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.
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.
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.
Some firms say that lucrative commissions paid only for favorable results is a “system that invites corruption,” yet others say placement agents play a useful role.
While the scope of financial regulation varies from Europe to America, electoral politics seem likely to shape eventual market changes after the Great Recession.
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.
