April 14, 2011
Conversation Starter
Record Attendance At This Year's ISDA Annual Meeting
There was record attendance at ISDA's 26th annual meeting, held in Prague this week. ISDA representatives reported that over 900 delegates were on the scene. Sessions included panels regarding the evolving regulatory framework for the $583 trillion over-the-counter (OTC) derivatives market and global derivatives business issues. Keynote speeches were delivered by individuals including Steven Maijoor, chair of the European Securities and Markets Authority (ESMA).
On Thursday, ISDA named Stephen O'Connor new chairman of the organization. O'Connor is a managing director at Morgan Stanley (MS). O'Connor has been an ISDA board member since 2008 and chairs the association's industry governance committee. He joined Morgan Stanley in 1988 and is its global head of OTC client clearing.
ISDA also elected 12 board members at the annual meeting. Of the 12 directors, 11 currently serve on the board. The new director isYasuhiro Shibata, joint head of the fixed income group at Mizuho Securities. Shibata is responsible for trading fixed income cash and derivative products in Japan. He joined Mizuho Securities in 2003 and was instrumental in leading Mizuho to become one of the major trading houses in the Japanese credit default swap (CDS) market.
The full list of continuing ISDA board directors can be found on the ISDA page on MarketsWiki.
See other releases from the ISDA annual meeting here.
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Last Few Days To Enter Eris Exchange Platform Name Contest
Time is running out. Enter your idea today. As we mentioned in last week's newsletter, Eris Exchange is hosting a naming contest for its trading platform to be deployed on May 18, 2011. The exchange jointly developed an interest rates trading platform powered by Currenex, part of State Street’s eExchange suite of trading technology solutions. It provides trade-matching and request-for-quote functionality. The main offering of the platform will be the trading of interest rate swap futures and options.
Eris Exchange recently named a separate block trade entry facility Eris Block Boxtm. The exchange is looking for an equally compelling brand name for its combined trade engine/RFQ platform. The contest winner will be awarded an Apple iPad 2 (the latest version of the Apple offering). Names must be submitted by Apr. 15 and the contest winner will be circulated by Apr. 25. Christopher Rodriguez, chief sales and corporate development officer for Eris, says some of the names submitted to the contest so far have included Athena, Titanium, Eristocrat, Eris Galaxy, Cronos and Eris SwapsLink.
A summary of the rules and process to enter the contest can be found at http://www.erisfutures.com/contest.
--Christine Nielsen
Lead Stories
Credit Raters Triggered Financial Crisis-U.S. Panel
Moody's Corp and Standard and Poor's triggered the worst financial crisis in decades when they were forced to downgrade the inflated ratings they slapped on complex mortgage-backed securities, a U.S. congressional report concluded on Wednesday.
http://jlne.ws/f1mS3M
'700 Billion Man,' George Clooney's TARP Bailout Movie: Star Producing, May Direct Financial Crisis Film
HuffPost
George Clooney is set to produce -- and perhaps direct -- "700 Billion Man," a new film about the 2008 financial crisis and the subsequent government bailout of troubled financial institutions, Variety reports.
http://jlne.ws/gSpSzg
U.S. Senate Panel On Financial Crisis Issues Recommendations
Reuters
A congressional panel blamed lax lenders cozy with regulators, credit raters, and devious behavior by investment banks in a report on the causes of the financial crisis released on Wednesday.
http://jlne.ws/dWxqre
The safest bonds in the world
By Brett Arends, MarketWatch
Wall Street will tell you that government bonds issued by advanced Western countries are the safest investments money can buy. But recent events have made a mockery of that idea. If it weren’t for international rescue packages, Greece, Ireland and Portugal surely would have defaulted on their bonds.
http://jlne.ws/f113cs
US govt posts $188 bln budget deficit in March
Reuters
The United States posted a monthly budget deficit of $188 billion in March as the government spent more than twice what it took in last month, the Treasury Department reported on Tuesday.
http://jlne.ws/dX602O
U.S. Trade Deficit Narrows
By Luca Di Leo and Tom Barkley, WSJ.com
The U.S. trade deficit narrowed in February from the seven-month high hit in January, but not as much as expected, suggesting trade weighed on the economy in the first three months
http://jlne.ws/h5T8tx
The banking system – still broken
Posted by Tracy Alloway, Financial Times
Here’s a perfectly nuanced view of how quantitative easing — the programme started by the Federal Reserve to avert depression following an almighty banking bubble — impacts asset prices.
