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View: India's banking system requires stronger watchdog

View: India's banking system requires stronger watchdog

Finance
By Ila PatnaikTo many economists, the solution to India’s bad-loan crisis appears as obvious as the problem: Privatize state-owned banks, which have racked up billions more in soured loans and performed much worse than their private-sector counterparts. Yet, unless the government first strengthens its ability to supervise all banks, public and private, selling some of them off will be slim guarantee against another crisis. One can understand the urge to privatize. A long-mooted bankruptcy law finally passed last year allows any single creditor to initiate the bankruptcy process. This has disrupted the earlier cozy system, whereby banks hid the full extent of their soured loans and the Reserve Bank of India, which oversees the sector, looked the other way. As bad loans tumbled out of the cl
New York is investigating cryptocurrency exchanges. What you need to know

New York is investigating cryptocurrency exchanges. What you need to know

Finance
New York Attorney General Eric Schneiderman announced on Tuesday that he is investigating at least 13 cryptocurrency exchanges, including the popular platform Coinbase. "Too often, consumers don't have the basic facts they need to assess the fairness, integrity, and security of these trading platforms," Schneiderman said in a statement. Schneiderman said he hopes to make exchanges more accountable and transparent to their clients. Each company will be asked in a letter to supply information on its "operations, internal controls, and safeguards to protect customer assets." The news serves as a reminder that investing in cryptocurrencies is risky not only because they're new and their value is volatile — even the places where you buy them can be suspect. There are at least 190 exchanges in o
A billionaire hedge-fund manager and the Fed chair runner-up are investing in a new cryptocurrency

A billionaire hedge-fund manager and the Fed chair runner-up are investing in a new cryptocurrency

Finance
Billionaire Stanley Druckenmiller and Federal Reserve chair runner-up Kevin Warsh have invested in a cryptocurrency project called Basis, along with many other investors, the company said Wednesday.Bain Capital Ventures said it led the $ 133 million private placement, which was the private equity firm's first purchase of cryptocurrency tokens. Other investors included Alphabet's GV venture capital arm and Andreessen Horowitz.Formerly known as Basecoin, Basis is developing a cryptocurrency whose supply is controlled by an algorithm rather than a central bank. In contrast, bitcoin and most major cryptocurrencies have a fixed supply. Changes in demand can then send prices in wild swings.Basis' developers say such volatility has prevented mainstream adoption of cryptocurrencies and they want t...
Here are some hidden tax benefits for seniors, caregivers

Here are some hidden tax benefits for seniors, caregivers

Finance
One huge expense awaiting a large percentage of Americans near the end of their lives is long-term care.Coming up with the money to pay for a nursing home, an assisted living facility or other such care isn't always easy. What many seniors and their families don't realize, however, is that there are tax deductions they can take advantage of that would give them extra money to help with long-term care expenses.There are also tax-advantaged ways they can exit out of a life insurance policy they don't need anymore, which could help them solve some of the financial challenges they face.More from Fixed Income Strategies:On a fixed income? Here's what to invest in, and notWhere the bonds are: The outlook for fixed incomeAnnuity illustrations aren't always what they seemSome of those potential ta...