Small banks in Germany are urging EU officials to reconsider plans to put all Eurozone banks under ECB supervision as part of "an EU banking union." Said one German community banker of the move: "You don't impose the safety rules you'd need for a 2,000-passenger cruise ship on a yacht taking five people up the coast. There would be enormous administrative costs that I would have to pass on ... it would hit Mittelstand companies and the local economy."
New York Times
Morgan Stanley trader Glenn Hadden is being investigated by regulators at the CME Group, which runs commodity and futures exchanges, for potentially manipulating closing prices in the Treasury futures market while at Goldman Sachs in order to make his other trades more profitable. Hadden and Goldman declined to comment on the investigation. Morgan Stanley "would say only that Mr. Hadden continues to work at the firm as head of global rates."
You can add one more financial institution to Warren Buffett's history with banks. In a surprising move, given Spain's current economic state, the Oracle of Omaha's investment firm Berkshire Hathaway agreed "to pay $780.8 million to claim the future cash flows of a life insurance portfolio held by CaixaBank, a major Spanish lender."
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