Financial Regulatory Forum

US may sell its 34 pct Citigroup stake, aims to finish by spring 2010 – report

September 15, 2009

Sept 14 (Reuters) – The United States is exploring selling stock acquired in Citigroup Inc rescue, Bloomberg news reported, citing people familiar with the matter.
The report said the Treasury Department and Citigroup have begun talks on how government could sell the 34 percent stake. The Treasury Department may start unloading the stake as soon as October, and complete the process within the next 6-8 months, the report said.

Obama’s “pay czar” says weighing power to claw back compensation

By Reuters Staff
August 17, 2009

By Steve Eder

MARTHA’S VINEYARD, MASSACHUSETTS (Reuters) – Kenneth Feinberg, the Obama administration’s pay czar, said on Sunday he has broad and “binding” authority over executive compensation, including the ability to “claw back” money already paid, and he is weighing how and whether to use that power. (more…)

Bonuses topped profits at some U.S. bailout banks – NY attorney general

By Reuters Staff
July 31, 2009

AIG/CUOMO By Grant McCool

NEW YORK (Reuters) – Bonuses paid to executives at nine banks that received U.S. government bailout money in 2008 were greater than net income at some of the banks, the office of New York Attorney General Andrew Cuomo said on Thursday.

US push on derivatives market reform comes clearer

By Reuters Staff
July 28, 2009

By Kevin DrU.S. Representative Barney Frankawbaugh
WASHINGTON, July 27 (Reuters) – The shape of the U.S. government’s proposed crackdown on the $450-trillion over-the-counter derivatives market became clearer on Monday, with Congress poised to move forward this week on other aspects of a sweeping overhaul of U.S. financial regulation.

Kuwait financier accusation, death highlight weak Gulf rules

By Reuters Staff
July 27, 2009

HARMAN-BRAIKAN/By Rania El Gamal

KUWAIT, July 26 (Reuters) – The apparent suicide of a Kuwaiti broker, sued for fraud by U.S. regulators in a case linked to Kuwait’s ruling family and its top investment firm, shines an unwelcome light on the weak regulatory environment in the Gulf Arab state. Kuwaiti Hazem Khalid Al-Braikan, 37, who had been at the centre of a financial scandal that erupted last week, was found dead on Sunday, days after being sued by the U.S. Securities and Exchange Commission over suspicious stock trades.

Citigroup punished by Pennsylvania on auction-rate sales

By Reuters Staff
July 14, 2009

NEW YORK, July 14 (Reuters) – Citigroup Inc was ordered by Pennsylvania to pay a $2.31 million penalty and repurchase hundreds of millions of dollars of illiquid auction-rate debt from more than 1,200 retail investors in the state.   The third-largest U.S. bank is among many securities firms that have agreed to buy back more than $60 billion of the debt, after the $330 billion market froze in February 2008 when dealers stopped taking part in auctions where rates are set. (more…)