SEC

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Feds See Massive Insider-Trading Network

Three-year investigation is among the biggest ever undertaken

(Newser) - You know that gray line that sometimes separates "expert advice" from the crime of insider trading? It's about to get a lot darker. The feds are wrapping up what the Wall Street Journal describes as a huge three-year investigation expected to bring an unprecedented array of charges against everyone...

Cuomo Files $26M Suit Against Steve Rattner

Ex-auto czar vows to fight it

(Newser) - Talk about timing. On the same day that Steve Rattner got to trumpet GM’s new IPO , Andrew Cuomo filed a trio of lawsuits against the ex-auto czar related to a pay-to-play scandal involving New York’s pension fund. Cuomo’s asking for $26 million in damages, and a lifetime...

Mark Cuban Wants to Pay to Investigate... Mark Cuban

But SEC isn't exactly jumping at the offer

(Newser) - Mark Cuban has so much money he wants to help the poor SEC pay for an investigation of, well, Mark Cuban. Accused of insider trading for his Mamma.com deal, Cuban figures that the slow-reading SEC attorneys will take eight months to wade through all the paperwork. So Cuban offered...

Watchdog: SEC Sued Goldman to Bury Ponzi Probe

SEC official quashed Stanford probe then sought to represent him

(Newser) - The SEC in April faced the release of a report slamming it for bungling an alleged Ponzi scheme. So what's a watchdog to do? Sue Goldman Sachs the same day, the agency's own internal watchdog told a Senate committee yesterday. Inspector-general H. David Kotz said it "would strain credulity...

GM Files for Public Stock Offering

Company begins process of cutting ties to government

(Newser) - General Motors today filed the first batch of paperwork required by regulators to sell stock to the public, a step that brings the automaker closer to its goal of shedding government ownership. The 700-page registration form, filed with the SEC, begins a process that will lead to an initial public...

Billionaire Wyly Brothers Accused of Insider Trading

The two are big conservative donors

(Newser) - The SEC has filed suit in New York against famed Dallas billionaire investors Sam and Charles Wyly, accusing them, their attorney, and their stockbroker of insider trading. The 78-page complaint alleges the Wyly brothers made $550 million in undisclosed gains over 13 years by trading in securities of companies on...

Whistleblowers Hit Jackpot Thanks to New Finance Law

Get ready for a nation of SEC-loving paid informants

(Newser) - The new financial reform law contains a little-noticed provision that could do a lot to clean up Wall Street—a whistleblower incentive. Under the new law, anyone who provides “original information” that leads to a successful SEC fraud case will be entitled to 10% to 30% of whatever fines...

Fraud Fine Is Chump Change for Goldman

$500M penalty amounts to just 2 weeks of profits

(Newser) - The SEC is boasting that the $550 million settlement it agreed to with Goldman Sachs is the "largest-ever penalty paid by a Wall Street firm." That may be true, but that doesn't mean it's actually going to chasten Goldman. Top put things in perspective, Pro Publica notes that...

Goldman Pays $550M to Settle SEC Fraud Case

It's the largest such fine in history

(Newser) - Goldman Sachs has agreed to pay $550 million to settle civil fraud charges that accused the Wall Street giant of misleading buyers of mortgage-related investments. The deal calls for Goldman to pay the Securities and Exchange Commission fines of $300 million. The rest of the money will go to compensate...

Stock Exchanges to Get 'Circuit Breakers'

SEC rules hope to prevent crazy plunges

(Newser) - US stock exchanges would briefly halt trading of some stocks that have big prices swings under new trading rules aimed at avoiding market plunges and proposed today by federal regulators. The rules would take effect in mid-June under a 6-month pilot program agreed to by major US exchanges and the...

Morgan Stanley Hit With Criminal Investigation

Prosecutors looking into mortgage deals

(Newser) - Looks like Goldman Sachs might have some company. Federal prosecutors have launched a criminal investigation into some of Morgan Stanley's mortgage derivative deals, the Wall Street Journal reports. Morgan Stanley created several mortgage-backed CDOs that it then bet against. Some it marketed itself, while others were sold by Citigroup and...

