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creditors
Latest Headlines
Latest Headlines
$600 million still missing from MF Global
It's not every day that $600 million vanishes.
But that is exactly what happened at MF Global, and if the money is not recovered soon, it will not be long before we start hearing demands that executives be put in jail. Someone somewhere in the enterprise knows something. The top executives--no
Judge nixes Madoff trustee suit against JPMorgan
Are we seeing a step-up in the backlash against Irving Picard, the court-appointed trustee for the Bernard Madoff estate? A judge has dealt him a major loss in his efforts to recover funds on behalf of the estate, restricting his ability to pursue massive legal claims against JPMorgan Chase and UB
An alternative to the Volcker Rule
Two professors at the University of Minnesota Law school have suggested that a simpler alternative to the Volcker Rule would be to require bank executives "to personally guarantee the debts of their firms in return for their high salaries and bonuses, or pay them with stock that is subject to a ca
Credit rating agencies set to comply with 17g-7
Recall that in January, the SEC Securities and Exchange Commission adopted rules required under Dodd-Frank that included a requirement that all NRSROs include a report with every credit report that clearly lays out the representations, warranties and enforcement mechanisms available to investors a
FDIC rules requires living wills
In keeping with the intent of Dodd-Frank, the FDIC has voted to require banks with $50 billion or more in assets to file periodic contingency plans that spell out how the bank will wind down if it were to fail.
The new rule covers 37 institutions. These so-called living wills go a long way tow
Sheila Bair to step down as FDIC head
And so Sheila Bair, one of the most influential and passionate of financial regulators, will ride into the sunset. She has announced she will step down as head of the FDIC on July 8, leaving some significant accomplishments in her wake.
The moderate Republican--a hero to small banks, a bane t
FDIC sues WaMu execs--and their wives
In its highest-profile enforcement action against top executives at banks that imploded in the financial crisis, the FDIC has sued three executives of Washington Mutual--as well as two of their wives. The FDIC's civil action seeks $900 million in damages for gross negligence ahead of WaMu's demise
U.S. bankruptcy judge doubts bank foreclosure attempts
We have suggested before the foreclosure fiasco seems to be coming down to a matter of not what banks or servicers know but what they can prove. For all we know, the banks and mortgage servicers are correct when they state that virtually all of the foreclosures they are seeking are legitimate beca
MERS mess continues to muddle on
Mortgage Electronic Registration Systems (MERS) remains at the heart of the foreclosure fiasco in the minds of some, who are convinced that it simply cannot legitimately act as a stand-in for creditors. The Reston, Va.-based company--the child of GSEs and big banks--has claimed its business has be
Ambac seeks prepackaged bankruptcy; one bond insurer left
The credit crisis has taken a massive toll on bond insurers. Most lost their AAA ratings and were forced to stop selling new guarantees. Some have been sold or are shutting down. The latest to run into problems: Ambac, which has been ailing for months.
In a regulatory filing, Ambac revealed it
