U.S. Consumer Confidence Is Plunging – But More Pain Is Coming

The Conference Board’s gauge of U.S. consumer confidence plunged from 132.6 to 120 in March, while economists expected a 110 number. Confidence is likely to decline further in the coming months. It will probably take a long time before consumers start spending like before the crisis. The Conference Board said Tuesday its consumer confidence index …

Goldman’s Uber Stake Purge Leaves Late Retail Investors on Bumpy Road

Goldman sold its entire stake in Uber Technologies late last year. The sale netted the investment bank a massive return, despite the stocks poor performance. The IPO system favors Wall Street insiders while leaving retail investors holding the bag. One of the most anticipated IPOs of 2019, Uber Technologies Inc. (NYSE: UBER) turned out to …

Forget Apple. Don’t Overlook This Cheap Dow Jones Stock

Dow Jones stock Goldman Sachs is trading below book value, suggesting it could be a buying opportunity for patient long-term investors. | Source: Shutterstock By CCN Markets: Apple may be getting all the attention about its new credit card, but there is another company involved whose stock might be the real buying opportunity. Goldman Sachs, …

Goldman Sachs Embezzlement Scandal Shows Value of Crypto

Twitter Facebook LinkedIn According to a report in the New York Times, Goldman Sachs bankers have been successfully brought to heel regarding their part in a massive multi-billion dollar embezzlement scheme in league with former Malaysian PM Najib Razak, who used proceeds from the scandal to purchase luxury items and fund an extravagant lifestyle. There’s …

Google-Backed Fintech Startup Uses Bitcoin for Cross-Border Settlement

Veem, a cross-border payments platform that uses bitcoin to move funds among businesses without the need of banks, has raised $25 million in a round led by Goldman Sachs, according to Forbes. The service, which does not require either counterparty to hold bitcoin directly, has quadrupled its revenue in the past year. Also participating in the …

Citigroup is the Latest Bank to Offer Crypto Custody, Impact on the Market

According to Business Insider’s Frank Chaparro, sources close to Citibank revealed that the $175 billion New York-based bank will offer crypto custody solutions to institutional investors. Through the launch of a product called Digital Asset Receipt (DAR), Citigroup will enable institutional investors to invest in cryptocurrencies in a fully insured and regulated manner. Similar to …

Goldman Sachs, Wall Street Banks Sink $32 Million into Blockchain Startup

We may, as Lightning Labs CEO Elizabeth Stark said earlier this year, be entering a “bitcoin not blockchain” world, but the global banking cabal isn’t ready to capitulate on its support for enterprise blockchain products just yet. Indeed, Axoni, an enterprise blockchain startup founded in 2013, has just concluded a $32 million Series B funding …