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Hedge funds push back against proposal to pause deals when banks fail

+ Hedge funds are pushing back against proposals to keep securities financing agreements – called repos – and securities lending transactions intact for up to 48 hours after a bank fails, reports Bloomberg. Such an effort, which is intended to allow the healthy unwinding of a giant bank without hurting the larger economy, could threaten the investments of hedge fund clients, argues the Managed Funds Association, a lobbying group for that sector.

+ British defense firm Mondial Defence Systems is being probed by the FBI over alleged kickbacks paid to an American citizen to help secure a Pentagon contract to supply troops with bomb-disposal equipment, reports the Independent.

+ Sen. Chuck Grassley (R-Iowa) and 11 other senators are pushing a bill to expand the independence of agency inspector generals and to allow them access to all agency records, in the wake of a recent Justice Department decision that limits such access.

+ Must-read dramatic story by the NYT’s Ian Urbina about the illegal “manning agencies” that trick villagers in the Philippines with false promises of high wages and send them to ships notorious for poor safety and labor records.