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The article focuses on the impact a volatile day on the U.S. stock market, that was seen on August 16, 2007 and included U.S. investors' unwillingness to but securities whose worth is usually unquestioned, had on the August 17, 2007 decision of Federal Reserve Chairman Ben Bernanke to consider lowering short term interest rates in the U.S.

The article reports that the hedge fund run by Caliber Global Investment Ltd. will cease operations after they posted losses in excess of 50 percent, primarily stemming from their investments in the U.S. subprime mortgage-backed investments. Their investments were predominantly based on loans made in 2005. This makes investors nervous, as it was previously thought that only subprime mortgages made in 2006, when the industry had lowered its standards the most, were at-risk investments.

The article focuses on the negative impact a 2006 and 2007 subprime lending crisis is having on the finances of Queen's Walk Investment Ltd., a London, England investment fund that trades on the London Stock Exchange and invests in mortgage backed securities. The firm's shares are down 39% in 2007 as a result of their investments in the U.S. mortgage market.

This article discusses the activities of Wall Street stock broker Ross H. Mandell. Reportedly, the Federal Bureau of Investigation is investigating his company Sky Capital Holdings Ltd. The authors claim that Mandell was temporarily suspended from the New York Stock Exchange in 1995. He was allegedly blocked from obtaining a securities license by Ohio security regulators in 2002.

This article looks at the collapse of commodities broker Refco Inc. as billions of dollars worth of assets at the company's Bermuda unit were frozen. As part of bankruptcy court proceedings, it has been revealed that Refco's Bermuda unit was unregulated and client and company money was all placed into a single unsegregated pool. Brokerage firms in the U.S. must keep separate accounts for clients.

This article discusses the proposal of a deal between Wachovia Corp. and Golden West Financial Corp. Wachovia is offering $26 billion in cash and stocks to purchase Golden West, which is the second largest savings and loan in the U.S. This deal reflects a rapid consolidation trend in American banking and also marks a potential decrease in the real estate market.

This article discusses cooperation between the Federal Reserve Bank of New York, the United States Securities and Exchange Commission and Britain's Financial Services Authority to simulate large moves in markets to see how well a firm's risk management systems hold up. Rather than react to problems as in the past, the group is taking a pre-emptive approach. The three entities tackle industrywide issues instead of conducting joint examinations of specific firms.

Reports on a class action lawsuit brought against eight of America's biggest credit card issuers for violations of the federal anti-trust law when the companies met secretly to plan arbitration agreements for its credit cards. How Bank of America Corp., Capital One Financial Corp., and others had more than 20 meetings; Involvement of prominent law firms such as Wilmer Cutler Pickering Hale & Dorr in the meetings; Description of the advertisement of one arbitrator, National Arbitration Forum; Details of the consumer complaint filed in a federal court in New York City.

Reports that with the merger between the New York Stock Exchange (NYSE) and electronic trader Archipelago Holdings Inc., the U.S. has moved towards the system employed by Europe, where stock exchanges have replaced human traders with computers. Advanced nature of trading at European stock exchanges; Benefits of electronic trading, including increased trading volume and lower costs for investors; Implications of the merger on competition among stock markets in the U.S.

Discusses how European banks are using more sophisticated security methods than the U.S. to protect consumers from data theft. Description of European security methods, such as issuing customers a device that generates random codes for accessing their accounts online; Vulnerability of security methods used by U.S. banks; Reasons for lagging security methods in the U.S., including the large volume of customers compared to European banks.

Focuses on a lawsuit by Italian Banca Popolare di Intra against the Bank of America Corporation. Claim that the bank improperly sold and managed Intra's investment; Intra's alleged losses; How Intra's resolve to get its money back casts a new light on credit derivatives; Rise of the credit-derivatives market, including collateralized debt obligations; Highlights of the case; Why disputes between issuers and financial institutions that invest in the credit derivatives rarely become public; How credit derivatives have provided an important cushion to the global economy, and to the world's biggest banks that provide much of the corporate lending; Issue of public disclosure.

Assesses Bank of America Corp.'s all-stock acquisition of FleetBoston Financial Corp. Size of the combined company, indicating that it will be the second largest U.S. bank overall and a market share in every region of the country except for the upper Midwest; View of author that Bank of America feels the consumer will continue to drive the U.S. economy; Number of branches and automatic teller machines Bank of America will be acquiring in the New England market, which is considered a wealthy region; Plans of several U.S. banks to add more branches, indicating an industry focus on the consumer.

