SEC

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SEC Not Firing Anyone for Missing Madoff's Scheme

Eight employees got disciplined, however

(Newser) - SEC staffers managed to miss Bernie Madoff's Ponzi scheme for more than a decade despite numerous warnings, but that is apparently not a fireable offense. The agency disciplined eight employees involved in the case, with the most severe punishment being a 30-day suspension coupled with a demotion, reports the...

SEC Sees 'Apparent Failures' at Ratings Agencies

But new report doesn't offer specifics about the companies

(Newser) - The SEC wagged its finger at the ratings agency industry today, accusing each of the 10 registered companies of "apparent failures" in key areas, including how they manage conflicts of interest, reports Reuters . Alas, those looking for specifics against the likes of Moody's, Fitch, and Standard & Poor'...

SEC Shredded Files to Cover Up Crimes: Whistleblower

Matt Taibbi reports on an insane, probably illegal practice

(Newser) - Police aren’t generally in the habit of destroying evidence from failed investigations—but the SEC is, according to one whistleblower. SEC attorney Darcy Flynn spilled the beans to Congress in July, saying that the SEC routinely destroys all documents related to its preliminary investigations if they don’t proceed....

SEC Probing S&amp;P Downgrade
 SEC Probing S&P Downgrade 
Aug 12, 2011 9:38 AM CDT

SEC Probing S&P Downgrade

But analysts say proving insider trading violations would be difficult

(Newser) - The SEC wants to know who knew about S&P's decision to downgrade the United States credit rating before it happened, as part of a very initial look at whether insider trading violations occurred, reports the Financial Times . Those involved in the case say the investigation isn't based...

Felix Salmon: New York Times May Have Hacked Into Private Emails for Fabrice Tourre Story
Times May Have Crossed
Line by Snooping Emails
felix salmon
Jun 1, 2011 1:00 PM CDT

Times May Have Crossed Line by Snooping Emails

Fabrice Tourre story based on laptop found in trash

(Newser) - The New York Times today has a lengthy backgrounder on the case of Fabrice Tourre, the young Goldman Sachs trader sued by the SEC on allegations of fraud. What has caught the eye of most bloggers, though, isn't any revelations in the story but the way it was sourced:...

Obama Looks to Crack Down on Secret Donations

Administration actions would replace law Congress fails to pass

(Newser) - The Obama administration has drafted an executive order that would force all companies seeking government contracts to disclose their donations to groups airing political ads, as part of a multi-pronged attack on the kind of anonymous campaign spending Republicans walloped Democrats with last year. The FEC is also moving to...

Banks to Pay SEC for Financial Crisis Fraud

They're near deal to settle allegations on mortgage-bond deals

(Newser) - A number of top Wall Street banks are on the verge of settling fraud allegations with the SEC for the mortgage-bond shenanigans that led to the financial crisis, sources tell the Wall Street Journal . The cases are being handled individually, since each bank faces substantially different charges, with the first...

Feds Suspect Banks Colluded to Fix Interest Rate

Citigroup, Bank of America often reported similar numbers

(Newser) - The Justice Department and the SEC are investigating whether banks colluded to hold down a key interest rate before and during the financial crisis, sources tell the Wall Street Journal . The London interbank offered rate, or Libor, is calculated based on banks' self-reported borrowing costs. But from 2006 to 2008...

Wachovia to Be Charged in Mortgage CDO Scandal

SEC says bank, now owned by Wells Fargo, overpriced CDOs

(Newser) - The SEC is getting ready to bring civil charges against Wachovia for allegedly jacking up prices on its CDOs, even as the loans underlying them fell in value, sources tell the Wall Street Journal . The charges come out of a larger SEC probe into Wall Street’s shady CDO practices,...

Facebook Fires Manager Over Insider Trading

Employee violated company policy on secondary stock markets: TechCrunch

(Newser) - Facebook gave one of its managers the boot after he violated company policy on insider trading, reports TechCrunch . Former corporate development manager Michael Brown bought company stock in the burgeoning secondary trading market, sources tell the site. Because Facebook is a private company, he apparently didn't violate any federal laws,...

