Feeds
Federal regulators are moving ahead with a rule that would ban banks from trading for their own profit. But they offered to consider adjustments after lawmakers expressed concerns that restrictions could hurt the economy.
Customers of MF Global, the brokerage firm that imploded into bankruptcy last year, will meet publicly Thursday with a court-appointed official overseeing the dismantling of the company.
Jon Corzine's third congressional grilling about MF Global's failure will likely examine his contacts with regulators and a fresh allegation about his role in the disappearance of clients' money.
A financial-exchange executive said Tuesday that Jon Corzine might have known that MF Global tapped clients' money to lend to a European affiliate of the firm.
The top Democrat and Republican on a key Senate panel say Congress should look deeply into what led to the collapse of MF Global, a trading firm run by one of their former colleagues.
The millions that Jon Corzine amassed as head of Goldman Sachs have become an alluring target for investors who were crushed by the collapse of MF Global, the brokerage firm he led until earlier this month.
Trading in commodities futures will be capped under a federal rule adopted Tuesday that seeks to clamp down on speculative trades, which some have blamed for driving up food and gas prices in the past year.
The Securities and Exchange Commission Wednesday backed a proposal to bar banks from trading for their own profit instead of their clients.
Federal regulators bowed to pressure from big banks seeking a quick exit from the financial bailout program and did not uniformly apply the government's own conditions set for repaying the taxpayer funds, a new watchdog report says.
The former chief financial officer of a major U.S. home builder accused of committing accounting fraud five years ago is giving back roughly $1.4 million in bonuses and stock profits.
The number of troubled banks tracked by the Federal Deposit Insurance Corp. fell in the April-June quarter, the first quarterly drop in five years. But growth in bank earnings slowed, a sign that the financial industry is feeling the effects of a weak economy.
Federal regulators on Monday sued JPMorgan Chase & Co. and Royal Bank of Scotland PLC in a bid to recover about $840 million in losses on securities tied to high-risk mortgages that were purchased by five wholesale credit unions that failed in the financial crisis.
Switzerland's biggest bank UBS AG has agreed to pay $160 million to settle charges that it rigged the bidding process for investment contracts with cities and towns in 24 states and the District of Columbia.
Regulators on Friday shut down a total of six banks in Alabama, Georgia, Minnesota and Mississippi, boosting the number of U.S. bank failures this year to 34. There were 157 bank closures in 2010 amid the shattered economy and piles of bad loans.
The head of the Securities and Exchange Commission said Thursday she erred in allowing a former agency official who benefited financially from Bernard Madoff's Ponzi scheme to play a key role crafting policy on how Madoffs' victims should be compensated.
Federal regulators have charged a former Goldman Sachs board member with insider trading, saying he gave confidential information to the key figure in what prosecutors call the largest hedge fund insider-trading probe ever.
Regulators on Friday shut down a small bank in Illinois, raising to 23 the number of U.S. bank failures this year after the limping economy and mounting soured loans felled 157 banks in 2010.
Government-controlled mortgage buyers Fannie Mae and Freddie Mac narrowed their losses in the final three months of last year. But they are asking for more money from taxpayers as the real estate market braces for what could be a new wave of mortgage defaults.
Government-controlled mortgage buyers Fannie Mae and Freddie Mac on Thursday reported narrower losses in the final three months of last year, but each asked for more money from taxpayers.
A government panel's failure to reach a firm conclusion about what caused the financial crisis shows how complex Wall Street has become and how partisan Washington has grown.
Regulators have closed small banks in North Carolina and South Carolina, bringing to five the number of closures in 2011 following last year's toll of 157 bank failures amid the limping economy and mounting bad loans.
By selling a block of its shares in General Motors Co. for $33 each — a price far below the "break-even" point — the government sharply reduced the chances of taxpayers fully recovering their $50 billion investment in the auto giant, a new report from a congressional watchdog says.
Regulators on Friday shut down three banks in Florida, Pennsylvania and Wisconsin, lifting the number of U.S. banks that have failed this year to 149 as soured loans pile up and the economy limps forward.
The disarray stemming from flawed foreclosure documents could threaten major banks with billions of dollars in losses, deepen the disruption in the housing market and hurt the government's effort to keep people in their homes, according to a new report from a congressional watchdog.
Regulators on Friday shut down two banks in Georgia and one in Arizona, bringing to 146 the number of U.S. banks that have succumbed this year under the burden of bad loans and a tepid economy.
Log In | Register
