regulator

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Court Overturns Merrill-BofA Settlement With SEC

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

(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...

Madoff on Fooling SEC: 'Just Be Casual'

Ponzi schemer taped giving associates tips to dodge regulators

(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 ...

Debit Card Overdrafts Bring Banks Billions

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

(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...

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

Young, inexperienced investigators awed, missed signs of Ponzi scheme

(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 think...

Geithner Flips Out, Tongue-Lashes Regulators

(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....

At NY Fed, Geithner Saw Risk, Didn't Act
At NY Fed, Geithner Saw Risk, Didn't Act
investigation
Apr 3, 2009 10:35 AM CDT

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

Legacy of missing red flags trails onetime regulator to Treasury

(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...

DC Still Turns Blind Eye to Banks: Spitzer
DC Still Turns Blind Eye to Banks: Spitzer
OPINION
Apr 1, 2009 11:38 AM CDT

DC Still Turns Blind Eye to Banks: Spitzer

Regulators attempt to save face after failing to prevent crisis

(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...

AIG Honchos Quit Paris Office, Spurring Fears of Default

$234B at stake as top managers walk

(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...

AIG Regulator: We Should Have Stepped in Sooner

(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...

Lawyer Bolted From Stanford, Sparking $8B SEC Action

Attorney 'disaffirmed' earlier statements

(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...

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