Global Financial Crisis Central
3/12/2010
This page is a service of Mintz Levin and dedicated to helping our clients and friends stay current with the rapidly evolving business and legal challenges arising out of the crisis in domestic and international financial markets. For your convenience, we have endeavored to bring together here a central repository of wide-ranging and updated content to help understand the profound legal and regulatory implications of the financial crisis. Mintz Levin is poised to address these challenges born of this crisis with our broad and specialized expertise in the business and regulation of broker-dealers, investment advisers, mutual funds, hedge funds, insurance companies, and banks.
Rescue and Bail-Out
On October 3, 2008, President Bush and Congress authorized the most sweeping infusion of capital into the US financial markets. But the costs of this intervention may exceed the $700 Billion price tag as businesses and consumers react to the enactment of the wide-ranging provisions of the Rescue Plan. Mintz Levin professionals are monitoring the dynamic situation and positioned to help you understand the impact on your business.
03-04-10
Citigroup CEO Pandit tells government oversight panel that the bank is breaking up, reducing risk (The New York Times)
03-04-10
U.S. reaps $1.5 billion from sale of Bank of America warrants
03-04-10
Cautious steps expected from European Central Bank as it recoups bailout funds from banks (The New York Times)
03-02-10
Under pressure from EU governments, GM triples investment in Opel (The New York Times)
Regulatory Changes
In response to the global financial crisis, regulators are scrambling to implement temporary and expedited rule changes to address oversight and governance of a wide range of business activities from short selling to swaps dealing, depository institution capital adequacy to broker-dealer net capital. Calls are mounting for a comprehensive reorganization of the regulatory agencies and their jurisdictions in order to address the perceived root causes. We are here to help you understand and respond to these developments.
03-11-10
Dodd to offer financial regulation bill without support from Republicans (The New York Times)
03-11-10
China caps bonuses for bankers in effort to mitigate risk (The Associated Press)
03-09-10
Payday lenders may escape crackdowns in financial regulatory reform (The New York Times)
03-09-10
European leaders call for crackdown on derivatives (The New York Times)
Investigations and Enforcement
In the wake of the financial fall-out and subsequent bailout, Congress, regulators and the public have called for an explanation as to how and why the markets fell. Simply put, we expect an increase in Congressional investigations, criminal prosecutions and regulatory enforcement. Mintz Levin has a range of professionals and experiences to help you best prepare today for what tomorrow may bring.
03-11-10
HSBC says stolen bank data involves thousands of clients (The New York Times)
03-09-10
SEC accuses ex-trader of receiving kickbacks (Reuters)
03-03-10
Tenth person pleads guilty in Galleon insider trading case (Reuters)
02-28-10
Former Enron CEO Skilling to seek new trial in appeal to Supreme Court (The Associated Press)
Litigation
As the markets fluctuate, regulators re-write the rules governing capital markets, and the US and other countries pump capital into the markets, we can anticipate an increase in private litigation related to the crisis. Mintz Levin’s experienced litigators are ready to protect your interests.
03-08-10
Second pension fund sues Goldman Sachs over its compensation plan (Reuters)
03-08-10
Large union pension fund sues Goldman Sachs for overpaying the bank’s executives (Reuters)
02-25-10
Lehman Brothers settles $7.7 billion collateral claims with JPMorgan (Reuters)
02-18-10
Goldman Sachs sues seven former executives for joining rival Credit Suisse (Reuters)
Deals and Restructuring
The devaluation of assets and squeeze on liquidity have triggered a staggering flurry of deals and restructuring in the financial services sector: mergers, acquisitions, defaults, consolidations, takeovers, capital infusions, private equity and hedge fund investments. As we did during institutional crises in the 1980s (S&L) and 1990s (New England bank failures), Mintz Levin stands ready to help you seize the unique opportunities presented.
03-08-10
Bank of New York-Mellon acquires BHF Asset Servicing for $346 million (Bloomberg)
03-02-10
Allied Irish Banks posts $3.1 billion loss for 2009
03-01-10
MSCI to buy RiskMetrics for $1.55 billion (Reuters)
02-23-10
Wall Street bonuses up 17% in 2009 (The Associated Press)
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If you have questions in this area, please e-mail FinancialServices@Mintz.com or Steve Ganis at SGanis@mintz.com or call (617) 348-1672.
