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Mary Schapiro Stepping Down as SEC Chair

(WASHINGTON) — Mary Schapiro will step down as chairman of the Securities and Exchange Commission next month after a tumultuous tenure in which she helped lead the U.S. government’s regulatory response to the 2008 financial crisis. President Barack Obama designated Elisse Walter, an SEC commissioner, to replace Schapiro. Schapiro will leave Dec. 14, the SEC said Monday. She was appointed by Obama in the midst of the worst financial crisis since the Great Depression. She took over after the agency failed to detect the Bernard Madoff Ponzi scheme. (MORE: Obama Selects Three Financial Regulators) Schapiro is credited with helping reshape the SEC after it was accused of failing to detect reckless investments by many of Wall Street’s largest financial institutions before the crisis. And she led an agency that brought civil charges against the nation’s largest banks. But critics argued that she failed to act aggressively to charge leading individuals at those banks who may have contributed ...

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Found more than 1 month ago on channel TIME Moneyland

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Mrs. Warren Goes to Washington: Does the Market Mistrust Big Banks?

Critics of the nation’s largest banks haven’t had very many friends in Washington lately, but that dynamic changed markedly in January, when Massachusetts Senator Elizabeth Warren — perhaps Big Finance’s most articulate gadfly — was sworn in and given a seat on the Senate Banking Committee. And last week, the committee held its first hearing of the new year to question regulators about the stability of the nation’s financial system, and to get a progress report on the implementation post-crisis financial reform. Not surprisingly, it was the rookie Massachusetts Senator who stole the show, pointedly asking each member of the panel when the last time they had taken a large Wall Street bank to trial, where their misdeeds would be aired publicly. The implication was, of course, that regulators are either unwilling or unable to take big banks to trial, that they rely too much on mutually agreed upon settlements as penalties for misbehavior, and that this reluctance has created ...

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Found more than 1 month ago on channel TIME Business

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RBS close to Libor settlement with U.S., UK authorities: WSJ

Royal Bank of Scotland Group is close to a 500 million pounds ($785.32 million) settlement with U.S. and British authorities over claims that some of its employees submitted false Libor rates, the Wall Street Journal reported, citing people briefed on the negotiations.

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Found more than 1 month ago on channel Reuters

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A look at money laundering settlements since 2009

British banking giant HSBC will pay a record $1.9 billion to settle a money-laundering probe by U.S. federal and state authorities, a law enforcement official said Monday. The probe of Europe's largest bank by market value has focused on the transfer of billions of dollars on behalf of nations such as Iran, which are under international sanctions, and the transfer of money through the U.S. financial system from Mexican drug cartels. Since 2009, several European banks have paid heavy settlem...

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Found more than 1 month ago on channel Associated Press

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SEC Official Elisse Walter Chosen to Lead Agency

(WASHINGTON) — President Barack Obama has chosen Elisse Walter, one of five members of the Securities and Exchange Commission, to become chairman of the agency. Chairman Mary Schapiro will leave next month after a tumultuous tenure in which she helped lead the government’s regulatory response to the 2008 financial crisis. Walter will take over at a critical time for the SEC, which is finalizing new rules in response to the 2008 financial crisis. She can serve through 2013 without Senate approval because she’s already been confirmed to the commission. Obama will need to nominate a permanent successor before Walter’s term ends. News reports have suggested that Mary John Miller, a top Treasury Department official, is among those mentioned as a potential candidate. (MORE: Obama Selects Three Financial Regulators) Walter, who is a Democrat, was appointed to the SEC in 2008 by President George W. Bush. Earlier, she was a senior official at the Financial Industry Regulatory Authority, the ...

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Found more than 1 month ago on channel TIME Business

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