(1) The plight of the long-term unemployed (out of work longer than a mere six months) continues. A Bloomberg article implies that the issue is focused on the formerly incarcerated, the disabled, and those who have been, or are, addicted to drugs.
[No description of programs to assist people to return to work was included in the article.]
The disconcerting title of a Money magazine article speaks volumes (although it implies the unemployed are to blame for their plight): “Unemployment is Really Low. So Why Can’t These People Find Jobs?”
(3) Institute for New Economic Thinking, “The Hidden Cost of Privatization.”
(4) The New York Times. “The Decline of the Baronial CEO.” Cutthroat forced distribution (or “rank and yank”) encouraged by CEO’s on powerless employees have ultimately reached the C-Level. (Although CEOs are well compensated, unlike employees, in their “exit” packages.)
The Federal Reserve Board (Board) publishes a weekly digest of its activities on its website. The digest is called the H.2 Release and is published every Thursday. The release for the week ending June 3, 2017, is below.
H.2 Release–Actions of the Board, Its Staff, and the Federal Reserve Banks; Applications and Reports Received
|Bank Holding Companies||Canadian Imperial Bank of Commerce, Toronto, Canada, and CIBC Holdco Inc., New York, New York — to acquire PrivateBancorp, Inc., Chicago, Illinois, and thereby indirectly acquire The PrivateBank and Trust Company.
-Approved, June 6, 2017
|Forms||Forms — initial Board review to extend with revision the Capital Assessments and Stress Testing information collection (FR Y-14A/Q/M).
-Proposed, June 6, 2017
|Personnel||Division of Supervision and Regulation — appointment of Mary Aiken as senior associate director.
-Announced, June 5, 2017
|Savings and Loan Holding Companies||TIAA Board of Overseers, New York, New York; Teachers Insurance and Annuity Association of America; and TCT Holdings, Inc. — to acquire EverBank Financial Corp, Jacksonville, Florida, and thereby indirectly acquire EverBank, a federal savings association.
-Approved, June 6, 2017
|Enforcement||EverBank Financial Corp, Jacksonville, Florida — issuance of a consent order of assessment of a civil money penalty against EverBank Financial Corp for mortgage servicing deficiencies, and termination of a related enforcement action issued in April 2011.
-Approved, June 8, 2017
Regions Bank, Birmingham, Alabama — issuance of consent orders of prohibition against Richard Alan Henderson and Philip Henry Cooper, both former employees and institution-affiliated parties.
-Announced, June 7, 2017
Federal Reserve Board: Balance Sheet (H.4.1 Release)
The Board publishes data of factors affecting reserve balances. The digest is called the H.4.1 Release, and they are published every Thursday (or the next business day if the publication date falls on a federal holiday). The release for June 15, 2017, is below.
[Note: The blog will cover the line titled “Total Factors Supplying Reserve Funds.”]
H.4.1 Release–Factors Affecting Reserve Balances
Total factors supplying reserve funds (as of June 14, 2017): $4,522,637 (in millions of dollars). (On September 26, 2007, this amount was $900,473 (in millions of dollars)).
(See the release for further information.)