http://jlne.ws/hvvxo9
Austerity Alone Is Not the Perfect Cure
By PAUL HANNON, WSJ
The sick have been separated from the healthy, and the task now is one of healing and repair. That's the message coming from euro-zone governments, sustained in part by developments in government bond markets in recent weeks.
http://jlne.ws/h2nOz0
Pimco manager bets against US debt
By Dan McCrum - Financial Times
Bill Gross, manager of the world’s largest bond fund, is now actively betting against the value of debt issued by the US government. Pimco’s $236bn Total Return Fund held minus 3 per cent of its assets in government related securities at the end of March, down from zero the month before, according to a report issued by the company on Monday.
http://jlne.ws/g2RrFR
Pimco's Gross ups bets against U.S. sovereign debt
By Min Zeng, MarketWatch
Bill Gross, founder and co-chief investment officer of Pacific Investment Management Co., has turned more bearish on the U.S. government-related bonds including Treasurys, reflecting his growing worries over the country's swelling fiscal deficit and mounting debt burden.
http://jlne.ws/fuvP9d
N.Y. Fed Director’s Puerto Rico Bank Takes Loss on Nephew’s Loan
By Donal Griffin, Bloomberg
Popular Inc. (BPOP), Puerto Rico’s largest lender, amassed record losses during the credit crisis and got a $935 million injection from U.S. taxpayers. Now a loan to a real estate venture overseen by the chief executive officer’s nephew is burning a hole in the bank’s books.
http://jlne.ws/ffWa5K
Bank robberies decline 7% in 2010, says FBI. Proof economy improving?
By Aaron Smith, CNN Money
Bank theft -- primarily by robbery -- fell by 7% last year, according to the latest statistics from the Federal Bureau of Investigation. Thefts at banks and other financial institutions dropped to 5,628 in 2010 from 6,065. The FBI's figures include thefts committed against banks, credit unions, savings and loan associations and, to a much lesser extent, armored cars.
http://jlne.ws/hA6vVq
Jamie Dimon: Not as clever as lawsuit purports
Duff McDonald, Fortune
Yes, Wall Street loves to hide its moneymaking under a shroud of complexity. But an alleged scam by JPMorgan Chase through an investment vehicle called Sigma is taking it a step too far. If I were a class action lawyer, I would aim for the deepest of pockets. It only makes sense, right? On Wall Street, that means suing JPMorgan Chase or Goldman Sachs. So it's no surprise that another disgruntled set of institutional investors is suing JPMorgan for their own foolish mistakes. In this latest installment, we're treated to a theory of a diabolical scheme that supposedly includes Jamie Dimon himself. It makes for great reading, but don't kid yourselves, kids. Even Jamie Dimon isn't clever enough to try to pull off a scam like this.
http://jlne.ws/ejHdyK
The Fed Is Playing The Most Dangerous Game On Earth
The Fed can only choose the least-worst option now: either destroy the real economy by sinking the dollar below support and unleashing the Inflation Monster, or abandon the "risk trade" stock market rally.
http://jlne.ws/fcEglP
US watchdogs to sue executives of failed banks
By Suzanne Kapner in New York and Paul J Davies in London - Financial Times
US regulators are expected to file up to 100 lawsuits against executives and directors of failed banks in the next two years, as they seek to hold people accountable for management failings and recover billions of dollars, industry experts said.
http://jlne.ws/fTToDE
U.S. Chamber Says Dodd-Frank Swaps Deadlines Should Be Delayed
By Silla Brush, Bloomberg
Congress should pass legislation extending the July deadline under the Dodd-Frank Act for most new derivatives regulations to be completed, 19 industry trade- associations told lawmakers.
http://jlne.ws/g8jmKR
Pensions set to win exemption from derivatives rules
eFinancial News
European pension schemes are close to winning a reprieve from new EU rules governing derivatives trading, which would have resulted in high fees, tied up assets in the form of collateral and reduced investment returns.
http://jlne.ws/gjZsGP
Soros Warns Moral Hazard 'Looms Larger' as Volcker Says Big Banks Can Fail
Bloomberg
Paul Volcker , former Federal Reserve Chairman, challenged the notion that large financial institutions wouldn't be allowed to collapse, and asked Soros whether the extra yield on Goldman Sachs Group Inc. (GS) bonds relative to Treasuries would widen if the firm gave up its bank license.
http://jlne.ws/eAEXgE
U.S. Chamber Says Dodd-Frank Swaps Deadlines Should Be Delayed
By Silla Brush, Bloomberg
Congress should pass legislation extending the July deadline under the Dodd-Frank Act for most new derivatives regulations to be completed, 19 industry trade- associations told lawmakers.
http://jlne.ws/g8jmKR
IMF Sees Growth Slowing This Year
BY Ian Talley, WSJ.com
The International Monetary Fund highlighted new risks to the recovery and feeble efforts to tackle existing hazards but left its projection for global economic growth unchanged at 4.4% for 2011, from 5% last year.
http://jlne.ws/edI6Wa
Is Financial Reform Working, or Will It Make Things Worse?
