The U.S. Senate may call its financial regulatory overhaul a “Wall Street reform bill,” but corporate leaders from across U.S. industry are lining up to oppose one of its provisions, the Washington Post writes. The newspaper says chief executives are lobbying to kill a “proxy access” provision of the legislation that would make it easier for shareholders to nominate board directors at publicly traded companies, and thus exercise a tighter rein on management.
By Huw Jones
LONDON, May 12 (Reuters) – The new British government will make the Bank of England responsible for spotting asset bubbles as part of global efforts to learn from the financial crisis but the new set-up will still be overshadowed by EU centralisation.
Was it a trading error, or the tipping point of market anxiety? A range of potential factors has drawn scrutiny after the record 1,000 point plunge and rebound in the Dow Jones industrial average on Thursday.
While the regulators try to figure out what happended and how to respond, here is some commentary on the fall:
WASHINGTON, May 5 (Reuters) – The U.S. Senate on Wednesday approved an amendment to a sweeping Wall Street reform bill that would set up a new government protocol for seizing and dismantling large financial firms that are in distress.
Here is a description of the bipartisan plan, in a statement by Senate Banking Committee Chairman Christopher Dodd, a Democrat.
By Matthew Goldstein
NEW YORK, April 30 (Reuters) – Brass-knuckle sales tactics, worthless assets and clueless investors: the vignettes that emerge from hundreds of pages of three-year-old emails from members of Goldman Sachs Group’s mortgage securities trading desk would not be out of place in a David Mamet play.
In “Glengarry Glen Ross,” Mamet depicted the aggressive and desperate sales tactics employed by a group of salesmen to push worthless Florida real estate on unsuspecting buyers. The play helped popularize that age-old mantra of salesmen everywhere: “ABC or Always be Closing.”
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.
– The author is a Reuters Breakingviews columnist. The opinions expressed are his own –
By Jason Bush
MOSCOW, April 16 (Reuters Breakingviews) – Hewlett-Packard is under investigation for paying bribes in Russia. It’s the latest sign that western regulators are paying close attention to Russian business practices. The resulting reputational and legal risk may now be the biggest worry for foreign companies in Russia.
LONDON, April 14 (Reuters) – Britain’s three main political parties have published their manifestos ahead of a general election on May 6.
Below are details of their business policies in areas such as banking, regulation, acquisitions, executive bonuses and job creation.
By Antonia van de Velde and Martin de Sa’Pinto
LUXEMBOURG, March 24 (Reuters) – Regulators and fund providers agree on the need to restore investor faith in financial markets, but are at odds over how to both ease client fears and guarantee a greater degree of security.
Regulators want more information on funds and investments to ensure investors are fully aware of the risks they are taking on, but the industry faces a tough challenge in informing clients of potential risks without scaring them off.