Business

Despite market rebound, profits scant
6:57 pm
Mon November 10, 2014

Wall Street Bonuses Will Be Flat This Year

Trader Sean Spain works on the floor of the New York Stock Exchange, Monday, June 24, 2013.
Credit AP Photo/Richard Drew

A new survey finds that Wall Street bonuses this year will be flat despite strong gains in the stock market.

This comes as hundreds of new rules take effect pushing the industry away from making risky bets.

In the past those risky bets led to big profits and big bonuses. But the Dodd-Frank Wall Street Reform Act introduced rules requiring banks to keep more cash on hand and curb the kinds of complicated trading that led to the financial collapse in 2008.

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"hundreds of thousands may have been harmed"
2:12 pm
Tue October 21, 2014

NY regulators accuse top lender of repeated abuse

Bank regulators in New York are accusing the nation's largest subprime mortgage lender of errors that might have harmed hundreds of thousands of borrowers.

New York's Department of Financial Services accuses Ocwen Financial of backdating letters warning of foreclosure or unsuccessful loan modifications. This means that by the time a borrower receives a letter from Ocwen, it's already too late to do anything about it.

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$760M increase over 2013
5:52 pm
Thu October 16, 2014

SEC brings record fines for financial wrongdoing

In 2013, Securities and Exchange Commission (SEC) Chair Mary Jo White established a policy of enforcing low-level offenses to deter larger financial crimes.
Credit AP Photo/Carolyn Kaster

The Securities and Exchange Commission says 2014 has brought a record number of fines against traders and others who sought to mislead investors.

This year the commission brought an additional $760 million dollars in fines against wrongdoers, a 22 percent increase compared to year prior. Regulators attribute the increase to smarter use of data and analytical tools to analyze bad behavior.

Also this year, the SEC tried a new approach where more resources are devoted to small infractions in hopes of deterring larger crimes.

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Less stringent rules for startups
6:00 am
Wed October 15, 2014

Lawksy plans softer rules for Bitcoin

New York’s top banking regulator says he plans to relax pending rules set to govern Bitcoin and other virtual currencies. The more startup-friendly requirements come after criticism that the state has moved too quickly to regulate the new technology.

Futurists see virtual currencies as revolutionizing the financial industry the same way the Internet has revolutionized nearly everything.

New York was the first jurisdiction to introduce rules on Bitcoin. Regulators hope to mark the path for other jurisdictions to follow.

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Development
4:59 pm
Thu October 9, 2014

Stamford joins national 2030 District network to reduce emissions

Megan Saunders, executive director of the Stamford 2030 District, speaks at the announcement in the city's downtown Thursday.
Credit Kaomi Goetz

Stamford, Conn., is the first city in New England to sign on to a national effort to reduce greenhouse gas emissions in urban areas by the year 2030. It's a public-private partnership of business, environmental and government leaders called the Stamford 2030 District.

2030 Districts aim to reduce emissions and consumption of water and energy by changing the way buildings are  built and operated. The group says buildings are responsible for half of all energy consumed. 

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