2008 financial crisis News

Solvency II Staggers Towards Finish Line: a Retrospective Analysis

It’s been a long process, but, according to Paul Fisher, deputy head of the Bank of England’s Prudential Regulation Authority (PRA), who supervises insurance and regulatory risk, the introduction of the EU’s Solvency II regulations is nearing completion. In his …

Global Regulators Call for Closer Regulation of Financial Firms

Financial industry regulators need better coordination in the event of a big multinational financial institution failing or breaching compliance rules, the world’s top supervisory bodies have concluded in a survey. Arrangements for handling failures of diverse financial groups are inadequate …

Viewpoint: Systemically Risky Insurers Merit More Oversight But Not Bank Rules

Could Warren Buffett’s Berkshire Hathaway Inc. threaten the stability of the financial system? The U.S.’s top regulators are asking themselves this question as they consider whether Berkshire and other large insurers should come under Federal Reserve oversight. The answer is …

How Local Bank Failures Crippled Georgia Economy

Georgia homebuilder Blankenship Homes lost its source of loans for new construction after four local community banks failed since 2009. “The economy just shut down,” said owner Johnny Blankenship, 54, a builder for more than 30 years in Douglasville, 20 …

Federal Reserve Releases Transcripts of 2008 Financial Crisis Meetings

The board of governors of the Federal Reserve System has released transcripts, presentations and other historical materials from the Federal Open Market Committee meetings of 2008 that took place during the financial crisis. The transcripts may be found

More Justice Department Cases Over Financial Crisis On the Way: AG Holder

U.S. Attorney General Eric Holder is preparing to announce new cases related to the economic meltdown in the coming months as the Justice Department nears decisions on a number of probes involving large financial firms, the Wall Street Journal reported. …

U.S., States Weigh Suing Moody’s Over Mortgage Ratings

The U.S. Justice Department and multiple states are discussing also suing Moody’s Corp. for defrauding investors, according to people familiar with the matter, but any such move will likely wait until a similar lawsuit against rival Standard and Poor’s is …

U.S. Hits S&P with $5 Billion Fraud Lawsuit Over Mortgage Securities Ratings

The U.S. government is seeking $5 billion in its civil lawsuit against Standard & Poor’s, accusing the ratings service of defrauding investors, in one of the most ambitious cases yet from the Justice Department over conduct tied to the financial …

S&P Expects Government Lawsuit Over Its Pre-Crisis Credit Ratings

Standard & Poor’s said it expects to be the target of a U.S. Department of Justice civil lawsuit over its mortgage bond ratings, the first federal enforcement action against a credit rating agency over alleged illegal behavior tied to the …

Banks Say Settlements Aren’t Slowing Financial Crisis Liability Suits

As U.S. authorities seek to make Wall Street pay for its role in triggering the financial crisis more than four years ago, banks are starting to fight back, frustrated that they are being asked to pay more than once for …