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SATURDAY, NOVEMBER 21, 2009
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NEWS ABOUT: regulator

regulator stories: 13 news summaries
Runaway Plane

FAA Admits Flubs on Wandering Northwest Flight

Miscommunication marked regulator's response to stray airliner

Nov 13, 09 3:29 PM CST
(Newser) - The FAA should have taken more decisive action on the Northwest Airlines flight that fell out of communication with ground control for 77 minutes last month, officials acknowledged today. While the plane was out of contact, air-traffic controllers changed shifts and failed to warn their replacements about the runaway plane.... More »

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FAA • Northwest Airlines • San Diego • runaway • planes • Minneapolis airport • National Transportation Safety Board • Federal Aviation Administration • regulator • Randy Babbitt

 29-Year-Old SEC Honcho 
 Came From Goldman 

New COO Adam Storch did 'business intelligence' at connected Wall Street bank

Oct 16, 09 2:08 PM CDT
(Newser) - The first person named to the new chief operating officer position in the SEC’s enforcement division is a 29-year-old whiz kid who previously worked at uber-connected Goldman Sachs, Bloomberg reports. "Adam’s skill in technology systems, workflow process, and project management will greatly benefit the division," his... More »

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fraud • Goldman Sachs • Bill Clinton • SEC • Federal government • COO • regulator • Securities and Exchange Commission • Adam Storch • chief operating officer • enforcement • Robert Khuzami

 As Failures Mount, FDIC 
 Asks Banks to Prepay 

Regulator wants cash upfront through 2013 to avoid emergency credit line

Sep 30, 09 7:03 AM CDT
(Newser) - The FDIC is set to ask banks to prepay three years of fees to replenish its coffers after a wave of bank failures, estimated to cost as much as $100 billion. Banks would be asked to prepay $45 billion of their quarterly assessments, but they wouldn't have to report the... More »

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FDIC • bank failure • financial crisis • Sheila Bair • regulator

Court Overturns Merrill-BofA Settlement With SEC

Bank's $33M fine doesn't do 'justice' to shareholders, public: judge

Sep 14, 09 2:47 PM CDT
(Newser) - A federal judge today scrapped the $33 million settlement Bank of America and the SEC agreed on as punishment for the bank's not informing shareholders of bonuses paid to Merrill Lynch executives just before the bank bought Merrill, the New York Times reports. Saying BofA "materially lied, " Jed... More »

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Bank of America • Merrill Lynch • SEC • bonuses • settlement • hearings • regulator • Securities and Exchange Commission • Jed Rakoff

Madoff on Fooling SEC: 'Just Be Casual'

Ponzi schemer taped giving associates tips to dodge regulators

Sep 10, 09 5:11 PM CDT
(Newser) - The most important thing to remember if you want to fool the SEC is to act casual, Bernie Madoff told executives at Fairfield Greenwich Group. “You don't want them to think you're concerned about anything,” the Ponzi scheme mastermind said in a phone call taped in 2005, CNN ... More »

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fraud • Massachusetts • federal investigation • finance • SEC • federal prison • SEC commissioners • Bernard Madoff • Fairfield Greenwich Group • Bernard L. Madoff Investment Securities • regulator • Securities and Exchange Commission

Debit Card Overdrafts Bring Banks Billions

Fees make credit card shopping look like the smarter thing to do

Sep 9, 09 9:29 AM CDT
(Newser) - Debit card overdraft fees are helping to pay banks’ bills in the recession—and they're hitting customers hard, the New York Times reports. “Banks will let you overspend on your debit card in a way that is much, much more expensive than almost any credit card,” says an... More »

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bank • debit card • credit card • fees • regulator • overdraft fee

SEC Did Grill Madoff...About Whether He Was Hiring

Young, inexperienced investigators awed, missed signs of Ponzi scheme

Aug 11, 09 8:59 AM CDT
(Newser) - Bernie Madoff got nervous every time SEC investigators came around, but he shouldn't have: A new book claims the regulators were so green they were awestruck by Madoff—and even asked about job openings and dropped off resumes, the New York Post reports. “They’d send kids. I... More »

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Ponzi scheme • Bernard Madoff • Bernard L. Madoff Investment Securities • regulator • Securities and Exchange Commission

(Newser) - The heat is apparently getting to Tim Geithner. At a meeting last week with high-level financial regulators, the treasury secretary indulged in a potty-mouthed diatribe about delays in the administration's highly touted plan to overhaul the regulatory system, declaring, "enough is enough," the Wall Street Journal reports.... More »

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Ben Bernanke • Federal Reserve • SEC • profanity • Treasury Department • FDIC • financial institutions • swearing • Obama administration • Treasury secretary • Sheila Bair • Timothy Geithner • Obama Cabinet • Mary Schapiro • regulator • Securities and Exchange Commission • regulatory body • Neal Wolin

investigation

At NY Fed, Geithner Saw Risk, Didn't Act

Legacy of missing red flags trails onetime regulator to Treasury

Apr 3, 09 10:35 AM CDT
(Newser) - Timothy Geithner spent a lot of time thinking about the derivatives trade as president of the New York Federal Reserve—in 2005 he convinced banks to digitize the market, making it far more efficient. But he never convinced them to scale back risk and never exercised his powers to force... More »

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Federal Reserve • Treasury Department • Federal Reserve Bank of New York • bank regulation • Timothy Geithner • regulator

OPINION

DC Still Turns Blind Eye to Banks: Spitzer

Regulators attempt
to save face after failing to prevent crisis

Apr 1, 09 11:38 AM CDT
(Newser) - There’s a reason the government seems to have no control—darn the luck—over the banks it’s poured billions into: It’s trying to save face, writes Eliot Spitzer for Slate. Washington has struck a tacit bargain with Wall Street, the ex-governor says: Taxpayers bail out the financial... More »

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Eliot Spitzer • financial sector • bank regulation • deregulation • Troubled Asset Relief Program • financial crisis • TARP • regulator

AIG Honchos Quit Paris Office, Spurring Fears of Default

$234B at stake as top managers walk

Mar 26, 09 7:08 AM CDT
(Newser) - Two of the top managers at AIG's Paris unit have resigned, reports the Wall Street Journal, leaving the insurer scrambling to avoid potential defaults on $234 billion in derivative transactions. The complicated scenario results from a French law that says regulators must approve of the managers' replacements or else pick... More »

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France • derivatives market • AIG • default • American International Group • financial crisis • regulator

(Newser) - A “multitude of regulators” failed to spot the liquidity risk AIG was piling on until it was too late, and should have stepped in sooner, the Office of Thrift Supervision told the Senate today. A relatively small unit of AIG was piling up credit default swaps, and “no... More »

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AIG • Office of Thrift Supervision • Senate Banking Committee • bailout • credit default swap • regulator

Lawyer Bolted From Stanford, Sparking $8B SEC Action 

Attorney 'disaffirmed' earlier statements

Feb 18, 09 9:38 AM CST
(Newser) - A Washington attorney who represented R. Allen Stanford’s Antigua-based bank quit his post and recanted testimony to investigators last week, sparking the SEC’s public accusations of “massive, ongoing fraud,” Bloomberg reports. Stanford is suspected of misrepresenting the safety of $8 billion invested with his various financial... More »

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fraud • federal investigation • SEC • Antigua • Ponzi scheme • attorney • Stanford Financial Group • Robert Allen Stanford • regulator

13 Stories


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