Trust Digest 22 (October 1, 2013)

Tunisia: Building the New Tunisia on Trust
Twenty-three years of dictatorship have left their mark on young Tunisians. They are visibly engaged today in launching new projects and restoring trust in their country - and in themselves.
Key Word: Tunisia
Trust Issues: Accountability, Stakeholders

U.S. Ends Long-Running Silver Market Probe, Taking No Action
U.S. regulators on Wednesday closed a five-year investigation into alleged manipulation of the silver market, saying 7,000 staff hours of investigation produced no evidence of wrongdoing.
Key Words: Transparency, Regulation, Silver, Commodities
Trust Issues: Transparency, Regulation

U.K. Files Suit at EU's Top Court over Banker Bonus Caps
Britain has sued the European Parliament and European Union member states over a controversial plan to cap bankers' bonuses, in a last-ditch effort to block the legislation before it enters into force next year.
Key Words: Bonuses, EU Regulation
Trust Issue: Regulation

Americans’ Declining Trust in Government in One Chart
How much trust and confidence do Americans have in the federal government? Not as much as they’ve had for much of the past four decades.
Key Word: Trust in government
Trust Issues: Reputation, Motives, Stakeholders

New York Mayoral Frontrunner Takes on Wall Street
The frontrunner to become New York’s next mayor is taking a tough line on Wall Street, promising to move away from the tax breaks and other enticements that Michael Bloomberg has used to encourage banks to stay in the city.
Key Words: New York Mayor, Wall Street
Trust Issues: Stakeholders, Regulation

Discontent Mounts over CEO Pay at Oracle
Investors are growing more dissatisfied with Oracle Corp.'s [ORCL (-1.07%)] years of high pay for Chief Executive Larry Ellison - discontent that may produce a showdown at the technology company's Oct. 31 annual meeting. Mr. Ellison received compensation valued at $76.9 million in the fiscal year that ended in May.
Key Words: CEO Pay, Oracle
Trust Issues: Responsibility, Accountability, Motives, Stakeholders

Nokia Chairman Asked Elop if He Would Give Back €18.8m Pay-Off
Nokia’s chairman asked Stephen Elop, the Finnish group’s former chief executive, if he would forgo part or all of his €18.8m pay-off several days ago as the furore over it grew.
Key Words: Nokia, CEO Pay
Trust Issues: Accountability, Reputation, Motives, Stakeholders

U.S. and British Officials Fine ICAP in Libor Case
American and British authorities moved a step further on Wednesday in their investigation into the manipulation of the benchmark interest rate known as Libor, fining the British financial firm ICAP a combined $87 million for its role. The regulators said on Wednesday that ICAP’s employees had altered the reported figures from which Libor is compiled, in exchange for promises of curry meals, steaks, a Ferrari and financial payments.
Key Words: ICAP, Libor, Regulation
Trust Issues: Accountability, Ethics, Regulation


Is the Fed Too Open? From Kremlinology to “Wednesdays with Ben”
Watching reporters grilling Federal Reserve Chairman Ben Bernanke on Wednesday afternoon after the central bank surprised the markets by making no change to its current policies, my mind went back to the late nineteen-eighties, when I first started writing about the Fed. In those days, the central bank’s policymaking committee operated largely in secret.
Key Words: Federal Reserve, Transparency
Trust Issues: Communication, Transparency, Regulation

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