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Bank of America slams 'volatile' and 'impractical' bitcoin


Financial News
Bitcoin s volatility makes it impractical as a store of wealth or payments mechanism
Bitcoin’s exceptional volatility makes it “impractical as a store of wealth or payments mechanism,” the bank s analysts said
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By
Wednesday March 17, 2021 2:11 pm
Analysts at Bank of America have attacked bitcoin as “exceptionally volatile” and “impractical” in a 17 March research note.
In the note, the analysts said there was “no good reason to own bitcoin unless you see prices going up”.
The analysts said the supply of the cryptocurrency was by design artificially constrained so demand swings are. ....

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Crypto firm Cred failed due diligence, set ex-UK fugitive in charge of capital raising


Crypto firm Cred failed due diligence, set ex-UK fugitive in charge of capital raising
The firm’s collapse into bankruptcy was largely due to a dereliction in corporate responsibility
By
Wednesday March 10, 2021 7:30 am
Cryptocurrency investment platform Cred unwittingly put a convicted financial criminal identified by the UK as a fugitive in charge of raising and deploying the firm’s capital before its collapse into bankruptcy, a court-appointed examiner said.
An examiner’s report filed on 8 March in the US Bankruptcy Court in Wilmington, Delaware, said that Cred failed to keep reliable records, properly track customer funds, perform due diligence on the firm’s investments or uncover the “extremely worrisome past” of former Chief Capital. ....

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Hong Kong won't appeal ex-JPMorgan banker bribery acquittal


Hong Kong won’t appeal ex-JPMorgan banker bribery acquittal
Leung Kar-cheung was acquitted of two counts of bribery on 1 February
By
Thursday March 4, 2021 8:16 am
The Hong Kong government won’t appeal the acquittal of an ex-JPMorgan banker accused of bribery after offering a job to the son of a client.
Ex-banker Catherine Leung Kar-cheung was charged in 2019 with bribing the chair of Kerry Logistics by offering a job to his son, The Wall Street Journal reported.
Leung was acquitted of two counts of. ....

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