China plans brokerage reforms to create its own Goldman Sachs

SHANGHAI (Reuters) - China is rolling out sweeping brokerage reforms to nurture future global investment banks that officials hope could eventually compete with the likes of Goldman Sachs and Morgan Stanley , a regulatory document showed. The China Securities Regulatory Commission wants to allow domestic brokerages, which now get most of their money from trading stocks and underwriting new securities, to expand in futures and derivatives, asset management, private banking and private equity, according to a commission document distributed to securities firms earlier in the month. ...

Silicon Valley tech exec accused of Lego thefts

A Silicon Valley software executive put fake bar codes on Lego sets at various Target stores, bought the toys at a steep discount, then sold them online for thousands of dollars, authorities said.