SAN FRANCISCO (MarketWatch) - Tuesday offered a good lesson in the dysfunction of Wall Street regulation both here and abroad. First, the European Commission announced a $92 million fine against J.P.
George Osborne suffered a fresh blow to his austerity programme today as a spike in government borrowing in September made his borrowing targets for this year very difficult to meet.
European rules to cap bankers' bonuses at twice fixed pay are �a retrograde step� that could add to difficulty in recruiting staff, according to the chairman of HSBC.
... * Fed's inspector general criticizes failure to act. * Latest black eye for New York Fed bank supervisors. * Whale trade led to billions in losses at Wall Street bank (Adds recommendations, outside comment, secret examiner tapes).
Construction equipment manufacturer JCB has announced it is to cut 150 jobs across its UK operation. Chief executive Graeme Macdonald said the firm had to cut its cost base due to a "severe decline" in world markets.