How the Bank Lobby Loosened U.S. Reins on Derivatives

“One by one, Gary Gensler’s supporters deserted him. Now the chief U.S. regulator of derivatives was being summoned by Treasury Secretary Jacob J. Lew to explain why he refused to compromise. Banks and lawmakers, as well as financial regulators from around the world, had besieged Lew with complaints about Gensler’s campaign to impose U.S. rules […]

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Germans Hide Cash in Diapers as Swiss Secrecy Crumbles

“Germans who avoided taxes by keeping money in Switzerland are bringing wads of cash home and hiding it in odd places. With Swiss banks the target of an international crackdown against tax evasion, the government wants the industry to stop managing undeclared funds. This requirement, combined with high-profile cases such as Bayern Munich President Uli […]

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Brazil Real Weakens Amid Concern Intervention Won’t Stem Decline

“Brazil’s real extended the biggest three-month drop among major currencies on speculation a $60 billion intervention program isn’t enough to stem the slide. The real fell 1.3 percent to 2.3799 per dollar in Sao Paulo. It jumped the most in almost two years Aug. 23, the day after the central bank said it will auction […]

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Gold Investors Seek Alpine Haven in Swiss Army Bunkers

The week after Cyprus said in March it would impose a levy on bank deposits of more than 100,000 euros ($132,000) amid Europe’s debt crisis, Rene Buchwalder’s business boomed. “This bar is one of the best sellers,” said the former UBS AG (UBSN) banker, standing in the vault of his Swiss gold and silver trading […]

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Swaps Probe Finds Banks Rigged Rate at Expense of Retirees

“U.S. investigators uncovered evidence that banks reaped millions of dollars in trading profits at the expense of companies and pension funds by manipulating a benchmark for interest-rate derivatives. Recorded telephone calls and e-mails reviewed by the Commodity Futures Trading Commission show that traders at Wall Street banks instructed ICAP Plc brokers in Jersey City, New […]

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