European Union banks will be forced to boost capital, disclose more information on their activities than ever before, and face tougher scrutiny of how they measure risks, after lawmakers formally endorsed a law to overhaul the bloc’s financial rulebook.
California, the world’s ninth- largest economy, has Edison International to thank for selling all of its carbon permits in the state’s first auction. The company unintentionally bid for twice as many allowances as were for sale.
JPMorgan Chase & Co. could have spotted trouble at its chief investment office long before traders there racked up at least $2 billion in losses. One reason it didn’t: Chief Executive Officer Jamie Dimon.
Federal Reserve Chairman Ben S. Bernanke invoked the inflation-fighting legacy of the late Nobel laureate economist Milton Friedman and, for the third time in as many days, defended the Fed’s expansion of record stimulus.
Gary Stern , former president of the Federal Reserve Bank of Minneapolis, and John Silvia , chief economist at Wells Fargo Securities LLC, said the central bank is sticking with the view that a moderate recovery is under way and a recent rise in inflation is temporary. They spoke after Fed officials met in Washington today.
Two years after President Barack Obama vowed to eliminate the danger of financial institutions becoming “too big to fail,” the nation’s largest banks are bigger than they were before the nation’s credit markets seized up and required unprecedented bailouts by the government.
The Federal Reserve Bank of New York, which carried out central-bank rescues of money markets and Wall Street firms, is poised to have its powers expanded even more -- at the risk of reduced independence.
Federal Reserve Bank of Minneapolis President Narayana Kocherlakota identified limits to Fed policy in a speech last year that suggested he might be willing to break ranks with his colleagues. On Aug. 9, he made his move.