NEWS ABOUT: SEC

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SEC Moves to Control Robot Stock Traders

Commission proposes overhaul to trading rules

(Newser) - The SEC is finally trying to rein in the robots. Chairman Mary Jo White today announced a massive initiative designed to tame high-frequency traders, the Wall Street Journal reports. These automated trades currently make up more than half of all trading volume, yet they've almost totally avoided direct regulatory... More »

Phil Mickelson, Carl Icahn Face Trading Probe

Sports bettor Billy Walters also caught up in investigation

(Newser) - An unusual trio of public figures is raising federal eyebrows in an insider-trading investigation. The FBI and SEC are looking into whether billionaire investor Carl Icahn might have passed information to Billy Walters, an expert bettor on sports, the Wall Street Journal reports. Officials wonder if, in turn, Walters may... More »

JPMorgan Is Being Punished for Not Being Evil Enough

Probe into firm's China hires is ironic, Matt Levine argues

(Newser) - A trove of emails have emerged in JPMorgan Chase's China corruption scandal , and they reveal a deep irony about the case: Essentially, "JPMorgan's mistake was not hiring Chinese princelings fast enough," argues Matt Levine at Bloomberg . The emails reveal that JPMorgan initially had a program preventing... More »

Why Lehman Brothers Wasn't Prosecuted

The SEC's special division wasn't in favor

(Newser) - When SEC chief Mary Schapiro heard that her eight-member Lehman Brothers team had decided not to file charges for the bank's role in the financial crisis, she held a tense, private meeting with New York branch chief George Canellos. "I don't get it. Why is there no... More »

JPMorgan Probed Over Hiring Practices in China

SEC investigates hire of powerful Chinese official's kids

(Newser) - Still under scrutiny for the London Whale fiasco , JPMorgan is now facing a new scandal: the SEC's anti-bribery unit is apparently now investigating whether the bank hired the children of powerful Chinese officials to help it win business in the Middle Kingdom. The New York Times has its hands... More »

SEC: Giving Up on Financial Crisis Prosecutions?

Commission passes on prosecuting major hedge fund

(Newser) - You might want to stop holding your breath waiting for the SEC to bring the hammer down on more financial crisis ne'er do wells, because the commission appears to be winding down crisis-related investigations. That's what the Wall Street Journal has concluded after getting word from sources that... More »

SEC Digging for a Mole on Wall Street

Issues subpoenas to get to the bottom of health care leaks

(Newser) - The SEC is trying to ferret out who leaked word of a coming government health care decision to stock traders, allowing them to get an unfair jump on the competition. The agency has issued subpoenas to a number of companies and individuals related to the case, the Washington Post reports.... More »

Senate Approves Obama's Choice to Head SEC

Mary Jo White said she will hold 'all wrongdoers' accountable

(Newser) - The US Senate has confirmed Mary Jo White's nomination as chairman of the Securities and Exchange Commission, making her the first former prosecutor to lead the federal agency that oversees Wall Street. White was approved today by a Senate voice vote. She will replace Elisse Walter, who has been... More »

Hedge Fund to Pay Record $614M for Insider Trading

SAC Capital agrees to settle with the SEC

(Newser) - Two affiliates of a major hedge fund agreed today to pay $614 million in the biggest-ever insider trading settlement on Wall Street, the New York Times reports. One affiliate of SAC Capital, CR Intrinsic, agreed to pay $600 million after a worker was accused of using confidential data on drug... More »

Feds to Illinois: You Deceived Investors

SEC settles with Illinois over underfunded pension system

(Newser) - Federal regulators accused Illinois of securities fraud today, saying officials had misled investors about the shaky state of the state pension system, the New York Times reports. The SEC said Illinois had issued false annual reports for 15 years claiming the state was keeping up with its required payments to... More »

Feds Suspect Insider Trading Related to Heinz Deal

SEC freezes Swiss account that made a huge profit

(Newser) - Some traders made a bundle over the big HJ Heinz acquisition yesterday, and federal regulars suspect insider trading. The SEC obtained a court order today to freeze a brokerage account in Switzerland and prevent the assets from being moved. The account was used for trades placed Wednesday that netted $1.... More »

Warren to Regulators: Why Don't You Take More Banks to Court?

Senator makes a splash at first hearing; critics see grandstanding

(Newser) - Elizabeth Warren has kept a low national profile in her first month on the job as a senator, but that changed yesterday at a hearing in which she grilled federal regulators of Wall Street, reports the Boston Globe and MassLive . In the exchange getting the most attention, Warren noted that... More »

Obama to Pick Prosecutor to Head SEC: Report

Mary Jo White to head SEC, Richard Cordray to head CFPB

(Newser) - Is the SEC about to get tougher? President Obama intends to nominate former US Attorney Mary Jo White to head the organization, sources tell the AP . White spent nearly a decade prosecuting white collar criminals in Manhattan, and has a reputation as a particularly dogged prosecutor of financial fraud cases... More »

SEC Warns Netflix CEO Over Post on Facebook

Agency says it's not the same as informing investors

(Newser) - Netflix finally got some happy headlines this week thanks its Disney deal , but the SEC has likely spoiled the good mood of CEO Reed Hastings with an unusual lawsuit threat. The agency notified the company that it might file a civil suit because of a Facebook post and blog entry... More »

SEC Chief Schapiro Resigns

President Obama names Elisse Walter to replace her

(Newser) - Mary Schapiro is stepping down as SEC chairman, she announced today, making her the first major departure from the Obama administration and one that it was seemingly fully prepared for. President Obama immediately promoted SEC Commissioner Elisse B. Walter to the job, reports the New York Times , which adds that,... More »

After Facebook Debacle, SEC May Pull IPO Gag

Committee tells Darrell Issa he raised valid points

(Newser) - The SEC is considering eliminating the rule forbidding company executives from hyping their stock before they go public, after a string of disastrous high-profile IPOs like Facebook's. SEC chair Mary Schapiro sent a letter to Darrell Issa letting him know that her team was reviewing the so-called "quiet... More »

SEC Moves to Stop ... Central African Bloodshed

New rule to require companies to disclose 'blood minerals' use, eventually

(Newser) - The SEC voted yesterday to impose a new rule forcing companies to reveal their use of so-called "blood minerals" ... eventually. The rule, which was mandated by the Dodd-Frank financial reform bill, requires companies to disclose their use of gold, tin, tungsten, and tantalum mined in and near the Democratic... More »

Romney's Bain Story Doesn't Match SEC Filings

He told the SEC he was CEO until 2002, not 1999

(Newser) - Mitt Romney was Bain Capital's CEO up until 2002, or about three years longer than he's been publicly saying he was, according to documents filed with the SEC. Romney has said he left the firm in February 1999, in part to shield himself from criticism about Bain's... More »

Facebook IPO Proves Need for Overhaul: Lawmakers

Darrell Issa raises concerns for small investors

(Newser) - Lawmakers led by Rep. Darrell Issa have penned a letter to the SEC urging an overhaul of the IPO system, saying Facebook's shaky public offering underlines the raw deal handed to small investors, the Wall Street Journal reports. The Republican House Oversight chair wrote that investment banks "dictate... More »

SEC Dumps Millions on Consultants

And critics say it's not getting its money's worth

(Newser) - The Securities and Exchange Commission is, by its own admission, something of an organizational mess right now, so it's done what many corporations have done: called in consultants. In less than a year, the SEC has spent more than $8.5 million on consultants, Reuters reports, hiring first the... More »

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