Financial Services Authority

7 Stories

Britain's Financial Authority Never Policed Libor

As scandal builds, UK parliament decides to hold banking inquiry

(Newser) - The growing scandal over the rigging of benchmark Libor rates raises a fundamental question: Why didn't Britain's Financial Services Authority see anything was amiss? Mainly because the FSA hadn't policed Libor for years, reports the Wall Street Journal . Worse, bank executives had warned the FSA about Libor... More »

Brits Fine Goldman $31M

Bank didn't tell regulator it transferred probe target Fabrice Tourre to UK

(Newser) - Britain's financial regulator has fined Goldman Sachs a whopping $31 million for neglecting to tell it that the employee at the center of a fraud investigation in the US had been transferred to the UK. The fine is one of the largest that the Financial Services Authority has ever levied,... More »

Goldman Earnings Jump 91%

Meanwhile, British launch piggyback fraud investigation

(Newser) - Goldman Sachs earnings cruised past analysts' estimates to a whopping 91% gain in the first quarter, which might be great news if it didn't come while the bank is mired in fraud allegations. CEO Lloyd Blankfein seemed almost defensive, noting that the performance “reflects more signs of growth across... More »

Short Sellers Vilified But Vindicated

They may be vultures, but it's not their fault banks are in trouble

(Newser) - In a memo to Morgan Stanley employees, CEO John Mack fumed that the investment bank was being attacked "by fear and rumors, and short sellers are driving our stock down." Today, following similar action in the UK, the SEC banned short selling of 799 financial companies to stem... More »

Feds Hunt for Scams in Crude Oil Trading

Speculators may be driving up crude by manipulation

(Newser) - Federal regulators are investigating whether rocketing oil prices are being driven up by speculators manipulating futures markets, reports the Wall Street Journal. The nationwide probe involves several separate investigations. Authorities suspect that a widely used price reporting system may be artificially influenced and that some oil storage facilities may be... More »

Latest Credit Victim RBS Seeks $24B

UK's 2nd-largest bank faces severe cash shortfall

(Newser) - Royal Bank of Scotland is preparing to issue new stock after conceding it was facing serious cash flow problems. After consulting with the Treasury and the nation's financial oversight authority, Britain's second-largest bank is planning a rights issue for around $24 billion to rebuild its capital reserves. The move may... More »

UK To Introduce Sweeping Bank Reforms

Darling announces regulatory shift after Northern Rock fiasco

(Newser) - Britain's chancellor will offer sweeping new powers to that country's equivalent of the SEC to intervene in the event of a banking crisis. In an interview with the Financial Times, Alistair Darling presented a set of triggers that would allow the Financial Services Authority to step in and protect assets... More »

7 Stories