TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why TD Bank has been fined $3 billion.
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00:00I'm Conway Gittins reporting from the New York Stock Exchange.
00:02Here's what we're watching on the street today.
00:04The week came to an end with record-closing highs for the Dow and the S&P 500.
00:10Stocks held their gains even though consumer sentiment dipped in early October.
00:13While inflation worries are easing, consumers are still frustrated by high prices.
00:19Next week, earnings season will pick up.
00:20Netflix, Procter & Gamble, and Johnson & Johnson will report.
00:24And it will be a big week for the financials with numbers from American Express, Goldman
00:28Sachs, Bank of America, and Citigroup.
00:32Sticking with banks, TD Bank has been slapped with a record $1.3 billion fine for allowing
00:38drug money to be laundered through U.S. operations.
00:41That fine, which is to be paid to the Treasury Department's Financial Crimes Unit, is just
00:45one of many.
00:47The bank also has to pay $1.4 billion to the Department of Justice, $450 million to the
00:53Office of the Comptroller of the Currency, and another $123.5 million to the Federal
00:59Reserve.
01:00Much of the money laundering was tied to the illicit distribution of fentanyl.
01:04TD Bank is the largest bank ever to admit that it violated America's Bank Secrecy Act.
01:10It somehow turned a blind eye, which allowed three money laundering networks to use the
01:15bank to legitimize more than $670 million.
01:19In a press conference, Attorney General Merrick Garland said, quote, by making its services
01:23convenient for criminals, it became one.
01:26In one example of the bank's gross negligence, employees accepted gift cards worth $57,000
01:33in order to process transactions that would not show up on regulators' radars.
01:37TD Bank, which is Canada's second largest bank and the 10th largest in the U.S., now
01:42faces a list of restrictions, including federal monitoring, in order to switch its anti-money
01:49laundering operations to the U.S., and its growth in the states will now be capped.
01:54TD's CEO called this, quote, a difficult chapter in our bank's history.
02:00That'll do it for your daily briefing from the New York Stock Exchange.
02:02I'm Robert Miller.
02:03Thanks for watching.
02:04See you next time.
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