Receiving Wide Coverage ...
Fed Staff Violates Rules: It's not just the banks, folks, it's also the regulators. The Federal Reserve's inspector general says the Fed violated its own rules when a staff member inadvertently emailed minutes from a March policy meeting a day early. Oops. The email went to 150 people including some of the biggest banks and investment firms on Wall Street plus congressional staffers. The IG says the Fed failed to provide sufficient training to employees handling confidential information.
Deal Reached with the Swiss: Swiss banks will pay billions in fines and disclose information about American tax cheats in a landmark settlement in which the Swiss government caved to pressure from U.S. regulators. The Times says the deal calls for "stiff measures" that will "lift the veil of Swiss secrecy." The deal does not cover the 14 Swiss banks and branches of international banks in Switzerland including Credit Suisse and Julius Baer that are already under criminal investigations by the Justice Department. The FT says these "category two" banks will have to pay fines depending on how many undeclared U.S. clients they had.
JPM's China Chicanery: The New York Times describes how JPMorgan's "Sons and Daughters" program became the focus of a federal bribery investigation. Readers are led to believe the hiring of children of well-connected families in China originally began as a way "to weed out nepotism and avoid bribery charges in the U.S." This follows Thursday's Journal article, reported in
Wall Street Journal
General Electric is getting ready to
Indonesia, Brazil and Turkey are among the emerging markets that
A new leading indicator of the resurgence of U.S. banking appears to be the dearth of bank failures. The Federal Deposit Insurance Corp. is not as engaged as it once was in the "Friday night scramble," to announce bank closings. This year, the
Washington Post
The banking industry notched another record for profit in the second quarter, with the FDIC saying