WASHINGTON, March 3 (Reuters) – The collapse of the bitcoin
exchange Mt. Gox is part of a struggle for survival that could
ultimately strengthen the virtual currency industry, New York’s
banking regulator said on Monday.
“It’s on the one hand a setback, on the other hand it will
cause further improvements in this industry and some more
regulatory involvement,” Benjamin Lawsky, superintendent of New
York’s Department of Financial Services, told Reuters.
WASHINGTON (Reuters) – Senators lashed out at federal prosecutors on Wednesday for a lack of zeal in going after Swiss banks that helped Americans dodge taxes, blaming them for billions of dollars in missed revenues.
The Senate Permanent Subcommittee on Investigations this week alleged new misdeeds by Switzerland’s Credit Suisse, citing secret meetings in luxury hotels and hidden elevators one senator said belonged in a spy novel.
WASHINGTON, Feb 26 (Reuters) – U.S. senators lashed out
against federal prosecutors on Wednesday for a lack of zeal in
going after Swiss banks that helped Americans dodge taxes,
saying that offshore tax avoidance has cost billions of dollars
in tax revenues.
The Senate Permanent Subcommittee on Investigations this
week alleged new misdeeds by Switzerland’s Credit Suisse
, citing secret meetings in luxury hotels and hidden
elevators, which one senator said belonged in a spy novel.
WASHINGTON (Reuters) – U.S. senators will grill both sides in a five-year-old conflict over Swiss bankers helping Americans dodge taxes, questioning U.S. law enforcers and Swiss bankers in a hearing on Wednesday.
In what may set the tone for the session, the Senate Permanent Subcommittee on Investigations on Tuesday alleged new misdeeds by Switzerland’s Credit Suisse and accused the U.S. Justice Department of dragging its feet.
WASHINGTON, Feb 25 (Reuters) – Regulators should clamp down
on banks owning metals warehouses, oil pipelines and other
commodity assets, Democratic Senator Sherrod Brown told two
nominees to the country’s derivatives regulator on Tuesday.
Brown, a Wall Street critic who has campaigned against
banks’ physical commodity activities, urged the two to be
tougher on the banks, ahead of their confirmation as members of
the Commodity Futures Trading Commission.
ARLINGTON, Virginia (Reuters) – The Federal Reserve’s top regulator waded into the debate over whether monetary policy should be tightened in the face of financial stability risks, saying on Tuesday that such a move cannot be “taken off the table.”
Fed Governor Daniel Tarullo, the U.S. central bank’s point person on financial supervision, said that while investors are taking on more risks in high-yield corporate bonds and leveraged loans, for example, overall there is not a need to change policy at the moment.
WASHINGTON, Feb 21 (Reuters) – U.S. central bankers thought
they should get more regulatory powers in return for providing
cheap cash to Wall Street banks during the 2008 credit crisis,
according to Federal Reserve transcripts released on Friday.
Powerful investment banks such as Goldman Sachs and
Morgan Stanley had access to a raft of measures to prop
up markets during the 2008 credit meltdown, but the Federal
Reserve had little say over them.
WASHINGTON (Reuters) – The Federal Reserve on Tuesday adopted tight new rules for foreign banks to shield the U.S. taxpayer from costly bailouts, ceding only minor concessions despite pressure from abroad to weaken the rule.
Foreign banks with sizable operations on Wall Street such as Deutsche Bank and Barclays had pushed back hard against the plan because it means they will need to transfer costly capital from Europe.
WASHINGTON, Feb 18 (Reuters) – The U.S. Federal Reserve on
Tuesday released the final version of tight new capital rules
for foreign banks, giving them a year longer to meet the
standard and applying it to fewer banks than in a first draft.
The reform is designed to address concerns that U.S.
taxpayers will need to foot the bill if European and Asian
regulators treat U.S. subsidiaries with low priority when
rescuing one of their banks.
WASHINGTON (Reuters) – Overseas banks look set to win only minor concessions when the Federal Reserve signs off on new capital rules next week, as they become increasingly resigned to the fact that the cost of doing business in the United States will go up.
The Fed, whose board of governors meets on Tuesday, will require overseas banks to hold as much capital in the United States as their local rivals.