Reveling in victory, President Barack Obama on Wednesday signed into law the most sweeping reform of financial regulations since the Fantastic Depression, a package that aims to protect consumers and ensure economic stability from Main Street to Wall Street.The law, pushed through mainly by Democrats in Washington’s deeply partisan environment, comes nearly two years after the infamous near financial meltdown in 2008 in the United States that was felt around the globe. The legislation gives the government new powers to break up companies that threaten the economy, makes a new agency to guard consumers in their financial transactions and puts more light on the financial markets that escaped the oversight of regulators.Obama described them all as commonsense reforms that will help people in their daily life — signing contracts, understanding fees, understanding risks.He went so far as to call the reforms “the strongest consumer protections in history.” The president added to a burst of applause: “Because of this law, the American people will never again be questioned to foot the bill for Wall Street’s mistakes.”
Posts Tagged ‘Contracts’
Financial Overhaul Signed Into Law
July 21st, 2010 
Before You Invest 
Posted in Finance Fraud 
Tags: Applause, Barack Obama, Burst, Consumer Protections, Consumers, Contracts, Democrats, Economic Stability, Economy, Financial Markets, Financial Meltdown, Financial Transactions, Globe, Great Depression, Legislation, Oversight, Regulators, United States, Victory, Wall Street 
Comments OffQuadruple witching day this Friday 3/19
March 19th, 2010 Before You Invest Quadruple witching day occurs four times a year. Quadruple witching day is a day on which contracts for stock index futures, stock index options, stock options, and single stock futures all expire. It occurs the third Friday in March, June, September and December of every year.
Posted in Finance Fraud Tags: Contracts, Single Stock Futures, Stock Index Futures, Stock Index Options, Stock Options Comments OffStock Index Rollover Begins Today
March 11th, 2010 Before You Invest Thursday, March 11, 2010 is the start of stock index futures roll-over at both CME Group and ICE Futures U.S.Rollover is when a new contract month becomes the dominant contract in terms of new volume, for both pit (open outcry) and electronic trading sessions. For stock index futures, rollover officially starts one week before the expiration of the nearest contract.
Posted in Finance Fraud Tags: Contracts, Day Traders, Electronic Platforms, Electronic Trading, Globex, Index Futures Trading, March 11, New Contract, Open Outcry, Pace, Position Traders, Stock Futures, Stock Index Futures, Stock Index Futures Trading, Stock Trading, Trading Futures, Trading Sessions, Trading Stock Comments OffCME Group volume up 17% in Feb ‘10
March 2nd, 2010 Before You Invest (AP) — Derivatives exchange operator CME Group Inc. said Tuesday its February volume averaged 12.5 million contracts per day, a 17 percent increase from a year ago.Total volume was 238 million contracts in February, with 84 percent traded electronically.Electronic volume averaged 10.5 million contracts per day, up 23 percent from February 2009.CME Group’s exchanges offer a range of products representing all major asset classes, including futures and options based on interest rates, equity indexes, foreign exchange, energy, agricultural commodities, metals, weather and real estate.
Posted in Finance Fraud Tags: 5 Million, Agricultural Commodities, Asset Classes, Cme, Contracts, Derivatives, Electronic Volume, Equity Indexes, Exchange Energy, Exchange Operator, Foreign Exchange, Futures And Options, Group Volume, Interest Rates, Metals, Real Estate, Weather Comments OffBarclays to end IT contract with Accenture
January 13th, 2010 Before You Invest Barclays has announced its IT contract with Accenture will not be extended when it comes up for renewal later this year. The financial institution signed a £400 million six-year outsourcing deal with the technology solutions provider in 2004. Accenture’s work involved providing services and staff related to IT maintenance, enhancement and systems development.