Reports that attorney for Richard M. Scrushy, the former HealthSouth chairman who is under investigation by a Birmingham (Ala.) grand jury, has charged that the lead federal agent in the investigation of HealthSouth has a special relationship with the government's witness. Details of a meeting Scrushy had with a former friend of the witness, which was taped legally under Alabama law; Allegations made by Amy Crumpton about the relationship between Federal Bureau of Investigation (FBI) agent Gerry Kelly and the witness, Hope Launius; Comments from Launius, regarding her relationship with Kelly; Reaction from the FBI.

Reports that WorldCom Inc. may have avoided several millions of dollars in state taxes in the three years following its acquisition of MCI Communications Corp. through an elaborate tax strategy created by accounting firm KPMG LLP. Amount of revenue WorldCom, the telecommunication company now known as MCI, moved through a Delaware-based subsidiary, according to accounting analysis filed in the U.S. Bankruptcy Court; Taxation law in Delaware that reduced WorldCom's nonfederal income-tax obligations; Details of KPMG's tax strategy.

This article reports that investors in the U.S. have started to buy mortgage bonds in 2011 after being battered by the subprime crisis in 2008 and some banks are making profit from selling mortgage bonds.

The article examines the challenges faced by U.S. regulators in proving that banks manipulated Libor by submitting inaccurate data.

This article focuses on an analysis by FX Transparency which found that some U.S. banks have reduced their charge for currency fees amid allegations that some pension funds and other clients have been overcharged.

The article reports that Virginia filed a lawsuit against Bank of New York Mellon Corp. for poor prices when its exchanged currencies.

This article presents information on the 545-page document released by the Financial Crisis Inquiry Commission which investigated the cause of the 2008 global financial crisis saying that 12 of the 13 financial institutions in the U.S. were then at risk of collapse.

The article reports that U.S. bankruptcy trustee Locke Barkley has become part of a foreclosure case filed by Darlene and Jonathan Thorne against Lender Processing Services Inc., Prommis Solutions Holding Corp. and Johnson & Freedman in 2010.

The article discusses the role of Fannie Mae and Freddie Mac in the mortgage-foreclosure crisis in the U.S., citing their review of the work of Florida-based Law Offices of David J. Stern which they recommended to process foreclosures.

This section offers news briefs on the U.S. financial services industry as of October 12, 2010, including the acquisition of Sea Island Co. assets by four firms including Avenue Capital Group, the American International Group's (AIG) motion to deny class-action status to a lawsuit filed against it, and the resignation of Everest Re Group Ltd. president Ralph Jones to become chief executive officer (CEO).

The article reports that the parliament in Switzerland has approved a law that will make it possible for the Swiss government to legally provide the U.S. government with information on alleged U.S. tax evaders with Swiss bank accounts.

The article reports on the move of the Congressional Oversight Panel to expand its inquiry into the commercial real-estate bank-loan market as part of its review of the Trouble Asset Relief Program (TARP) in the U.S. and is expected to publish a report on the matter in February 2010.

The article reports on the announcement of U.S. mobile carriers on January 18, 2009 about their plan to accelerate the deliveries of money which was pledged by customers for the Haiti relief efforts of the American Red Cross through text messages.

The article focuses on the challenges posed by the scope of the job as chief executive officer (CEO) of the Bank of America to possible successors. According to the authors, the search for a successor is likely to highlight the shortage of suitable banking CEOs since the financial crisis occurred in 2007. It notes that Brian Moynihan, an internal candidate who joined the bank in 2004, is the top contender for the position as of October 1, 2009. One of the outside candidates is Robert K. Steel, former CEO of Wachovia Corp.

The article reports on the guilty plea made by Juergen Homann to allegations of concealing money from tax authorities with the use of offshore accounts and companies. Homann stands as the fifth UBS AG client to admit guilt to such charges. Homann, who pleaded guilty of concealing over 5 million U.S. dollars in accounts, is at risk of serving a maximum of five years in prison. It adds that Homann was ordered to pay a fine of 250,000 dollars and a civil penalty of about 3 million dollars.

