Financial Regulatory Forum

US SEC moves to shake up corporate governance

July 2, 2009

   By Rachelle Younglai
   WASHINGTON, July 1 (Reuters) – U.S. securities regulators moved to change how companies elect board members and govern themselves, tilting the corporate playing field toward investors who have complained of weak boards and lavish pay for top executives.
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U.S. Bancorp sees warrants settled soon

July 2, 2009

U.S. Bancorp Chief Executive Officer Richard Davis speaks during an interview with Reuters in New York, July 1, 2009.       NEW YORK, July 1 (Reuters) – U.S. Bancorp Chief Executive Richard Davis said on Wednesday he expects the bank and others that recently exited a federal bailout program to learn this quarter how the government will dispose of warrants to buy bank stock.
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US Treasury to name up to 9 fund managers-source

July 2, 2009

   NEW YORK, July 1 (Reuters) – The U.S. Treasury Department is expected to name as many as nine fund managers to operate the long-awaited Public-Private Investment Program (PPIP) to cleanse banks of toxic assets, a person familiar with the plan said on Wednesday.
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U.S. SEC lawyer raised alarm about Madoff – report

July 2, 2009

Booking mug shot of Bernard Madoff released to Reuters on March 17, 2009. Madoff pleaded guilty March 12, 2009, to orchestrating the biggest investment fraud in Wall Street history and was jailed to await a sentence that could keep him in prison for the rest of his life.     WASHINGTON, July 1 (Reuters) – A U.S. Securities and Exchange Commission lawyer warned  about irregularities at Bernard Madoff’s financial management firm as far back as 2004, The Washington Post reported on Thursday, citing agency documents and sources familiar with the investigation.
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US SEC moves to shake up corporate governance

By Reuters Staff
July 1, 2009

   By Rachelle Younglai
   WASHINGTON, July 1 (Reuters) – U.S. securities regulators moved to change how companies elect board members and govern themselves, tilting the corporate playing field toward investors who have complained of weak boards and lavish pay for top executives. (more…)

Finance ministers from Americas to meet on economic crisis

By Reuters Staff
July 1, 2009

    By Rodrigo Martinez
   SANTIAGO (Reuters) – Finance ministers from the Americas and leaders from multilateral lenders will huddle in Chile on Friday to evaluate their responses thus far to the global economic crisis and figure out the way ahead.
   Chilean Finance Minister Andres Velasco told Reuters that turbulence has shown the International Monetary Fund and World Bank need more resources for the slump. (more…)

China asks G8 debate on reserve currency – sources

By Reuters Staff
July 1, 2009

(This story is without a dateline to protect the identities of the sources) 

Flags of G8 nations.    (Reuters) – China has asked to debate proposals for a new global reserve currency at next week’s Group of Eight summit in Italy and the issue could be referred to briefly in the summit statement, G8 sources said on Wednesday.   (more…)

Sweden – don’t demonize hedge funds

By Reuters Staff
July 1, 2009

    STOCKHOLM (Reuters) – A minister for Sweden, which took over the EU presidency on Wednesday, said hedge funds and private equity firms needed regulation but should not be viewed as a primary cause of the global financial crisis.
   Speaking after a visit by the European Commission to Stockholm to mark the Nordic country’s start in the six-month presidency, Financial Markets Minister Mats Odell cautioned against “overzealous” regulation. (more…)

Credit Suisse to pass client names to French regulator

By Reuters Staff
July 1, 2009

 

Hans-Ulrich Doerig, chairman of Credit Suisse   ZURICH, July 1, (Reuters) – Swiss bank Credit Suisse said on Wednesday it will pass the names of clients holding French securities to the French markets authority. Partly confirming an article in Swiss daily Le Temps, a Credit Suisse spokesman said the bank, one of the world’s biggest wealth managers, has sent a letter to French clients holding French stocks or bonds. (more…)

Germany seeks to ease parts of Basel II capital rules

By Reuters Staff
July 1, 2009

    By Marcin Grajewski and Huw Jones
   BRUSSELS/LONDON (Reuters) – Germany wants to relax global rules on capital charges to ease writedown pressures on banks holding toxic assets, an EU document showed on Wednesday.
   European Union finance ministers meet next week and will be asked to endorse a report from their Economic and Financial Committee on how to stop rules amplifying market turmoil. (more…)