IBTimes.com : Financial Reform Topic

CFTC chief - looking at JPMorgan, need global rules

Mon, 21 May 2012 15:21:02 EDT

The head of the U.S. Commodity Futures Trading Commission confirmed on Monday that the regulator is investigating JPMorgan Chase & Co's recent trading losses tied to credit derivatives that may exceed $2 billion (1.26 billion pounds).

Anti-Wall Street protesters upstage Morgan Stanley meet

Tue, 15 May 2012 15:56:02 EDT

Anti-Wall Street protesters upstaged Morgan Stanley's annual meeting on Tuesday, lobbing tough questions at Chairman and Chief Executive James Gorman and shouting negative comments over a bank official who was attempting to read a tally of shareholder votes.

FBI Launches Investigation Of JPMorgan Trading Losses

Tue, 15 May 2012 14:54:57 EDT

The FBI has opened a probe into trading losses at JPMorgan Chase & Co, stepping up the pressure on the bank after the U.S. Securities and Exchange Commission and the Federal Reserve said they were also looking into the wrong-way bets that led to the losses.

Romney Campaign Defends JP Morgan, Contradicting Obama

Tue, 15 May 2012 14:18:54 EDT

JPMorgan's massive $2 billion trading loss has spilled over into presidential politics, with presumptive Republican nominee Mitt Romney calling the disastrous trade as an example of the inherent risks of the free market.

FBI launches JPMorgan probe, shareholders back Dimon

Tue, 15 May 2012 14:00:04 EDT

FBI launches probe of JPMorgan, shareholders back Dimon

Tue, 15 May 2012 12:56:02 EDT

JPMorgan Loss 'The Reason We Passed Wall Street Reform': Obama

Tue, 15 May 2012 12:49:15 EDT

During a Tuesday morning appearance on the talk show "The View," President Obama attributed JPMorgan's $2 billion trading loss to a lack of financial regulation.

Pressure rises on JPMorgan over risk, clawbacks

Tue, 15 May 2012 11:14:02 EDT

Shareholders of JPMorgan Chase & Co gathered in the hundreds on Tuesday for its annual meeting, as pressure rises on the bank and Chief Executive Jamie Dimon over billions of dollars in trading losses.

Pressure rises on JPMorgan over risk, claw backs

Tue, 15 May 2012 11:14:02 EDT

After $2B JPMorgan Loss, Senate Candidate Elizabeth Warren Calls For 'New Glass-Steagall Act' [FULL TEXT]

Mon, 14 May 2012 15:37:20 EDT

The Glass-Steagall Act of 1933 was a Depression-era law that separated investment and commercial banks. It was repealed in 1999 during the Clinton administration.

Analysis: Fed regulators in hot seat over JPMorgan loss

Mon, 14 May 2012 00:14:03 EDT

NEW YORK/WASHINGTONThe discussion may have migrated from too big to fail to too big to manage and too big to regulate.

JPMorgan $2 billion loss dents shares, Teflon image

Fri, 11 May 2012 16:14:02 EDT

JPMorgan Chase & Co's shock trading loss of at least $2 billion (1.24 billion pounds) from a failed hedging strategy knocked shares of the largest U.S. bank by assets down over 9 percent on Friday, along with the reputation of Chief Executive Jamie Dimon.

JPMorgan Chase Rolls Out Prepaid Card To Recoup Lost Fees

Wed, 09 May 2012 16:07:45 EDT

JPMorgan Chase & Co. (NYSE:JPM), the largest and most profitable U.S. bank, will launch a reloadable prepaid card in its 5,541 branches this summer, aiming to attract new customers and recoup fees it has lost under recent regulatory changes.

JPMorgan steers low-end clients to prepaid cards

Tue, 08 May 2012 17:42:02 EDT

JPMorgan Chase & Co plans to move its least profitable checking customers into new prepaid debit card accounts to boost earnings in a business crimped by new regulations.

JPMorgan sees profit in prepaid debit cards

Tue, 08 May 2012 13:35:02 EDT

JPMorgan Chase & Co plans to move its least profitable checking customers into new accounts that rely more heavily on debit cards, in an effort to boost earnings in a business that has been clobbered by new regulations.

After the bailout - few fans but no fix for Fannie and Freddie

Mon, 23 Apr 2012 01:21:03 EDT

In considering how to fix the ailing U.S. housing market, Republicans and Democrats in Washington have found a rare point of agreement: they would prefer life without failed mortgage giants Fannie Mae and Freddie Mac .

China's Wen Urges Breakup of Bank Monopoly as Growth Slows

Wed, 04 Apr 2012 13:26:25 EDT

China's premier called the country's big banks a monopoly that needed to be broken to get money flowing to cash-starved private firms, as the nation's economy appears to have skidded to its slowest growth in three years.

Geithner says U.S. far behind on housing finance reform

Wed, 04 Apr 2012 10:49:03 EDT

The United States is far behind on reforming the country's housing finance system, where the government's mortgage buyers Fannie Mae and Freddie Mac provide funding for the bulk of U.S. home loans, Treasury Secretary Timothy Geithner said on Wednesday.