Business Insider
The 2008 financial crash gave rise to a world-wide call for a review of regulations.
http://jlne.ws/gBq1cN
ECB move set to spark debate on US tightening
By Gillian Tett, Financial Times
The phrase macroprudential policy does not usually set pulses racing. Least of all in Calgary, the chilly Canadian town. But when the Inter-American Development Bank held its annual meeting there late last month, the mouth-twisting word was being bandied about in a way that provoked unusual heat.
http://jlne.ws/dW71HO
Europe's Rate Rise Signals End of Cheap-Money Era
By BRIAN BLACKSTONE and DAVID WESSEL, WSJ
The European Central Bank on Thursday became the first monetary authority in a major developed economy to raise interest rates since the global financial crisis struck—a sign that the long period of extraordinarily easy credit is beginning to come to a close.
http://jlne.ws/dOoCU8
Economic News/Auctions/Statistics
Jobless Claims Jump
By Jeff Bater and Tom Barkley, WSJ.com
New claims for unemployment benefits in the U.S. shot up last week, reaching their highest in two months as the economy fights to recover. Meanwhile, U.S. producer prices continued to pick up last month amid rising energy costs, while underlying pressures also rose slightly more than expected.
http://jlne.ws/hDwbo2
Rate on 30-year fixed mortgage rises to 4.91 pct.
By Janna Herron, Yahoo! News/AP
The rate on the 30-year fixed mortgage rose for the fourth straight week, but still remains below 5 percent.
http://jlne.ws/hJkr1W
Consumers, Data Diverge on Labor Market Strength
By Kathleen Madigan, WSJ.com
The U.S. labor market is improving, say recent data. No, it isn’t, say U.S. consumers. The disconnect poses a challenge to the outlook. Consumers suffering from job jitters are more reluctant to spend, and consumer spending remains the key engine to U.S. growth.
http://jlne.ws/hrO8gz
Retail sales rose 0.4 percent in March, just below expectations
Federal Reserve Bank of Cleveland
Retail sales rose 0.4 percent in March, just below expectations of a 0.5 percent gain. The modest increase in March follows a slight upward revision to February’s increase—from 1.0 percent to 1.1 percent. On a year-over-year basis, retail sales are up 7.1 percent. “Core” retail sales—sales excluding autos, building supplies, and gas stations—rose 0.4 percent in March.
http://jlne.ws/fo9Zey
Japan turmoil disrupting U.S. activity: Beige Book
By Greg Robb, MarketWatch
The Japanese earthquake may be having more of an impact on the U.S. economy than previously believed, according to the Federal Reserve's latest Beige Book survey of current economic conditions released on Wednesday. A majority of the Fed's 12 regional districts reported "actual or expected disruptions to sales and production" as a result of the Japan earthquake
http://jlne.ws/ieKthF
Tentative Outright Treasury Operation Schedule - Federal Reserve Bank of New York
The Desk's tentative outright Treasury operation schedules for the purchases associated with the $600 billion purchase program announced by the FOMC on November 3, 2010 and for the purchases associated with the reinvestment of principal payments from agency debt and agency MBS announced by the FOMC on August 10, 2010.
http://jlne.ws/hp922J
Fourth-Quarter GDP Growth and a Look Forward
Ken Beauchemin and John Lindner, Federal Reserve Bank of Cleveland
Real GDP growth in the fourth quarter of 2010, originally reported in January as 3.2 percent, settled in at 3.1 percent following the two usual revisions. For the year, real GDP grew 2.9 percent, beating out the January Blue Chip consensus projection of 2.8 percent growth, but falling short of Blue Chip’s 3.1 percent midyear estimate.
http://jlne.ws/dJ9mR2
Exchanges, Clearing Houses & MTFs
One Million Contracts and counting! NYSE Liffe U.S.
