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New York investigates banks’ role in financial crisis

By Editor ⋅ 17 May, 2011 ⋅ Post a comment

17 May. The New York attorney general has requested information and documents in recent weeks from three major Wall Street banks about their mortgage securities operations during the credit boom, indicating the existence of a new investigation into practices that contributed to billions in mortgage losses. Officials in Eric T. Schneiderman’s, office have also requested [...]

The EU and the Lessons from the Crisis

By Editor ⋅ 16 May, 2011 ⋅ Post a comment

16 May. Speech by José Manuel González-Páramo, Member of the Executive Board of the ECB. Introduction It is a privilege for me to participate in this conference dedicated to the very important topic of the “impacts and implications of integrated global markets”. As we are all aware, from the very start of the current crisis, [...]

Treating proprietary traders like hedge funds

By Editor ⋅ 15 May, 2011 ⋅ Post a comment

15 May. The central aim of the financial overhaul proposed by the former Federal Reserve chief Paul Volcker was quite simple: Let’s stop banks from behaving like hedge funds. But turning a main piece of this noble goal — ending proprietary trading — into a workable framework is proving devilish. Yet, there may be a [...]

Regulators seek ways to determine systemically important financial firms

By Editor ⋅ 15 May, 2011 ⋅ Post a comment

15 May. One of the central reforms in the Dodd-Frank financial regulation act faces further delay after top regulators said more clarity was needed on what factors determined whether a financial company was “systemically important.” That label would make a company subject to heightened government regulation. A panel of officials from the Federal Reserve Board, [...]

IMF calls for stronger financial integration in Europe

By Editor ⋅ 12 May, 2011 ⋅ Post a comment

12 May. IMF Calls for Strengthened Policy Response, Stronger Financial Integration To Bolster Europe’s Recovery. Europe’s recovery is expected to solidify but comprehensive and bold policy action will be needed to restore fiscal health, address remaining weaknesses in the financial sector, and implement reforms to restore competitiveness and growth, the International Monetary Fund (IMF) said. [...]

Frank’s FOMC attack offers further evidence of the politicisation of Fed policy

By Editor ⋅ 12 May, 2011 ⋅ Post a comment

12 May. US representative Barney Frank, the co-author of the Dodd-Frank Act and the former chair of the House Financial Services Committee, has recently tabled measures that, if passed, would mean the presidents of the regional Federal Reserves would no longer be voting members of the Federal Open Market Committee (FOMC). Under the banner of [...]

Monetary and financial stability in the euro area

By Editor ⋅ 11 May, 2011 ⋅ Post a comment

11 May. Monetary and financial stability in the euro area. Speech by Lorenzo Bini Smaghi, Member of the Executive Board of the ECB. … Overall, I believe that Europe has the ability to meet the challenges that the western world faces, if it is able to make full use of its own experience and institutions. [...]

FDIC announces Chairman Bair’s official departure date

By Editor ⋅ 11 May, 2011 ⋅ Post a comment

11 May. The Federal Deposit Insurance Corporation (FDIC) today announced Chairman Sheila C. Bair’s official departure will be effective July 8th, 2011. Consistent with previous public statements, Chairman Bair has announced her intention to depart the agency following the expiration of her term as Chairman. The FDIC will hold a board meeting during the first [...]

IIF Proposes Approaches to Bail-In and Resolution Planning

By Editor ⋅ 10 May, 2011 ⋅ Post a comment

10 May. The Institute of International Finance (IIF) today published detailed proposals for the resolution of financial services firms. It highlighted a set of “bail-in” actions that have the potential to transform the way the market in financial services operates by ensuring that firms of all shapes and sizes can fail – with losses being [...]

Yellen: When to implement capital controls