Financial experts believed that the bonus cap law, which limits the awarding of bonuses to bankers and traders, has created an unfair playing field for the European Union because of banks' decision to circumvent the law by reclassifying or restructuring bonuses.
Financial Stability Board, a group formed by global financial bloc Group of 20 and led by Bank of England governor Mark Carney, will ensure that the reliability and integrity of foreign exchange rate benchmarks be restored after allegations of manipulation within bank trader circles surfaced, DealBook said in its report.
Calvin Darden Jr, who is heir to the Darden Media empire, was officially charged by the US government for fraud charges in relation to the acquisition of Maxim magazine. Bloomberg recounted Darden Jr's elaborate scheme to acquire over $8 million for the magazine acquisition.
According to a Bloomberg report, the accord reached between Lehman Brothers Holdings Inc with Freddie Mac will enable the former Wall Street bank's cash to be distributed promptly to its other creditors.
