JPMorgan Chase & Co (JPM.N) ignored risks, misled investors, fought with regulators and tried to work around rules as it dealt with mushrooming losses in a derivatives portfolio, a Senate report alleged in a damning review of the largest U.S. bank’s management.
WATCH LIVE: JP MORGAN SENATE HEARING
British banks that fail to shield their day-to-day banking from risky investment activities will face being broken up, finance minister George Osborne said on Monday.
Britain is shaking up its system of bank regulation following the 2008 financial crisis, when the government poured 65 billion pounds ($102 billion) of taxpayers’ money into rescues of Royal Bank of Scotland and Lloyds.
Greek Prime Minister Antonis Samaras visited Bavaria on Sunday, charming former critics of Greece in the southern German state who once wished to eject his country from the euro zone, and departing with pledges of solidarity and support.
Samaras’ visit to Munich and dinner with Bavaria’s State Premier Horst Seehofer on Sunday night was another sign of the new thaw in Greek-German relations that started when Chancellor Angela Merkel visited Athens in October and was convinced of Athens’ commitment to painful reforms.
“We want to support the Greek government and the Greek people, and help them gain economic growth and competitiveness,” Seehofer said at a press conference with Samaras.
Seehofer added the Greeks deserved deep respect for their achievements. “They are on a good way to overcoming the causes of the crisis.”
The head of the Securities and Exchange Commission, Mary Schapiro, announced on Monday she will step down from the agency on December 14.
Speculation had swirled for months that Schapiro would leave soon after the November presidential election. The announcement marks one of the first departures of President Barack Obama’s financial regulation team in the aftermath of the election.
READ ON: SEC Chairman Mary Schapiro to step down
Europe’s economic crisis is nibbling away at demand for chocolate, the affordable treat once thought of as recession proof.
Times are tough enough now that even the market for this modest luxury is struggling in Europe, analysts say.
“For the first part of the recession we thought chocolate would be recession proof, and then we said recession resistant, and now I think people are just getting ground down,” said Marcia Mogelonsky, global food and drink analyst at Mintel.
“I have not seen this much of a slowing in the market in the time I’ve been watching it.”
Reuters columnist David Cay Johnston found three more states where companies are able to keep state taxes paid by workers. Find out why your tax dollars may not be going where you think.
EXCLUSIVE: HSBC Holdings PLC is under investigation by a U.S. Senate panel in a money-laundering inquiry, the latest step in a long-running U.S. effort to halt shadowy money flows through global banks, according to people familiar with the situation and a company securities filing.
The intensifying scrutiny of HSBC is the latest in a series of investigations by U.S. officials into how global banks have processed — and in some cases, intentionally hidden — financial transactions on behalf of countries which allegedly support terrorism, corrupt foreign officials, drug gangs and criminals.