Mon, May 21, 2012
Alibaba in talks to raise $2.3 billion equity for Yahoo deal: sources
SINGAPORE/HONG KONG (Reuters) - Chinese Internet firm Alibaba Group is in talks with existing shareholders, including Singapore state investor Temasek Holdings, to raise about ...
Sun, May 20, 2012
Zuckerberg's post-IPO wedding is smart legal move
SAN FRANCISCO (Reuters) - Getting married was a smart business move as well as a personal milestone for Facebook chief Mark Zuckerberg, with the timing ...
Sun, May 20, 2012
Blind Chinese activist Chen rests in NYC
By Lily Kuo
NEW YORK (Reuters) - Blind Chinese activist Chen Guangcheng soaked up the sun in New York City on Sunday as his children ...
Sun, May 20, 2012
Singer Robin Gibb, Bee Gees co-founder, dies at 62
By Mike Collett-White
LONDON (Reuters) - Bee Gees singer Robin Gibb, who with brothers Barry and Maurice helped define the disco era with their falsetto ...
Sun, May 20, 2012
Zuckerberg weds longtime girlfriend, no word on prenup
SAN FRANCISCO (Reuters) - Details of Facebook chief Mark Zuckerberg's surprise wedding trickled out on Sunday, but mysteries remained, not least whether there was ...
Sun, May 20, 2012
Insight: Indonesia tycoon Bakrie gears up for presidential bid
By Olivia Rondonuwu and Matthew Bigg
TANGERANG, Indonesia (Reuters) - There are many ways to describe Indonesia's Aburizal Bakrie: multi-millionaire businessman, global mining tycoon ...
Sun, May 20, 2012
In tornado-weary Joplin, graduates eager to move on despite Obama visit
By Kevin Murphy
JOPLIN, Mo (Reuters) - Having the president of the United States speak at commencement would normally be the most memorable day in ...
Sun, May 20, 2012
Russia says West still considering military action on Iran
By Gleb Bryanski
MOSCOW (Reuters) - Russia's deputy foreign minister said on Sunday that military action against Iran over its nuclear program was being ...
Sun, May 20, 2012
Bahraini activist granted bail but not released
DUBAI (Reuters) - A leading Bahraini opposition activist accused of insulting authorities remained in jail on Sunday, despite being granted bail, because he faces a ...
Sun, May 20, 2012
U.S. banking laws unable to stop JPMorgan loss: Republican Boehner
WASHINGTON (Reuters) - U.S. banking reforms could not have prevented JPMorgan Chase & Co's trading losses, and those involved in the activities that went awry should be held accountable, U.S. House of Representatives Speaker John Boehner said in an interview aired on Sunday.
"I don't believe there's anything in Dodd-Frank (financial reform law) that would've prevented this activity at JPMorgan," said Boehner, the top Republican U.S. officeholder. He made the comments Friday in an interview for ABC's "This Week."
Last week JPMorgan disclosed that it has suffered at least $2 billion in losses due to trades that went bad. The losses from derivatives trading could widen and have placed pressure on the bank to explain what happened as lawmakers and regulators tussle over rules for Dodd-Frank enacted two years ago.
"There's no law against stupidity. No law against stupid trades," said Boehner.
"And as long as depositors' money wasn't at risk and as long as there's no risk of a taxpayer bailout, they should be held accountable by the market and their shareholders," he said.
The 2010 Dodd-Frank financial oversight law was enacted in response to the financial crisis includes the Volcker rule, which bans banks from making speculative bets with company money. But it includes an exemption for trades done to hedge risk.
Since the Wall Street giant announced the $2 billion dollar snafu, Democrats have shown more unity and have said it underscores the need for tougher bank regulation. Congressional Republican lawmakers, many who voted against Dodd-Frank and have sought to repeal the law, have been more splintered in their response to JPMorgan's losses.
"There are big problems for this law, and it needs-- it needs some big changes," Boehner said, when asked if he maintains his position that Dodd-Frank should be repealed.
The Obama administration has avoided criticizing the bank, instead cautioning the losses highlight the need to protect taxpayers with tough financial regulation.
JPMorgan's losses have given regulators a renewed argument for tightening controls on big banks and has placed a focus on whether financial firms should be required to hold more capital to cushion possible losses.
Jamie Dimon, JPMorgan's chief executive officer, has been a critic of increased regulation. He has made a name for himself among Wall Street executives as JPMorgan has become the largest and most profitable U.S. bank.
(Reporting By Margaret Chadbourn; Editing by Jackie Frank)
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