NYSE Exchanges, Lynn Martin
We’ve got a lot to be excited about at NYSE Liffe U.S. - We have now traded in excess of one million interest rate futures since the launch of our Eurodollar market on March 21!!! As you know, these contracts are cleared by our new clearinghouse, NYPC (www.nypclear.com), which delivers important capital and operational efficiencies to market participants. As new firms enter our market, they have been impressed with the liquidity available - evidenced by growing average daily trading volume and open interest on our platform. Not to mention achieving 100,000 contracts traded for the first time on March 31.
http://jlne.ws/egdAkr
LCH.Clearnet boosts Portugal bond margin fees
Market Watch
Clearing firm LCH.Clearnet on Thursday increased the margin requirement for long positions in Portuguese sovereign bonds, a move that makes it more expensive to trade the securities. In a posting on its website, the firm said it had increased the margin for bonds cleared through its RepoClear service by an additional 15% for long positions.
http://jlne.ws/gKZZle
Firms & Banks
JPMorgan Quarterly Profit Rises 67%
By Eric Dash, DealBook
JPMorgan Chase kicked off bank earnings season on Wednesday, reporting that first quarter profit surged 67 percent even as problems in its mortgage lending business continued to mount.
http://jlne.ws/hbKz1B
Report Criticizes Banks for Handling of Mortgages
By David Streitfeld, The New York Times
Banks were unprepared for a flood of foreclosures and did a poor job of handling them, in some cases moving ahead with evictions when they should not have, according to a long-awaited report released Wednesday by federal regulators.
http://jlne.ws/hDenB7
Deutsche Börse: Two Bonds Tradable In Entry Standard From Today
Press Release
Golden Gate AG Und S.A.G. Solarstrom AG Are First In New Segment For Bonds
http://jlne.ws/g9gBkz
Banks fight for ‘block’ share deals
By Telis Demos, Financial Times
Wall Street banks are vying to underwrite companies’ share sales in so-called “block trades,”a sign of their willingness to take on greater risks and use more of their own capital.
http://jlne.ws/hvqp9L
HSBC drawn into US tax pursuit
By Suzanne Kapner in New York, Financial Times
The US Department of Justice has asked a federal judge to force HSBC to reveal the names of thousands of the bank’s wealthy clients who are suspected of tax evasion in the US.
http://jlne.ws/fw1Oyp
Dimon’s pay package rises 51%
By Francesco Guerrera in New York, Financial Times
Jamie Dimon underlined Wall Street’s return to health after the financial crisis by collecting a $5m bonus – his first cash pay-out in three years – as part of a $23m pay package for leading JPMorgan Chase during 2010.
http://jlne.ws/dKM6Lx
Royal Bank of Scotland's Irish loan losses double to £15bn after stress tests, says UBS
AFP Telegraph Finance News
Royal Bank of Scotland would need to more than double its provisions against potential losses on its Irish loan book if it faced the stress tests with the same criteria used by the Irish government earlier .
http://jlne.ws/h0A9iU
PNC Increases Dividend 250%
By DEALBOOK, NY Times
The PNC Financial Services Group announced on Thursday that it had raised its quarterly payout to 35 cents a share from 10 cents, a fresh sign that banks are looking to put the financial crisis behind them. The Pittsburgh-based bank also said it planned to spend as much as $500 million this year buying back stock.
http://jlne.ws/fxUqbz
Madoff spreads blame to banks in jail interview
By David Gelles and Gillian Tett in New York - Financial Times
Bernard Madoff has sought to spread blame for his $65bn Ponzi scheme to banks, regulators and some of his oldest business associates in a rambling jailhouse interview with the Financial Times.
http://jlne.ws/hiUcFh
Regulators
Treasury's Process for Contracting for Professional Services under TARP 04_14_11.(PDF)
We are providing this audit report for your information and use. It discusses the Department of the Treasury’s (“Treasury”) process for contracting for professional services under the Troubled Asset Relief Program (“TARP”). The Office of the Special Inspector General for the Troubled Asset Relief Program (“SIGTARP”) is conducting this audit under the authority of Public Law 110-343, as amended, which also incorporates the duties and responsibilities of inspectors general under the Inspector General Act of 1978, as amended.