The article reports on the pilot sale announced by the Federal Deposit Insurance Corp. under the Legacy Loans Program in the U.S. The program is intended to help solvent banks get rid of bad loans. It cites the role of Residential Credit Solutions Inc. in the program. The efforts by the government to reshape financial-intervention strategies to meet changing needs are noted.

The article focuses on the international implications of the settlement between the U.S. Internal Revenue Service (IRS) and UBS AG which forces the Swiss bank to disclose the identities behind 4,450 secret accounts. Swiss banking officials regard the settlement as a diplomatic success as opposed to what many hails as a victory for U.S. tax authorities. Also noted is the plan of Switzerland to adopt the standards on taxation of the Organization for Economic Cooperation and Development (OECD).

The article reports on the settlement negotiation between UBS AG and the U.S. and Swiss governments in August 2009 in an effort to create a pact that would abolish Swiss bank secrecy. It was noted that all parties are trying to establish a deal that will lead UBS to provide client information on accounts related to U.S. citizens. According to some lawyers, the U.S. Internal Revenue Service (IRS) is attempting to determine the identities of U.S. citizens related to 52,000 accounts.

The article reports that the U.S. Justice Department has reached a settlement with UBS AG and the Swiss government concerning an investigation into possible tax evasion by U.S. citizens with accounts at UBS. The U.S. Internal Revenue Service has sought the identities of tens of thousands of such account holders.

The article reports on the guilty plea entered into by businessman Jeffrey P. Chernick on July 28, 2009 to allegation of filing a false tax return and his admission about his hidden Swiss bank accounts which total over 8 million U.S. dollars. It states the intention of the Internal Revenue Service (IRS) to gain access to accounts held at UBS while conducting probe on possible tax evasion by clients. Court documents revealed that Chernick established his firm in Hong Kong, China and opened foreign bank accounts to hide his commissions from the IRS.

The article focuses on mortgage executives who were pressured by officials of the administration of U.S. President Barack Obama to modify additional loans as of 2009. Mortgage-servicing firms were requested by the officials to increase the number of borrowers receiving financial assistance under the foreclosure-prevention plan by November 1. The objective of the administration is to complete 5000,000 trial loan modifications. According to the officials, three million to four million homeowners could be assisted by the plan.

This article explains that a report from Fitch Ratings expected to be released in the last week of May 2009 which found that mortgage-servicing companies are struggling to find the best way to modify mortgages so borrowers would not default. It relates that the Fitch report covers mortgages bundled into securities between 2005 and 2007, as well as mortgages managed by more than 30 servicing firms. The U.S. federal government has unveiled mortgage modification to help homeowners retain their homes.

This article reports on the move by UBS AG to cite Swiss privacy law in its court filing to stave off the U.S. Internal Revenue Service's (IRS) efforts to gain access to information about U.S. clients. UBS AG submitted its stand in a court filing in Miami, Florida. The U.S. Department of Justice has sued UBS to enforce the summons from IRS on information about the bank's U.S. clients. The details of the case are presented.

The article reveals the plan of the U.S. Internal Revenue Service (IRS) to deploy a legal tactic that it used to learn the identities of UBS AG's private-bank clients against other offshore-banking operations. The "John Doe" summons have been used by the Justice Department to investigate an alleged tax fraud by people protected by bank-secrecy laws. The statement issued by IRS agent Daniel Reeves on the plan is presented, as well as to the case of UBS client Robert Moran who pleaded guilty to filing a false income-tax return.

This article reveals that mortgage-servicing companies in the U.S. are turning to psychology experts to prepare themselves in dealing with a wave of borrowers wanting to change the terms of their loans. The companies are also paying more attention to psychologically pitch-perfect telephone scripts to use when speaking with customers in an attempt to find ways to avoid foreclosures. It cites companies such as Ocwen Financial Corp. and Rapid Reporting as preparing themselves for the challenge in dealing with borrowers.

The article discusses plans by HSBC Holdings PLC to reduce its exposure to consumer lending in the U.S. The firm is expected to close all of its HSBC Finance Corp. branch offices. In addition, HSBC Holdings will seek to raise new capital and may also reduce its dividend. HSBC Holdings is expected to announce a pretax profit of $21 billion for 2008, and may use the additional capital for acquisitions.

