Transactions within virtual economies or using virtual currencies may produce taxable income and the U.S. Internal Revenue Service should find low-cost ways to make taxpayers aware of compliance risks, according to a report by the Government Accountability Office.
A top official for the Financial Industry Regulatory Authority resigned after the agency was informed he was indicted for felony theft and charitable bingo fraud in 1993, the year he joined the agency.
China may relax or abolish a rule that requires Renminbi Qualified Foreign Institutional Investors to keep most of their funds in bonds, according to the Hong Kong Monetary Authority, a move that may boost demand for stocks.
Forcing Wall Street brokers to disclose bonuses they receive to switch firms is likely to backfire on the industry as workers use the information to seek higher pay, recruiters and former brokers said.
When duped investors set out to make themselves whole after a fleecing by a broker, the American way is to hustle them off to a private court run by Wall Street. It’s a tradition that was set in stone when the Supreme Court in 1987 said that, if an investor signed an agreement to arbitrate, the sorry loser is out of luck if he ever wants a day in court.