Wall Street magic tricks make banks look safer than they are
On a Friday afternoon in November, the long story of the global economic crisis reached a milestone: More than a decade after the fact, a court convicted senior executives from major banks for crisis-era crimes. Outside of Iceland and Ireland, such convictions have been rare. In Milan’s judicial complex, the judge sentenced 13 former executives of Deutsche Bank, Nomura Holdings, and Italy’s Banca Monte dei Paschi di Siena to prison terms as long as 7-½ years. Significantly, these men hadn’t been convicted of causing any of the market losses that crippled the banking system in 2008. They’d been convicted of hiding them.
Inside the secret bank behind the fintech boom
If you want a glimpse of the future of banking, don’t look to Silicon Valley or Manhattan’s financial district. Instead, drive across the George Washington Bridge to Fort Lee, New Jersey. If you glance left as you come over the traffic-clogged expanse and make your way onto Interstate 95, you’ll see a red granite office building. On its 14th floor, overlooking America’s busiest toll plaza, is the headquarters of a tiny FDIC-insured bank named Cross River.
ISIS is experimenting with this new blockchain messaging app
The Islamic State has discovered blockchain. The technology that powers cryptocurrencies like bitcoin and ethereum promises to revolutionize almost all facets of society, from payment processing to online voting.