Breaking up the largest U.S. banks would push businesses such as Caterpillar Inc. and Boeing Co. to use Chinese lenders instead, said Frank Keating, chief executive officer of the American Bankers Association.
Schadenfreude is misplaced when considering the wreckage of a financial firm in today’s weak economy. Yet empathy for the employees of MF Global Holdings Ltd. and the investors who owned its shares also is compatible with gratitude that no government agency came to the rescue.
Sanford “Sandy” Weill’s call this week for breaking up large banks revived debate in Washington over “too-big-to-fail” lenders, prompting renewed assertions by industry groups that size yields economic benefits.
Chesapeake Energy Corp.’s decision to cut directors’ pay and other perks may save the company up to $1.65 million a year without addressing investors’ concern that the board failed to rein in Chief Executive Officer Aubrey McClendon’s borrowing and spending spree.
The U.S. Securities and Exchange Commission is writing new rules in the wake of Knight Capital Group Inc. losses that could turn longstanding policies for how exchanges manage their automated systems into regulations.
A Federal Deposit Insurance Corp. program that expanded safeguards for some business and government bank accounts will probably expire on Dec. 31 after the U.S. Senate failed to advance a proposal for an extension.