Kareem Serageldin, a former banker of Credit Suisse, was sentenced to 30 months in prison for his role in the scheme that inflated the prices of subprime mortgage bonds artificially at a time when housing and credit conditions were taking a turn for the worse.
Legal & Regulatory
Insurance can now bypass Obamacare website whilst tech firms are still waiting
The federal government is optimistic that it can get enough people to purchase health insurance. It is also testing an option whereby consumers can directly purchase insurance aside from going to the state websites since it is still malfunctioning.
New peer to peer lending platform, Daric goes live next week
Daric, a new peer to peer lending platform will go live on Nov 27th, 2013 barring any unforseen regulatory issues. The platform differentiates itself by focusing on user experience and less hassle without borrowers needing to upload any files in the application side.
Master Bank with Putin ties gets license revoked by Russian central bank
The shutdown of Russian bank Master Bank was the central bank's most high-profile move yet under the leadership of Russia's first female governor Elvira Nabiullina.
Court gives approval for TransUnion-TLO merger
TransUnion securing the approval from the US Bankruptcy Court for the Southern District of Florida to acquire TLO LLC would mark the end of the court-supervised acquisition.
Latest News
Tesla CEO Elon Musk is confident that the Model S vehicle would soon be cleared and deemed safe by federal investigators. He isn't expecting a recall and said Tesla engineers are not currently working on any fixes for the vehicles and has instead amended its warranty to cover fire loss in crashes.
AT&T, Verizon Communications, and even tech companies like Google, Microsoft and Yahoo had been pushing for the US government to allow them to publish surveillance orders to appease shareholders in light of the revelations by NSA whistleblower Edward Snowden.
Microsoft Corp. is set to secure a European Union (EU) approval for its proposed USD7.3 billion takeover of Nokia's mobile phone business. Regulators from various countries had already given the green light to the deal.
The Japanese Ministry of Health, Labor and Welfare approved EYLEA (aflibercept) Injection to treat macular edema following Central Retinal Vein Occlusion, expanding Regeneron Pharmaceuticals Inc's reach in the Asian market.
Federal Governor Daniel Tarullo said regulators should put their attention not only on banks but on the shadow banking system as well. He said policy options for shadow banks needed to be reformulated to counter its risks.
The European Commission is looking at the way container-shipping companies announce their price increases, saying it may be possible that they are colluding with each other to rig prices.
The US Department of Justice objected to four restructuring plans put forth by bankrupt LightSquared and its creditors. The objection will be discussed at a bankruptcy court hearing on December 10 in Manhattan.
Lavabit lawyers have submitted a reply in brief to the Feds in a case that will determine whether they will hand over their master encryption keys for its entire system to the government.
Stephen Cutler, the top lawyer for JPMorgan Chase, lashed out against government regulators in an industry conference at The Clearing House attended by both bankers and regulators.
