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TUESDAY, NOVEMBER 9, 2010
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NEWS ABOUT: regulator

regulator stories: 19 news summaries

States Asked for Foreclosure Probe—3 Years Ago

Federal regulators turned down request, put off matter

Nov 8, 2010 1:26 PM CST

States Asked for Foreclosure Probe—3 Years Ago

Federal regulators turned down request, put off matter

(Newser) - State regulators suspected that there was something fishy about banks' foreclosure procedures as far back as three years ago, but federal regulators forbid them to take action, the Washington Post reports. The federal comptroller told the states his office was already planning an investigation, and that banks should only respond... More »

 Obama Fires 
 Head of Minerals 
 Management 
 Service 

Elizabeth Birnbaum's head rolls thanks to BP oil spill

May 27, 2010 10:02 AM CDT

Obama Fires Head of Minerals Management Service

Elizabeth Birnbaum's head rolls thanks to BP oil spill

(AP) - Democratic sources say the Obama administration has fired the head of the US Minerals Management Service in response to blistering criticism over lax oversight of offshore drilling. President Obama will announce the firing later today, the sources say. Elizabeth "Liz" Birnbaum had run the service in the Interior Department... More »

Feds Let Big Oil Fill Out
Own Inspection Forms

Regulators also took gifts, openly hustled for oil company jobs

May 25, 2010 6:57 AM CDT

Feds Let Big Oil Fill Out Own Inspection Forms

Regulators also took gifts, openly hustled for oil company jobs

(Newser) - Minerals and Management Service regulators accepted gifts from the oil companies they were supposed to be watching over, and allowed those companies to fill out their own inspection reports, according to a damning report from the inspector general, which found sweeping misconduct at the agency from 2005 to 2007. One... More »

Regulators Let BP Blow Off Wildlife Permits

Endangered species protections simply ignored

May 14, 2010 7:52 AM CDT

Regulators Let BP Blow Off Wildlife Permits

Endangered species protections simply ignored

(Newser) - The Minerals Management Service appears to have blatantly ignored a law requiring new oil drilling operations to get permits from the agency that assesses risk to endangered species. The MMS gave the okay to the Deepwater Horizon rig and dozens of others without getting the permits, the New York Times ... More »

Ex-Regulators Hired by Toyota Staved Off Recalls

Former NHTSA officials helped end four probes into accelerators

Feb 12, 2010 2:15 PM CST

Ex-Regulators Hired by Toyota Staved Off Recalls

Former NHTSA officials helped end four probes into accelerators

(Newser) - Two former employees of the National Highway Traffic Safety Administration helped Toyota end at least four investigations into issues with its accelerators, according to court and government documents. Toyota’s VP of regulatory affairs, Christopher Tinto, and one of his subordinates, Christopher Santucci, came to the automaker directly from the... More »

runaway plane

 Northwest Pilots Clammed Up 
 After Overshooting Airport 

FAA transcript shows pair blaming silence on 'cockpit distractions'

Nov 27, 2009 2:40 PM CST

Northwest Pilots Clammed Up After Overshooting Airport

FAA transcript shows pair blaming silence on 'cockpit distractions'

(Newser) - Air traffic controllers who sought an explanation from the pilots of the "runaway plane," which overshot the Minneapolis airport by about 100 miles last month, got little satisfaction. After being out of radio contact for over an hour, controllers asked the crew of Northwest Flight 188 for a... More »

Runaway Plane

FAA Admits Flubs on Wandering Northwest Flight

Miscommunication marked regulator's response to stray airliner

Nov 13, 2009 3:29 PM CST

FAA Admits Flubs on Wandering Northwest Flight

Miscommunication marked regulator's response to stray airliner

(Newser) - The FAA should have taken more decisive action on the Northwest Airlines flight that fell out of communication with ground control for 77 minutes last month, officials acknowledged today. While the plane was out of contact, air-traffic controllers changed shifts and failed to warn their replacements about the runaway plane.... More »

 29-Year-Old SEC Honcho 
 Came From Goldman 

New COO Adam Storch did 'business intelligence' at connected Wall Street bank

Oct 16, 2009 2:08 PM CDT

29-Year-Old SEC Honcho Came From Goldman

New COO Adam Storch did 'business intelligence' at connected Wall Street bank

(Newser) - The first person named to the new chief operating officer position in the SEC’s enforcement division is a 29-year-old whiz kid who previously worked at uber-connected Goldman Sachs, Bloomberg reports. "Adam’s skill in technology systems, workflow process, and project management will greatly benefit the division," his... More »

 As Failures Mount, FDIC 
 Asks Banks to Prepay 

Regulator wants cash upfront through 2013 to avoid emergency credit line

Sep 30, 2009 7:03 AM CDT

As Failures Mount, FDIC Asks Banks to Prepay

Regulator wants cash upfront through 2013 to avoid emergency credit line

(Newser) - The FDIC is set to ask banks to prepay three years of fees to replenish its coffers after a wave of bank failures, estimated to cost as much as $100 billion. Banks would be asked to prepay $45 billion of their quarterly assessments, but they wouldn't have to report the... More »

