Henry Paulson may be the most powerful manager of money in the world and he still couldn’t do for taxpayers with the $700 billion bailout of American banks what Warren Buffett did for his shareholders in investing in Goldman Sachs Group Inc., Mark Pittman of Bloomberg News reported today.
The U.S. Department of Justice is preparing to impose the first fines and bring charges in the global investigation into the manipulation of foreign-exchange rates as soon as this year, a person with knowledge of the matter said.
UBS AG, Switzerland’s biggest bank, announced that its loss from unauthorized trading amounted to $2.3 billion, more than initially reported, while Chief Executive Officer Oswald Gruebel said he will stay on.
The U.S. Securities and Exchange Commission proposed barring bets against asset-backed securities by underwriters and securitization participants to root out conflicts of interest that might harm investors.
Senate Republicans abandoned their efforts to block debate over legislation overhauling U.S. financial rules, vowing instead to fight for changes to the bill on issues ranging from consumer protection to derivatives, according to reporting by Bloomberg’s Alison Vekshin and James Rowley.
In a speech aimed equally at Wall Street and Main Street, President Barack Obama urged the financial industry to drop the “furious effort” to fight his regulation plan, saying a failure to impose tougher rules on the market will put the U.S. economic system at risk.