A round-up of the top stories from the specialist financial media, including news thatthe European bank meltdown will hit home in the U.S.
FSA seeks ban on hostile bank buy-outs
Hostile bank takeovers should be outlawed as part of a package of reforms needed to avoid a repeat of the catastrophic failings at Royal Bank of Scotland, the chairman of the Financial Services Authority has urged after releasing a long-delayed report into the the bank’s collapse. “[They] should either be completely banned or the regulator should have the power to block them,” Lord Turner told the Financial Times.
In less than six months, Americans' personal wealth has gone from having only an indirect connection to Europe to being held hostage by the leaders on the Continent, David Weidner argues.
Dozens of euro-zone banks flocked to Eastern Europe in recent years, hoping to harness the region's fast-growing economies and relatively untapped banking markets. Amid Europe's banking crisis, the situation has suddenly been thrown into reverse.
The Securities and Exchange Commission for the first time sued the agency that insures U.S. brokerage accounts to force it to pay investors in R. Allen Stanford's alleged $7 billion Ponzi scheme.
State Bank on ‘Capital Hunt’ as Singh delays investment
State Bank of India (SBIN), the nation’s largest lender, plans to cancel untapped credit lines and change how some loans are classified to bolster its cushion against losses pending an infusion of government funds, Chairman Pratip Chaudhuri said.
No one says who took $586 billion in Fed swaps done in anonymity
For all the transparency forced on the Federal Reserve by Congress and the courts, one of the central bank’s emergency-lending programs remains so secretive that names of borrowers may be hidden from the Fed itself.
