A congressional plan to audit the Federal Reserve's decision-making process poses a serious threat to the economy, former Fed governor Frederic Mishkin said.

Bernard Madoff's bankruptcy trustee and the law firm employing him submitted a $22.1 million legal bill covering five months of work.  Baker & Hostetler LLP is seeking $21.28 million of fees as counsel to court-appointed trustee Irving Picard for the five months ended Sept.

Four boats seized by U.S. authorities from imprisoned swindler Bernard Madoff and his right-hand man, Frank DiPascali, sold for nearly $2 million at auction on Tuesday, the U.S. Marshals Service said.

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Disgraced financier Bernard Madoff's longtime auditor has entered a guilty plea in a federal court in Manhattan.

In the sprawling European subsidy program - which lavishes more than 50 billion euros ($75 billion at current exchange rates) a year in agricultural aid - no commodity is more susceptible to fraud, chicanery and rule-bending, experts say, than simple household sugar.

Galleon Group is winding down its hedge fund holdings, the company's embattled CEO Raj Rajaratnam said in a statement.

Swiss bank UBS AG warned U.S. customers by registered mail their account details may be given to U.S. tax authorities, a method that could itself breach secrecy laws, a Swiss paper said on Sunday.

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.

Ratings agencies need to adopt universal standards to prevent the kinds of abuses that helped fuel the collapse of the credit markets, an industry whistleblower told CNBC.

Tougher financial rules have been stymied by industry lobbying, government turf battles and a stabilizing banking system. Some analysts fear another crisis is inevitable.

The SEC will discuss rules to improve oversight of the credit rating industry as well as a proposed ban  on flash trades—or buy and sell orders that exchanges send to a specific group of participants before revealing them publicly.

Prior to the recession, major banks were hiding dubious assets off their balance sheets and stretching rules if not breaking them.  Now, banks are resiusiting efforts to improve those rules and increase transparency.

A recent court ruling that forced two ratings companies to defend fraud claims is a "game-changer" for the industry, said David Einhorn, head of Greenlight Capital.