Federal regulators announced Thursday that final implementation of the Volcker Rule will be delayed two years beyond the nominal deadline this July. The delay is a win for banks that were struggling to adjust to the looming restriction on their ability to make money through market trading as opposed to the more traditional, less profitable, business of lending at interest.
The FBI briefed reporters Monday on the widening probe into insider trading on Wall Street. The feds are building cases against as many as 120 people, according to reports out of the briefing. It’s the first time the feds have put a number on the size of the insider trading probe.
Newt Gingrich ended his campaign against Mitt Romney in Florida with the same message strategy that Romney’s senior advisers had used in another Republican primary two years earlier: Attack Goldman Sachs. There was a good reason.
Federal District judge Jed Rakoff followed through with a smackdown of the Securities Exchange Commission on Monday, rejecting a settlement between the agency and Citibank that would have imposed a $285 million penalty on the bank without forcing it to admit wrongdoing for betting against mortgage securities that eventually cost investors hundreds of millions of [...]
These are depressing times for liberals. The President is groveling in the White House, trying hard to please the Wall Street financiers who bankrolled him in the past, but are angry now because he called them “fat cats” and passed a financial reform bill. They fought to weaken the bill, succeeded in making it pretty much [...]
The House of Representatives voted 97-318 against increasing the federal borrowing limit by $2.4 trillion without preconditional spending cuts on Tuesday night. The Republican leadership designed the vote to fail: They used a procedural trick to require a 2/3 majority for passage and convinced every last member of their caucus to oppose it. The idea, [...]
The GOP majority in the House is poised to move ahead with a vote on a no-strings-attached $2.4 trillion increase of the federal borrowing limit next week. Treasury Department officials have been warning Congress for months that the government is coming dangerously close to scraping up against the debt ceiling, risking market catastrophe or even [...]
House Speaker John Boehner will address the Economic Club of New York City on Fifth Avenue in Manhattan on Monday night. Though Boehner has long been an avowed friend of business – he received a 94% Chamber of Commerce rating in 2008 — it will not be a pleasant visit.
Wallace C. Tubeville, a former Goldman Sachs VP and former CEO of derivative broker VMAC, has done us all a service. In a post on New Deal 2.0, he lays out the over-the-counter derivative trader’s view of why financial reform is a bad thing. A level playing field is anathema to the trader. Successful traders [...]
