Securities and Exchange Commission

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Court Overturns Merrill-BofA Settlement With SEC

Bank's $33M fine doesn't do 'justice' to shareholders, public: judge

(Newser) - A federal judge today scrapped the $33 million settlement Bank of America and the SEC agreed on as punishment for the bank's not informing shareholders of bonuses paid to Merrill Lynch executives just before the bank bought Merrill, the New York Times reports. Saying BofA "materially lied, " Jed...

Madoff on Fooling SEC: 'Just Be Casual'

Ponzi schemer taped giving associates tips to dodge regulators

(Newser) - The most important thing to remember if you want to fool the SEC is to act casual, Bernie Madoff told executives at Fairfield Greenwich Group. “You don't want them to think you're concerned about anything,” the Ponzi scheme mastermind said in a phone call taped in 2005, CNN ...

SEC Report: We Never Did 'Competent' Madoff Probe

(Newser) - The SEC's inspector general says the agency had plenty of chances to take down Bernie Madoff and whiffed on every one, Bloomberg reports. In a report released today, H. David Kotz writes that the SEC received "detailed and substantive complaints over the years to warrant a thorough and comprehensive...

SEC Lacks Smarts Needed to Tackle Shadowy Trades

...but doesn't have the technology or know-how, critics say

(Newser) - The Securities and Exchange Commission is stepping up its efforts to shine light on the market’s more shadowy corners, examining flash quotes, high-frequency trades, and so-called “dark pools.” But the agency just doesn’t have the technology or trading know-how to keep up, experts tell the Wall ...

SEC Did Grill Madoff...About Whether He Was Hiring

Young, inexperienced investigators awed, missed signs of Ponzi scheme

(Newser) - Bernie Madoff got nervous every time SEC investigators came around, but he shouldn't have: A new book claims the regulators were so green they were awestruck by Madoff—and even asked about job openings and dropped off resumes, the New York Post reports. “They’d send kids. I think...

Ex-AIG Honcho Settles New SEC Case for $15M

(Newser) - The SEC today simultaneously announced a complaint against former AIG chief Hank Greenberg and the resolution of the matter—a $15 million payment to settle the suit, the New York Times reports. Greenberg and a former AIG CFO were accused of “numerous improper accounting transactions” between 2000 and 2005...

Geithner Flips Out, Tongue-Lashes Regulators

(Newser) - The heat is apparently getting to Tim Geithner. At a meeting last week with high-level financial regulators, the treasury secretary indulged in a potty-mouthed diatribe about delays in the administration's highly touted plan to overhaul the regulatory system, declaring, "enough is enough," the Wall Street Journal reports....

BofA Settles SEC Suit Over Merrill Bonuses for $33M

Commission says bank misled investors over Merrill payout

(Newser) - Bank of America will pay $33 million to settle a federal lawsuit, filed today, which says the bank misled its investors, Reuters reports. During its takeover of Merrill Lynch, the lawsuit charges, Bank of America told investors Merrill wouldn’t pay bonuses without BoA’s permission before the deal closed....

Steve Jobs Is a Bald-Faced Liar
Steve Jobs Is a Bald-Faced Liar
OPINION
Jun 24, 2009 2:24 PM CDT

Steve Jobs Is a Bald-Faced Liar

'Nutritional problem' a crock, and Apple should face SEC over health deception

(Newser) - Steve Jobs’ life was in danger before his liver transplant, and he “straight-out” lied about it, writes Dana Blankenhorn for ZDNet. In a January letter, Jobs said he had a “nutritional problem”; that letter “was a lie from beginning to end.” Now, Apple admits its founder...

Stanford Indicted for $7B Ponzi Scheme

(Newser) - Alleged billionaire fraudster Robert Allen Stanford and six of his associates were indicted today on charges that they ran a $7 billion Ponzi scheme, the AP reports. Stanford turned himself in to authorities yesterday. “A fair jury will find him not guilty of any criminal wrongdoing,” Stanford’s...

Obama Proposes More Powerful Fed

(Newser) - President Obama today proposed broad new powers for the Federal Reserve and the creation of new national regulator to ensure against another financial crisis, the Wall Street Journal reports. Under the new plan, the Fed would oversee all components of any banking concern, even its foreign affiliates, and Treasury would...

Countrywide's Mozilo Charged With Fraud

Mozilo, two others accused of fraud, misleading investors

(Newser) - The SEC has charged former Countrywide chief Angelo Mozilo and two other former execs with civil fraud, the Wall Street Journal reports. The agency accuses them of insider trading and withholding information from investors about the condition of what was once the nation's largest mortgage company. They are the first...

New SEC Chair Stakes Out Her Territory

Schapiro moving decisively to overhaul troubled agency

(Newser) - As soon as she took over the SEC, Mary Schapiro started making changes. She scrapped rules that had hindered investigators, hired a new enforcement director, and refocused regulators on high-profile financial crisis-related cases. “I wanted to be clear from my first day—not just with words, which are pretty...

Insider Trading Probe Targets 2 SEC Officials

Lawyers at regulator alleged to have traded financial stocks

(Newser) - Two lawyers with the SEC are under federal investigation for alleged insider trading, Reuters reports. The SEC's internal watchdog claims that they traded stock in a large financial services company, despite warnings from other employees that the company was under investigation. One of the two works in the SEC's Office...

SEC May Charge Mozilo of Countrywide With Fraud

(Newser) - The long slide from the top continues for former Countrywide chief Angelo Mozilo. Staffers at the SEC have recommended filing a civil suit against him on charges of fraud and insider trading, reports the Los Angeles Times. Countrywide had been the nation’s largest mortgage lender before it nearly went...

Obama Wants to Tame Wild Derivatives Market

(Newser) - President Obama wants to put the so-called dark markets under control, the New York Times reports, seeking congressional approval to regulate the byzantine world of derivatives trading—which played a large role in the current financial mess. In a letter to lawmakers, Treasury chief Timothy Geithner calls for an oversight...

US Weighs Shaving Bankers' Pay
US Weighs Shaving Bankers' Pay
May 13, 2009 5:17 AM CDT

US Weighs Shaving Bankers' Pay

Planned rules may apply to banks that weren't bailed out

(Newser) - The Obama administration has begun an ambitious project to overhaul compensation practices across the financial  sector, including at firms that received no bailout, reports the Wall Street Journal. The government may use the powers of the Fed or the SEC, as well as congressional legislation, to prevent banks from rewarding...

Stanford Was a Drug Informant: Report

Fraudster was likely shielded from SEC in 2006 for his trouble

(Newser) - Allen Stanford may have received earlier protection from the SEC by working as a drug trade informant, a BBC investigation has found. The accused fraudster’s bank paid $3.1 million to the DEA a decade ago as a middleman for a Mexican drug lord, and in 2006 an SEC...

Stung by Madoff, SEC Steps Up Pace, Triples Fraud Cases

Embarrassed committee gets aggressive with enforcement

(Newser) - Haunted by the failure to catch Bernie Madoff, the Securities and Exchange Commission is dramatically stepping up its investigation workload, reports the LA Times. Since February, the SEC has frozen the assets of 27 fraud suspects, compared to seven in the same period last year. “The clear message from...

Texas Firm Charged in Kickback Case

Pension 'pay to play' scheme had tentacles in many states: Cuomo

(Newser) - New York Attorney General Andrew Cuomo and the SEC brought criminal charges yesterday against Saul Meyer, founder of Aldus Equity Partners, saying the firm had been involved in a “pay to play” scheme to manage part of New York’s pension scheme. And that’s just the tip of...

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