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Stories of Interest
- Stephen Hicks Barred for Defrauding His CT Hedge Funds - SEC
- Barclays CEO Staley Sees Pay Decline - Frankly, He's Lucky to Still be Employed
- Barclays Female Investment Bankers Earn 21% Less in Bonuses than Male Counterparts
- FINRA Eliminates $400 Fee for Explained Arbitration Decision
- SEC Adopts Statement and Interpretive Guidance on Public Company Cybersecurity Disclosures
- SEC Charges Former Bitcoin Exchange and Its Founder With Fraud
- JPMorgan Chase to Replace NYC Headquarters with 70-Story Skyscraper
- Citigroup Raises CEO Corbat's Pay 48% to $23Mn
- Should Congress Create a Crypto-Cop?
- JPMorgan Weighs Buying an Exchange-Traded Funds Firm
- Hey, Goldman Sachs: Wanna Buy BNY Mellon?
- SEC Order Rejecting Acquisition of Chicago Stock Exchange (CSX) by Chinese-Baesd Company
- Kyle Moffatt Named Chief Accountant in SEC CorpFinance
- SEC Suspends Trading in 3 Issuers Claiming Involvement in Cryptocurrency and Blockchain Technology
- Karen Garnett, Assoc. Director of SEC CorpFinance, to Leave After 23 Years of Service
- Louisiana Adviser Barred for Hiding Losses from Investors
- Connecticut HF Manager Illegally Diverted Investor Money - Now Owes Nearly $13Mn
- White House Cleaning House of Advisors Without Full Security Clearance
- Goldman Projects 30% Growth in Wealth Management Advisor Force
- Whistleblower Alleges Manipulation of CBOE Volatility Index
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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.