Posted in Finance Fraud Tags: Accenture, Asset Management, Barclays, Barclays Capital, Barclays Global Investors, Capital Investors, Contracts, Desk Top Management, Enhancement, Financial Institution, Investment Banking, Maintenance, Management Contract, Management Operations, Outsourcing Solutions, Six Months, Technology Solutions Provider No Comments »Revenue potential in OTC derivatives clearing, bank says
December 19th, 2009 Before You Invest Morgan Stanley estimated that $1 billion in revenue is up for grabs as over-the-counter derivatives contracts start trading through central clearinghouses. “We expect significant levels of standardized OTC derivatives to be centrally cleared in two to three years, driven by changes in legislation and regulation, decreased tolerance for counterparty risk post-Lehman, increased demand for transparency, and reduction of systematic risk,” Morgan Stanley said.
UK regulators will be able to rip up bankers’ contracts
November 17th, 2009 Before You Invest The UK government is set to bring in legislation that will allow the Financial Services Authority to rip up the contracts of bankers deemed to be enjoying excessive pay packets as a reward for risk-taking.Although the new Financial Services Bill will not apply to current banking contracts and therefore will not affect 2009 bonuses, it is set to come into place from January next year.The measures are to be outlined on Wednesday in the Queen’s Speech.In comments reported by the Guardian, City spokesman Lord Myners told Sky News: “What we are saying to the shareholders and boards of directors is: get real, recognize that the previous levels of bonuses are socially unacceptable.” Other proposals that will be place forward by Gordon Brown’s government include one that will allow British customers to take part in US-style class action suits against financial institutions they feel have treated them terribly.Last week, Mr Brown sent officials to meet with the IMF to lobby for the implementation of a Tobin tax – a levy on transactions carried out between financial institutions.
Posted in Finance Fraud Tags: Boards Of Directors, British Customers, City Spokesman, Class Action Suits, Contracts, Financial Institutions, Financial Services Authority, Financial Services Bill, Gordon Brown, Imf, Levy, Mr Brown, Myners, Proposals, Shareholders, Sky News, Style Class, Tobin Tax, Uk Government, Uk Regulators No Comments »Broker Charged With Ponzi Scheme Fraud
September 28th, 2009 Before You Invest The Securities and Exchange Commission has charged a Michigan stock broker with fraud, alleging he acted as a salesman in an alleged $250 million Ponzi scheme the agency first exposed nearly two years ago.The agency alleged Frank Bluestein lured elderly investors into the scheme after convincing many of them to refinance their homes.
Posted in Finance Fraud Tags: Bluestein, Broker Fraud, Commissions, Contracts, Elderly Investors, Investment Seminars, Investor Funds, Litigation, M Management, Management Co, Monetary Penalties, Offerings, Salesperson, Securities And Exchange, Securities And Exchange Commission, Spokesman, Stock Broker, Stock Fraud, Telecommunication, Vegas Resorts No Comments »Citi’s $100 Million Bonus Poses Problem for Pay Czar
August 2nd, 2009 Before You Invest A top Citigroup Inc. trader is pressing the financial giant to honor a 2009 pay package that could total $100 million, setting the stage for a potential showdown between Citi and the government’s new pay czar.The trader, Andrew J. Hall, heads Citigroup’s energy-trading unit, Phibro LLC — a secretive operation, run from the site of a former Connecticut dairy farm, that occasionally accounts for a disproportionate chunk of Citigroup income.Mr.
Posted in Finance Fraud Tags: 100 Million, Bonus, Chunk, Citi, Citigroup, Citigroup Inc, Connecticut, Contracts, Czar, Dairy Farm, Energy Trading, Fallout, Giant, Investor, J Hall, Legal Fight, Phibro, Tight Spot No Comments »Geithner presses Congress for rules on derivatives market
July 10th, 2009 Before You Invest Treasury Secretary Timothy Geithner is seeking laws for the $592 trillion derivatives market. Geithner is set to testify before a joint hearing of the House Agriculture and Financial Services committees to call for requiring all “standardized” contracts to be traded on exchanges or other regulated platforms.
Posted in Finance Fraud Tags: Agriculture, Amp, Committees, Congress, Contracts, Derivatives Market, Disclosure Rules, Financial Services, Pid, Platforms, Sid, Timothy Geithner, Treasury Secretary, Trillion No Comments »
