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Kashkari calls for breaking up of big banks

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(DIYA TV) — Neel Kashkari, current president of the Federal Reserve Bank of Minneapolis, has become a proponent of a common narrative in American economics: break up the nation’s largest banks, and split them into multiple smaller institutions. Kashkami contends America’s largest financial continue to pose a significant risk to the U.S. economy due to their size.

“I believe the biggest banks are still too big to fail and continue to pose a significant, ongoing risk to our economy,” Kashkari said during his first major appearance held at the Brookings Institute, a top U.S. think-tank. He previously served in the Bush administration as a top Treasury official during the height of America’s 2008 financial crisis. Kashkari opined to the crowd that enough time has passed since that epidemic, and that the country has had enough time to understand its causes.

He was the leader during the 2008 bailout program, in which the United States federal government helped the nation’s largest banks save face.

Neel Kashkari, a former U.S. Treasury official, announced that he thinks the nation's largest banks should be broken up (AP Photo/Rich Pedroncelli)

Neel Kashkari, a former U.S. Treasury official, announced that he thinks the nation’s largest banks should be broken up (AP Photo/Rich Pedroncelli)

“Now is the right time for Congress to consider going further than Dodd-Frank with bold, transformational solutions to solve this problem once and for all,” he said.

Kashkari is no stranger to the political arena — the 42-year-old ran for governor of California against incumbent Jerry Brown in 2014, losing by 20 percent of the vote. He said American lawmakers must consider a wide range of options, but breaking up the banks into smaller, less connected and less important entities is paramount; he opined the government’s efforts to reign the banks through the 2010 Dodd-Frank law, “did not go far enough.” He’s suggested the U.S. consider turning large banks into a public utility, forcing them to hold on to so much capital that they’re failure would be virtually impossible, and taxing leverage throughout the financial system to reduce systemic risks wherever they lie, is something else policymakers should have a look at.

“Options such as these have been mentioned before, but in my view, policymakers and legislators have not yet seriously considered the need to implement them in the near term. They are transformational, which can be unsettling,” he said.

The Wall Street lobby has worked tirelessly day and night to ensure things stay the way they are, and the way they’ve always been. Fundamental change in their world is not something the country’s financial elite would take kindly to.

“The economy is stronger now and the time has come to move past parochial interests and solve this problem. The risks of not doing so are just too great,” Kashkari said.

John Dearie, CEO of Financial Services Forum, said the largest financial institutions in the country are much smaller and less complex now than they were the last time Kashkari was involved. Changes were implemented after the bailout, he said. So much so, that the same institutions now have twice the capital and triple the liquidity since Kashkari left government to enter politics.

Stress tests by the Fed have indicated America’s largest banks are currently equipped to withstand an economic crisis far worse than that of 2008, and that they now possess “living wills,” which would guide the banks in such a scenario, without passing the cost off to the taxpayer.

“Of the 10 largest global financial institutions, only a few are US-based. Breaking up the US-based global financial institutions would ensure that one of the US’ most competitive global industries serving companies small and large is turned over to banks based outside the US,” Dearie said.

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Former MGM executive Roma Khanna named Revolt TV’s next CEO

Former MGM executive Roma Khanna named Revolt TV’s next CEO

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Roma Khanna

Sean Combs Announces Roma Khanna CEO of Revolt TV

LOS ANGELES (Diya TV) — Sean Combs has announced Roma Khanna the CEO of Revolt TV.

“As Revolt continues to grow as a brand and expand globally, I knew we needed a seasoned executive with a proven track record to keep the momentum going and help me lead the network into the future,” said Combs. “Roma is that person. She has the experience and tenacity to build on Revolt’s success and as we continue to influence content and culture around the world.”

“After decades of building large-scale businesses in TV and media, I am excited to have the opportunity to work alongside visionary Sean Combs to get hands-on and redefine content models with a view to building a modern, relevant, global cultural brand,” said Khanna. “Revolt is ready to create and curate content and super-serve its audience on its own TV platform and beyond, living and breathing with its audience wherever they might be.”

Revolt says the company’s mission is to build on its platform to offer long- and short-form content revolving around hip-hop music and culture. According to Revolt’s website, “REVOLT is focused on expertly curating the best of the best in music and engaging youth in social conversation – on-air, on-line, on-demand. The multi-genre, multi-platform network offers breaking music news, videos, artist interviews, exclusive performances, and original programming.”

