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Stories of Interest
- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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NEWSLETTERS & ALERTS
RBS Looking at $7Bn Fine Over 2008 Toxic MBS Sales
As we approach the 10-year anniversary of the 2008 credit crisis, it appears that Royal Bank of Scotland is nearing a huge settlement with U.S. and U.K. regulators over sales of toxic mortgage-backed securities. While RBS has set aside around $3.3 billion for the settlement, it’s possible that the settlement could exceed $7 billion, or £5 billion. THAT’S A LOT OF RED INK!
An RBS settlement would mean that Barclays is the last big bank that has not settled with government regulators over toxic mortgage-backed securities originating from the 2008 credit crisis - if I recall correctly. In December 2016, the U.S. Justice Department broke off settlement negotiations with Barclays with the 2 sides about $2 billion apart. The DOJ reportingly is seeking $4 billion in fines, while Barclays is willing to pay between $1 billion and $2 billion. Any settlement is hugely meaningful to Jess Staley, Barclays CEO.