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GAO: Large partnerships avoid IRS scrutiny
trueCongress should consider requiring large partnerships such as private equity and hedge funds to take steps to make it easier for the Internal Revenue Service to audit them and collect taxes due, the Government Accountability Office said in a congressional report delivered Thursday.
Fed: One more month of tapering, funds rate stays low
trueMembers of the Federal Open Market Committee voted to finish tapering their bond-buying program with a final $15 billion in purchases in October.
Retirement tax incentives called 'out of whack'
trueSenate Finance Committee Chairman Ron Wyden, D-Ore., said at a hearing Tuesday that “something is out of whack” between the $140 billion in annual tax subsidies for retirement savings and the number of people who don’t have enough saved for retirement.
SEC settles with BlackRock, others over trading infractions
trueBlackRock Institutional Trust and RA Capital Management were among 19 firms and an individual trader that settled with the SEC over charges they illegally participated in stock offerings less than five days after short selling the stock.
A vital SEC crucial to markets
trueThe Securities and Exchange Commission, according to testimony by its chairwoman, Mary Jo White, is desperately short of resources and cannot adequately fulfill its responsibility to oversee the capital markets.
SEC rule could push trading costs higher
trueThe Securities and Exchange Commission's latest salvo in the war against market instability could mean higher trading fees for money managers and some smaller equity trading venues curtailing operations or shutting down completely.
CFTC eases restrictions on hedge fund advertising
trueThe Commodity Futures Trading Commission softened restrictions on advertising by hedge fund managers that are registered as commodity pool operators.
CFTC says it has evidence of price-rigging on ISDAfix benchmark
trueDerivatives regulators told the Justice Department they've found evidence of criminal behavior following an investigation into banks' alleged manipulation of ISDAfix, a benchmark used to set rates for trillions of dollars of financial products.
Gotbaum reflects on accomplishments, challenges at PBGC
trueJoshua Gotbaum, who resigned Sept. 2 as director of the Pension Benefit Guaranty Corp., counts building a strong management team and more interaction with constituents among his success stories during his four-year tenure.
FSOC considers designating MetLife as systemically important
trueMetLife Inc. should be designated a systemically important financial institution, members of the Financial Stability Oversight Council voted Thursday in a closed meeting.
Fitch Ratings: Pension liabilities a key measure in distressed companies
trueThe pension liabilities of companies in or near bankruptcy deserve closer attention, said a special report issued Wednesday by Fitch Ratings.
FHFA plans to kick REITs out of home-loan banks
trueThe overseer of the Federal Home Loan Banks is planning changes to membership rules that would keep investment firms and lenders lacking customer deposits out of the U.S. government-chartered system.
ERISA at 40
trueWhile the Employee Retirement Income Security Act of 1974 benefited millions of people, it did not live up to the “retirement income security” part of its name. Along with praise for what ERISA did accomplish, there are now calls for fixing what it did not.
ERISA architect Nagle praised as intelligent, fair
trueRobert E. Nagle, one of the architects of the Employee Retirement Income Security Act of 1974 who died Aug. 16, is remembered by colleagues as a good, kind, competent man whose knowledge and fairness in the employee benefits field was unmatched.
Lessons learned from ERISA
trueERISA was a farsighted law in many aspects, especially in defining and assigning fiduciary responsibility, including prohibition on conflicts of interests, to those overseeing pension funds. But ERISA in the long term failed to expand defined benefit coverage.