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AIG will not sue US government

AIG

Insurer AIG says it will not join a $25bn (£16bn) lawsuit against the US government, which alleges that the terms of its rescue deal were unfair.

 

A Rush to Split Up Big Bank Deposits to Keep Them Safe

Next year, $1.5 trillion of bank deposits will lose an unlimited government guarantee granted during the financial crisis, and boutique firms are offering new shelters for the cash.

 

DealBook: Leniency Denied, UBS Unit Admits Guilt in Rate Case

UBS on Wednesday became the first big global bank in more than two decades to have a subsidiary plead guilty to fraud. UBS, the Swiss bank, scrambled until the last minute to avoid that fate. A week ago, in a bid for leniency over interest-rate manipulation, the bank’s chairman traveled to Washington to plead his case to the Justice Department, according to people briefed on the matter. Knowing the long odds, the chairman, Axel Weber, asked the criminal division for a lighter punishment.

 

Morgan Stanley Fined $5 Million on Facebook IPO

Massachusetts' securities regulator fined Morgan Stanley $5 million over its handling of Facebook's IPO, saying investment bankers had "improper influence" over the research analysts covering Facebook.

 

DealBook: UBS Expected to Pay At Least $1 Billion to Settle Libor Case

The Swiss financial giant UBS is close to finalizing a settlement with authorities over the manipulation of interest rates, a deal that is expected to include at least $1 billion in fines.

 

DealBook: U.S. to Sell Last Holdings of A.I.G. Common Stock

The Treasury Department plans to sell its remaining holdings of common stock in the American International Group, essentially ending taxpayers' four-year ownership of the bailed-out insurer.

 

AP source: HSBC to pay $1.9B to settle probe

HSBC, the British banking giant, will pay $1.9 billion to settle a money-laundering probe by federal and state authorities in the United States, a law enforcement official said Monday.

 

BofA Backs Down on New Checking Fees

Bank of America has shelved plans for new fees that could have hit at least 10 million customers by the end of this year, skirting a potential replay of a 2011 uproar over consumer-banking charges.

 

Ex-UBS trader Adoboli convicted of $2.3 billion fraud

Kweku Adoboli

Former UBS trader Kweku Adoboli was convicted on Tuesday of one count of fraud related to a loss of $2.3 billion.

 

New Call For Citi Split, Investor Says Bank Can Recoup $50B Valuation Gap

Since the financial crisis Citigroup has managed to firm up its balance sheet and fence off most of the toxic assets that brought the bank to its knees. Some shareholders want the firm to go further though, and the latest call for a breakup comes from an unlikely source.

 

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