Financial Regulatory Forum

Goldman Sachs profit tops forecast, UK opens probe

A security guard walks through Goldman Sachs lobby in New York   By Steve Eder and Steve Slater
   NEW YORK/LONDON, April 20 (Reuters) – Goldman Sachs Group Inc <GS.N> said first-quarter earnings nearly doubled, and Britain’s financial regulator launched a formal probe related to civil fraud allegations against the Wall Street bank. (more…)

UK launches formal probe into Goldman Sachs

   LONDON, April 20 (Reuters) – Britain’s financial regulator started a formal enforcement investigation into Goldman Sachs <GS.N> on Tuesday, four days after U.S. regulators filed a fraud case against Wall Street’s biggest investment bank. (more…)

BREAKINGVIEWS-How Goldman Sachs fell out with the SEC

   By Nicholas Dunbar — The author is a Reuters Breakingviews columnist. The opinions expressed are his own –
   LONDON, April 20 (Reuters Breakingviews) – In December 2000 I received an email from the Goldman Sachs <GS.N> press office in New York, nominating the firm for Risk magazine’s “Risk Manager of the Year” award. Central to the pitch was how the Wall Street bank had run a boot camp for its supervisors at the U.S. Securities and Exchange Commission, training them in concepts like value-at-risk and derivatives hedging. (more…)

Rep Frank says Goldman case helps financial reform

    WASHINGTON, April 19 (Reuters) – U.S. Representative Barney Frank said on Monday that securities regulators’ fraud case against Goldman Sachs <GS.N> increases the chance that financial reform will pass. (more…)

BREAKINGVIEWS-Goldman’s CDO investors: fools or victims?

   By Hugo Dixon and Richard Beales
   LONDON/NEW YORK, April 19 (Reuters Breakingviews) – Were the investors who lost $1 billion by buying a fearfully complex product sold by Goldman Sachs <GS.N> in the dying days of the credit boom fools or victims? That’s the key distinction on which the U.S. Securities and Exchange Commission’s fraud charges, which roiled the investment bank when they were unveiled on Friday, hinge. (more…)

UK’s Brown wants investigation into Goldman Sachs

   By Adrian Croft
   LONDON, April 18 (Reuters) – Prime Minister Gordon Brown said on Sunday he wanted Britain’s financial watchdog to investigate U.S. bank Goldman Sachs <GS.N> after it was charged with fraud by U.S. regulators. (more…)

Top Republican senator, White House clash on financial reform

McConnell says 'No'

McConnell says 'No'

   By Kevin Drawbaugh
   WASHINGTON, April 13 (Reuters) – The White House said “yes we can” on financial regulatory reform on Tuesday, while the top Republican in the U.S. Senate said “no we won’t.” (more…)

U.S. Treasury seeks to protect federal benefits – WSJ

    April 14 (Reuters) – The U.S. Treasury department will release new rules on Wednesday that would prevent banks from seizing a borrower’s social security to recover unpaid debt, the Wall Street Journal said. (more…)

U.S. watchdog says mortgage modifications too slow

    By Corbett B.Daly
   WASHINGTON, April 14 (Reuters) – An Obama administration program to help struggling homeowners modify their mortgages is not moving fast enough to keep up with the growing number of foreclosures, a U.S. congressional watchdog said on Wednesday. (more…)

U.S. bank chief mobbed by angry borrowers

    WASHINGTON, April 13 (Reuters) – The mortgage chief of the United States’ second largest bank was mobbed by angry borrowers on Tuesday after he invited customers to speak to him if they feared foreclosure of their homes. (more…)

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