Receiving Wide Coverage … Corzine settles: Former New Jersey governor and Goldman Sachs CEO Jon Corzine agreed to pay $ 5 million to settle Commodity Futures Trading Commission charges related to his role in the 2011 collapse of commodities brokerage MF Global Holdings, which Corzine headed. Under the terms of the deal, Corzine must pay
Wall Street Journal Arbitration rule comments: The CFPB received nearly 13,000 comments on its proposed rule that would restrict the use of mandatory arbitration clauses and make it easier for consumers to sue banks. The rule would prohibit financial services companies from using the clauses to block class-action suits, although consumers would still be required
Wall Street Journal In another attempt to prevent taxpayer-funded bailouts of large banks, the Fed is scheduled to vote today on proposal related to derivative contracts. Hedge funds and asset managers like Pacific Investment Management Co. would lose their contractual right to terminate financial contracts with big banks. As it currently stands, asset managers can
Breaking News This Morning … Earnings: Citigroup, Regions Receiving Wide Coverage … Candidates on Banking: Democratic presidential candidates Hillary Clinton and Bernie Sanders’ debate Thursday night in Brooklyn touched on how to best control the banking industry. While Clinton said she would remain faithful to the Dodd-Frank financial overhaul law, which requires banks to develop
Breaking News This Morning … Earnings: It’s a banner day for 4Q reports from megabanks and regionals: Citigroup, Wells Fargo, U.S. Bancorp, PNC and Regions Financial. And there are two M&A deals in Chicago, from buyers Wintrust and Royal Financial. Goldman Sachs Faces Huge Fine: Goldman Sachs will pay the largest regulatory penalty in its
Receiving Wide Coverage … Brazilian Bank CEO Jailed: The chief executive of Brazil’s largest independent investment bank has resigned after being arrested last week. Andre Esteves left his post at the helm of BTG Pactual, the Wall Street Journal reports. Esteves is the bank’s controlling shareholder and also served as chairman. The Brazilian banker has
Wall Street Journal JPMorgan Chase has hired a recently retired general as senior adviser. Gen. Raymond T. Odierno will offer the bank advice on cybersecurity as well as the physical risks involved in operating in a range of countries. The paper reports that Ordierno served in the Persian Gulf and Iraq wars and worked closely
