Financial Regulatory Forum

from DealZone:

The afternoon deal: Regulation overdrive

June 10, 2010

MOTOR-RACING-NASCAR/A joint Senate-House of Representatives conference committee convened at 2:15 p.m. EDT to begin merging competing bills from each chamber into what will be the biggest overhaul of the financial rules since the 1930s. Columnist John Kemp explains the simple conference process and the not so simple reality of merging the House of Representatives and Senate versions of the financial reform bill. The "base text" for the regulatory bill is here.

Market Structure Moves to Top of Regulatory Agenda

May 7, 2010

The SEC’s chief said the growing concerns about technological changes in the capital markets are going to drive much of the agency’s agenda for the rest of the year. She fears creation of a two-tier system—one for hedge funds and other large traders and a more limited tier for everyone else. Her goal includes passing a series of rules designed to update the basic principle of market fairness that was established at the agency’s founding during the New Deal, according to Thomson Reuters Checkpoint’s WG&L Accounting & Compliance Alert. (more…)

Goldman Getting Ahead of Bad News?

May 5, 2010

Goldman Sachs’s disclosure pendulum appears to have now sharply swung in the other direction, Matthew Merrin of Thomson Reuters Westlaw Business Currents writes. (more…)

US Congress Looks for New Ways to Tax Financial Services

May 4, 2010

During a congressional hearing, lawmakers searched for ways to use the tax code to dampen short-term speculation in the financial markets and close the budget deficit. To fix the problem, they suggested changes in tax structures, including discounted capital gains tax for long-term investors, transaction tax, bank tax, and financial speculation tax, Thomson Reuters WG&L Accounting & Compliance Alert reports.

Goldman Sachs’ soul search – sincere or strategy?

April 29, 2010

   By Steve Eder and Rachelle Younglai
   NEW YORK/WASHINGTON, April 28 (Reuters) – Contrary to popular belief, Goldman Sachs Group Inc <GS.N> has a soul – and it is even spending time searching it.
   In the closing hours of Goldman’s marathon showdown with a Senate panel in Washington on Tuesday, Chief Executive Lloyd Blankfein shared that the Wall Street giant is in the midst of an internal cleansing in which a top executive is leading a business practices committee and “going over everything.” (more…)

What are the odds on a three-legged horse?

April 28, 2010

Senators quizzing Goldman Sachs executives yesterday seemed at least as concerned about the wider ethical issues of investment banking as they did about the actual charges that the SEC has laid against Goldman, writes John Manley. (more…)

Goldman Sachs: Shareholder Revolt Spreads Where the SEC Has Yet to Tread

April 28, 2010

Where the SEC goes, plaintiffs’ lawyers are sure to follow. But in the case of Goldman Sachs, they’ve charged ahead straight into the C-suite, alleging far broader levels of misdeed than the SEC’s limited charges surrounding an individual transaction, writes Erik Krusch of Thomson Reuters Westlaw Business Currents. (Click here for further details.)  (more…)

Fabulous lessons from Fab

April 26, 2010

By John Manley

Three years ago, Goldman Sachs bond trader Fabrice Tourre, emailed his girlfriend Marine. Amid the amour and tendresse, “Fabulous Fab” expressed his misgivings about his job: he was conflicted about selling financial instruments that he thought were destined to fail.

ANALYSIS-Central banks’ police job may cloud monetary tasks

April 26, 2010

  By Krista Hughes and Mark Felsenthal
   FRANKFURT/WASHINGTON, April 26 (Reuters) – Major central banks are taking on a new role of finance police in the wake of the global financial crisis but they could find their hands more tied as a result. (more…)

SEC summary for U.S. senator on senior staff porn use at work

April 24, 2010

Did senior staffers of the U.S.  Securities and Exchange Commission watch porn on their government computers while the financial system burned? Here is a link to an SEC inspector general’s summary report, via the Washington Post, which was prepared for Republican Sen. Charles Grassely of Iowa.