Finance News – Peter Tuz, Harvey Schwartz, Swiss Government, Bob Diamond, The other Dow record: Dividends
The Dow has been marching to new all-time highs for a week, and dividends for these bluest of blue chips are hot on the heels of a new record too.
Commodities Squeeze Banks
Wall Street’s commodity-trading gold mine is all but tapped out. Once a booming source of bank profit, the business has been hit hard by tougher new rules and subdued markets.
After FATCA, Swiss Government Tackles Money Laundering
UBS and other Swiss banks have faced investigations and prosecution and it’s not over yet. Wegelin was convicted and is closing. See Swiss Bank’s Tax Evasion Sentence Is Really Death. The Swiss government has had its work cut out for it to placate investors and repair relations with the U.S. government that it must feel are critical. Switzerland agreed to play ball with FATCA, the once controversial U.S. law that obligates foreign banks to report on American account holders. See U.S. and Switzerland Sign New FATCA Agreement.
Bob Diamond’s Million Payday To Come A Year After Stepping Down Amid Libor Scandal
LONDON – Former Barclays chief executive Bob Diamond is set to be paid about 2 million pounds ( million) in July, a year after he left the bank following its Libor interest rate rigging scandal. Diamond is entitled to a year’s salary, pension and benefits, which will be paid in a lump sum on July 3, Barclays’ annual report released on Friday showed.