Elizabeth Warren Calls for Public Hearings on Banks

Elizabeth Warren (photo: Jason Reed/Reuters)

 

Sam Forgione and Sandra Maler | Reuters | Reader Supported News | May 26, 2015

S Senator Elizabeth Warren is calling for U.S. Department of Labor hearings on whether banks accused of rigging foreign exchange markets should be allowed to manage retirement accounts, the Financial Times reported on Sunday.

“When banks plead guilty to a crime, federal agencies must do more than look the other way,” Warren told the Financial Times. “The SEC has already granted waivers to each of these banks without any detailed explanation, but it is not too late for the Department of Labor to hold a public hearing before it decides that such brazen lawbreakers can be trusted managing workers’ retirement accounts.”

Five of the world’s largest banks, including JPMorgan Chase & Co and Citigroup Inc, were fined some $5.7 billion, and four of them pleaded guilty to U.S. criminal charges over manipulation of foreign exchange rates, authorities said on May 20.

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LGBT wealth management market worth $3trn

Mark Smith  |  In Financial Planning | May 21, 2013

The Lesbian, Gay, Bisexual and Transgender (LGBT) community represents a multi-trillion dollar opportunity for wealth managers and advisers, according to estimates from advisers specialising in the area.

The campaign to legalise gay marriage in Australia has received the support of former Prime Minister Kevin Rudd after he said that a secular state should be able to recognise same sex marriage. A change from his previous view.

His comments, and the wider debate around gay marriage, highlight the need for advisers with specific skills in understanding the financial and legal needs of same sex couples.

A report in FTfm, the Financial Times‘ weekly funds management supplement, pointed to figures from the UK’s Office for National Statistics which show that typical two-parent families have fallen from 51% of the population in 1961 to 36% in 2009.

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