Credit Suisse CEO resigns over shocking spying scandal
Swiss bank Credit Suisse's CEO Tidjane Thiam has resigned from his position following a shocking revelation involving former employee Iqbal Khan, who left the company for rival firm UBS, and discovered a private investigator hired by Credit Suisse spying on him and his wife in Zurich. Thiam maintains he did not know about the incident.
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A Backdoor Central Bank Bailout of State Governments
To ensure the flow of credit to these cash-strapped governments, the Federal Reserve has embarked on a previously unthinkable act: creating up to $500 billion in new fiat currency and lending it directly to states, cities, and counties through its Municipal Liquidity Facility. Now that the Federal Reserve is actively engaged in creating new fiat currency to fund state and local governments, Congress must step in.
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Online banking struggles as people check for coronavirus stimulus checks
Several banks across the US reported trouble with online and mobile banking Wednesday -- the same day that coronavirus IRS stimulus checks are expected to hit bank accounts of those eligible. A spokeswoman for PNC Bank said customers have experienced intermittent access because of "unprecedented volume of customers using these channels to check their accounts for Economic Impact Payments and other forms of financial hardship relief." She added
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3M CEO tells Trump mask demand too great
Mike Roman, the CEO of US-based mask and worker safety equipment manufacturing company 3M, has stated amid US President Donald Trump's invocation of the Defense Production Act that his company cannot meet the demand for masks in the country. Roman revealed that the industry only has the capacity to make 50 million N95 masks each month, while healthcare workers need 300 million to fight the coronavirus pandemic.
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Governments to bail out coronavirus-hit airlines on verge of bankruptcy
Following emergency bailout programs from the governments of Sweden and Denmark to support national airlines with 300 million USD in loan guarantees, Australia and Taiwan have joined the growing list of world governments who are taking measures to bail out airlines on the verge of bankruptcy due to the coronavirus pandemic, with Australia refunding and waiving charges to domestic airlines and Taiwan approving subsidies and loans for its airlines.
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