Regulation

WASHINGTON — The Financial Crisis Inquiry Commission's first public hearing on Wednesday gave the industry's top leaders an opportunity to express remorse for their role in the collapse of the financial markets but did little to enhance the public's understanding of the meltdown.

Tarp, TLGP Recipients to Pay 15 Bpt Fee

Asset Management Unit will Oversee Investment Advisors

The Federal Deposit Insurance Corp. unveiled its plans Tuesday to tie bank compensation practices to premium assessments, but the agency's outside directors made it clear they oppose the idea.

The Securities and Exchange Commission announced Tuesday that it has filed new charges against Bank of America Corp. for failing to disclose extraordinary financial losses at Merrill Lynch prior to a shareholder vote approving the acquisition of Merrill.

The advisors allegedly overstated the value of two hedge funds by as much as $160 million.

Seven groups representing state securities regulators, investors, and investment advisers are urging leaders of the Senate Banking Committee not to water down language in its draft financial regulatory reform legislation that would require every individual that provides investment advice to be held to a fiduciary duty under the Investment Advisers Act of 1940.

N.Y. attorney general requests data on compensation practices at eight banks that received Tarp funds

A bank spokesman said the SEC did not find that any specific individual had intentionally misguided investors. So the new charges, if approved by U.S. District Court Judge Rakoff, will be for negligence instead of fraud, the spokesman said.

NEW YORK -- U.S. and international regulators are widely credited with having saved the global economy from plummeting into a second Great Depression, and the fragile, recovering economy can expect to see continued support for much of 2010, experts say.