DAILY063023
Warren Blasts Goldman Over SVB Dual Role
Raising an issue that could lead to broad demands for internal firewalls, Sen. Warren (D-MA) today sent a letter to the CEO of Goldman Sachs demanding more information about the bank’s dual role advising and buying financial instruments from SVB. The senator raises concerns that this caused conflicts of interest and accuses the bank of using “accounting tricks” that were very costly to the DIF.
Key House Member Posits China Sanctions For Hong Kong Banking Activities
Joined by two U.K. MPs, House Select Committee on the CCP Chairman Mike Gallagher (R-WI) today sent a letter to HSBC’s CEO raising concerns with what he says was the bank’s decision as well as that of other unnamed banks to block Mandatory Provident Fund withdrawal requests for Hong Kong residents with British National (overseas) passports. Firing what may be a first shot into the broader battle of how global banks manage their relations with China, the letter highlights instructions to the fund’s trustee institutions – which include HSBC – from the Hong Kong Mandatory Provident Fund Authority to disregard BN(O) passports.