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Bernanke tells Warren ‘too big to fail’ banks ‘will voluntarily reduce their size’
The Chairman of the Federal Reserve looked mighty uncomfortable Tuesday being grilled by Sen. Elizabeth Warren (D-MA), a former Harvard professor and economics expert who posed one very blunt question to him that many Americans have been asking for years: “When are we going to get rid of too big…
Warren assigned to Senate Banking Committee
Sen.-elect Elizabeth Warren (D-MA), an ardent critic of Wall Street practices, will be assigned a seat on the Senate Banking Committee once the 113th Congress convenes in January. Progressive and liberal groups had urged Democratic leaders to place Warren on the committee, which considers legislation regarding the nation’s financial institutions.…
U.S. and UK regulators consider proposal to let stockholders pay if big banks fail
British and US banking regulators proposed on Monday a joint strategy to ensure that the bankruptcy of big banks won’t spark a chain reaction of contagion throughout markets. The two bodies, acting on behalf of the two largest financial centres in the world, stressed that under the proposals, shareholders and…
Global financial system as risky as before credit crunch, warns IMF
The global financial system remains as risky as it was before the credit crisis, with the necessary “reboot” of the banking sector delayed by the emergency measures taken to prop up economic growth, the International Monetary Fund has warned. In its twice-yearly Global Financial Stability Report, published on Tuesday, the…
U.S. officials ready to target banks over safeguarding failures: report
Authorities reportedly set to crack down on banks for failing to monitor whether cash was being used to launder dirty money Major US banks are being investigated for insufficiently safeguarding against being used by drug dealers or terrorist groups to launder dirty money, it was reported Saturday. An article in…
British regulator probing seven banks over Libor scandal
LONDON — Britain’s financial regulator is investigating seven financial institutions in the Libor manipulation scandal that claimed the boss of British bank Barclays, a senior official told lawmakers Monday. Tracey McDermott of the Financial Services Authority (FSA) also told a parliamentary committee it was unlikely there would be any criminal…
Banks cooperating with police to track ‘Occupy’ protesters
The nation’s largest financial institutions are preparing for the upcoming Occupy Wall Street’s May 1st demonstrations by communicating with police, according to The San Francisco Chronicle. Brian McNary, director of global risk at Pinkerton Consulting & Investigations, said that banks from America and overseas are working together to “identify, map…
IMF chief says world back from financial ‘abyss’
IMF chief Christine Lagarde said Tuesday the global economy has moved back from the “abyss” but that there are still serious weakness in the world financial system. Lagarde, visiting New Delhi for a two-day trip to attend a conference and meet leaders, said the world financial situation is not as grave as at…
Fed to embrace global banking rules: report
The US Federal Reserve is expected to embrace a new global framework that requires giant financial institutions to hold extra capital, The Wall Street Journal reported Monday. Citing unnamed people familiar with the situation, the newspaper said the Fed’s decision to accept the rules laid out by regulators in Basel,…
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