Top Interest Rate Headlines 12-08-10: SIFMA Testifies On Regulation Of The Municipal Securities Market

SIFMA Testifies On Regulation Of The Municipal Securities Market
Press Release
At a Securities and Exchange Commission (SEC) Field Hearing on the State of the Municipal Securities Market today, SIFMA offered its views on regulation of the municipal market following passage of the Dodd-Frank Act. SIFMA believes the benefits of the Municipal Securities Rulemaking Board (MSRB) are vast and that having a dedicated regulator with the expertise and focus on the municipal securities industry's unique issues is valuable and has generally worked well since the Board was created in 1975.
http://jlne.ws/cxgbC7 

Banks in Europe Fail Stress Tests With No Authority
BusinessWeek
In the five months after the U.S. published results of its 2009 bank stress tests, the Standard & Poor's 500 Financials Index rose 25 percent. Five months after the European Union released its version, the Bloomberg Europe Banks and Financial Services Index is down 4 percent.
http://jlne.ws/eLMxsL

EU bankers to face tougher sanctions, prison
EurActiv
Bankers could face higher fines and even prison sentences, according to a proposal tabled by the European Commission today (8 December).
http://jlne.ws/i5YhK0

Regulators May Miss Swaps Reform Deadline, Credit Suisse Says
By Matthew Leising - Bloomberg
U.S. regulators may miss the deadline for some new regulations in the $583 trillion private derivatives market because of the number and complexity of the required rules, according to Credit Suisse Group AG.
http://jlne.ws/hidV96

Rules to keep bankers honest
By Adair Turner - Financial Times
Last week the Financial Services Authority announced, following an investigation of management conduct at the Royal Bank of Scotland, that we would not bring enforcement proceedings against any individuals. This caused criticism that no "charges" would be brought and no "report" published. Neither criticism is valid.
http://jlne.ws/ihKhuy

Is there the will to save the eurozone?
By Martin Wolf - Financial Times
Will the eurozone survive in its current form? To address this question, we need to consider three more precise issues. First, how likely is a wave of sovereign defaults? Second, will the eurozone make the changes needed to prevent these? Third, could the eurozone survive them? My answers, in turn, are: quite likely; probably not; and perhaps - but not with certainty.
http://jlne.ws/ehNavC

IMF calls for 'comprehensive' euro solution
By Peter Spiegel in Brussels - Financial Times
The managing director of the International Monetary Fund has called on European leaders to come up with a more comprehensive solution to combating the eurozone debt crisis, saying its response thus far has been "piecemeal" and not adequate.
http://jlne.ws/g3k653

US banks in danger of Q1 downgrade
eFinancial News
Bank of America Merrill Lynch, Citigroup and Morgan Stanley could be downgraded by credit rating agencies as early as the first quarter of next year, driving up funding costs and potentially making it difficult for them to compete in lucrative areas like prime brokerage, according to analysts at Nomura.
http://jlne.ws/e7w2vq

Pay clawback warning for failed bank bosses
Sharecast Finance News via Yahoo! UK & Ireland Finance
The heads of Britain's failed banks may have to pay back two years worth of pay, according to the chairman of the Financial Services Authority (FSA).
http://jlne.ws/hTcEOw

Goldman Sachs Allowed to Celebrate the Holidays This Year
New York Magazine
Last year, the hardworking people at God's Bank weren't even allowed to congregate in groups of twelve or more . Sad face, as Lloyd loves to don his Santa outfit! Fortunately this year, things are looking up: We hear the firm will be hosting at least one holiday party, nothing flashy, just 100 or so of their biggest ballers at STK in the meatpacking district. At least for some people things are ...
http://jlne.ws/dZogIc

Citigroup Chairman Backs Tighter Bank Rules;Shrugs Off WikiLeaks Plan
By Elena Berton - Dow Jones Newswires
Citigroup Inc. Chairman Richard D. Parsons said Tuesday he supports tougher regulation for the banking sector in the aftermath of the financial crisis.
http://jlne.ws/gzIdKL

Palestinians Lure Banks With First Sukuk Bills: Islamic Finance
BusinessWeek
The Palestinian central bank is attracting local banks to its first sale of Islamic bills, part of a plan to jumpstart the Shariah-compliant finance industry.
http://jlne.ws/hzkQap