Almost everyone thinks the Volcker rule is negative for bank stocks. Not Jim Cramer.» Read More
Regulators decided to exempt certain funds after Wall Street complained that an earlier draft would have applied to an unnecessarily broad swath of the industry, including many commodity pools, foreign registered mutual funds, securitized loans and corporate structures such as joint ventures.
WASHINGTON, Dec 10- U.S. banks will no longer be able to make big trading bets with their own money after regulators finalized on Tuesday a rule shutting down what was a hugely profitable business for Wall Street before the credit crisis.
Bank of America Corp. fell$. 02 or. 1 percent, to $15.56. Citigroup Inc. fell$. 37 or. 7 percent, to $51.74. Goldman Sachs rose $2.06 or 1.2 percent, to $169.73.
WASHINGTON, Dec 10- U.S. regulators toughened key sections of the Volcker rule's crackdown on Wall Street's risky trades on Tuesday as they finalized one of the harshest reforms after the credit meltdown.
WASHINGTON, Dec 10- Wall Street banks will need to prove to regulators their trades are done on behalf of clients or to protect against market risks and are not speculative bets for their own profit, under the final version of the Volcker rule released by U.S. officials on Tuesday.
WASHINGTON, Dec 10- Wall Street banks will need to prove to regulators that certain trades are done on behalf of clients and are not veiled speculative bets as part of the final Volcker rule that U.S. officials plan to adopt on Tuesday, a senior regulator said.
WASHINGTON, Dec 10- U.S. regulators are set on Tuesday to approve a rule to rein in risky trading by banks, a crucial part of their efforts to reform Wall Street and prevent another costly taxpayer bailout.
NEW YORK, Dec 9- The trustee seeking money for Bernard Madoff's victims may be unable to pursue some claims against investment firms that fed client funds into the swindler's Ponzi scheme, a Manhattan federal judge said.
Bank of America Corp. rose$. 02 or. 1 percent, to $15.58. Citigroup Inc. rose$. 62 or 1.2 percent, to $52.11. Goldman Sachs rose$. 46 or. 3 percent, to $167.67.
Dec 9- Time Warner Cable's incoming chief executive Rob Marcus said on Monday he is in no hurry to sell the company, while Charter's CEO Tom Rutledge, a potential suitor, said the smaller company sees benefits in growing through acquisitions.
WASHINGTON, Dec 9- The Obama administration on Monday urged big U.S. banks to improve how they implement a government anti-foreclosure program, saying more can be done with the federal funds that go toward helping struggling homeowners.
Here's why SEC commissioner Michael Piwowar plans to vote against the Volcker Rule.
A JPMorgan analyst raised her investment rating on three U.S. oil refiners Monday, saying that the difference between two key oil prices will benefit them. Because of that, U.S. oil refiners could see increased margins, JPMorgan analyst Katherine Lucas Minyard said in a note to clients.
Bank of America Corp. rose$. 02 or. 1 percent, to $15.58. Citigroup Inc. rose$. 68 or 1.3 percent, to $52.17. Goldman Sachs rose$. 63 or. 4 percent, to $167.84.
Bank of America Corp. rose$. 07 or. 4 percent, to $15.63. Citigroup Inc. rose$. 89 or 1.7 percent, to $52.38. Goldman Sachs rose $1.47 or. 9 percent, to $168.68.
Tuesday's vote "ushers in an era of Big Brother banking,'' a banking analyst tells USA Today.
Dec 9- Dairy products producer WhiteWave Foods Co said it would buy organic food brand Earthbound Farm from investors including private equity firm Kainos Capital for about $600 million to expand its offerings of organic products. Earthbound Farm produces packaged salads and organic fresh and frozen fruits and vegetables, as well as dried fruits and snacks.
"For something of this magnitude and this controversial... there will be somebody who will challenge it," said Brian Cartwright, an advisor at consultancy Patomak Global Partners and a former general counsel at the Securities and Exchange Commission, one of the agencies voting on the measure.
Bob Diamond is making a dramatic return to banking, launching a vehicle with Africa's youngest billionaire. The Financial Times reports.
Federal authorities have obtained confidential documents that shed new light on JPMorgan Chase's decision to hire the children of China's ruling elite. The New York Times reports.