- Citigroup Lost $20 Million on Facebook IPO Trades
- JPMorgan to Shake Up Risk Team After Big Loss: Report
- EU Finalizes Bank Reforms; Shifts Burden to Bondholders
- Spain to Inject Emergency 19 Billion Euros into Bankia
- EU Set to Launch Action Against China Over Telecom Aid
- JPMorgan to Shake Up Risk Team After Big Loss: Report
- Marc Faber: Chance of Global Recession Is Now 100%
- Cool Jobs: From Gold Stacker to Bed Tester
- 'Flash Sale' Sites: Gimmick, or Online Shopping Future?
- A New Look at the ‘New Poor’
- Six Pack: Beer Buzz of the Week
- Greek Exit Could Trigger 50% Fall in Euro Stocks: Analyst
- Under Pressure, FHA Skews to Wealthier Home Buyers
- Big Stock Upside for Hudson City Deal: Analyst
- 5 High-Yield Stocks Ready to Boost Dividends
- Yoshikami: Four Things You Need to Know About Gold Now
- Steinbock: The Euro Zone Endgame Begins
- Option Bulls Take Another Shot on Idenix
MOST SHARED
- Spain to Inject 19 Billion Euros into Bankia
- Fresh Fears as EU Finalises Reform Plans
- Beijing Faces Brussels Action on Telecoms Aid
- Citigroup Lost $20 Million on Facebook IPO Trades
- Zero China Growth Is ‘Probable’: Gordon Chang
- China Growth Risks Signal Need for Fiscal Action
- Greek Exit Could Trigger 50% Fall in Euro Stocks: Analyst
- Marc Faber: 100% Chance of Global Recession
- GM Discloses $600,000 Contract With Ad Agency Tied to CFO's Wife
- Senate Summons Dimon to 'Get to the Bottom' of JPM Mess
MOST POPULAR
HOT ON FACEBOOK
SEC Did Not Foresee Bear Cash Crisis
Text Size 
The collapse and forced sale of Wall Street giant Bear Stearns exposed the dangerous interconectedness of financial markets and the faulty oversight now in place, U.S. regulators said in prepared congressional testimony on Thursday.
Bear Stearns [BSC
Loading...
()
] collapse came in only a matter of days and despite the firm having more than enough capital to meet existing tests of soundness, regulators were to tell the Senate Banking Committee, according to an advance text of the remark obtained by Reuters.
"Up to and including the time of its agreement to be acquired by JP Morgan Chase, Bear Stearns had a capital cushion well above what is required to meet the Basel standards," Chairman Christopher Cox said in prepared remarks to the Senate Banking Committee.
The Basel capital framework sets reserve standards for the world's largest banks and Cox has said those guidelines may need to be tightened.
Despite those strong capital reserves, regulators said they worked together to facilitate a JP Morgan Chase [JPM
Loading...
()
] buyout of Bear Stearns to save financial markets from turmoil.
"Our focus was not on this specific institution, but on the more strategic concern of the implications of a bankruptcy," Treasury Undersecretary for Domestic Finance Robert Steel said in remarks prepared for delivery to the commmittee on Thursday.
"The failure of a firm that was connected to so many corners of our markets would have caused financial disruptions beyond Wall Street."
- The Nasdaq has suffered the most from the EU crisis showing there's risk in the usual tech stocks.
- Targeting more Millennials is just one of the items brewing for consumers in the world of spirits.
- It seems many people may need a reminder of how NOT to act on a plane. Here are a few tips.
- Here are some very unusual roadside stops along American highways that might peek your interest.
- How three generations of Americans are dealing with the finances of retirement.
Data is a real-time snapshot *Data is delayed at least 15 minutes
