CFTC chief said to win Volcker rule ban for foreign banks: Bloomberg
(Reuters) - Commodity Futures Trading Commission chief Gary Gensler has convinced regulators to insert new language into the Volcker rule restricting foreign banks from evading the rule, Bloomberg reported on Friday. The new language, which clarifies the Volcker rule's definition of trading solely outside the United States, ensures that banking giants such as Deutsche Bank AG and Barclays Plc are not an exception to the regulation's ban on proprietary trading, according to the report, which cited sources briefed on the change...
Rogue trader gets prison, told to repay Goldman $118 million
By Joseph Ax NEW YORK (Reuters) - Former Goldman Sachs Group Inc trader Matthew Taylor was sentenced Friday to serve nine months in prison and pay $118 million in restitution to his former employer after he pleaded guilty to pursuing an unauthorized $8.3 billion futures trade in 2007. In imposing a sentence well below the 33- to 41-month term the U.S. Department of Justice had recommended, U.S. District Judge William Pauley in New York castigated both Goldman and government authorities for failing to immediately address Taylor's conduct when it occurred...
Fed seen getting QE3 wind down underway no later than March: Reuters poll
The Federal Reserve will start reducing its massive bond-buying program no later than March, according to a Reuters poll on Friday, with a handful of Wall Street firms expecting the U.S. central bank taking action as early as December following a second straight month of robust jobs gains. The poll canvassing 18 of the 21 primary dealers - those banks who are permitted to deal securities directly with the Fed - found that eight of them expect the first so-called tapering of bond purchases to begin in March...
Bank of America's record $500 million accord over Countrywide wins approval
A federal judge has granted final approval to Bank of America Corp's record $500 million settlement with investors who claimed they were misled by the bank's Countrywide unit into buying risky mortgage debt. In a decision made public on Friday, U.S. District Judge Mariana Pfaelzer in Los Angeles called the accord fair, reasonable and adequate. Investors, including several public and union pension funds, had accused Countrywide of misleading them in offering documents between 2005 and 2007 about the quality of home loans underlying the securities they bought...
Deal to boost global trade reached at WTO summit
BALI, Indonesia (AP) — A deal to boost global trade has been approved by the World Trade Organization's 159 member economies for the first time in nearly two decades, keeping alive the possibility that a broader agreement to create a level playing field for rich and poor countries can be reached in the future.
Apple guides shoppers inside stores with iBeacon
NEW YORK (AP) — GPS will tell you how to get to the nearest Apple store. With iBeacon, Apple hopes to guide you around once you're inside, whether it's to pick up an order, upgrade to a new iPhone or shop for a pair of headphones.
AT&T says it doesn't have to disclose NSA dealings
SAN JOSE, Calif. (AP) — AT&T, under fire for ongoing revelations that it shares and sells customers' communications records to the National Security Agency and other U.S. intelligence offices, says it isn't required to disclose to shareholders what it does with customers' data.
FDA approves breakthrough hepatitis C drug
WASHINGTON (AP) — Federal health officials have approved a highly anticipated hepatitis C drug from Gilead Sciences Inc. that is expected to offer a faster, more palatable cure to millions of people infected with the liver-destroying virus.
Cargo bikes the new minivan for cycling families
SEATTLE (AP) — One fisherman uses a bike to deliver hundreds of pounds of salmon to local markets. A mom who regularly shuttles her two kids around town once tried to haul a twin mattress home. And some companies are using the bikes to deliver beer kegs or pick up recycling.
Sky-High Stocks: A Split Decision?
Stock splits have gone Splitsville. So far this year, only 11 companies in the S&P 500 index have "split" their shares—the fourth-lowest number on record.
Last-Ditch Bid to Halt Airlines Merger Fails
A federal judge on Friday rejected a last-ditch bid to halt the merger of AMR Corp. and US Airways Group Inc., telling a group of customers challenging the deal that they failed to show how they would ...