http://jlne.ws/gk43ji
Arthur J. Murton, Director, Division of Insurance and Research, FDIC on Oversight of the Financial Stability
Statement of Arthur J. Murton, Director, Division of Insurance and Research, Federal Deposit Insurance Corporation on Oversight of the Financial Stability Oversight Council before the Subcommittee on Oversight and Investigations, House Financial Services Committee; 2128 Rayburn House Office Building April 14, 2011
http://jlne.ws/eISqHP
FDIC expects insurance fund to recover
By Suzanne Kapner in New York, Financial Times
The Federal Deposit Insurance Corporation expects its insurance fund to swing into the black this year for the first time since the financial crisis led to hundreds of bank failures.
http://jlne.ws/eiktca
Dodd-Frank Swaps Rules Help the ‘Real Economy,’ Gensler Says
By Asjylyn Loder and Silla Brush, Bloomberg
Regulation of the $583 trillion over-the-counter derivatives market will “bring tangible benefits to the real economy,” Gary Gensler, chairman of the Commodity Futures Trading Commission, said today in New York.
http://jlne.ws/dTYwXr
Text Of Obama’s Deficit-Plan Speech
Following is the full text, as prepared for delivery, of President Barack Obama’s speech on Wednesday about cutting the deficit by $4 trillion in 12 years or less.
http://jlne.ws/dG1XJx
Opening Statement, Thirteenth Series of Proposed Rulemakings Under the Dodd-Frank Act: Commissioner Scott O’Malia
Press Release
Today we are voting on similar, but not identical margin rules as the prudential regulators.1 Despite endless attempts to conform the rules, the treatment of end-users couldn’t be further apart. The rules proposed by the prudential regulators will require that end-users pay initial and variation margin to banks. Alternatively, the Commission’s rule requires transactions between a swap dealer and an end-user to simply include a credit support agreement and nothing more. Unfortunately, this isn’t the only inconsistency between the rulemakings.
http://jlne.ws/dQHoFl
CFTC and SEC Staffs to Host Public Roundtable Discussion on Dodd-Frank Implementation
Press Release
The staffs of the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) today announced that they intend to hold a two-day joint public roundtable on May 2-3, 2011, to discuss the schedule for implementing final rules for swaps and security-based swaps under the Dodd-Frank Wall Street Reform and Consumer Protection Act.
http://jlne.ws/eu2hQl
U.S. Fed's Dudley Calls for More Cooperation Among Global Regulators
Bloomberg
Federal Reserve Bank of New York President William C. Dudley said regulators of financial companies worldwide need to improve their coordination to minimize the severity and frequency of market crises.
http://jlne.ws/hB18jz
Stay the course on monetary policy, Fed's Yellen
By Greg Robb, MarketWatch
There is no reason for the Federal Reserve to reverse course from its current easy monetary policy stance given the spike in commodity prices, said Federal Reserve Vice Chairman Janet Yellen on Monday.
http://jlne.ws/hwNQg7
GOP to argue Volcker study didn't consider rivals
Market Watch
Republican lawmakers are planning to raise concerns this week that a newly formed council of bank regulators failed to adequately consider international competitiveness in a study about a controversial Volcker Rule for big banks the group produced, according to a GOP memo obtained by MarketWatch.
http://jlne.ws/fJ2yLf
Fisher Says Fed at ‘Tipping Point’ of Overstimulating U.S. Economic Growth
By Vivien Lou Chen , Bloomberg
Federal Reserve Bank of Dallas President Richard Fisher said the central bank faces a “significant” risk of providing record stimulus for too long and should weigh curtailing its $600 billion bond-purchase plan.
http://jlne.ws/eIb20R
U.S. Federal Reserve Announces New Director Of Management Division
Press Release
The Federal Reserve Board on Thursday announced the appointment of Richard "Dick" A. Anderson as director of the Management Division and as the Board's chief operating officer, effective April 18, 2011.
http://jlne.ws/eBltxS
OTC
Resolve to expand OTC rules hardens
eFinancial News
Attempts by European policymakers to reform the European over-the-counter derivatives market have sparked much controversy during the past six months. But recent moves to expand the scope of the European Market Infrastructure Regulation text are raising the stakes further.
http://jlne.ws/f7q6xy
Global News
Spanish banks' ECB dependence may ease further
By Marius Zaharia, Reuters
Spanish banks' reliance on ECB funding may fall further from 3-year lows in the near term as stress in the money markets showed little signs of intensifying despite growing talk of a possible Greek debt restructuring.
http://jlne.ws/edosiq
Greece faces new debt crisis amid fears of default
Graeme Wearden and Phillip Inman, guardian.co.uk
The cost of insuring Greek debt has hit a record high on renewed fears the country will default on its borrowings. But support came from the head of the IMF, who insisted the embattled country would "make it."
