- Morgan Stanley’s Mack Proposes Single Global Bank Regulator
- In Harsh Reports on S.E.C.’s Fraud Failures, a Watchdog Urges Sweeping Changes
- Bank-Bailout Fund Faces Years in Red as Failures Jolt System
- Fed’s Plosser: Not time yet to shift policy
- Hedge funds find new sweet spot in sugar
- J.P. Morgan Shuffles Executives
- CIT in Last-Ditch Rescue Bid
- Citi, Barclays offer financing to CIT
- Bank of America, 3 Other Banks’ FDIC Fees May Top $10 Billion
- FDIC Seeks Fees to Shore Up Reserve
- Falling Tax Revenues Slam States
- U.S. Economy: Home Prices Increase by Most Since 2005
- U.K.’s Biggest Banks Probed for the First Time Over Tax by FSA
- Toyota recalls 3.8 million vehicles: Mats can cause stuck accelerators
- GM, eBay End Online Sales Effort
- CBS Wins Dismissal of Rather’s Lawsuit Over Firing
Morgan Stanley’s Mack Proposes Single Global Bank Regulator – Bloomberg
Morgan Stanley Chief Executive Officer John Mack, who struggled to return the bank to profitability amid the financial crisis, said a single regulator should oversee financial institutions worldwide.
“A better system would be one uber-regulator,” Mack said in an interview in New York for Bloomberg Television’s “Conversations with Judy Woodruff,” parts of which will air today. “We do need an overall systemic-risk management that everyone buys into. It’s not a U.S. systemic boundary — it’s a global systemic risk manager.”….
In Harsh Reports on S.E.C.’s Fraud Failures, a Watchdog Urges Sweeping Changes – NY Times
The Securities and Exchange Commission’s independent watchdog called for a sweeping overhaul of the agency’s investigation and enforcement practices on Tuesday, after a blistering report on the S.E.C.’s failure to detect Bernard L. Madoff’s extensive Ponzi scheme.
Two reports, released by the S.E.C.’s inspector general, H. David Kotz, recommended dozens of changes in the way the agency evaluates tips, trains investigators and documents examinations of securities firms. The S.E.C. has accepted the recommendations….
Bank-Bailout Fund Faces Years in Red as Failures Jolt System – Wall Street Journal
The government said the fund that protects consumer bank deposits has fallen into the red and will remain there into 2012, a pointed symbol of how the aftershocks of the financial crisis will reverberate for years as banks continue to fail at a high rate….
Fed’s Plosser: Not time yet to shift policy – Reuters
It is not the time now to exit the Federal Reserve’s extraordinary accommodative policy, the president of the Federal Reserve Bank of Philadelphia said on Tuesday.
“I don’t think the time is now,” Charles Plosser said in response to audience questions after giving a speech in Easton, Pennsylvania…..
Hedge funds find new sweet spot in sugar – NY Post
Sugar is the new crude oil for investment-hungry hedge funds, which are pushing sugar prices near 30-year highs and ushering new global shortages.
After their infamous and massive bets on crude oil sent prices doubling and brought $5-a-gallon gasoline a year ago, hedge funds are now pouring their billions into raw sugar…..
J.P. Morgan Shuffles Executives – Wall Street Journal
In a rare shake-up inside one of the nation’s strongest banks, J.P. Morgan Chase & Co. changed the management of its investment bank, pushing out a longtime executive and igniting a contest to eventually succeed James Dimon at the helm.
J.P. Morgan, which is emerging from the financial crisis as perhaps the industry’s premier bank, named 52-year-old Jes Staley as chief executive officer of its investment-banking arm. He succeeds the investment bank’s two veteran co-heads, Bill Winters, 48, as well as Steve Black, 57, and who helped the New York company avoid the huge losses that crippled rivals and led the integration of Bear Stearns Cos. after J.P. Morgan bought the ailing firm last year…..
CIT in Last-Ditch Rescue Bid – Wall Street Journal
The fate of CIT Group Inc. was hanging in the balance Tuesday as the large commercial lender readied a plan that would likely hand control of the company to its bondholders.
CIT is preparing a sweeping exchange offer that would eliminate 30% to 40% of its more than $30 billion in debt outstanding, said people familiar with the matter…..
