that the US regional banking sector remains at risk after Silicon Valley Bank collapsed. The CEO expects inflation to persist and rates to continue to rise,

work

The US wage law lets employers take away paid leave when productivity quotas aren't met

Per Reuters A recent ruling by the federal appeals court ruled that employers were allowed to take away paid leave when productivity quotas weren't met. Under the US wage law, this would reportedly apply to salaried workers. The recent ruling said the US wage law dictates that accumulated

federal reserve

Fed's new backstop program could inject up to $2 trillion in liquidity into the system

Per Bloomberg The Federal Reserve has made it known that they plan to step in, and according to JPMorgan Chase analysts, this could mean that $2 trillion in liquidity would be introduced into the system. This was reportedly the maximum estimate. Analysts reportedly looked at the banks with the highest

ftx

FTX paid Sam Bankman-Fried a total of $2.2 billion in total through related entities

Per Reuters As the investigation of what went wrong with FTX continues, the new management found that Sam Bankman-Fried received a total of $2.2 billion in transfers from related entities. It was noted that overall, $3.2 billion was transferred to founders and key employers. The transfers weren'

goldman sachs

Goldman Sachs increases 12-month US recession probability by 10%, now at 35%

Per WSJ Goldman Sachs has reportedly increased its estimations of whether a recession would hit the United States in the next 12 months. Previously, the firm estimated that the probability sat at just 25%, but now, it estimates that the probability of a recession in the next 12 months is

"Now we're facing the perfect storm: inflation, stagflation, recession, and a potential debt crisis," Nouriel Roubini has said

"Now we're facing the perfect storm: inflation, stagflation, recession, and a potential debt crisis," Nouriel Roubini has said. "I do believe that a stagflationary crisis is going to emerge this year," he said in early March. On SVB, he said: "There is at

DeSantis administration has revoked Hyatt, H, Regency Miami alcohol license after it hosted 'A Drag Queen Christmas'

DeSantis administration has revoked Hyatt, $H, Regency Miami alcohol license after it hosted 'A Drag Queen Christmas,' per BI. The department said performers were "wearing sexually suggesting clothing and prosthetic female genitalia," as well as simulating masturbation. "Sexually explicit content is not appropriate to display

Elon Musk has said: Lot of current year similarities to 1929

Elon Musk has said: Lot of current year similarities to 1929. In January, Elon Musk said: I think 2023 is going to be quite a serious recession. It's going to be, in my opinion, comparable to 2009. "It does seem like we're headed into a

Biden has said: Americans can rest assured that our banking system is safe. Your deposits are safe

Biden has said: Americans can rest assured that our banking system is safe. Your deposits are safe. He said fully: “Americans can rest assured that our banking system is safe.Your deposits are safe,” Biden said from the Roosevelt Room. “Let me also assure you we will not stop at

The Biden administration is demanding that TikTok's Chinese owners sell their stakes in the video-sharing app or face a possible U.S. ban of the app

The Biden administration is demanding that TikTok's Chinese owners sell their stakes in the video-sharing app or face a possible U.S. ban of the app, per WSJ. In December, a new bill by Sen. Marco Rubio, the top Republican on the Senate Intelligence Committee, and a bipartisan

Stripe has raised $6.5 billion at a $50 billion valuation down, from its previous $95 billion valuation

Stripe has raised $6.5 billion at a $50 billion valuation down, from its previous $95 billion valuation. New investors in the round include GIC, Goldman Sachs Asset and Wealth Management and Temasek. Stripe intends to use the proceeds to “provide liquidity to current and former employees and address employee

First Republic Bank, $FRC, is said to weigh options including a sale

First Republic Bank, $FRC, is said to weigh options including a sale. First Republic said Sunday that it had more than $70 billion in unused liquidity to fund operations However, Bloomberg first reported that it is considering a sale. On Sunday, the bank said: “The additional borrowing capacity from the

Credit Suisse, CS, to borrow up to CHF50 billion from Swiss National Bank to strengthen liquidity

