Citing the scandal in the city of Bell, California Treasurer Bill Lockyer asked the state's largest pension to release data on the 100 highest state and local government salaries to avoid pay abuses.
A recent study by Towers Watson has shown that while legislation recently signed into law could provide a between $19 billion and $63 billion reduction in required contributions over five years, only one-quarter of employers are likely to seek relief.
In an 82-page ruling, Supreme Court Justice Lewis Bart Stone in Manhattan dropped some of the charges against Hevesi, which include felonies and misdemeanors of bribery, grand larceny, money laundering and fraud.
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.
