Global Financial Crisis Central
9/3/2010
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.
08-29-10
Bernanke manages expectations for Federal Reserve role in recovery (The New York Times)
08-26-10
Debt fears slink back in European Markets (New York Times)
08-23-10
Kansas City Federal Reserve President says ‘too big to fail’ hurts small banks (Reuters)
08-20-10
Weber says European Central Bank should plot out exit in first quarter (Bloomberg)
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.
08-26-10
UK bank accounting ‘fatally flawed,’ watchdog says (The Telegraph)
08-26-10
Federal Housing Finance Agency releases first Conservator’s report on Fannie Mae and Freddie Mac
08-25-10
SEC makes access to proxy ballots easier (Reuters)
08-25-10
Financial Services Authority says bank trading needs tougher rules (Reuters)
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.
08-26-10
Banco Santander suspends analyst charged with insider trading (New York Times)
08-25-10
Financial Services Authority fines Société Générale $2.4 million for reporting failures
08-22-10
Cause of May flash crash is elusive (The New York Times)
08-13-10
Financial Industry Regulatory Authority members want input on pay, independent Madoff investigation (Businessweek)
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.
08-24-10
Washington Mutual to face trial in investor lawsuit (Seattle Times)
08-18-10
New York judge merges Abacus lawsuits against Goldman Sachs executives (Reuters)
08-1-10
Barclays agrees to pay $298 million for violating trade law (The New York Times)
08-16-10
Judge postpones approval of Citigroup settlement with S.E.C. (The New York Times)
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.
08-23-10
Deutsche Bank launches off-exchange trading platform in Hong Kong (Bloomberg)
08-17-10
Santander renews merger talks with M&T Bank Corp (Reuters)
08-16-10
Bank of America said to consider selling stake in BlackRock (Bloomberg)
08-16-10
Goldman Sachs undercuts rivals in GM public offering as it loses top role (Bloomberg)
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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.
