LATEST NEWS : Atlantic City’s Credit Rating Cut 2 Steps to Junk by Moody’s

Atlantic City, New Jersey, the gambling hub that’s been pummeled by regional competition in the U.S. Northeast, had its credit rating cut two levels to speculative grade by Moody’s Investors Service. The reduction to Ba1 from Baa2 on the city’s $245 million of general-obligation debt reflects a weakened tax base resulting from anticipated casino closings, the New York-based […]

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Barclays, Deutsche Bank Accused of Gold Fix Manipulation

Barclays Plc (BARC), Deutsche Bank AG (DBK) and three other banks were accused in a lawsuit of manipulating the London gold fix, a benchmark used throughout the $20 trillion market for the metal. Kevin Maher, a New York resident who says he bought and sold gold and gold futures and options, sued yesterday in Manhattan federal court claiming the five banks […]

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How the Bank Lobby Loosened U.S. Reins on Derivatives

“One by one, Gary Gensler’s supporters deserted him. Now the chief U.S. regulator of derivatives was being summoned by Treasury Secretary Jacob J. Lew to explain why he refused to compromise. Banks and lawmakers, as well as financial regulators from around the world, had besieged Lew with complaints about Gensler’s campaign to impose U.S. rules […]

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Fed Finds 18 Large Banks Weak in at Least One Capital Area

“Five years after one of the most costly financial crises in U.S. history, the 18 largest banks still fall short in at least one of five areas critical to risk management and capital planning, the Federal Reserve said. While many banking companies have improved capital planning techniques and raised capital levels, “there is still considerable […]

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Swaps Probe Finds Banks Rigged Rate at Expense of Retirees

“U.S. investigators uncovered evidence that banks reaped millions of dollars in trading profits at the expense of companies and pension funds by manipulating a benchmark for interest-rate derivatives. Recorded telephone calls and e-mails reviewed by the Commodity Futures Trading Commission show that traders at Wall Street banks instructed ICAP Plc brokers in Jersey City, New […]

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