Citi, Barclays offer financing to CIT -Bloomberg – Reuters
Citigroup Inc and Barclays Capital, the investment banking division of Barclays Bank Plc, are offering to provide financing to U.S. commercial lender CIT Group Inc, Bloomberg said, citing people familiar with the situation…..
Bank of America, 3 Other Banks’ FDIC Fees May Top $10 Billion – Bloomberg
The Federal Deposit Insurance Corp.’s plan to bolster its reserves may cost Bank of America Corp. and three of the largest U.S. banks more than $10 billion.
Bank of America, the biggest U.S. lender by deposits, may owe $3.5 billion under the FDIC proposal for banks to prepay three years of premiums, based on the lowest assessment rate multiplied by the bank’s $900 billion in second-quarter U.S. deposits….
FDIC Seeks Fees to Shore Up Reserve – Washington Post
With banks failing faster than the government expected a few months ago, the federal agency that insures deposits on Tuesday called for a $45 billion cash infusion from the banking industry, seeking to raise additional funds needed to continue protecting deposits.
The Federal Deposit Insurance Corp. proposed that banks pay three-years worth of government fees by year’s end. Banks pay fees into the FDIC’s fund, which is used to protect depositors in case a bank fails…..
Falling Tax Revenues Slam States – Wall Street Journal
State tax revenues in the second quarter plunged 17% from a year earlier as rising unemployment and reduced spending hurt sales- and income-tax collections, according to Census Bureau figures released Tuesday.
The decline was the sharpest since at least the 1960s. The biggest drop among major revenue sources was in state income taxes, which were down 28% from a year ago. Sales-tax revenues fell 9%. About two-thirds of state revenues are derived from sales and income taxes. The numbers aren’t adjusted for inflation or changes in tax rates……
U.S. Economy: Home Prices Increase by Most Since 2005 – Bloomberg
Home values in 20 U.S. cities climbed in July by the most in almost four years, helping stem the record plunge in household wealth that’s depressed spending.
The S&P/Case-Shiller home-price index rose 1.2 percent in July from the prior month, the biggest gain since October 2005, the group said today in New York. Another report showed consumer confidence unexpectedly fell in September, while holding above the record low reached earlier this year….
U.K.’s Biggest Banks Probed for the First Time Over Tax by FSA – Bloomberg
Britain’s financial regulator is demanding information from the country’s biggest banks on how they structure themselves to minimize tax payments and what tax advice they give corporate clients, advisers to the banks said.
The Financial Services Authority has started to ask for the data as part of bank inspections called Arrow visits, the professional advisers said. Tax matters had almost always been handled solely by the U.K. Treasury’s Revenue and Customs division in London….
Toyota recalls 3.8 million vehicles: Mats can cause stuck accelerators - Detroit Free Press
Toyota Motor Co. is recalling 3.8 million Toyota and Lexus vehicles over sudden acceleration concerns, telling owners today to immediately remove driver’s side floor mats that can stick under accelerator pedals.
The move is the largest safety-related recall Toyota has ever launched in the United States, and it’s the sixth-largest auto recall ever in the United States….
GM, eBay End Online Sales Effort – Wall Street Journal
General Motors Co. is ending a seven-week experiment to sell new cars in California with eBay Inc., as many dealers report the online marketplace didn’t help sell more vehicles and led shoppers to offer low-ball prices.
The program, which ends Wednesday, was one of the most high-profile efforts so far to bring new-car sales online. But the experience illustrates why car retailing, which involves peculiarities such as franchised dealers with exclusive territories and the tradition of haggling in person, makes an odd fit for the Web, where consumers expect to comparison shop for the lowest price…..
CBS Wins Dismissal of Rather’s Lawsuit Over Firing – Bloomberg
CBS Corp. won the dismissal of a lawsuit filed by Dan Rather, its former network anchorman, who claimed he was fired in the fallout over a story about President George Bush’s Vietnam War-era military service.
Rather, 77, filed a $70 million breach-of-contract lawsuit in 2007, accusing the network of firing him in reaction to criticism of his election-year report on Bush’s National Guard service. Both sides in April asked a panel of appeals court judges in Manhattan to overturn rulings by New York Supreme Court Justice Ira Gammerman…..
Tags: Autos, Bank of America, Barclays, CIT, Citigroup, Commodities, Ebay, FDIC, Fed, GM, Hedge funds, John Mack, JP Morgan, Morgan Stanley, SEC, Taxes
