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Washington
Inside Washington (04/28/2010)
* WASHINGTON (4/29/10)--Allegations that Goldman Sachs Group participated in risky trading activities are bolstering the Volcker Rule, which could now “almost certainly” be enacted as a part of a regulatory reform bill, said American Banker (April 28). The rule, endorsed by the Obama administration and former Federal Reserve Board Chairman Paul Volcker, would ban proprietary trading. The Securities and Exchange Commission filed a suit against Goldman investigating whether it mislead clients about proprietary trading. Lawmakers agreed at a Goldman hearing Tuesday that the current system for trading is flawed. Sen. Susan Collins (R-Maine) said it’s unsettling to read e-mails from Goldman executives that celebrated the collapse of the housing market. The system needs to be reformed, she said. The Goldman investigation provides momentum for the Volcker Rule, added Doug Elliot, Brookings Institution fellow ... * WASHINGTON (4/29/10)--The Treasury Department will offer warrants to purchase equity in PNC Financial Services Group Thursday (Dow Jones April 28). The Treasury announced earlier this month that it intends to sell the warrants, which were received for investments made under the Troubled Asset Relief Program. The proceeds will provide another return to American taxpayers from Treasury’s investment in PNC, the department said ...


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