Citigroup Inc.’s $285 million mortgage-securities pact with the U.S. Securities and Exchange Commission was revived as an appeals court assailed a judge’s demand for more evidence backing up the regulator’s claims.
For all the criticism of the Dodd- Frank Act, one thing the law does right is fill the informational and analytical blind spots that allowed our economy to unwittingly approach the precipice of disaster.
There may be no government action more universally reviled in the U.S. than bank bailouts. Republicans and Democrats, financial industry lobbyists and watchdogs, Wall Street executives and President Barack Obama say taxpayers should never again rescue a failing bank.
In little more than a decade, Promontory Financial Group LLC has evolved into a new kind of Washington player tapped by banks including Morgan Stanley and Citigroup Inc. to resolve regulatory disputes behind the scenes.
Mary Schapiro’s decision to join Promontory Financial Group LLC after running the U.S. Securities and Exchange Commission amplifies the firm’s competitive advantage as an employer of former regulators.
Bank of America Corp. , the largest U.S. bank by assets, said it wrongly classified as much as $10.7 billion of short-term repurchase and lending transactions as sales from 2007 to 2009 to reduce its end-of-quarter assets.
As a director at the Federal Reserve Bank of Chicago, Stephen Goodenow said he goes into board meetings reporting on his visits with manufacturing companies, farmers and car dealers to help gauge the Midwestern economy.
Don’t worry your pretty little heads, JPMorgan Chase & Co. Chief Financial Officer Douglas Braunstein seemed to assure listeners on the bank’s quarterly earnings conference call last month. Regulators knew everything JPMorgan’s chief investment office was doing, he said.
The chaos in Greece has resumed and a new election that nobody expects to resolve anything looms. Exasperated European Union officials have begun openly discussing the country’s exit from the euro currency system. This is a grave mistake. Greece’s exit would be no less catastrophic than when the EU called it unthinkable -- and not just for Greece.