http://jlne.ws/evAM2u
Qatar Islamic Bank's Q1 net profit up 7% to QR321m
AME info.com
Qatar Islamic Bank (QIB) announced a net profit of QR321m up 7% over Q1 2010. The core business of the bank has grown strongly in Q1, leading to a 26% increase in Operating income which reached QR648m in the first quarter of 2011 compared to QR515m in the corresponding period last year.
http://jlne.ws/gnBmdq
Africa investment banking fees double
Pretoria News
Sub-Saharan Africa investment banking fees doubled in the first quarter of 2011 from a year ago, with equity market operations posting their strongest first quarter performance since a 2007 regional boom.
http://jlne.ws/fMPccv
Africa investment banking fees double in Q1 2011
Reuters
Sub-Saharan Africa investment banking fees doubled in the first quarter of 2011 from a year ago, with equity market operations posting their strongest first quarter performance since a 2007 regional boom.
http://jlne.ws/fNFinN
FINRA Fines Santander Securities $2 Mln For Deficiencies In Structured Products, Unsuitable Reverse Convertible Sales
Press Release
The Financial Industry Regulatory Authority (FINRA) announced today that it has fined Santander Securities of Puerto Rico $2 million for deficiencies in its structured product business, including unsuitable sales of reverse convertible securities to retail customers, inadequate supervision of sales of structured products, inadequate supervision of accounts funded with loans from its affiliated bank, and other violations related to the offering and sale of structured products. In addition to paying the fine, the firm is required to review its training, supervision and written procedures in the relevant areas. Santander Securities has reimbursed more than $7 million to its customers for losses that resulted from reverse convertible securities.
http://jlne.ws/gHfjJV
HSBC sells Mexican pensions management business
Sharecast Finance News via Yahoo! UK and Ireland Finance
Grupo Financiero HSBC, a Mexican subsidiary of global banking giant HSBC, has agreed to sell its pension funds management business, HSBC Afore, for around $198m.
http://jlne.ws/ecJbHs
HSBC: DOJ Goes After Taxpayers with Undisclosed Offshore Accounts in India
PRWeb
On April 7, 2011, the Honorable Phyllis J. Hamilton of the United States District Court for the District of Northern California ordered the Internal Revenue Service to serve a "John Doe" Summons on HSBC Bank USA, NA for HSBC's records relating to United States taxpayers with interests in financial accounts in India.
http://jlne.ws/h36ZzU
British banks 'need to ringfence retail operations'
By Roland Jackson, AFP/Yahoo! News
Britain's banks need to ringfence their retail operations from investment bank activities, the Independent Commission on Banking urged Monday in a report aimed at preventing more state bailouts.
http://jlne.ws/frgC55
Banco do Brasil in talks to buy Florida bank
Reuters
Brazilian bank Banco do Brasil (BBAS3.SA) is negotiating to buy EuroBank, a bank headquartered in Florida, Banco do Brasil said in a securities filing on Monday.
http://jlne.ws/gvD4Tl
Kenya licenses second credit reference bureau
Reuters
Kenya's central bank licensed a second credit reference bureau in east Africa's biggest economy that could lead to lower commercial lending rates by improving credit information in the banking sector.
http://jlne.ws/hvKhCP
Iceland Votes Nei In Regard To Paying Back U.K. And Netherlands For Cost Of Bailout
By Jacob Goldstein, NPR
In the heat of the financial crisis, hundreds of thousands of British and Dutch citizens lost money in savings accounts at a failed Icelandic bank. The governments of the U.K. and the Netherlands bailed them out.
http://jlne.ws/hEUels
Battle Starts Over British Bank Rules
By LANDON THOMAS Jr. and ERIC DASH, NY Times
As Wall Street banks fight to fend off further regulation, the battle in Britain over how best to manage financial institutions considered too big to fail is just beginning.
http://jlne.ws/gAQP7w
U.S. says HSBC in India helped rich tax dodgers
Reuters via Yahoo! India News
The U.S. Department of Justice said that HSBC in India helped potentially thousands of Americans dodge taxes, broadening the government's probe of banks suspected of helping tax dodgers beyond UBS AG.
http://jlne.ws/exNG1l
HSBC India Account Information Sought by U.S. Tax Officials
BusinessWeek
U.S. tax authorities stepped up their investigation of HSBC Holdings Plc today by seeking authorization to go after information from thousands of Americans who may have used accounts in India to evade taxes.
http://jlne.ws/hjk8Ne
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