NewsRack: 'Regulation' news in 'Business' topic for user newstrust

IRS' last two commissioners deny lying; official to take the 5th	22.5.2013	LA Times: Nation
IRS' last two commissioners deny lying; official to take the 5th
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JPMorgan's Jamie Dimon survives vote to strip him of chairman role	22.5.2013	LA Times: Business
JPMorgan's Jamie Dimon survives vote to strip him of chairman role
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IRS official who runs division that targeted tea party groups to take the 5th before Congress	22.5.2013	Star Tribune: Politics

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JPMorgan shareholders spare Dimon, but seek changes	22.5.2013	Salt Lake Tribune
by Christina Rexrode The Associated Press Published May 21, 2013 06:29PM MDT Tampa, Fla. • Jamie Dimon, the CEO and chairman of JPMorgan Chase, easily survived a vote Tuesday that would have called on him to give up his role as chairman of the nation’s largest bank. But shareholders sent a message that the bank needed better oversight, giving only narrow approval to three of the bank’s board members. It was a mixed verdict in a closely watched test of corporate governance at U.S. companies. Dimon emerged in a stronger position after the proposal to split his roles won j... ...
House GOP panel approves agency budget cuts far deeper than those approved in March	22.5.2013	Star Tribune: Politics

House GOP panel moves on deep budget cuts	22.5.2013	Boston Globe: Latest
House GOP panel moves on deep budget cuts
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IMF urges Treasury to speed up sale of Lloyds and RBS	22.5.2013	The Guardian -- Front Page
Fund says disposal of £65bn bank stakes should be priority as Lloyds shares reach level considered as break-even for taxpayer Speculation about a government sell-off of Royal Bank of Scotland and Lloyds Banking Group was escalating on Tuesday night amid reports that the International Monetary Fund is urging the Treasury to accelerate its disposal of the £65bn stakes in the two bailed-out banks. As part of its annual health check on the UK economy, the Washington-based fund is said to be telling the government that disposal of the share stakes should be a priority. Hopes of a sell-off of the 39% stake in Lloyds and 81% stake in RBS have risen in recent days as their share prices have climbed. On Tuesday shares in Lloyds closed just above 61p, the level which the Treasury has signalled it now regards as break-even for the taxpayer, while RBS was at 342p, still below any break-even targets set by the government. The City has been focusing on 61p as a potential price at which to sell off ...
Christine Lagarde jets back to Paris to be questioned over Tapie payout	22.5.2013	The Guardian -- Front Page
IMF chief seeking to clear her name in case that could undermine her future ambitions on world stage She is the straight-talking first woman head of the IMF who is considered by some to be a potential future French president. He is a flamboyant crooner-turned-business-tycoon, whose bewilderingly eclectic career has included chatshow host and star of a TV cop-show after serving as a government minister under François Mitterrand and doing time in prison for football match-fixing. Together, the odd couple of Christine Lagarde and Bernard Tapie are at the centre of a legal investigation into alleged complicity in embezzlement of public funds and abuse of power over a multimillion euro state payout that could expose the unhealthy friendships between high French politics and the world of business. Lagarde will jet back to Paris on Thursday to be questioned by court judges, hoping to clear her name in a case that could undermine her future ambitions on the world stage. When Lagarde, 57, the ...
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Dimon hangs on to chairman, CEO titles at JPMorgan	22.5.2013	Chicago Tribune: Nation
Dimon hangs on to chairman, CEO titles at JPMorgan
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IRS Officials Misled Congress, Public	21.5.2013	FactCheck
IRS officials gave false or misleading information on numerous occasions regarding its now discredited practice of targeting conservative groups that sought nonprofit status. A Treasury inspector general’s report issued May 14 found the IRS used “inappropriate criteria,” beginning in March 2010, to identify potential political groups seeking nonprofit status based … More >>
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Ireland's Top Economic Crisis Blogger Calls it Quits (Cached)	21.5.2013	Global Voices
The anonymous blogger behind Namawinelake, a prominent watchdog blog that chronicled Ireland's efforts to deal with its economic crisis, has stopped publishing, triggering a wave of speculation as to the blogger's identity and his or her reason for quitting.
Naming Names in the Dodd Frank Mess	21.5.2013	American Prospect
