Topic “Morgan Stanley”

As Congress rushes this week to complete the most far-reaching financial reform plan in decades, the banking industry is mounting an 11th-hour end run.

The group that sets corporate accounting standards proposed an overhaul Wednesday of the way lenders record the value of their assets, hoping that more stringent and consistent reporting rules might help avert another financial crisis.

The Justice Department and the Securities and Exchange Commission are investigating Morgan Stanley as part of a probe into whether Wall Street firms misled investors in selling mortgage-related securities, according to federal law enforcement officials and others familiar with the matter.

WASHINGTON—Senate Democrats, resisting a last-ditch lobbying push from big Wall Street firms, are moving toward a sweeping revamp of financial regulation that would squeeze banks' lucrative derivatives-trading business.