FDA Chemist Made Millions Off Insider Data: Feds

Staffer is charged with insider trading

(Newser) - Maybe just a wee bit too greedy? Feds say an FDA chemist figured out that his inside information about drugs under review by the agency could pay off in the stock market, and he reaped at least $3.6 million since 2006, reports Bloomberg. The SEC and the Justice Department...

SEC Poised to Charge Fannie, Freddie Execs

But regulatory agency disagrees, and nothing has yet been filed

(Newser) - The SEC is making moves toward charging current and former Fannie Mae and Freddie Mac executives, sources tell the Washington Post , but the Federal Housing Finance Agency disagrees with the move. The SEC has sent notices to at least four senior executives over the past eight weeks warning them they...

SEC Lawyer Linked to $1.5M in Dirty Madoff Money

Maybe that's why SEC was 'asleep at the swtich,' says critic

(Newser) - The mother of the chief lawyer for the Securities and Exchange Commission reaped $1.5 million in dirty money from Bernie Madoff, court documents are revealing. Attorney David Becker has been named in a clawback lawsuit seeking funds to repay investors ripped off in Madoff's $65 billion Ponzi scheme. The...

Amish Man Accused of Running Ponzi Scheme

Monroe Beachy claims it was 'not intentional'

(Newser) - You don’t need any fancy, newfangled technology to run a Ponzi scheme. Just ask Monroe L. Beachy, the Amish man who, the SEC alleged this week, defrauded some 2,600 people, almost all of them Amish. The 77-year-old took in some $33 million over his quarter-century career, allegedly telling...

Germans Close to Buying NY Stock Exchange

Cradle of US capitalism about to fall to Deutsche Börse

(Newser) - The raucous cathedral of American capitalism, the New York Stock Exchange, is about to be bought by the Germans. If regulators approve the deal, the acquisition of NYSE Euronext (which owns the NYSE) by Deutsche Börse AG (which owns the Frankfurt stock exchange) would create the world's largest financial...

Facebook Deal Sparks Broad SEC Probe

Agency examines rules for private financing after Goldman investment

(Newser) - Goldman Sachs’ deal with Facebook might bring the SEC down on all manner of privately held stock purchases. The regulatory body has begun an investigation to see whether it needs to rewrite disclosure rules for privately held firms, and the very line dividing public and private firms, sources tell the...

Goldman Investment Gives Facebook $50B Valuation

SEC is investigating whether Facebook is skirting 500 shareholder rule

(Newser) - Facebook has snagged a $500 million investment—$450 million from Goldman Sachs and $50 million from a Russian firm—in a deal that values the social network at $50 billion. That makes the company worth more than eBay, Yahoo, and Time Warner, notes the New York Times , which suggests that...

SEC Snooping Around Facebook, Twitter Trades

Booming private exchanges move social networks' shares

(Newser) - The SEC wants information about the surging private stock exchanges that have grown up around top social networks, the New York Times reports. Shares of Facebook, Twitter, Zynga, and LinkedIn are all sought-after commodities—though none of the companies are publicly held. As the exchanges gain popularity, Wall Street investment...

Another Temporary Budget Strains Federal Agencies

SEC can't hire; foreign aid money blocked; no end in sight

(Newser) - Because Democrats and Republicans are at loggerheads on spending, Congress had to approve yet another stopgap budget measure yesterday to keep the government running through March. While federal agencies avoided a shutdown, they've got to keep operating at last year's spending levels, a development that amounts to a budget cut...

SEC Opens Inquiry Into HP's Ex-CEO Hurd

Examining whether he leaked insider info to woman who accused him of sex harassment

(Newser) - Mark Hurd's bad days tend to be worse than the dry cleaner losing your shirt: The SEC now wants in on reports that HP's ex-CEO leaked details of a $14 billion merger to the woman he stands accused of sexually harassing. You know, the one that cost him his job....

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