“The last six months ... have made abundantly clear that voluntary regulation doesn’t work,” Mr. Cox said in prepared testimony at a hearing of the Senate Banking Committee.
Lawmakers must take steps stabilize a financial situation that could pose “very serious consequences” for the U.S. “financial markets and for our economy," said Fed chief Ben Bernanke.
The historic bailout may be as low as $100 billion to $200 billion, rather than the $700 billion being requested by the administration, House Financial Services Committee Chairman Barney Frank, D-Mass. said yesterday.
A group of the world's largest hedge funds are planning to sue the Financial Services Authority for millions of pounds of losses allegedly resulting from the regulator's ban on short selling, according to a report in the Sunday Telegraph.
U.S. markets are poised to open sharply higher this morning after top government officials from the administration and Congress announced a several actions last night intended fight the mounting financial crisis, according to published reports.
Legislation that would set up the Office of Insurance Information within the Department of the Treasury has stalled in the House.
The chief executive of a subprime lender who lost a $65 million lawsuit against Merrill Lynch & Co. Inc. is demanding another bite at the apple.
The Securities and Exchange Commission would have explicit power to bar people associated with investment advisory firms for violating securities law under legislation unanimously approved yesterday by the House of Representatives.
The office of New York insurance superintendent James Wrynn has ordered embattled bond insurer Financial Guaranty Insurance Co. to halt claims payments.
Don Saxon leaves amid allegations that his agency let thousands of convicted criminals work in the mortgage business.
Auction rate securities cases have spawned a new arbitration procedure that relies on a single public arbitrator to hear cases brought by investors who allege "consequential damage" claims from ARS.
After losing costly battles with three former brokers last month, Banc of America Investment Services Inc. is now on the hook for $1.63 million.
Banc of America Investment Services allegedly sullied brokers' reputations, damaged potential relationships with clients.
In an arbitration case allegedly involving stolen stock, Wachovia Securities was ordered to pay clients $5.3 million in damages.
Prudential Financial yesterday agreed to settle allegations from the SEC that it used reinsurance contracts to overstate its income by more than $200 million.
In response to the credit crisis, a group of financial industry executives unveiled a plan today to improve risk management.
Samuel Israel III, founder of Bayou Group LLC, pled guilty to charges related to his attempts to jump bail and flee.
Many advisers who have been involved in arbitration cases are welcoming a move to give investors the option of having all-public arbitration panels.
The bank has outstanding liabilities of $100 million to $500 million and fewer than 50 creditors, according to the filing.
Insurance industry representatives and regulators could not agree on moving ahead with comprehensive reform legislation.
