The Bitcoin Whales: 1,000 People Who Own 40 Percent of the Market

On Nov. 12, someone moved almost 25,000 bitcoins, worth about $159 million at the time, to an online exchange. The news soon rippled through online forums, with bitcoin traders arguing about whether it meant the owner was about to sell the digital currency. Holders of large amounts of bitcoin are often known as whales. And they’re becoming a worry for investors. They can send prices plummeting by selling even a portion of their holdings. And those sales are more probable…

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Wall Street banks push back on launch of bitcoin futures

The world’s largest banks are pushing back on the introduction of bitcoin futures, raising concerns with US regulators that the financial system is ill-prepared for the launch of the contracts as the value of the volatile cryptocurrency has soared. The price of bitcoin has risen to a new high of more than $15,000 on several exchanges. Institutional nvestors have been keen to trade the asset but only via a regulated market. However, the planned launch in the next 10 days…

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Wells Fargo Bankers Overcharged Hundreds In Latest Scandal

Wells Fargo bankers chasing bonuses charged hundreds of clients inflated foreign transaction fees, The Wall Street Journal reported Monday. The report comes just over a year since Wells Fargo paid a $185 million fine for “widespread illegal” sales practices involving fees on 2 million deposit and credit-card accounts opened without customers’ knowledge. An internal Wells Fargo review in the latest breach showed that only 35 business clients out of about 300 were charged the actual price they had been quoted…

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Why Wall Street Is Getting Worried About Apple’s Stock Price

Since shares hit an all-time record of over $176 a few weeks ago, Wall Street analysts have been growing more cautious. On Monday, several warned investors that even hot sales of new iPhones and the expected benefits of a big tax cut might not be enough to propel the shares much higher. As the analysts weighed in, Apple’s stock declined slightly, losing 0.2% to $174.63 in early trading on Monday. That gave the company a stock market value of just…

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Trump Likely Benefits from Tax Bills

President Donald Trump claimed that the Republican tax plans in Congress would “cost me a fortune.” He has offered no proof of that, and it’s highly doubtful. Several provisions of the tax bills would benefit wealthy individuals like Trump. This isn’t the first time that the president has claimed that a tax overhaul wouldn’t be good for him, or the wealthy, despite analyses of the tax plans that show most of the benefits accruing to the top income earners. But we can’t say exactly…

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Hidden Victim of Trump’s Tax Plan: Your Health Insurance

Senate Republicans have spent most of the past month looking for measures to offset the cost of their enormous tax giveaway to rich households and corporations. They plan to vote on the bill, which is supported by President Donald Trump, Friday. A few weeks ago, they settled on repealing the individual mandate in the Affordable Care Act, more commonly known as Obamacare. This mandate imposes a monetary penalty on those who cannot prove that they had qualifying health insurance over the past year….

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Trump antagonists and Arizona senators are key to tax plan’s success

Under normal circumstances, Arizona’s Republican senators would be easy gets for the Senate GOP tax bill. Sens. John McCain and Jeff Flake are anything but. Their resistance promises to thrust the Grand Canyon State duo into a starring role in the drama unfolding this week in the Senate, as leaders race to salvage the party’s legislative agenda. And it demonstrates how far through the looking glass we’ve passed in a matter of months that such a bedrock conservative project could…

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Showdown at the Consumer Financial Protection Bureau

When two competing “acting directors” showed up for work this week to lead the federal government’s Consumer Financial Protection Bureau (CFPB) — one an Obama administration holdover, the other named by President Trump — it was not only a bizarre moment but proof of how desperately Republicans want to defang the aggressive agency. The CFPB, created in 2010, is the first federal agency to focus on protecting people from the excesses and scams of banks, credit card and mortgage issuers,…

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Trump’s Tax Cuts Are the Biggest Wealth Grab in Modern History

On Nov. 2, Republicans in Congress finally released the details for their tax plan. The Tax Cuts and Jobs Act is a massive overhaul of the tax code and spending priorities—and nothing short of a boon to the very wealthy at the expense of everyone else. I’m old enough to remember way back to Nov. 1, when CBS released a poll showing most Americans wanted to see the wealthiest households and biggest corporations pay more, not less, in taxes. This is in sync…

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2 Wall Street Giants Criticize Trump Tax Plan

WASHINGTON — President Donald Trump’s tax reform plan came under new criticism on Tuesday from two towering Wall Street figures, including billionaire investor Warren Buffett, who called into question a Republican drive to slash the U.S. corporate rate. With the White House and top Republicans in Congress already on the defensive over claims the plan would not cut taxes for many middle-class Americans, Buffett and BlackRock Inc Chief Executive Larry Fink suggested in separate interviews that the corporate rate may…

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