Court Overturns Merrill-BofA Settlement With SEC

Bank's $33M fine doesn't do 'justice' to shareholders, public: judge

Sep 14, 2009 2:47 PM CDT

Court Overturns Merrill-BofA Settlement With SEC

Bank's $33M fine doesn't do 'justice' to shareholders, public: judge

(Newser) - A federal judge today scrapped the $33 million settlement Bank of America and the SEC agreed on as punishment for the bank's not informing shareholders of bonuses paid to Merrill Lynch executives just before the bank bought Merrill, the New York Times reports. Saying BofA "materially lied, " Jed... More »

Madoff on Fooling SEC: 'Just Be Casual'

Ponzi schemer taped giving associates tips to dodge regulators

Sep 10, 2009 5:11 PM CDT

Madoff on Fooling SEC: 'Just Be Casual'

Ponzi schemer taped giving associates tips to dodge regulators

(Newser) - The most important thing to remember if you want to fool the SEC is to act casual, Bernie Madoff told executives at Fairfield Greenwich Group. “You don't want them to think you're concerned about anything,” the Ponzi scheme mastermind said in a phone call taped in 2005, CNN ... More »

Debit Card Overdrafts Bring Banks Billions

Fees make credit card shopping look like the smarter thing to do

Sep 9, 2009 9:29 AM CDT

Debit Card Overdrafts Bring Banks Billions

Fees make credit card shopping look like the smarter thing to do

(Newser) - Debit card overdraft fees are helping to pay banks’ bills in the recession—and they're hitting customers hard, the New York Times reports. “Banks will let you overspend on your debit card in a way that is much, much more expensive than almost any credit card,” says an... More »

SEC Did Grill Madoff...About Whether He Was Hiring

Young, inexperienced investigators awed, missed signs of Ponzi scheme

Aug 11, 2009 8:59 AM CDT

SEC Did Grill Madoff...About Whether He Was Hiring

Young, inexperienced investigators awed, missed signs of Ponzi scheme

(Newser) - Bernie Madoff got nervous every time SEC investigators came around, but he shouldn't have: A new book claims the regulators were so green they were awestruck by Madoff—and even asked about job openings and dropped off resumes, the New York Post reports. “They’d send kids. I think... More »

Geithner Flips Out, Tongue-Lashes Regulators

(Newser) - The heat is apparently getting to Tim Geithner. At a meeting last week with high-level financial regulators, the treasury secretary indulged in a potty-mouthed diatribe about delays in the administration's highly touted plan to overhaul the regulatory system, declaring, "enough is enough," the Wall Street Journal reports.... More »

investigation

At NY Fed, Geithner Saw Risk, Didn't Act

Legacy of missing red flags trails onetime regulator to Treasury

Apr 3, 2009 10:35 AM CDT

At NY Fed, Geithner Saw Risk, Didn't Act

Legacy of missing red flags trails onetime regulator to Treasury

(Newser) - Timothy Geithner spent a lot of time thinking about the derivatives trade as president of the New York Federal Reserve—in 2005 he convinced banks to digitize the market, making it far more efficient. But he never convinced them to scale back risk and never exercised his powers to force... More »

OPINION

DC Still Turns Blind Eye to Banks: Spitzer

Regulators attempt
to save face after failing to prevent crisis

Apr 1, 2009 11:38 AM CDT

DC Still Turns Blind Eye to Banks: Spitzer

Regulators attempt to save face after failing to prevent crisis

(Newser) - There’s a reason the government seems to have no control—darn the luck—over the banks it’s poured billions into: It’s trying to save face, writes Eliot Spitzer for Slate. Washington has struck a tacit bargain with Wall Street, the ex-governor says: Taxpayers bail out the financial... More »

AIG Honchos Quit Paris Office, Spurring Fears of Default

$234B at stake as top managers walk

Mar 26, 2009 7:08 AM CDT

AIG Honchos Quit Paris Office, Spurring Fears of Default

$234B at stake as top managers walk

(Newser) - Two of the top managers at AIG's Paris unit have resigned, reports the Wall Street Journal, leaving the insurer scrambling to avoid potential defaults on $234 billion in derivative transactions. The complicated scenario results from a French law that says regulators must approve of the managers' replacements or else pick... More »

AIG Regulator: We Should Have Stepped in Sooner

(Newser) - A “multitude of regulators” failed to spot the liquidity risk AIG was piling on until it was too late, and should have stepped in sooner, the Office of Thrift Supervision told the Senate today. A relatively small unit of AIG was piling up credit default swaps, and “no... More »

Lawyer Bolted From Stanford, Sparking $8B SEC Action 

Attorney 'disaffirmed' earlier statements

Feb 18, 2009 9:38 AM CST

Lawyer Bolted From Stanford, Sparking $8B SEC Action

Attorney 'disaffirmed' earlier statements

(Newser) - A Washington attorney who represented R. Allen Stanford’s Antigua-based bank quit his post and recanted testimony to investigators last week, sparking the SEC’s public accusations of “massive, ongoing fraud,” Bloomberg reports. Stanford is suspected of misrepresenting the safety of $8 billion invested with his various financial... More »

19 Stories

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