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MF Global pushed regulators to use client funds
By Nancy Watzman Nov 2, 2011 1:52 p.m.Late last year MF Global—the failed investment firm headed by Democratic heavyweight Jon S. Corzine that can't account for as much as $900 million of its clients' money--urged a federal agency to allow futures firms to invest funds from their customer segregated accounts in foreign sovereign debt.
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Bank executives plead case to administration officials over Volcker rule
By Anupama Narayanswamy Oct 24, 2011 12:32 p.m.Top executives with major banks met regularly with federal agency officials who were writing a draft rule meant to curtail risky Wall Street trading — known popularly as the Volcker rule, named for the former chairman of the Federal Reserve, Paul Volcker — federal agency meeting records show.
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With Fed foreign currency swaps on the rise, mystery remains which foreign banks benefit
By Nancy Watzman Oct 19, 2011 10:52 a.m.Since the end of August, the European Central Bank has been drawing on the foreign currency swap line established by the U.S. Federal Reserve Board, recently securing $1.8 billion to lend to European banks, most of it over a three-month time period. But the ECB does not name which banks or institutions are receiving these dollars. Who gets the money is anybody's guess.
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Dodd-Frank: How investment banks contributed to the financial crisis
By Nancy Watzman Jul 29, 2011 10:35 a.m.The Dodd-Frank Wall Street Reform and Consumer Protection Act, passed in response to the financial crisis of 2008, added new regulations and new regulators for some—but not all—of the institutions whose actions led to the crisis. Over the next several days, we’ll be taking a look at each of the major groups of contributors to the economic crisis, who the major players were, what political influence they brought to bear on Congress and regulators, how Dodd-Frank intends to regulate them, and, using our new Dodd-Frank Meeting Logs tool, what rules these groups are trying to influence as agencies implement the legislation.
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Goldman Sachs, financial firms flood agencies to influence financial law, new Dodd-Frank tracker shows
By Nancy Watzman Jul 18, 2011 11:32 a.m.Investment bank Goldman Sachs, one of the major players in the crisis that led to the economic meltdown of 2008, has had more meetings with government officials about the implementation of the law intended to reform the financial system than any other company or organization, an analysis of nearly a year’s worth of financial agency meeting logs shows.
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Dodd-Frank: Will the bill overturn decades of industry influence?
By Bill Allison Jul 18, 2011 11:31 a.m.The financial crisis had several authors--federal policies that opened the door to predatory mortgage lending, unregulated financial products, integrated firms that borrowed heavily from one another to invest in the "sure bet" of mortgage-backed securities, and hedge funds and insurers that sought to profit by mitigating risk through complex financial instruments. In the aftermath of the crisis, Congress passed and President Obama signed on July 21, 2010, the Dodd Frank Wall Street Reform and Consumer Protection Act to set new safeguards for the public, to rein in financial firms, to ensure oversight of new types of financial instruments, and to give regulators more tools to prevent another crisis.
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Agencies slow to provide new data required by Dodd-Frank
By Lindsay Young Jul 18, 2011 11:30 a.m.One year after passing Dodd Frank Financial reform, much of the work of reforming America’s financial system still lies ahead. This is not too surprising considering the sheer size of the legislation. The law created 243 rules and requires agencies to produce 67 studies, according to Harvard Law School Forum on Corporate Governance and Financial Regulation. One-hundred-twenty-two deadlines are due between July 16 and July 21.
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Poised to make decision on regulating foreign swaps, Geithner meets with banks wanting exemption
By Nancy Watzman Apr 7, 2011 10:02 a.m.In February, Treasury Secretary Timothy Geithner met with the CEO and two top-level executives from the London-based bank HSBC to discuss the issue of foreign exchange swaps.
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Top financial regulators meets with industry leaders, lobbyists
By Nancy Watzman Feb 18, 2011 9:57 a.m.Elizabeth Warren, who has been charged with setting up the new Consumer Financial Protection Bureau, reported more meetings with individuals outside the government in December than any other Treasury official working on implementation of the Dodd-Frank financial law.
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