Mike Thomas, a retired salesman for a truck manufacturer, says odds are that he’ll stop driving 45 minutes five days a week from Ohio to play slot machines at Hollywood Casino in Lawrenceburg, Indiana.
When President Barack Obama signed the Dodd-Frank financial reform bill on July 21, he capped a year-long legislative battle to stop $1.8 trillion in global financial writedowns and losses from happening again.
Bank of New York Mellon Corp., the world’s largest custody bank, is in early stage talks with federal prosecutors to settle accusations the bank overcharged customers for foreign-exchange trading, according to a person briefed on the discussions.
U.S. regulators have subpoenaed MF Global Holdings Ltd.’s auditor, PricewaterhouseCoopers LLP, requesting information on the segregation of assets belonging to clients trading on U.S. commodity exchanges, according to a person briefed on the matter.
Never underestimate the government’s capacity for incompetence when it comes to overseeing large financial institutions. The latest example: an ill-advised consulting contract between Freddie Mac’s outside auditor and the federal agency in charge of running the company.
Just past midnight on May 3, 2005, Standard & Poor’s analyst Chui Ng e-mailed co-workers to broker a solution to demands by Goldman Sachs Group Inc. bankers that he said violated two or more of the ratings company’s internal guidelines.
U.S. rating companies face tarnished reputations and legal and regulatory risk after they failed to warn investors about the dangers of complex financial products that contributed to the financial crisis, Greenlight Capital Inc. President David Einhorn said.
The U.S. Securities and Exchange Commission is reviewing trades in MF Global Holdings Ltd. convertible bonds to determine whether some investors sold the debt based on confidential information before the firm’s demise, according to two people with direct knowledge of the matter.