Re-hypothecation: Legal Loophole That Permits Wall Street to Spend Clients'...
A legal loophole in international brokerage regulations means that few, if any, clients of MF Global are likely to get their money back. Although details of the drama are still unfolding, it appears...
View ArticleBloomberg: U.K. Banks to Split Consumer, Investment Arms
Now if the U.S. can just reinstate the Glass-Steagall Act .....
View ArticleOccupy Wall Street: Where's Volcker's Letter?
One of my blog readers was kind enough to forward this information to me - from the Occupy Wall Street financial reform working group.
View ArticleBloomberg: Dodd-Frank in One Graph
Karen Weise of Bloomberg writes: "Big portions of the financial reform law are set to go into effect this year. Intended to make corporate practices transparent, the law itself is anything but. The...
View ArticleUK Guardian: Nationalize the Credit Ratings Agencies
Aditya Chakrabortty of The Guardian writes: "Credit rating agencies keep getting it wrong but still make billions. Why don't politicians stand up to them?..... So, the agencies are neither accurate...
View ArticleEx-Lehman Brothers Trader: Only On Wall Street Could You "Get Paid So Much...
Paul Woolley, who founded a center at the London School of Economics that studies "capital market dysfunctionality," put it even more bluntly to the New Yorker in 2010. "Why on earth should finance be...
View ArticleReuters: EU Lawmakers Urge Tougher HFT, Commodities Rules
Computerised "algorithms" and high-frequency trading (HFT) have been blamed by critics for making markets more volatile, although others say the practice boosts liquidity. The EU's executive European...
View ArticleYour Tax Dollars at Work: The YWCA Woman at the U.S. Treasury Department
This article in the Economic Policy Journal illustrates some of the problems with U.S. financial regulators. It includes an example of the absurd places U.S. tax money is going, to a YWCA officer...
View ArticleAn FDA for Financial Innovation: Applying the Insurable Interest Doctrine to...
A financial innovation regulator? Perhaps a good idea. Only problem is that the U.S. regulators (FDA, SEC, EPA, ...) don't seem to have very good track records. Who would work at this new financial...
View ArticleReuters: Citigroup Sued Over Outsized Executive Pay
Citi CEO Vikram Pandit and the bank's directors have been sued for allegedly awarding outsized pay to top executives. Shareholders won the right to vote on executive pay at most public companies under...
View ArticleSEC Blows Whistleblower's Cover in "Dark Pool" Investigation (video)
Alright, way to go SEC! No one will come forward with information if they fear the SEC will out them.
View ArticleBloomberg: Foreign Wealth Managers Shun American Money
?I don?t open U.S. accounts, period,? said Su Shan Tan, head of private banking at Singapore-based DBS, Southeast Asia?s largest lender, who described regulatory attitudes toward U.S. clients as...
View ArticleDodd-Frank Financial Regulations: Credit-Card Complaints to Be Available Online
The Consumer Financial Protection Bureau is launching on Tuesday the first part of an online database of complaints from customers in the $2.05 trillion industry. The database will list searchable...
View ArticleDanger Lurks in Money Funds
SEC Chairwoman Schapiro believes money market funds, which hold commercial paper, short-term bonds and other assets with maturities of a year or less, could destabilize the financial system like the...
View ArticleWarning Issued on Brokerage Accounts
Former money manager Ann Barnhardt, who in November of 2011 made the decision to cease operations of her brokerage firm and return funds to her customers citing ?systemic? problems within the entire...
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