BlackRock and Lobby Groups Champion to End Swaps Fiduciary Rule
Barbara Novick at BlackRock said the new regulatory-overhaul
legislation would be the poster child for unintended consequences.
Regulation
Former CalPERS Official Villalobos Denies Fraud Accusations
Alfred R. Villalobos, a former CalPERS official accused of serving as
a placement agent, denied fraud accusations in a statement yesterday,
saying the attorney general's suit against him was filled with
significant factual errors.
CalPERS Votes to Separate Chairman and CEO Roles at Goldman; Blankfein Defends Reputation
The largest U.S. public pension fund said it believes if the Goldman chair is not the CEO, the board may be able to exercise stronger oversight of management; Goldman CEO Lloyd Blankfein faced shareholders at the annual meeting Friday in New York.
CalPERS Case Against Rating Agencies Proceeds
The agencies all gave "triple-A" ratings to several structured investment vehicles that collapsed in 2007 and 2008.
PBGC Accused of Lax Controls; Faces $12.9 Billion Deficit
Auditors found that PBGC, which protects workers’ benefits when a company defaults on its pension plans, suffered from a "material weakness," the accounting equivalent of an F grade.
Pension Funds vs. Buffett in Goldman Battle
US pension funds and other shareholders have aggressively sued
Goldman Sachs in the wake of SEC fraud charges, but the Oracle of Omaha
defends the bank's credibility.
DB, DC Funds Could Suffer From Swap Regs; FDIC Chairman Slams Derivatives Spinoffs
Pension industry lobbyists have been
trying to persuade Senate leaders to change and clarify the legislative
provisions that would negatively impact pension fund swaps; the FDIC's
Sheila Bair opposes segregation of swaps units.
Judge Tosses Out Former Pension Fund CIO's Fraud Case in New Mexico
District Judge Stephen Pfeffer dismissed the
pay-to-play lawsuit filed by Frank Foy, former CIO for the New Mexico
Educational Retirement Board.
Emails Show Credit Default Swaps Led to Harvard Loss, Goldman Gain
The nation's oldest
and richest university entered the $500 million credit default swap
market.
CalPERS Eyes More Buyout Fee Cuts, CIO Presses for Wall Street Regulation
While the California fund giant is hoping to win fee cuts from other
private equity firms after Apollo Global Management agreed to
trim $125 million in fees, CalPERS' CIO is pressing for finance overhaul
to stop the casino atmosphere on Wall Street and restore confidence.
UK Regulator Takes Tougher Stance on Pension Corporation
The FSA has probed the specialist insurer and pension buyout firm to
explain its investment strategy.
SEC Says Money Manager Stole $3M From Detroit Pensions
Onyx Capital Advisors, a firm
that invests in small and medium enterprises in the Midwestern and
Southeastern US states, and its founder have been charged with fraud for
stealing millions of dollars from Detroit pension funds.
Pensions Keep Vigilant Eye on Goldman Case
Public pension funds around the country are reviewing their
relationships with Goldman Sachs Asset Management.
Ohio Pensions Lost $480 Million After Lehman Collapse
Ahead of Tuesday hearings on the 2008 collapse of the banking giant,
state records show Ohio pensions suffered hundreds of millions of
dollars in losses.
Senate Agriculture Committee Chair to Deliver Derivatives Regulation
The
Democratic chairwoman’s proposals support financial reform of
derivatives by putting them on exchanges, which has encountered
opposition from banks that make billions in transaction fees on
derivatives every year.