Financial management (91 - 100 of 296 items)
Hedge Funds: Regulators and Market Participants Are Taking Steps to Strengthen Market Discipline, but Continued Attention Is Needed
GAO-08-200: Published: Jan 24, 2008. Publicly Released: Feb 25, 2008.
Since the 1998 near collapse of Long-Term Capital Management (LTCM), a large hedge fund--a pooled investment vehicle that is privately managed and often engages in active trading of various types of securities and commodity futures and options--the number of hedge funds has grown, and they have attracted investments from institutional investors such as pension plans. Hedge funds generally are reco...
Financial Audit: Federal Deposit Insurance Corporation Funds' 2007 and 2006 Financial Statements
GAO-08-416: Published: Feb 11, 2008. Publicly Released: Feb 11, 2008.
GAO is required to annually audit the financial statements of the Deposit Insurance Fund (DIF) and FSLIC Resolution Fund (FRF), which are administered by the Federal Deposit Insurance Corporation (FDIC). GAO is responsible for obtaining reasonable assurance about whether FDIC's financial statements for DIF and FRF are presented fairly in all material respects, in conformity with U.S. generally acc...
Financial Services Industry: Overall Trends in Management-Level Diversity and Diversity Initiatives, 1993-2006
GAO-08-445T: Published: Feb 7, 2008. Publicly Released: Feb 7, 2008.
As the U.S. workforce has become increasingly diverse, many private and public sector organizations have recognized the importance of recruiting and retaining minority and women candidates for key positions. However, previous congressional hearings have raised concerns about a lack of diversity at the management level in the financial services industry, which provides services that are essential t...
Securities and Exchange Commission: Opportunities Exist to Improve Oversight of Self-Regulatory Organizations
GAO-08-33: Published: Nov 15, 2007. Publicly Released: Dec 17, 2007.
Self-regulatory organizations (SRO) are exchanges and associations that operate and govern the markets, and that are subject to oversight by the Securities and Exchange Commission (SEC). Among other things, SROs monitor the markets, investigate and discipline members involved in improper trading, and make referrals to SEC regarding suspicious trades by nonmembers. For industry self-regulation to f...
Financial Regulation: Industry Trends Continue to Challenge the Federal Regulatory Structure
GAO-08-32: Published: Oct 12, 2007. Publicly Released: Oct 12, 2007.
As the financial services industry has become increasingly concentrated in a number of large, internationally active firms offering an array of products and services, the adequacy of the U.S. financial regulatory system has been questioned. GAO has identified the need to modernize the financial regulatory system as a challenge to be addressed in the 21st century. This report, mandated by the Finan...
Inspectors General: Opportunities to Enhance Independence and Accountability
GAO-07-1089T: Published: Jul 11, 2007. Publicly Released: Jul 11, 2007.
The federal inspectors general (IG) play a critical role in addressing mismanagement of scarce taxpayer dollars. In the coming years, as we enter a period of escalating deficits and increasingly limited resources, GAO believes that the greatest single source of savings will come from bold, decisive efforts to transform what government does and how it does business, and to hold it accountable for r...
Information on Selected Issues Concerning Banking Activities
GAO-07-593R: Published: Apr 30, 2007. Publicly Released: May 30, 2007.
This letter responds to Congress's request for information on (1) selected federal expenditures, policies, and programs that affect the U.S. banking industry and (2) certain banking industry trends. These include the savings and loan industry crisis, trade finance, tax policies, and profits and executive compensation. Congress's letter also asked us for information on bank fees; as agreed with Con...
Deposit Insurance: Assessment of Regulators' Use of Prompt Corrective Action Provisions and FDIC's New Deposit Insurance System
GAO-07-242: Published: Feb 15, 2007. Publicly Released: Feb 15, 2007.
The Federal Deposit Insurance Reform Conforming Amendments Act of 2005 required GAO to report on the federal banking regulators' administration of the prompt corrective action (PCA) program under section 38 of the Federal Deposit Insurance Act (FDIA). Congress created section 38 as well as section 39, which required regulators to prescribe safety and soundness standards related to noncapital crite...
Performance and Accountability Highlights Fiscal Year 2006
GAO-07-3SP: Published: Jan 30, 2007. Publicly Released: Jan 30, 2007.
This report presents the highlights of GAO's fiscal year 2006 Performance and Accountability report. In short, fiscal year 2006 was an exceptional year for GAO. For example, we received a clean opinion from independent auditors on our financial statements. Senior GAO executives and the Comptroller General delivered testimonies at 240 hearings covering a range of topics, including the tax gap and t...
Bank Secrecy Act: FinCEN and IRS Need to Improve and Better Coordinate Compliance and Data Management Efforts
GAO-07-212: Published: Dec 15, 2006. Publicly Released: Dec 15, 2006.
In 2005, over 16 million Bank Secrecy Act (BSA) reports were filed by more than 200,000 U.S. financial institutions. Enacted in 1970, BSA is the centerpiece of the nation's efforts to detect and deter criminal financial activities. Treasury's Financial Crimes Enforcement Network (FinCEN) and the Internal Revenue Service (IRS) play key roles in BSA compliance, enforcement, and data management. GAO...