President Obama's signature on the Dodd-Frank financial regulation bill
gives the Commodity Futures Trading Commission (CFTC) and Securities
& Exchange Commission (SEC) oversight of the roughly $600 trillion
OTC derivatives market while forcing most swaps to be cleared on a
regulated exchange.
Under
the Public Records Act, the First Amendment Coalition (FAC) filed the
suit against the pension demanding access to records revealing factors
influencing CalPERS' financial commitment in 2006 to the Page Mill
Properties II project.
Of the lawsuit's total penalty, the largest ever paid by a Wall
Street firm, $15 million represents disgorgement of gains from the deal
while the remaining is a civil penalty.
The firm's suit alleges that three of its former executives violated agreements they signed regarding confidential information they gained about State Street’s securities lending business in the course of their employment.
Executives from American International Group Inc. and
Goldman Sachs are testifying today in a two-day FCIC
hearing, focusing on the role of derivatives during the
financial crisis.
Legal experts say the Supreme Court ruling
would likely hit claims from BP’s foreign shareholders in US courts
while also negatively impacting the position of US investors.
The death of Senator Robert Byrd and the wavering Senator Scott Brown may delay the approval of Wall Street overhaul rules, which has been a top priority for President Obama.
President Barack Obama signs legislation that offers funding relief for DB pensions; broader financial reform bill exits House-Senate committee, awaits final vote.
