The Vatican planned to issue new rules Thursday designed to make its financial transactions more transparent after a money laundering probe resulted in the seizure of 23 million euros ($30.21 million) from a Vatican account.
ICE Trust, the world’s largest clearinghouse for credit-default swaps, cited “significant changes” to proposed regulations in deciding to withdraw its application, the New York Times reports.
Eurozone end-of-year financial market tensions have been highlighted by the European Central Bank’s failure to reabsorb funds it has spent on buying government bonds to combat the region’s debt crisis, reports the Financial Times.
The European Central Bank increased its intervention in government bond markets last week, indicating that the euro’s monetary guardian remained wary of an escalation of the eurozone debt crisis, reports the Financial Times.
It’s eye opening to reflect that the Basel III requirements are the joint production of than 500 representatives from 27 nations, including top regulators and central bankers. They met dozens of times this past year. They produced 440 pages of new rules.
As the Federal Reserve debates whether to scale back, continue or expand its $600 billion effort to nurse the economic recovery, four men will have a newly prominent role in influencing the central bank’s path, the New York Times reports.
Julian Assange has signed book deals worth more than £1 million ($1.5 million) in the US and UK, to allow the WikiLeaks founder to cover his legal fees and maintain the whistleblowing site, reports the Financial Times.
With Democrats achieving their major victories in Congress by party-line votes, the next session could see more partisan animosity. The New York Times reports.
You'd think that with barely a week left in 2010 we'd have a better idea of where we're headed in 2011, but a new round of data seem to have the experts more conflicted than ever.
Call it one of the dirty little secrets of the education industry: When students can’t pay their loans, many schools manage (some would say, manipulate) default rates so they look better than they really are.
the New York Times reports.
Fresh details have emerged of secret talks between bank auditors and the government during the financial crisis, as regulators prepare changes to the auditor’s role to lessen the risk of similar chaos. The FT reports.
The world’s biggest investment banks are to overhaul their pay structures to differentiate between bankers based in Europe and those who work elsewhere, the FT reports.
When North Carolina banking commissioner Joseph Smith's nomination to head the Federal Housing Finance Agency (FHFA) passed out of committee early last week, I thought it was a done deal. Not so much anymore. While his credentials seemed fit for the job, and his support widespread throughout the industry, his timing may be his downfall.
Although it was the Department of Justice and the FBI that took the lead on four insider-trading arrests Thursday, the Securities and Exchange Commission is also conducting its own inquiries, the commission's director of enforcement said Friday.
Once the darlings of Wall Street, for-profit education companies have seen their market value plunge to the lowest level in 52 weeks, leaving investors to wonder if the industry would be able to survive in its current form. An index of nine for-profit education companies, the S&P 1500 Education Services Index is down nearly 30 percent for the year.
The largest global banks, especially those in Europe, may be hundreds of billions of dollars short of the capital reserves needed to comply with new regulations and may face pressure to shed risky assets as a result, according to figures released Thursday by two influential regulatory panels. The New York Times reports.
The compensation whiplash from the great economic train wreck has been “say on pay” and calls for greater transparency. Who could argue against transparency? But transparency should not be replaced with a false sense of security – a focus on form and not substance.
US securities regulators have broadened their investigation into the alleged $8 billion Ponzi scheme run by Allen Stanford, the Texan billionaire, to include brokerage executives who invested their clients’ money in Stanford International Bank products, reports the Financial Times.