In the bad old days before the Dodd-Frank Wall Street Reform and Consumer Protection Act, major Wall Street players oversaw a massively opaque market in derivatives contracts where Wall Street middlemen made undisclosed profits by acting as intermediaries between buyers and sellers. Here’s the story as told by The New York Times:
And the Read More
Consumer Financial Protection Bureau queen-designate Elizabeth Warren is turning to the 50 state attorneys general for help in her campaign to make financial services work for the little guy.
The attorneys general say they are now invited to the nation’s capital and talk with Warren by telephone almost weekly as she sets Read More
Morgan Stanley is looking to spin off its quantitative proprietary trading unit. The fund, in the words of The New York Times, is run by a “mathematical whiz” and a “secretive band of traders” who “use high-speed computers to turbocharge their mathematically powered investing skills.”
They program their computers to track different data and Read More
After suggesting a few weeks ago that moves by financial firms to unwind their proprietary trading operations might be a little disengenuous, Michael Lewis pushes his case further today. According to Lewis, big banks will continue to use shareholder capital to initiate trades, but — cleverly — will say that they are no Read More
The Securities and Exchange Commission won’t be implementing a new rule that makes it easier for shareholders to replace directors at companies until a federal appeals court decides whether the rule is legal.
Lobbying organizations the U.S. Chamber of Commerce and the Business Roundtable have filed a legal challenge to the SEC Read More
Michael Lewis comes out with an interesting take on the future of proprietary trading in the wake of the Dodd-Frank financial reform law. Lewis points out that even though financial institutions had lobbied hard to keep a loophole in financial reform that allows banks to invest up to 3 percent of their own capital Read More
JP Morgan Chase, the U.S.’s second-largest bank by assets, is moving its proprietary trading desk over to its asset-management business in hopes that switching the traders to a new department will put it in line with new regulations under the Dodd-Frank Wall Street Reform and Consumer Protection Act.
The New York Times reports that Read More
Regulators are holding off on assuming the power to unwind struggling financial institutions that pose significant systemic risk, Reuters reports.
The Federal Deposit Insurance Corporation said it needs more time to figure out how it’s going to implement new rules governing the orderly dismantling of “too-big-to-fail” firms, partly because some members of the Financial Read More
The Securities and Exchange Commission will not misuse its newfound power to reject Freedom of Information Act requests, SEC chairman Mary Schapiro said today at a House of Representatives hearing.
A section of the Dodd-Frank financial reform bill signed by President Obama in July allows the SEC to turn down FOIA requests pertaining to Read More
Two of the biggest names in the banking space — JPMorgan Chase CEO Jamie Dimon and Bank of America head Brian Moynihan — spoke today on the primary issues affecting their companies and shed some light on what their stewardship will look like going forward.
Appearing as the keynote speaker at a conference hosted by Read More