As we “go to press” with this week’s issue, we are deeply saddened to learn of the passing of Her Majesty Queen Elizabeth II. Our thoughts are with the Royal Family at their time of personal grief, and we share our condolences with our readers in the United Kingdom, the Commonwealth and around the world. We recognize and admire her lifetime of service to her country.
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We couldn’t help but notice this week that the post-summer traffic is back, along with packed commuter trains and buses and increased rush-hour foot traffic just about everywhere. And the hot summer has made way for some cool fall breezes.
As we’ve been saying for weeks, though, the financial services industry and the regulatory agencies never really took a summer vacation, and this week we look at the first policy speech from Federal Reserve Vice Chair of Supervision Michael Barr and guidance from the FTC and the FDIC. Our Financial Restructuring colleague Casey Servais also provides an in-depth look at Fairfield Sentry Ltd. v. Citibank, N.A. London, a case coming out of the Madoff Ponzi scheme, in which the U.S. District Court for the Southern District of New York confirmed that the U.S. Bankruptcy Code’s safe harbor provisions protect against foreign law “clawback” claims in cases under Chapter 15.
Busy times mean lots of questions. And we’re here to help. Please don’t hesitate to reach out with general questions or with comments on this week’s issue of Cabinet News and Views. You can write to us here.
Daniel Meade and Michael Sholem
Co-Editors, Cabinet News and Views