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Business / Business Education / Finance / Money / Personal Finance

Opening Bell: 2.16.18

Opening Bell: 2.16.18

S.E.C. Blocks Chinese Takeover of Chicago Stock Exchange [NYT]
The Securities and Exchange Commission said it blocked the deal because of a lack of transparency in the details, including an inability to identify who exactly would control the exchange.
The proposed deal, in which a subsidiary of the Chongqing Casin Enterprise Group was to buy the exchange, drew sharp criticisms from Republican and Democratic lawmakers, who said it could put the security and stability of United States financial markets at risk.

US Bank to pay $613M to settle money laundering charges [AP]
The $613 million penalty is being split between multiple federal agencies. The bank will pay $453 million to the US Treasury through the Southern District of New York; $70 million to the Financial Crimes Enforcement Network, a government agency tasked with handling money laundering cases; $15 million to the Federal Reserve; and $75 million to the Office of the Comptroller of the Currency.
Regulators say the Minneapolis-based bank “willfully” violated the Bank Secrecy Act, failing to report suspicious activity. Bank employees failed to fill out reports appropriately, impeding the ability for law enforcement to do their jobs.

This Trader Quietly Built a Real Estate Empire in Downtown New York [Bloomberg]
In the heart of Manhattan’s Financial District, just steps from Wall Street’s Charging Bull, stands 11 Broadway, a 22-story office building that investor Moses Marx first bought about four decades ago. A few blocks north is 160 Broadway, where he runs his empire and whose ground floor McDonald’s once featured a grand piano above the entrance. Nearby you’ll find 225 Broadway, the 44-story neighbor of the Woolworth Building that he purchased from Harry Helmsley in 1983.
It’s here, in a stretch of towers famous for boisterous ticker-tape parades celebrating moon landings and sports heroes, that Marx quietly went to work building a fortune that the Bloomberg Billionaires Index now values at $1 billion.

Bitcoin recovering to $10,000 could bring in new buyers [CNBC]
Bitcoin climbed back above $10,000 Thursday for the first time in two weeks. The cryptocurrency had lost two-thirds of its value in a rapid plunge from a record high above $19,000 in mid-December to a low below $6,000 last week.
But thanks to regulators’ statements that have alleviated fears of heavy-handed crackdown, bitcoin has begun to recover and some analysts see the psychologically key level as a trigger for new buyers to come into the market.

Wynn Resorts says ex-CEO Steve Wynn not entitled to severance pay [Reuters]
Wynn, who denied the accusations, remains Wynn Resorts’ largest shareholder and owns about 12 percent of the company. He had informed the company last week that he had no immediate plans of selling the company’s shares that he owns.
Casino mogul Wynn’s current healthcare coverage would be terminated at the end of this year, the casino company said in a regulatory filing, adding that his personal residence’s lease at Wynn Las Vegas will terminate by June this year.

The Queen once got accused of farting loudly and trying to blame it on the horses [Mirror]
On I’m A Celebrity…Get Me Out Of Here Australia, the former butler shared a story about a case of embarrassing flatulence which happened on a carriage ride.
According to Paul, The Queen , Prince Philip and the Sultan of Bahrain were all in the same carriage.
Setting the scene, he adds “Imagine the picture. I’m sat here, people are singing God Save The Queen, and the Queen and Prince Philip are next to me.”
The Sultan of Bahrain had been enjoying polite small talk with his royal hosts when “suddenly, a huge explosion of wind (flatulence) came from one of the horses in front.”

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