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FINRA charged Pershing LLC, a subsidiary of Bank of New York Mellon, for failing to report millions of fractional share trades from June 1997 to June 2023. Pershing agreed to pay a fine of $175,000 as part of the settlement. The violations …
Fun fact: bank credit is now contracting! Since dollar standard (‘71), that’s only happened once before: 2008. Losses in T bonds will far worse than mortgage losses. Stocks are on the verge of a massive collapse. Fractional banking does’t work …
via Doug French: Caitlin Long tweeted over the July 4 weekend, “BIG NEWS for #fintech! A sixth US state—Idaho—is willing to charter uninsured, non-lending, 100% reserve banks that are eligible for Fed master accounts (the other states are CT, ME, NE, VT & …