Puerto Rico passed the so-called Recovery Act last year to give certain public corporations, with around $20 billion in debt, the ability to restructure financially in an orderly process. Puerto Rico is currently struggling with a total debt load of around $72 billion, which it says it is unable to pay. The Recovery Act was struck down by a federal court in Puerto...» Read More
Bowing to political pressure from community bankers, the House Financial Services Committee approved an exemption on Thursday for more than 98 percent of the nation’s banks from oversight by a new agency created to protect consumers from abusive or deceptive credit cards, mortgages and other loans.
The financial system needs more efficient regulation that would happen by streamlining, not expanding, the current mechanisms, Morgan Stanley CEO John Mack told CNBC.
New rules for the largely unpoliced, $450-trillion over-the-counter derivatives market were approved by a key U.S. congressional committee on Thursday in a win for the Obama administration.
The Supreme Court will consider throwing out the convictions of former Enron Chief Executive Officer Jeff Skilling for his role in the collapse of the onetime energy giant.
Bernard Madoff got into a fight in the prison yard with another inmate over the stock market – and won, the New York Post reported, quoting eyewitnesses.
The Securities and Exchange Commission has entered an agreement with Bank of America over the disclosure of information in the Merrill Lynch bonuses case, the SEC said Tuesday.
William Browder, the founder of Hermitage Capital Management, found a new way to get his allegations of Russian corruption out to the public: YouTube.
Bank of America has agreed to hand over to investigators documents related to its purchase of Merrill Lynch, CNBC has confirmed.
Philanthropist Brooke Astor's 85-year-old son had it all but wanted more, and now he might have to face his remaining years in a stark prison cell after being convicted of looting his ailing mother's nearly $200 million estate.
The House ethics committee has expanded its investigation of Rep. Charles Rangel of New York to include his revisions to financial statements that revealed assets and income not previously reported.
The idea of a tax credit for companies that create new jobs, something the federal government has not tried since the 1970s, is gaining support among economists and Washington officials grappling with the highest unemployment in a generation.
Bank of America on Tuesday pledged not to hike credit card interest rates or fees before a new law intended to reform industry practices takes effect in February.
Powerful House Financial Services Committee Chairman Barney Frank (D-Mass.) has scheduled a series of markup sessions for key parts of the reform package, according to Congressional sources.
The Supreme Court has refused to hear former Qwest CEO Joseph Nacchio's appeal of his insider trading conviction.
The new Supreme Court term that begins Monday will be dominated by cases concerning corporations, compensation and the financial markets that could signal the justices’ attitude toward regulatory constraints at a time of extraordinary government intervention in the economy.
An enormous precious stone listed on a now bankrupt company's books for the value of 11 million pounds ($17.4 million) is probably not worth more than 100 pounds, British media reported Friday.
Reform of rating agencies is badly needed as there is a culture of carelessness towards the law which needs challenging, Eric Kolchinsky, a former analyst at Moody's who has accused the agency of issuing inflated ratings, told CNBC Friday.
The chairman of the Senate Finance Committee said Thursday he wanted to complete work on a sweeping health care bill by nightfall, opening the way for Democratic leaders to bring the historic legislation to the floors of both the House and Senate as early as mid-October.
With evidence mounting that texting and driving is more dangerous than drinking and driving, nearly everyone agrees that it is a huge problem that must be stopped. Sure, 18 states have made it illegal to text and drive, but the fact is many people-especially teens-continue to type away while behind the wheel. So why not take the next step, and have cars come with a device that jams cell phone signals for those in the driver seat?
A handful of top Russian business figures have created an MBA program that tackles the issues they faced themselves: bribery, relentless bureaucracy, imperfect laws.