Emily's Feed
Jul 12, 2012

U.S. senators call for more vigorous Libor probe

WASHINGTON, July 12 (Reuters) – A group of Democratic U.S.
senators pressured Attorney General Eric Holder and financial
regulators on Thursday to step up investigations into whether
global banks manipulated benchmark interest rates.

The senators, including Carl Levin, Jack Reed and Dianne
Feinstein, said investigators should also look into allegations
that U.S. and foreign bank regulators may have been aware for
years of wrongdoing in the setting of the London Interbank
Offered Rate, or LIBOR.

Jul 12, 2012

Iowa senator calls for congressional scrutiny of PFGBest

By Emily Stephenson

(Reuters) – A senator from Iowa wants the Senate Agriculture Committee to look into the scandal surrounding now-bankrupt futures broker PFGBest during a hearing scheduled for next month.

The committee already plans to meet on August 1 to discuss the fallout from the failure last fall of a larger futures broker, MF Global.

Jul 10, 2012

Recent spate of financial scandals raises ire in Washington

WASHINGTON (Reuters) – A fresh burst of scandals, including allegations that major banks tried to manipulate global benchmark interest rates and another case of missing customer funds at a futures brokerage, has raised Washington’s ire on both sides of the political aisle.

One leading Republican in Congress blasted regulators for failing to detect banks’ attempted manipulation of the London Interbank Offered Rate, or Libor, and House Republicans have requested documents to determine when U.S. regulators knew of problems with the index.

Jun 29, 2012

US Post regulator denies union bid to block changes

WASHINGTON, June 29 (Reuters) – The U.S. Postal Service’s
regulator has rejected an attempt by a postal workers’ union to
block changes to mail delivery set to take effect next week, the
Postal Regulatory Commission said on Friday.

The mail agency said in May it would begin this summer
consolidating operations at mail processing plants, with about
140 facilities to be closed or consolidated by February 2013.

Jun 28, 2012

Consumer agency adds legal protections for documents

By Emily Stephenson

(Reuters) – Banks will retain attorney-client privilege and other legal protections over sensitive information submitted to the Consumer Financial Protection Bureau under a rule the U.S. consumer watchdog adopted on Thursday.

The rule would protect certain legal memos, internal audits and other documents submitted to the agency from subpoena by outside groups. Bank executives had protested that confidential materials handed to the agency could be obtained by independent consumer advocates or groups trying to sue the firms.

Jun 27, 2012

Insight: As Congress looks away, U.S. tiptoes toward exporting a gas bounty

WASHINGTON (Reuters) – In a bitterly divided U.S. political environment, there’s at least one thing Republicans and Democrats can agree on: Avoid a public showdown on natural gas exports, arguably the most important energy policy decision in recent memory.

While fluctuating gasoline prices, the Keystone pipeline and the fight over fracking steal headlines, the question of how much of the newfound U.S. shale gas bounty should be shared with the rest of the world goes largely without comment or coverage — despite holding far wider and longer-lasting consequences.

Jun 25, 2012

GSA scandal hits travel groups, convention hosts

June 25 (Reuters) – The fallout from the General Services
Administration’s headline-grabbing Las Vegas convention scandal
is rippling through the travel and conference industries, who
say their nascent recovery is being jeopardized by increasing
scrutiny on government travel spending.

Those industries predict that a recent Obama administration
directive to federal agencies to slash travel budgets, and
congressional proposals to further cap agency spending and
travel, could hurt hotels, conference centers, rental car
agencies and other private companies.

Jun 12, 2012

U.S. Postal Service going way of Greece, chief says

By Emily Stephenson

(Reuters) – The head of the U.S. Postal Service on Tuesday compared the cash-strapped mail agency to Greece and said Congress must pass a restructuring plan if it is to return to profitability.

“If we don’t do something about the costs of this organization, we are going to look…like Greece,” Postmaster General Patrick Donahoe said during a conference on the future of the U.S. Postal Service.

Jun 5, 2012

US ethics group urges probe of natgas output cuts

NEW YORK/WASHINGTON June 5 (Reuters) – A Washington-based
ethics watchdog has asked the U.S. Department of Justice to
investigate whether energy firms conspired to fix natural gas
prices by cutting production this year, an allegation the
producers deny.

Citizens for Responsibility and Ethics in Washington (CREW)
said simultaneous production cuts by companies including
Chesapeake Energy and ConocoPhillips in the face
of decade-low prices may amount to collusion and violate
competition law.

Jun 1, 2012

Embattled U.S. Postal Service gets help from rural America

WASHINGTON (Reuters) – As the U.S. Postal Service limps along, bleeding billions of dollars every financial quarter, congressional leaders are looking to a group of outspoken rural lawmakers for help with a dramatic restructuring of the agency.

Rural Americans say they regard their local post offices as the centers of their communities. With UPS and FedEx service limited or more expensive in some areas, many rely on the Postal Service to deliver medicines, while families need it to pay bills and small businesses and craftsmen use it to ship goods to customers.