Geithner says far behind on housing finance reform

Wed, 04 Apr 2012 10:14:03 EDT

Treasury Secretary Timothy Geithner said on Wednesday that the United States was far behind on reforming the country's housing finance system where the government's mortgage buyers Fannie Mae and Freddie Mac provide funding for the bulk of U.S. home loans.

China's Wen urges breakup of bank monopoly as growth slows

Tue, 03 Apr 2012 21:35:03 EDT

China's Premier Wen Jiabao Says Bank Monopoly must be Broken: State Media

Tue, 03 Apr 2012 19:32:49 EDT

China's state banks make money "far too easily" and their monopoly on financial services has to be broken if cash-starved private enterprises are to get timely access to capital, state media cited Premier Wen Jiabao as saying on Tuesday.

China's Wen says bank monopoly must be broken: state media

Tue, 03 Apr 2012 15:14:03 EDT

China's state banks make money "too easily" and their monopoly on financial services has to be broken if cash-starved private enterprises are to get access to capital when they need it, state media cited Premier Wen Jiabao as saying on Tuesday.

China may allow more overseas investment - central bank head

Tue, 03 Apr 2012 01:49:02 EDT

China may look to deregulate overseas investment rules for private investors, the country's central bank chief said on Tuesday, less than a week after the government gave the go-ahead for pilot financial reforms in a coastal city.

More Trade, Still No Political Clout: An Expert's Take on the BRICS Summit

Fri, 30 Mar 2012 13:57:22 EDT

The BRICS nations met for a summit in New Delhi, where, among other subjects, they discussed the possible formation of a joint development bank, closer integration of their respective stock exchanges, energy security and ongoing tensions in the Middle East. But they still wield no power as a bloc, says an expert who has studied the BRICS phenomenon.

Analysis: Hedge funds register, wait for SEC to visit

Wed, 28 Mar 2012 19:42:03 EDT

Hedge fund managers are increasingly nervous about getting a knock on the door from securities regulators now that a new rule requires them to register as investment advisers and provide lots of data about their inner workings as a result.

ECB's Gonzalez-Paramo: Growth stabilizing at low level

Thu, 22 Mar 2012 16:49:03 EDT

Euro zone growth is stabilizing at low levels, ECB policymaker Jose Manuel Gonzalez-Paramo said on Thursday, adding that the situation in the 17-country currency bloc nonetheless remains fragile.

Deutsche Bank changes legal status of U.S. unit

Wed, 21 Mar 2012 19:28:02 EDT

Germany's Deutsche Bank AG changed the legal status of its main U.S. subsidiary, Taunus Corp, as a way to avoid injecting billions of dollars of capital into the unit by 2015.

Latino Voters Overwhelmingly Choose Obama: Poll

Thu, 15 Mar 2012 12:04:47 EDT

President Barack Obama would vastly outperform his Republican opponent among Latino voters -- a rapidly-growing voting bloc that could prove decisive in several swing states in 2012, according to a new Fox News Latino poll.

The Energy Report - Trend Change

Tue, 06 Mar 2012 09:34:14 EST

It appears that a lot of the near term trends in the commodities markets are changing. Grains look a bit toppy ahead of the agriculture report and meats have retreated in a big way. Commodity currencies seem to be falling; gold, silver, copper and platinum seem to be giving in to slowing demand fears. But oil mostly seems to be bucking the trend or trend change anyway.

China's Economy Needs Major Overhaul: World Bank

Mon, 27 Feb 2012 03:03:31 EST

China's economic model, driven by exports and investment, is no longer sustainable and reforms are needed to prevent a serious slowdown, the World Bank concludes in a new report.

Arizona Republican Debate 2012: How Will Immigration Factor In?

Wed, 22 Feb 2012 15:39:08 EST

Of all the issues likely to surface at Wednesday night's Republican debate in Arizona, immigration is a fairly safe bet. That's because Arizona has come to embody the GOP's approach to immigration, in 2010 passing a controversial immigration law that became the model for similar bills passed by Republican-controlled legislatures in Georgia, Alabama, South Carolina and Utah.

Aimed at banks, Volcker Rule hits unlikely targets

Wed, 22 Feb 2012 09:14:07 EST

Some public agencies that rely on the municipal bond market for financing fear that a landmark financial reform rule will cripple their ability to sell bonds and make it more expensive to raise money for crucial services.

Tangled in Diplomacy, EU Struggles to Frame New Financial Rules

Wed, 22 Feb 2012 09:03:27 EST

When it takes six hours to draft a single sentence in a 100-page document, you know things are moving slowly.

Bond Market Update: Rally in Corporates Disguises Churning, Convoluted Dynamic

Thu, 16 Feb 2012 06:47:29 EST

A current rally in the sprawling $7.74 trillion field for corporate bonds, which are issued as debt by major American corporations, belies a great churning occurring just beneath the market's surface. Recently, Richard Prager, who heads the bond strategy desk at the world's largest asset management firm, put it succinctly: "Houston, we got a problem.".

