Former American International Group Inc. Chairman Martin Sullivan misled Congress last year when he told lawmakers AIG’s financial problems were caused by fair-value accounting standards, the chairman of the Financial Accounting Standards Board said today.
The United Kingdom’s Financial Services Authority, in an effort to restore “trust and confidence in the retail-investment market,” has outlined a proposal to ban commission payments by investment management firms.
After banks make an offer, Treasury will decide whether to make a counteroffer, subject to a private appraisal if the two sides cannot agree on a fair price.
Antigua's former chief financial regulator surrendered Thursday to face U.S. charges that he aided an alleged $7 billion swindle by Texas billionaire R. Allen Stanford, government officials said.
The Texas Department of Insurance yesterday said that it will try to implement provisions of legislation vetoed last week by Gov. Rick Perry that was designed to protect annuity customers.
Four Germans, aged 61 to 80, abducted financial adviser, held him hostage in a basement; reportedly upset after losing $3.6M in real estate deals
Life insurers and banks bashed the administration’s proposal for a Consumer Financial Protection Agency today at a House Financial Services Committee hearing.
An influential House committee today approved a comprehensive package of retirement legislation that includes a provision that would permit only independent financial advisers to counsel 401(k) participants on their investment decisions.
The Securities and Exchange Commission today voted unanimously to propose rule changes for the $3.8 trillion money market mutual fund industry — including new liquidity requirements to prevent runs on such funds.
The Life Insurance Settlement Association today applauded new legislation in Maine which requires that insurance customers be apprised of their rights to sell their policies on the secondary market.
The 71-year-old Madoff faces up to 150 years in prison after pleading guilty on March 12 to 11 felony counts including securities fraud and perjury.
A pair of key lawmakers are expected to introduce a bill on retirement reform later this week that could have substantial implications for investment advisers, 401(k) service providers and the majority of employer-sponsored retirement plans.
The long-running debate over “say on pay” is heating up in Washington, with a group representing executives saying that the proposal undermines the role of directors while an investors' group counters that it makes boards more accountable to shareholders.
The Public Investors Arbitration Bar Association, a trade group for attorneys who represent investors in securities arbitrations, has formally asked the Securities and Exchange Commission to end the mandatory use of industry arbitrators.
A financial planning firm has settled all but one claim related to an embezzlement scheme conducted by a rogue adviser over an eight-year period ending in March 2008.
If you are a commercial banker, savings and loan operator, mortgage broker or hedge fund artist, there is a lot to concern you in the regulatory-reform proposal outlined by the Obama administration last week.
Investment advisers and consumer advocates have applauded President Obama's proposal to establish a fiduciary duty for broker-dealers offering investment advice.
Therese M. Vaughan, chief executive of the National Association of Insurance Commissioners, recently praised President Obama’s regulatory proposals but added that state regulators still have improvements planned for their oversight.
