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At least 38 partners have left Goldman Sachs this year
Bloomberg (12/14)

Crédit Agricole to cut 2,350 jobs as it reports loss
Bloomberg (12/15)

Views differ on "high frequency trading" definition
Financial Times (tiered subscription model) (12/14)

Washington Roundup

Chamber of Commerce seeks changes as it scrutinizes SEC
The U.S. Chamber of Commerce released a critique of the Securities and Exchange Commission that suggests significant changes to the regulatory agency. For example, the chamber calls the SEC an "equity-centric" regulator, and says it should focus more on fixed-income markets, such as the municipal bond market. The report also suggests that the SEC have seven commissioners rather than five. The Wall Street Journal(12/14), The Bond Buyer (free content)(12/14)

Authorities look into MF Global's use of client funds
Authorities investigating the collapse of MF Global Holdings are looking into whether the brokerage intentionally used customer money to cover its own margin payments on European sovereign-debt trades. Bloomberg(12/13)

House Republicans want SEC changes before budget increase
Republican lawmakers say the Securities and Exchange Commission needs to change its rule-making processes and operations before they approve a significantly larger budget for the agency. Republicans say the SEC will receive an adequate budget for fiscal 2012. InvestmentNews (free registration)(12/14)

SEC's newest member questions quick action on money-market rules
Daniel Gallagher, the newest member of the Securities and Exchange Commission, said the agency should not move too quickly to change rules for money-market funds. "Any rule-making in this space could be premature and possibly unnecessary," Gallagher said. "The option of doing nothing ... ought to be given serious consideration." InvestmentNews (free registration)(12/14), Reuters(12/14)

Bernanke says Fed is not planning to help European banks
Federal Reserve Chairman Ben Bernanke said the central bank does not intend to rescue European banks. However, Bernanke warned that Europe's troubles could affect the U.S. "To say that we’re not affected by Europe, I think, would be a mistake," Sen. Lindsey Graham, R-S.C., said after a meeting with Bernanke. "But to say that we’re going to somehow use taxpayer dollars to prop up a European problem is just not right either." Bloomberg(12/14), MarketWatch(12/14), Politico (Washington, D.C.)(12/14)

Analysis: SEC's failure to take big banks to trial hurts its own position
The Securities and Exchange Commission's failure to prosecute big Wall Street banks and their executives for financial misconduct is encouraging America's financial sector to engage in even more profitable illicit behavior, writes Jesse Eisinger. "When it complains, even legitimately, about its budget or how costly and difficult trials are, the SEC is inadvertently showing its belly to Wall Street in a sign of submission," he writes. "It's whimpering that it will shy away from a trial, afraid of draining its coffers." ProPublica(12/14)