Wall Street Shrugs Off Biden and Reaffirms Commitment to Saudi Monarchy

This month, President Biden has openly threatened to reconsider the close ties between the United States and Saudi Arabia, but the financial industry appears certain he’s not ready to put his money — or theirs — where his mouth is. Wall Street leaders are visiting Saudi Arabia this week for an investment conference sponsored by the Saudi government, just two weeks after the White House said it would be reexamining the long-standing U.S.-Saudi alliance. Top bankers to attend the gathering in Riyadh included JPMorgan CEO Jamie Dimon, Goldman Sachs CEO David Solomon and Blackstone Group CEO Stephen Schwarzman. The trio,…

Warren, Sanders Slam Banks for Inaction Against Millions of Scams Using Zelle

Senate Democrats sent letters to big banks on Friday, demanding that the corporations answer for their roles in allowing millions of Americans to be defrauded through scams involving Zelle, a money transfer network whose parent company is owned by seven large banks in the U.S. Senators Elizabeth Warren (D-Massachusetts) and Bernie Sanders (I-Vermont), Senate Banking Housing, and Urban Affairs Committee Chair Sherrod Brown (D-Ohio), and four others said that the banks aren’t doing enough to prevent scams that use Zelle, which The New York Times deemed in an investigation earlier this year as a “favorite of fraudsters.” “It is imperative…