As we trudge through the swamp of disappointment that defines Dodd-Frank implementation, the liberal commentariat has lately seized upon a new meme; Wall Street lobbyists are responsible for gutting Dodd-Frank behind closed doors. Big-pocketed firms deploy phalanxes of clever lawyers and influence peddlers that easily outpace reformers, ensuring that the regulations ultimately written are sufficiently de-fanged to allow the financial industry to conduct their business with few, if any, restrictions. The lobbyists, and mostly the lobbyists alone, bear responsibility. Witness the most recent rollback of Dodd-Frank, a compromise on derivatives regulations by the Commodity Futures Trading Commission (CFTC). The New York Times ’ Ben Protess makes the culprit clear in his Page 1 report : “ Under pressure from Wall Street lobbyists , federal regulators have agreed to soften a rule intended to rein in the banking industry’s domination of a risky market.” (Emphasis mine). But this gets things ...
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McCain-Feingold Gave Us the IRS Scandal	21.5.2013	American Spectator
During Friday morning’s House Ways and Means Committee hearing on the IRS targeting scandal, Liberal Congressman Jim McDermott (D-WA) at least had the honesty to say “I don’t like the right.” Each committee member had his own axe to grind. McDermott’s was campaign finance reform, and his view was shared by several Democrats. He argued that the beginning of the “problem” of “secret money” going to politically motivated groups was the Supreme Court’s Citizens United decision, which eliminated restrictions on independent campaign expenditures by organizations. McDermott and many others who share his view are wrong. Though it was not our first major campaign finance legislation ( FECA 1971 ), the problem began in earnest with the unconstitutional McCain-Feingold “reform” law, passed in 2002. McCain-Feingold, whose official name is the Bipartisan Campaign Reform Act (BCRA), would have been more appropriately named the ...
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White House: Obama kept out of loop on IRS	21.5.2013	Twincities.com: Nation
WASHINGTON -- White House officials were first notified April 16 about an investigation into Internal Revenue Service scrutiny of conservative groups and discussed its potential findings with the Treasury Department but never told President Barack Obama, the White House said Monday, May 20.
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I.R.S. Scandal: Questions and Answers	21.5.2013	NY Times: Washington
I.R.S. Scandal: Questions and Answers
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A Letter From Senator Warren	20.5.2013	Crooks Liars
The day may come when the worst nightmare a crooked banker or compromised regulator can have begins with the words, "You have a letter from Senator Warren." But before we get to that, here's an experience that may seem familiar: You're at a party or family get-together - a Sunday barbecue, perhaps - and someone says something like, "We need less government regulation." Next thing you know you're having an argument.Here's some advice for the next social event: There's no need to get into an argument. You can just ask, "How do you figure?" With every unreasonable assertion you can ask a reality-based question like, "Where's the study that says that?" Once in a while they may cite a shallow white paper from sine right-wing foundation, but more often than that they won't even get that far. Soon the conversation will peter out with a "Well, uh ..."We can never go wrong asking questions. We only go wrong when we don't ask questions. The Senator's letter should be the start of a public ...
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DealBook: Former Senator to Run Wall St. Lobby Group	20.5.2013	NY Times: Business
DealBook: Former Senator to Run Wall St. Lobby Group
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Scottish independence could threaten thousands of banking jobs	20.5.2013	The Guardian -- Front Page
Finance and banking jobs in Scotland would be at risk if major firms opt to pursue larger markets in England, warns Treasury The Treasury has claimed that thousands of Scottish banking and finance jobs could shift to England after independence because major Scottish finance firms would want to chase much larger markets in England. The warning from Sajid Javid, the economic secretary to the Treasury, came as his department published a study outlining how Scottish independence could cause significant risks for mortgages, insurance products and pensions from increased regulation, borrowing and business costs for the finance sector. The most serious impact could be on Scottish banks and insurance firms, such as RBS and Standard Life, Javid said, because independence would end the "seamless", fully integrated single market for financial services across the UK. The report , the latest UK government critique of independence, pointed out that about 85,000 people in Scotland were directly ...
Investigation Into Oil Industry Price Rigging Mirrors LIBOR Scandal	20.5.2013	Think Progres
Investigation Into Oil Industry Price Rigging Mirrors LIBOR Scandal
Bank Cannot Issue 1099-C And Subsequently Try To Collect	20.5.2013	Forbes.com: News
Banks are required to notify taxpayers and the IRS about debt discharges by filing Form 1099-C. It is less than crystal clear as to exactly when the banks are supposed to file 1099-C. A recent bankruptcy decision in the case of William and Elaine Reed has made the issue even more challenging for the banks. Tentatively, I'm looking at this as a win for the little guys.
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