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Justice Department Testing Little-Used Law in Financial Crisis Cases

18.05.12

An Obama administration task force established to investigate misconduct that fueled the financial crisis is turning to a little-used statute that may make such cases easier to bring, according to people familiar with the matter.

The federal statute, FIRREA, was passed in the wake of the savings-and-loan scandals in the 1980s. It requires a lower burden of proof than criminal charges, has a longer statute of limitations than other financial laws and potentially could bring big fines.

But it has appeared in only a few dozen cases since it was enacted in 1989.

The task force, which is in the Justice Department, used FIRREA earlier this year when it issued more than a dozen civil subpoenas to top financial institutions, including Citigroup, the people familiar with the matter said.

The subpoenas ask for documents related to mortgage-backed securities offerings between 2006 and 2008.

President Barack Obama announced the task force during his State of the Union address in January and hailed it as a way to hold accountable those who broke the law and contributed to the housing crisis.

Source: Insurance Journal

Two-Thirds of US Companies Planning Significant Recruiting in 2012, Survey ...

18.05.12

CHICAGO, April 30, 2012 /PRNewswire via COMTEX/ -- Corporate recruiting is moving into high gear, with two-thirds of HR professionals reporting that they have "extensive" or "moderate" plans for hiring in 2012, according to the 2012 Allied Workforce Mobility Survey.

Larger companies - with more than 10,000 employees - are more bullish, with 80 percent planning for "extensive" or "moderate" recruiting.

In addition, most HR professionals do not see significant obstacles to relocation in today's economic environment. Only 6 percent believe that today's workforce is not willing to relocate, and most believe it is "highly mobile" or "somewhat mobile." Fifty-nine percent reported that the current economic context has had "no impact" on their ability to recruit and hire.

Sponsored by Allied Van Lines, the 2012 Allied Workforce Mobility Survey captured the voice of 500 HR professionals on critical topics related to workforce mobility. The first set of results, released today, concern recruiting and relocation. Other results will follow on May 21 and June 11. All completed survey results will be available through www.alliedhriq.com .

Source: MarketWatch (press release)