Barclays Plc, Bank of America Corp.’s Merrill Lynch and Morgan Stanley can’t use New York law to block Theflyonthewall.com, an online financial news service, from issuing immediate reports about changes in their stock ratings, a federal appeals court ruled.
Michael Kemmer , former chief executive officer of Bayerische Landesbank , may be appointed to the vacant position of managing director of Germany’s BDB banking association, Financial Times Deutschland reported, citing an unidentified person involved in the talks.
Farm credit banks won exemptions from almost the entire Dodd-Frank financial law, including the new consumer protection agency and the regulatory council overseeing systemic risk. Now the banks are seeking a carve-out for their $47 billion swaps business.
Germany’s commercial banks are in a “stable” condition and it’s unlikely that the debt crisis will deprive a German lender of its ability to obtain funding as happened to Dexia SA, said Michael Kemmer, managing director of bank lobby group BdB on Deutschlandfunk.
WestLB AG, the 180-year-old German state-owned lender that gained notoriety by trying and failing to make it as a global investment bank, will cease operations today. Its demise is a lesson in hubris to its peers.