Credit Suisse, CS, to borrow up to CHF50 billion from Swiss National Bank to strengthen liquidity. Today, CS asked for support from the SNB. This is after the shares fell 30% today. “Credit Suisse is taking decisive action to pre-emptively strengthen its liquidity by intending to exercise its option to

The Federal Reserve has announced it will launch the service FedNow in July, which will allow banks to instantly transfer payments across the financial system

The Federal Reserve has announced it will launch the service FedNow in July, which will allow banks to instantly transfer payments across the financial system. Announced in 2019, FedNow will allow banks to instantly transfer payments across the financial system. From the Federal Reserve: "The first week of April,

Biden: Americans can rest assured that our banking system is safe

Biden said: Americans can rest assured that our banking system is safe. Your deposits are safe. Over the weekend, he said: I am committed to "holding those responsible for this mess fully accountable." He fully said: At my direction, @SecYellen and my National Economic Council Director worked with

Regulators are scrutinizing whether companies are manipulating financial results to meet Wall Street targets

Regulators are scrutinizing whether companies are manipulating financial results to meet Wall Street targets. “There are more incentives for being clever with earnings because of the overall economic scenario,” said Jack Ciesielski, owner of investment research firm R.G. Associates Inc. “My money is on a few years from now,

openai

OpenAI co-founder says they 'made a mistake' after Elon Musk criticized them for ChatGPT being 'woke'

Per Business Insider Elon Musk recently critcized OpenAO's ChatGPT, calling it too "woke." In an interview with The Information, OpenAI's cofounder said that they "made a mistake." OpenAI cofounder and president Greg Brockman replied to Musk's criticisms. Musk was actually

amazon

Amazon to compete with SpaceX Starlink in 2024 with its own internet-from-space service called Project Kuiper

Per Reuters Amazon is planning its own service to compete with Elon Musk's Starlink by offering internet-from-space service to customers. The project is called Project Kuiper, and the company plans to start its beta test in 2024. The company said they would start mass-producing satellites later this 2023,

silicon valley bank

Observers said social media posts helped fuel banking system concerns amid the Silicon Valley Bank collapse

Per WSJ Lawmakers and social-media observers said that many messages on social media helped fuel anxiety during a time when people were less confident with the US banking system. An article by WSJ mentions "Twitter and other social media platforms" as factors that affected the recent runs on

bank of america

Bank of America benefited from Silicon Valley Bank's collapse as it received over $15 billion in new deposits

Per CNBC TV18 Bank of America is among the entities that have benefited greatly from the collapse of Silicon Valley Bank. The bank received over $15 billion in new deposits, per Bloomberg. Silicon Valley Bank recently collapsed as more users started withdrawing money, and the bank struggled to supply deposits.

california

CA Gov Gavin Newsom doesn't mention being a client while lobbying for Silicon Valley Bank

Per The Intercept California Governor Gavin Newsom has urged the government and the Feds to bail out Silicon Valley Bank after it collapsed. This was done without revealing that he actually had a personal account within the bank. Gov. Newsom recently praised the Biden administration after measures were taken to

Goldman Sachs, GS, bought more than $21 billion worth of securities sold by Silicon Valley Bank last week, a transaction that was just before the collapse of Silicon Valley Bank

Goldman Sachs, $GS, bought more than $21 billion worth of securities sold by Silicon Valley Bank last week, a transaction that was just before the collapse of Silicon Valley Bank, per FT. A $1.8 billion loss from a securities sale from Silicon Valley Bank kicked off market panic about

Wells Fargo, WFC, files for $9.5 billion mixed shelf offering

Wells Fargo, $WFC, files for $9.5 billion mixed shelf offering. The offering may include debt securities, warrants, units and purchase contracts. The company intends to use the net proceeds for general corporate purposes. Recently, on Thursday of last week, America's 4 top banks - JPMorgan, $JPM, Bank

Apple, $AAPL, to delay bonuses, expand hiring freeze

Apple, $AAPL, to delay bonuses, expand hiring freeze. Apple is also changing the bonus and promotion schedule for employees in some corporate divisions from twice a year to once a year. The company is also more closely monitoring its travel spending and office attendance, per Bloomberg. CEO Tim Cook is