The U.S. Senate Permanent Subcommittee on Investigations plans to conduct a hearing over what it believes are abusive transactions made by financial institutions. Bloomberg is reporting that Deutsche Bank AG (DBK), Barclays PLC (BARC), and hedge fund manager Renaissance Technologies LLC will have representatives testifying at the hearing. The July…
In North Carolina, U.S. District Judge Max O. Cogburn Jr. said that Bank of America Corp. (BAC) would have to face government two residential mortgage-backed securities lawsuits. The Securities and Exchange Commission and the Department of Justice contend that the bank misled investors about the quality of loans tied to…
According to the Financial Crisis Inquiry Commission, the 2008 financial crisis could have been avoided, but, instead it was caused by Wall Street’s thoughtless risk-taking, corporate mismanagement, and government regulation-related failures. The New York Times says that the FCIC blames the Federal Reserve, two administrations, and other regulators for allowing…