The five little words that got a Citigroup trader fired, a five-word message to a rival banker - "he's a seller/fking a" - was enough to cost David Madaras his job, as Citibank Inc. fought to appease regulators probing the foreign-exchange scandal engulfing the industry. Madaras, one of five former employees to sue after the FX probe, began his employment lawsuit against the bank on Tuesday.
U.S. prosecutors are investigating one of Wall Street's darkest markets, focusing on hedge funds suspected of inflating the value of debt securities in their portfolios to juice the fees they collect (May 11)
Fannie Mae and Freddie Mac may have to retain billions of dollars in profits rather than turn them over to the U.S. Treasury, their supervisor Melvin Watt said as he contemplated how to avoid a fresh taxpayer bailout (May 10)
The volume of outstanding over-the-counter derivatives notional fell 13% to $483 trillion in the six months ending Dec. 2016, the lowest level for over a decade, according to the latest semiannual survey from the Bank for International Settlements (May 9)
An obscure app flaw creates backdoors in millions of smartphones
For hackers, scanningfor an open "port" - a responsive, potentially vulnerable internet connection on a would-be victim's machine - has long been one of the most basic ways to gain a foothold in a target company or agency.
(May 8) -- Commodity Futures Trading Commission supervisors should be more involved in spotting potential financial conflicts of interest that could compromise their staff, the agency's inspector general said. Coordination between supervisors and their employees "appears an essential - and missing - element" of the financial disclosure review process, a report from the inspector general's office (OIG) said. Their Mar. 30 report was made public on May 8.
(May 9) -- Securities and Exchange Commission staff is working on proposed changes to an auditor independence rule that is causing mutual funds "substantial practical challenges," Commissioner Michael Piwowar said at the SEC/NASAA Annual Section 19(d) Conference. The 'loan provision' regulation bars accounting firms from auditing an entity if they have a loan from another entity that owns 10 percent or more of their client. Complying with the provision could disrupt the asset management industry's operations even in instances in which lenders don't have significant influence over the entities they partially own, Piwowar said. SEC Chairman Jay Clayton's views on the regulation are unclear.
Last August, Denmark's Margrethe Vestager announced that Ireland had granted Apple Inc. illegal tax benefits, and she directed the company to pay more than $14 billion in back taxes and interest.She's driven investigations of Amazon, Fiat, Gazprom, Google, McDonald's, and Starbucks- and she still has two and a half years remaining in her term.