An increasingly vocal chorus of current and former U.S. regulators says the biggest banks still have not provided adequate plans to safely wind down in bankruptcy and may need to be restructured to reduce the risk they pose to the financial system.
Just before sunset on April 10, 2006, a DC-9 jet landed at the international airport in the port city of Ciudad del Carmen, 500 miles east of Mexico City. As soldiers on the ground approached the plane, the crew tried to shoo them away, saying there was a dangerous oil leak. So the troops grew suspicious and searched the jet.
Higher capital requirements that international regulators plan to impose on banks worldwide are likely to push firms to shrink trading activities in favor of lending, U.S. Comptroller of the Currency John Dugan said.
President Barack Obama installed Richard Cordray as head of the Consumer Financial Protection Bureau with a recess appointment yesterday, testing the limits of his executive authority to fill the post without Senate approval.
In a stately hearing room stuffed with senators and bankers, Thomas Curry began his apologies. His agency should have stopped a major bank from helping drug cartels launder cash. The violations went on for years while his agency was overly passive.
Citigroup Inc. Chairman Richard Parsons, who helped the bank become a behemoth that almost collapsed in the financial crisis and then led its recovery, will be replaced by fellow director Michael O’Neill.