On Both Side of the Atlantic, Battle Lines Harden Over Financial Regulation
While the scope of financial regulation varies from Europe to America, electoral politics seem likely to shape eventual market changes after the Great Recession.
Regulation
Mass. Treasurer Suspected of Pay-to-Play Donations
Timothy P. Cahill is criticized for accepting more than $100,000 in connection to an investment manager who has been allotted hundreds of millions of dollars in state funds to invest since Cahill became treasurer in 2003.
Former Hevesi Adviser Denies Wrongdoing; Faces Up to 25 Years in Prison
The former chief political adviser to ex-New York state Comptroller
Alan Hevesi said the indictment against him should be dismissed.
Pension Suit Over Canadian Bank’s Subprime Holdings Dismissed
The judge
ruled that like many other financial institutions, the bank failed to
forecast the meltdown that led to record losses.
EU Forges Ahead With New Hedge Fund Rules, Despite Objections From Britain, US, Canada
Treasury
Secretary Geithner claims the EU law, formed to regulate
alternative investment vehicles, would negatively impact US fund
managers and banks.
Another Pension Fund Sues Goldman for 'Unreasonable' Compensation
A pension fund for an electrical workers' union filed a
lawsuit against the bank in a Delaware court.
FDIC Asks Pension Funds to Step In
As the FDIC seeks cash, pension funds may be asked to help foot the
bill to rescue the banking system.
Worries Abound Over Changes to UK Accounting Standards
Proposed changes to international accounting standards may increase
reported pension costs and remove incentives to hold “risky” assets.
SEC Ends Two-Year Inquiry Into Florida Pension Agency
The federal probe clears Florida’s money managers of wrongdoing,
without enforcement action recommended.
Tough Times for Hedge Funds and Private Equity, EU Still Divided
Hedge funds and private equity firms face profit crunch, EU states still split on regulations in Europe, aimed at enforcing restrictions on the industry.
New Hedge Fund Rules to Prevent Secrecy
Hedge funds will need to disclose detailed information about their trading positions to international regulators.
Spurred by Placement Agent Controversy, CalPERS CIO Voices New Effort; New York’s CIO Eases Placement Agent Ban
CalPERS' Joseph Dear says emerging money managers don’t need placement agents to get hired by the fund giant; New York’s CIO Schloss takes the lead on placement agent relationships.
SEC Restricts Short Sales
Hoping to restore investor confidence, the regulator passes an “alternative uptick rule” after more than a year of debate.
Insider: Flash Ban Likely, but Volcker “Unworkable”
The US Congress and the Securities and Exchange Commission (SEC)
could be close to passing legislation and rules that will, among other
developments, eliminate flash trading and institute ‘circuit breakers’
for short-sellers, according to financial policy specialist Joseph
Engelhard.
AIG Class Action Approved for Ohio Plans; $150 Million SEC-BofA Settlement OK'ed
Ohio pension funds won class action certification over allegations of accounting fraud, among others; judge ends civil charges accusing BofA of misleading shareholders when it acquired Merrill Lynch.