Revolt claims to have over 50 million young adult consumers through television, digital properties, social and mobile. REVOLT is accessible 24/7 – anytime, anywhere, any screen.

Khanna left MGM, where she served as president, in late 2015. She helped launch FX’s “Fargo” and History’s “Vikings.” She spent three years as president of global networks for NBC Universal’s international networks wing. She also oversaw the development of Hulu hit “Handmaid’s Tale.”

Revolt had been without a CEO for a year, since Keith Clinkscales left the company last August. Revolt launched as a linear channel in the U.S. in October 2013 and has since expanded to Africa and the Caribbean.

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Indian American Physician Vas Narasimhan Named CEO of Novartis

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Vas Narasimhan

Indian American Physician Vas Narasimhan Named CEO of Novartis

WASHINGTON (Diya TV) — Switzerland-based biotech giant Novartis says Indian American physician Vas Narasimhan will take reins as CEO on Feb. 1.

The 41-year-old Narasimhan joined Novartis in 2005. He currently serves as the company’s Global Head of Drug Development and Chief Medical Officer. He is also a member of Novartis’ Executive Committee.

“Both from a professional and a personal perspective, this is the right moment to hand the leadership reins of the company to Vas,” said current Novartis CEO Joseph Jimenez. “Our strong pipeline and the strategic moves we have taken to focus the company have put Novartis on a strong path for the future. On the personal side, after 10 wonderful years in Switzerland, my family is ready to return to Silicon Valley and the U.S. I’m confident that Vas will be an excellent successor.”

Joerg Reinhardt, chairman of the Novartis board of directors, said the company anticipates “a smooth transition, as Joe built a strong leadership team and mentored his successor.”

Narasimhan graduated from Harvard Medical School. He also has a master’s in public policy from the university’s John F. Kennedy School of Government. He earned undergraduate degree in biological sciences from the University of Chicago.

Prior to joining Novartis, he worked at McKinsey & Company, first as a consultant and then as an engagement manager.

An elected member of the U.S. National Academy of Medicine, Narasimhan has held a number of positions at Novartis.

Reinhardt expressed confidence in Narasimhan’s ability to lead the company to “expected next growth phase … The strength of Novartis is our ability to drive science-based innovation. Vas is deeply anchored in medical science, has significant experience in managing the interfaces between Research and Development and commercial units and has strong business acumen with a track record of outstanding achievements. As a physician, he has a strong patient focus and a genuine humane perspective and care for the mission and values of Novartis. As a result, the Board of Directors is confident that Vas is the right choice to lead Novartis on our expected next growth phase, driving innovation and further strengthening our competitive position.”

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Former Facebook executive Chamath Palihapitiya to raise $500M for a large fund

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Charmath Palihapitiya

Chamath Palihapitiya, a former Facebook executive and a minority owner of the Golden State Warriors is attempting to raise $500 million as he builds a large investment firm.

WASHINGTON (Diya TV) — Chamath Palihapitiya, a former Facebook executive and a minority owner of the Golden State Warriors is attempting to raise $500 million as he builds a large investment firm.

According to a filing with the Securities and Exchange Commission, Palihapitiya is listed as CEO of “blank check company,” Social Capital Hedosophia Holdings. The company plans to raise $500 million in its IPO and subsequently acquire emerging private businesses that have little incentive to go public.

“Our mission is to create an alternative path to a traditional IPO for disruptive and agile technology companies to achieve their long-term objectives and overcome key deterrents to becoming public,” the filing said.

Palihapitiya has often condemned the traditional venture model and expressed his admiration for billionaire Warren Buffett, who erected Berkshire Hathaway into one of the World’s largest publicly-traded holding companies over a half century.

Social Capital is going to be more like a “bastard stepchild of Berkshire Hathaway and Blackstone and BlackRock” than a traditional venture firm, Palihapitiya said at an event in 2015.

One of Palihapitiya’s goals in the venture is bringing together “technologists, entrepreneurs, and technology-oriented investors,” the filing said.

The Wall Street Journal reported Palihapitiya’s team is planning to meet with investors soon, then initiating the IPO shortly thereafter on the New York Stock Exchange.

Hedosophia has offices in Hong Kong and London. Ian Osborne, CEO of Hedosophia, will be president of the new holding company. Former Skype CEO Tony Bates and former Twitter executive Adam Bain are among the Board members.

Palihapitiya spoke to Diya TV moments after the Warriors championship win in 2017

 

 

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