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Finance Latest News: Tarullo Says Fed Should Release More Enforcement Details

Wochit 1:14 mins

Daniel Tarullo, a U.S. Federal Reserve official says the agency should consider releasing more information to the public when it takes enforcement actions against big banks for hurting consumers. Tarullo's comments, made at a hearing before the Senate Banking Committee, come in response to criticism over a settlement related to mistakes big banks made while processing foreclosures in the years after the financial crisis. Convicted French rogue trader Jerome Kerviel has launched a new legal salvo against his former bank, Societe Generale, accusing it of fraud and demanding that an independent expert examine how much money was lost in France's biggest-ever trading scandal. Kerviel received a three-year prison sentence for unauthorized trades that caused $4.9 billion euros in losses to SocGen. He remains out of jail awaiting the result of a final appeal. Exactly a month after Greece closed the state broadcaster ERT in a cost-cutting move, a bare-bones version of the service is back on the air.

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