Benjamin Lawsky News
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MetLife Inc., the largest U.S. life insurer, is looking beyond Warren Buffett’s Berkshire Hathaway Inc. as Chief Executive Officer Steven Kandarian seeks ways to limit risk from retirement products known as variable annuities.
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MetLife Inc. said it would combine an offshore reinsurer with three U.S. life units after regulators began an investigation into the use of intra-company liability transfers, saying such arrangements could mask risk.
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Guggenheim Partners LLC and Apollo Global Management LLC are among firms subpoenaed by New York’s financial watchdog in a probe of risk tied to investment-company ownership of insurers, said a person familiar with the inquiry.
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MBIA Inc., the bond insurer that reached a $1.7 billion settlement with Bank of America Corp. this week, will pay $350 million to Societe Generale SA to resolve litigation, a person familiar with the matter said.
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Standard Chartered Plc, the British lender fined $667 million for breaking sanctions on Iran, said first-quarter operating profit declined “slightly” as income at its wholesale unit shrank.
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MBIA Inc. and Bank of America Corp. settled a five-year legal battle over soured mortgage debt in a deal that will pay MBIA the equivalent of $1.7 billion and give the bank a 5 percent stake in the bond insurer. MBIA shares surged to the highest since September 2008.
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Bank of America Corp. Chief Executive Officer Brian T. Moynihan, who once vowed to wage “hand-to-hand combat” in lawsuits over faulty mortgages, settled one big fight with MBIA Inc. yesterday as another remains unfinished.
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Until April 2011, Patrick “Pete” Dodd, a former money manager at Liberty Life Insurance Co. in Greenville, South Carolina, invested customer premiums in what he calls a “squeaky clean” portfolio: bonds backed by state governments and blue chip corporations.
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European Union nations must resume talks on a draft law to overhaul the bloc’s financial market rules, after ambassadors failed to resolve a clash between the U.K. and Germany on competition in derivatives clearing.
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Little more than a year before he was criticized for breaking ranks with regulators for being the first to accuse Standard Chartered Plc of laundering Iranian money, Benjamin Lawsky, New York’s top banking official, was insisting on his own brand of justice at a charity carnival game.
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