James Kidney, a trial lawyer at the Securities and Exchange Commission, slammed colleagues for being “tentative and fearful.” His frank remarks, made during his retirement speech, are drawing attention. Read more…
FINANCIAL SERVICES
Jay Paul for The New York TimesJonathan Ashley, center, and participants of the University of Virginia School of Law’s First Amendment clinic.
Your Homework Assignment: Sue the Federal Government
Students at the University of Virginia Law School have challenged the Justice Department to unseal settlements with big banks and corporations. Read more…
Yuri Gripas/ReutersThomas M. Hoenig, vice chairman of the Federal Deposit Insurance Corporation.
Banks Ordered to Add Capital to Limit Risks
The requirement could force the eight biggest banks in the United States to find as much as an additional $68 billion to put their operations on firmer financial footing, according to regulators’ estimates. Read more…
Justin Lane/European Pressphoto AgencySteven A. Cohen, the billionaire investor, is transitioning SAC Capital Advisors into a family office that will manage his personal fortune.
Firm Chosen to Oversee Point72 Has Link to Fund
Bart M. Schwartz, the outside consultant tapped to monitor the operations at Point72 Asset Management, Steven A. Cohen’s new family office, has closer ties to the firm than previously known. The son of an executive at Mr. Schwartz’s nationwide compliance consulting firm is a portfolio manager at the firm. Read more…
Senate Panel Approves Nominees to Futures Trading Commission
The Agriculture Committee approved the nomination of Timothy G. Massad as chairman of the Commodity Futures Trading Commission, and the nominations of Sharon Y. Bowen and J. Christopher Giancarlo as commissioners. But a senator later said he would place a hold on Ms. Bowen’s nomination. Read more…
Diamond Taps Barclays Executive to Head Atlas Mara
John Vitalo, the Barclays chief executive for the Middle East and North Africa since 2009, will serve as group chief executive at Atlas Mara Co-Nvest, which is focused on investing in the African financial sector. Read more…
Matt Rourke/Associated PressA Citigroup branch in Philadelphia.
Citigroup to Pay $1.13 Billion to Settle Securities Claims
The pact reached with 18 institutional investors called for the bank to make a binding offer to the trustees of 68 trusts it sponsored that bundled some $59.4 billion in home loans. Read more…
Argument for Financial Transaction Tax Regains Footing |
Michael Lewis’s new book has revived a fan club for new taxes, especially among economists and legal experts, reports Nelson D. Schwartz for The New York Times. Read more »
SAC Capital, Meet Point72 Asset Management
A new dawn arises for Steven A. Cohen, as the embattled billionaire investor sees his once mighty SAC Capital Advisors officially make its debut as Point72 Asset Management. Read more…
Michael Reynolds/European Pressphoto AgencyAttorney General Eric H. Holder Jr. told a House panel on Friday that the Justice Department was investigating high-frequency trading.
High-Frequency Trading Falls in the Cracks of Criminal Law
High-frequency trading firms’ methods do not fit comfortably into any of the typical theories of securities fraud that have been used to pursue misconduct, Peter J. Henning writes in his White Collar Watch column. Read more…
Fenway Summer Acquires Start-Up Mortgage Lender
A firm started by Raj Date, a former official at the Consumer Financial Protection Bureau, plans to start making home loans in the next few months. Read more…
JPMorgan to Shift Executives at Corporate and Investment Bank
Daniel E. Pinto, who two weeks ago became sole chief executive of JPMorgan Chase’s corporate and investment bank, has announced a number of executive shifts within his division. Read more…
Diamond’s New Venture Agrees to Second African Investment
Atlas Mara Co-Nvest, backed by Robert E. Diamond Jr., has signed a nonbinding memorandum of understanding to privatize the commercial arm of the state-owned Development Bank of Rwanda. Read more…
Altice to Expand Numericable Stake Before SFR Merger
The share purchase is an important step in Altice’s plans to merge SFR, Vivendi’s mobile business, with Numericable as part of a deal worth up to about $23 billion. Read more…
Saul Loeb/Agence France-Presse — Getty ImagesBrady Dougan, chief of Credit Suisse, testified in February.
Credit Suisse Is Said to Be Facing Double-Barreled Inquiries
As Credit Suisse negotiates with the Justice Department over its liability for involvement in tax shelters, New York State has opened its own inquiry. Read more…
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