Occupy Wall Street Group Offers Detailed Critique of Volcker Rule

Wed, 15 Feb 2012 17:45:20 EST

The Occupy movement has moved beyond pickets and protests with a group called Occupy the SEC, which has submitted a 325-page letter on the proposed Volcker Rule.

Stocks Rebound on Greek Austerity Vote: Daily Markets Wrap

Mon, 13 Feb 2012 16:29:45 EST

U.S. stocks bounced back Monday from Friday's biggest loss of the year as Greece's parliament passed the deeply unpopular austerity bill to secure international rescue funds. The strict financial reform includes a 22 percent cut to minimum wage and 150,000 public-sector job cuts. Rioters protesting the measures set fire to buildings in downtown Athens.

Goldman Looks on the Bright Side of Volcker Rule

Wed, 08 Feb 2012 13:42:06 EST

Wall Street has been lashing out against the Volcker rule since it was proposed, but a senior Goldman Sachs executive said on Wednesday the trading restriction might actually help the investment bank's profitability.

Financial Regulation Has Momentum in 2012: Geithner

Thu, 02 Feb 2012 17:19:04 EST

U.S. Treasury Secretary Timothy Geithner sounded a relatively cautious note on the state of capital markets regulation reform Thursday, detailing the work various branches of the federal executive have done, what the results had been so far, and what expectations he held for 2012.

Romney's Florida Win Draws on Tea Party, Illuminating Movement's Role

Thu, 02 Feb 2012 11:12:12 EST

Mit Romney has been dogged from the early days of his campaign about his ability to connect to the Tea Party voters who were instrumental in reshaping the political landscape in 2010, but in the Florida primary he captured a large portion of the Tea Party vote. Experts say his success owes partially to a broad shift towards Tea Party philosophies.

Skepticism rises around SEC fiduciary rule

Tue, 31 Jan 2012 20:49:06 EST

Financial industry observers are increasingly skeptical that the U.S. Securities and Exchange Commission's planned proposal to require a uniform fiduciary standard for all financial advisers will become a reality this year, if ever.

Bank's Tucker says banks must reclaim proper role - report

Mon, 30 Jan 2012 23:28:06 EST

Banks must reclaim their "rightful place" in a market economy and be subject to progressive regulations that keep up with changes in the industry, Bank of England Deputy Governor Paul Tucker wrote in the Financial Times on Tuesday.

School Lunch Guidelines Released: More Fruits and Veggies, Healthier Pizza

Wed, 25 Jan 2012 14:14:25 EST

School lunch standards received their first overhaul in 15 years on Wednesday, as the U.S. Department of Agriculture released standards that would increase the amount of fruits, vegetables and whole grain foods served to 32 million students.

Michele Bachmann Running for Re-election

Wed, 25 Jan 2012 11:39:36 EST

Rep. Michele Bachmann (R-Minn.) confirmed on Wednesday that she will seek a fourth term in Congress, ending speculation that she use springboard from an unsuccessful presidential run to a media role.

Group calls for U.S. to break up Bank of America

Wed, 25 Jan 2012 04:21:05 EST

A group of consumer advocates, academics and economists want to end "too-big-to-fail" banks, starting with Bank of America Corp.

Obama Recess Appointments Get First Legal Challenge - From Health Care Law Foe

Mon, 16 Jan 2012 12:50:41 EST

The National Federation of Independent Business is challenging President Barack Obama's controversial recess appointments to the National Labor Relations Board.

FSB's Carney Rejects Calls to Delay Bank Reforms

Sun, 15 Jan 2012 16:14:05 EST

Financial Stability Board Chairman Mark Carney on Sunday rejected calls from the banking industry to delay planned tougher capital rules for lenders, saying such a move would not spur strong growth.

Why Mitt Romney is the Anti-Obama

Fri, 13 Jan 2012 10:03:49 EST

For all the hand-wringing about Mitt Romney being insufficiently conservative, the last few days have demonstrated how a Romney candidacy would give voters a clear alternative to the progressive vision articulated by President Barack Obama.

Obama Administration Says Richard Cordray Appointment Legal

Thu, 12 Jan 2012 13:26:49 EST

The U.S. Department of Justice's Office of Legal Counsel said in a legal memo that the Senate was unable to perform its constitutional duties on presidential nominees, despite holding "pro forma" sessions aimed at blocking recess appointments.

Morgan Stanley names new chief legal officer

Mon, 09 Jan 2012 16:49:07 EST

Morgan Stanley has promoted Eric Grossman to chief legal officer as the current legal chief, Frank Barron, plans for retirement at mid-year, according to an internal memo viewed by Reuters.

Immigration Reform: Eyeing Election, Obama Acts Without Congress

Mon, 09 Jan 2012 11:37:42 EST

Obama has recast himself in preparation for the 2012 election, pivoting from compromiser-in-chief to a more aggressive posture of denouncing Republican obstructionism and enacting measures that do not require Congress' consent. That tactic has extended to immigration policy, with Obama presiding over a series of administrative changes to how immigration laws are enforced.