Posts filed under “Regulation”
From the Wall Street Journal:
Six financial institutions were fined €1.71 billion ($2.32 billion) by European Union regulators Wednesday for colluding in an attempt to manipulate key benchmark interest rates, the EU’s largest-ever penalty in a cartel case.
The settlements involved penalties against some of the world’s biggest banks, including Deutsche Bank, Société Générale, Royal Bank of Scotland Group, RBS, J.P. Morgan Chase & Co. and Citigroup.
A rough total €6 billion the total penalties levied by regulators against financial institutions in connection with probes into manipulation of the London interbank offered rate, or Libor, and other widely used financial benchmarks.
Quite a few people are discussing the speech given by Federal Reserve Chairman Ben Bernanke last week, titled The Crisis as a Classic Financial Panic. (See this, this and this). But while everyone is looking at the big dog, the rest of the pack has been out making very interesting noises. Indeed, if you pay…Read More
Ending Too Big to Fail William C. Dudley, President and CEO, NY Federal Reserve Global Economic Policy Forum, NYC, November 8, 2013 It is a great pleasure to have the opportunity to speak here today. My remarks are going to focus on what is called the “too big to fail” problem. As you…Read More
The news leaked over the weekend: Hedge-fund baron Steve Cohen and SAC Capital Advisors were about to pay a monster fine for a decades worth of insider trading and failed supervision of traders. Some prefer the term “expert networks,” but – po-TAY-to, po-TAH-to. The rules have changed, and so have the penalties. The lessons of…Read More
Every now and then, I read an article that is factually accurate, technically correct — and utterly misleading. Items like this are “accurate but false” as they leave the reader with an impression of something that is incorrect. Because the world is nuanced and not black and white, the sum of many facts, statistics and…Read More
Greenspan discusses many of the ideas he had reversed himself on regarding the financial requirement.
Note he has adopted my Partner’s Joint & Thesis Liability explanation (from BN) that states the move to Corporate structure from a Partnership radically reduced the focus on risk management.
Click to enlarge A previous discussion on the founding and dissolution of the First Bank of the United States (BUS) which existed from 1791 to 1811. After the First BUS recharter was defeated, the United States suffered defeat in the War of 1812, and suffered from a lack of fiscal order and an…Read More