Girard College, which for 166 years has schooled and housed low-income students in Philadelphia in a walled campus by decree of its namesake founder, is paying a premium in the bond market after Wall Street deals backfired.
Four years ago today, President George W. Bush signed into law the biggest corporate rescue in American history. Even as U.S. unemployment has remained above 8 percent for 43 months, the country’s biggest banks are making almost as much as they ever have.
JPMorgan Chase & Co., the third- largest muni-bond underwriter, stood to gain more than just its share of $7.8 million in fees by helping Detroit’s water and sewer unit issue new debt after the city staved off insolvency.
Martha Haines says she was powerless at the Securities and Exchange Commission to prevent banks from selling derivatives to state and local governments that cost taxpayers billions of dollars -- mostly in penalty fees to Wall Street -- during the worst financial crisis since the 1929 Crash.
Japanese regulators said they’re looking for loans to gangsters by the nation’s three biggest banks. The 115-year-old Dutch lender Rabobank Groep was fined more than $1 billion for rigging interest rates. Deutsche Bank AG and UBS AG, Germany and Switzerland’s biggest lenders, both said they’re facing investigations into currency manipulation.
By Brady Dennis May 18 (Washington Post) -- Sen. Christopher J. Dodd (D-Conn.) has offered a last-minute compromise to resolve one of the few remaining disputes over the Senate's landmark bill on financial regulation: a disagreement over derivatives that has sent shudders through Wall Street. Three minutes before the noon deadline for amendments, Dodd filed a proposal addressing language in the bill that would force the nation's largest banks to stop trading nearly all kinds of derivatives -- a move that would dramatically reshape several critical markets and deprive the firms of a major source of revenue. Under the compromise, the Senate would keep the sweeping provision, but delay its implementation for two years while it's studied and quite likely kill it at the end. Dodd's plan calls for submitting the derivatives rules, which were initially proposed by Sen. Blanche Lincoln (D-Ark.),