The article reports on the protection of UBS AG employees from the U.S. request of information on the identities of its 52,000 account holders as part of the tax-evasion inquiry of the Internal Revenue Service (IRS) under the Swiss law. UBS said that the U.S. ignores the Swiss law and its sovereignty in response to lawsuit it filed against the bank. It added that the request of IRS would require rewriting of tax treaties between the two countries. U.S. authorities noted that U.S. taxpayers used secretive Swiss bank accounts to evade U.S. taxes.

This article explains that the administration of U.S. President Barack Obama seems to focus more on incentives in its efforts to help homeowners facing difficulties in their mortgages. It says that the administration's plan tries to address one of the key weaknesses in providing financial incentives for mortgage services and investors. The approach is a set of financial rewards designed to encourage mortgage companies and investors to modify delinquent mortgages.

The article reports on a proposal to ensure that banks sell high-quality securities underpinned by well-underwritten mortgages. Some U.S. regulators and industry experts are opposed to the proposal. Under the emerging plan, issuers of pools of mortgage loans are required to retain a part of the debt, which is created through a process called securitization.

The article reports on the link between Walter Noel's Fairfield Greenwich Group and the Bernard L. Madoff fraud case. It is noted that the group was part of a larger network on which U.S. asset manager Madoff relied to raise new money. The group also collaborated with banks to help distribute its Madoff-based funds, which included the banking unit of Spanish Banco Sandanter SA, Banif.

The article reports on the plans of the U.S. federal government regulators to address the issue of credit-default-swap that chokes trading, soars insurance costs and makes traders wary. Credit-default swap are bought by investors to insure against defaults on corporate and other bonds. Proposal of regulators include the coordination of actions by traders, centralization of clearinghouses operated by an exchange, and the removal of multiple offers in handling the trades.

The article discusses the uncertainty faced by employees of Lehman Brothers Holdings Inc. in London, England. While they will be compensated for the month of September 2008, there is a discrepancy between the operations of the investment bank as Barclays PLC acquired most of Lehman's U.S. business while the European base is undergoing liquidation. However, they will still be informed if they will retain their positions. According to some employees, they did not receive the email from chairman Richard Fuld Jr. that was sent to U.S. employees.

The article focuses on the move of Robert E. Diamond Jr., president of Barclays PLC, to acquire Lehman Brothers Holdings Inc. The move is part of Barclays' plan to sponsor a new Brooklyn arena for the New Jersey Nets in 2007. Barclays wanted to have a business in the U.S. Barclays agreed to buy the said unit for $1.75 billion and reportedly left the bad assets to the creditors.

The article looks at the decision of Bank of America (BofA) Corp. chairman and chief executive officer (CEO) Kenneth D. Lewis to consider the acquisition of the investment bank Lehman Brothers Holdings Inc. It states that Lehman Brothers has a history of attempting to turn difficulties to its advantage. It presumes the move has been influenced by the declining stock price of BofA and the possibility of federal government support for the deal. It cites that the acquisition would expand the coverage of BofA outside the country.

The article focuses on UBS AG, which is facing U.S. investigations into allegations that it helped its American clients evade taxes. In an effort to improve its reputation, UBS AG disclosed some Swiss-based private bankers will stop offering American clients Swiss bank accounts and other services. Those clients will be asked to use U.S.-based accounts or UBS's international units such as Swiss Financial Advisors, based in Zurich, or Wealth Management International, based in Hong Kong which are registered with the U.S. Securities and Exchange Commission.

The article reports on the difficulty experienced by hedge funds in reviving the mortgage-securities market in the U.S. It notes that such investors are getting involved in mortgage securities in which they purchase assets that others avoid in the hopes that prices will increase. It stresses that placing value on mortgage securities remains a challenge as house prices drop and mortgage defaults increase. It adds that banks continue to get rid of more securities leading to cheaper assets.

The article reports that officials of the U.S. Federal Reserve Board have conferred with the British Bankers' Association, the trade group which oversees the London interbank offered rate (Libor), a key interest rate which affects many other rates in international finance. There have been concerns about the means by which Libor is set. Banks have been suspected of providing inaccurate information on the rates they charge each other for loans.

The article reports that ICAP PLC, a London, England broker-dealer with offices in New York, will introduce a new measure of U.S. interest rates. This will be done in response to concerns about the accuracy of the London interbank offered rate (Libor), the benchmark used for interest payments on substantial amounts of mortgages, corporate debt and derivative contracts. ICAP will start publishing the rate called the New York Funding Rate (NYFR), by May 5, 2008.