Bloomberg: S&P to Argue ‘Puffery’ Defense
Bloomberg reported that S&P will defend itself in the government’s fraud case against the ratings agency by arguing reasonable investors would not have relied on its “puffery” about credit ratings.
Bloomberg reported that S&P will defend itself in the government’s fraud case against the ratings agency by arguing reasonable investors would not have relied on its “puffery” about credit ratings.
Bloomberg reported that GE Capital and AIG opted against fighting a decision by regulators that they pose potential risks to the economy, clearing the way for stricter oversight.
Bloomberg reported that U.S. banking regulators seeking to prevent another global financial meltdown are set to impose new minimums for capital amid predictions that smaller lenders will get easier terms.
Bloomberg reported that Fed officials have intensified efforts to curb a growth-threatening rise in long-term interest rates, seeking to clarify comments made by chairman Ben S. Bernanke.
Bloomberg reported that Mercantile Bancorp filed for bankruptcy protection in Delaware. The article noted the bank’s intention to sell its assets to United Community Bancorp for approximately $22.3 million.
Bloomberg reported that the lawsuit brought against Jon Corzine could make him the first former Goldman Sachs leader to be banned from trading. According to Bloomberg, if the CFTC is successful, Corzine will “face a very serious challenge if he ever wants to be involved in the money-management business again,” quoting Gregory Bruch, former SEC assistant enforcement director.
Bloomberg reported that regulators are saying that the biggest banks still have yet to provide adequate wind-down bankruptcy plans and may be subject to restructuring to reduce the risk the banks pose on the financial system.
Bloomberg reported that the U.S. Justice Department is seeking a trial in February 2015 in its lawsuit against S&P over ratings on residential mortgage-backed securities.
Bloomberg reported that U.S. regulators are considering doubling a minimum capital requirement for the largest banks, which could force some of them to halt dividend payments.
Bloomberg reported that bankrupt Eastman Kodak reached agreements with JPMorgan Chase, Bank of America and Barclays for approximately $895 million upon emerging from Chapter 11 protection.