SEC: Don't Blame Fat Fingers for Market Freefall

Feds don't know reason, but don't think it was a typo

(Newser) - Those hoping for a simple answer to what caused last week's stock market collapse—a typo caused by a so-called "fat finger" trading error, for instance, or maybe a malicious hacker—will be disappointed with the testimony of federal regulators today on Capitol Hill. While they simply don't know...

Blankfein to Shareholders: We'll Rebuild Reputation

Goldman Sachs could split up top job today

(Newser) - Lloyd Blankfein faced a room full of Goldman Sachs shareholders today and vowed to rebuild the company's reputation and "renew the core principles that has sustained us for 141 years," reports the Wall Street Journal . He promised to set up a business standards committee and address the questions...

SEC Probing Possible Stock Chaos Shenanigans

Time to crack down on algorithm trading, lawmakers say

(Newser) - The SEC is on the trail of securities traders who might have "accidentally or maliciously" triggered yesterday's stock market see-sawing, insiders tell Bloomberg , or exploited it to profit illegally. The SEC and the Commodities Futures Trading Commission said after markets closed yesterday that they plan a joint probe into...

Goldman Sachs to Change Its Ways

Announces change to policies for institutional investors

(Newser) - With federal pressure at an all-time high, Goldman Sachs is planning to change its policies for dealing with institutional clients, a move which could presage an attempt to settle the SEC's fraud suit against it. Goldman would now instruct employees to ensure clients fully understand the risks associated with whatever...

Looking to Settle, Goldman Launches Lobbying Blitz

Firm steps up effort to woo lawmakers, repair battered image

(Newser) - Goldman Sachs' lobbying efforts have gone from cavalier to frenzied as it faces what could be the worst crisis in its history. The firm has assembled a high-powered team of Washington insiders to do battle, even as the New York Post reports that, in wake of the beating Goldman took...

Stewart Rips Senate on Goldman Grandstanding

'August' chamber uses bad words, but it's all show

(Newser) - If senators are so torn up about Goldman Sachs ripping off consumers, why don't they do something about it instead of whining and airing their "impotent rage" on national TV? In reality, they're too busy "spending every minute kissing the asses of any wrinkled constituent with $20,"...

Blankfein Will Deny Goldman Bet Against Clients
Blankfein Will Deny Goldman Bet Against Clients
TESTIMONY PREVIEW
Apr 26, 2010 6:36 PM CDT

Blankfein Will Deny Goldman Bet Against Clients

Goldman Sachs CEO plans to strike apologetic tone in Senate testimony

(Newser) - The CEO of Goldman Sachs will tell a Senate panel tomorrow he understands Americans' distrust of the bank, but its "functions are important to economic growth and job creation." Lloyd Blankfein's remarks, released ahead of the eagerly awaited hearing, are his most accommodating yet, reports the New York ...

Goldman Love Letters at Heart of SEC Case

Fooling 'widows' part of emailed sweet nothings

(Newser) - If there's anything Goldman Sachs bond trader Fabrice Tourre has learned it's: 1.) Don't rip off the public, and 2.) Above all, don't brag about it in love emails on a company computer to your gal pal. Tourre is the only individual named in the SEC fraud action...

Timing of SEC Porn Story Is Suspicious

 Timing of SEC Porn 
 Story Is Suspicious 
opinion
Apr 24, 2010 12:48 PM CDT

Timing of SEC Porn Story Is Suspicious

It's old news and smells like political payback

(Newser) - Yesterday's embarrassing news that SEC staffers surfed porn —a lot of porn—smells a little fishy to blogger Marian Wang of ProPublica . Not the facts of the story—they're unfortunately true—but the timing of it. This is actually old news, previously reported in the media. What's more, five...

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