Last week we reported that residents of New Jersey were about to enter the 9th circle of financial hell as the state was preparing to raise taxes on "almost everything." But if New Jerseyans are approaching a tax inferno, residents of Illinois are already there.
Today, Latvia’s ABLV Bank—its third largest, and largest private bank—announced that it had received approval from the Council of Financial and Capital Market Commission (FCMC) to liquidate, and that the Bank was proceeding with the process of liquidation.
We had been wondering for the past few months why SocGen turned surprisingly sour on the S&P in late 2017 and early 2018. We now may know the answer: Societe Generale has cut bonuses for its traders by as much as 25%.