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.
Some former government prosecutors are cheering the SEC’s case against Goldman Sachs. Some even called it a watershed event that might rehabilitate the SEC’s image, which has been tarnished in the fallout from the financial crisis and the failure to catch financial fraudsters like Bernard Madoff. Now all the SEC has to do is win its trial against Goldman, which is vowing to fight the charges, reports WG&L, from Thomson Reuters tax and accounting specialists.
In the aftermath of the Goldman Sachs fraud charges, Propel Capital said it was delaying the Canadian IPO of its Propel Multi-Strategy Fund – until recently called the Propel Paulson Diversified Fund. Propel says it’s just a delay, but there is no indication when the offering might be resurrected. Westlaw Business Currents, a Thomson Reuters product, looks at the issues.
To read further click here
By Andy Sullivan and Kevin Drawbaugh
WASHINGTON, April 21 (Reuters) – Democrats in the U.S. Senate pressed forward on a sweeping regulation overhaul on Wednesday, backing a measure to drive banks from the lucrative derivatives market at the heart of the financial crisis.
NEW YORK, April 21 (Reuters) – Goldman Sachs Group Inc <GS.N> Chief Executive Lloyd Blankfein attacked U.S. Securities and Exchange Commission fraud charges against the bank in phone calls to clients, the Financial Times said on Wednesday.
BUDAPEST, April 22 (Reuters) – Hungary’s financial market regulator PSZAF has fined Deutsche Bank London 90 million forints ($458,100) for high volume spot forint foreign exchange transactions on Oct. 15, 2008 which weakened the exchange rate, the watchdog said on Thursday.
BERNE, April 22 (Reuters) – Switzerland may have to force its large banks UBS<UBSN.VX> and Credit Suisse<CSGN.VX> to change their structure in order to limit the risks for the economy should either collapse, a government commission said on Thursday.
By Svea Herbst-Bayliss
BOSTON, April 20 (Reuters) – Clients with Paulson & Co, which was involved in a mortgage deal that prompted civil fraud charges against Goldman Sachs <GS.N>, spoke with the manager on Monday, but so far no one has notified the firm of plans to leave his fund, several investors said.
By Victoria Thieberger
MELBOURNE, April 21 (Reuters) – The Australian tax office has delayed two critical rulings on how private equity firms are taxed, in a move that tax experts say means the office is hardening its stance against private equity.
DUBLIN, April 21 (Reuters) – Ireland’s financial regulator said the strict new capital levels Irish banks must meet will cushion losses on smaller loans and not just the riskier batches being moved to the country’s “bad bank.”