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FRIDAY, NOVEMBER 27, 2009
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NEWS ABOUT: SEC

SEC stories: 180 news summaries

21 - 40 of 180 Stories | << Prev 1 2 3 4 5 6 ... 9 Next >>

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(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... More »

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Federal Reserve • SEC • Treasury Department • Office of Thrift Supervision • bank regulation • Obama administration • President Obama • Securities and Exchange Commission

New SEC Chair Stakes Out
Her Territory

Schapiro moving decisively to overhaul troubled agency

Jun 4, 09 10:23 AM CDT
(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... More »

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Federal Reserve • SEC • Treasury Department • regulation • bank regulation • Treasury secretary • Timothy Geithner • Mary Schapiro • Securities and Exchange Commission

Insider Trading Probe Targets 2 SEC Officials

Lawyers at regulator alleged to have traded financial stocks

May 15, 09 8:12 AM CDT
(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... More »

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insider trading • SEC • financial sector • financial stocks • Inspector General • Securities and Exchange Commission

US Weighs Shaving Bankers' Pay

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

May 13, 09 5:17 AM CDT
(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... More »

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Barack Obama • executive compensation • Federal Reserve • SEC • bonuses • compensation • American Bankers Association • Timothy Geithner • Securities and Exchange Commission • executive bonuses • Jay-ZTV

Stanford Was a Drug Informant: Report

Fraudster was likely shielded from SEC in 2006 for his trouble

May 11, 09 7:34 AM CDT
(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... More »

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fraud • drugs • DEA • SEC • Drug Enforcement Administration • drug trade • Ponzi scheme • bank fraud • Robert Allen Stanford • Securities and Exchange Commission

 Fear of Feds 
 Censors Corporate Tweets 

Some complain personal touch disappearing

Apr 27, 09 9:02 AM CDT
(Newser) - More big firms are using blogs and Twitter to keep the world up-to-date on company matters—but personal styles are colliding with federal corporate-communications rules, the Wall Street Journal reports. Firms like eBay are now adding disclaimers to once-casual tweets, leaving some readers cold. “There’s much more of... More »

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blogging • SEC • corporations • blog • Twitter

investigation

Dirty-Dealing Madoff Was a Clean Freak

Ponzi schemer a Luddite who crawled on all fours to align rugs

Apr 24, 09 2:01 PM CDT
(Newser) - "Neat freak" may be one of the more polite epithets used to describe Bernie Madoff, who comes off as an obsessive-compulsive nut in a Fortune profile by James Bandler and Nicholas Varchaver. In immaculately tailored suits, he dusted furniture and got down on hands and knees to straighten rugs.... More »

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fraud • SEC • Ponzi scheme • Bernard Madoff • Bernard L. Madoff Investment Securities • cleanliness

'Devastated' Stanford:
I'm No Thief 

Billionaire denies running Ponzi scheme, points finger at former CFO

Apr 21, 09 2:25 AM CDT
(Newser) - “As God is my witness, there is no Ponzi scheme," accused swindler Sir Robert Allen Stanford told the Houston Chronicle yesterday. His financial companies were well-run before the government seized and "disemboweled" them, claimed the billionaire. If any fraud was committed at Stanford Financial, it was done... More »

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SEC • Ponzi scheme • bank scandal • Stanford Financial Group • Robert Allen Stanford

 Rattner, Obama's Auto Chief, 
 Caught Up in Kickbacks Probe 

Source says Rattner linked to pension fund pay-for-play deal

Apr 17, 09 5:52 AM CDT
(Newser) - Steven Rattner, the head of President Obama's auto task force, is involved in an SEC probe of a kickback scandal involving New York state's pension fund, a source tells the Wall Street Journal. Rattner is not accused of any wrongdoing, but is believed to have directed a $1.1 million... More »

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private equity • corruption • SEC • kickbacks • Steven Rattner

Stanford Pulled in $5B While SEC Dithered

Feds ignored employee warnings, fumbled
over jurisdiction

Apr 16, 09 12:13 PM CDT
(Newser) - When the Securities and Exchange Commission sent probing questionnaires in 2005 to investors who’d bought certificates of deposit from Stanford Group, panic set in. “Then it all seemed to go away,” says one former Stanford employee. Concerns over jurisdiction stayed the SEC’s hand for almost 4... More »

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SEC • Ponzi scheme • Financial Industry Regulatory Authority • Stanford Financial Group • Robert Allen Stanford • Securities and Exchange Commission

SEC Probes BofA for Being Mum on Merrill Bonuses

Bank may have illegally misled investors over pre-takeover Merrill payouts

Apr 14, 09 7:22 AM CDT
(Newser) - The SEC is looking into whether Bank of America violated federal law by failing to let investors know Merrill Lynch planned to pay its execs $3.62 billion in bonuses before it was taken over by BofA last year, the Financial Times reports. The regulator is reviewing the bank's disclosure... More »

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executive compensation • Bank of America • Dennis Kucinich • Merrill Lynch • SEC • bonuses • bailout • executive bonuses

(Newser) - After years of criticism, the SEC is reigning in short sellers, the Wall Street Journal reports. First it cracked down on “naked” short selling, the practice of selling stock one doesn’t actually possess, and tomorrow it could reinstate the “uptick rule,” which had, until 2007,... More »

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SEC • short selling • Securities and Exchange Commission • uptick rule

 GM, Auditors Doubt Survival 
 Unless Sales Pick Up Fast 

Bankruptcy threatens if auto sales don't pick up

Mar 5, 09 7:21 AM CST
(Newser) - General Motors and its auditors expressed doubts about the automaker’s survival in an SEC filing today. Bankruptcy looms, the firm notes, if the viability plan it gave Congress fails, MarketWatch reports. That plan depends on vehicle sales recovering next year, as well as the company's ability to get financing... More »

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bankruptcy • General Motors • SEC • auto industry • auditor

SEC Overlooked Stanford Fraud in 2003

Former employee warned agency, others
of 'Ponzi scheme'

Feb 27, 09 9:49 AM CST
(Newser) - A former employee of Sir Allen Stanford warned the SEC in 2003 of an “illegal Ponzi scheme” involving his firms, but regulators brushed off the allegations, the Financial Times reports. The whistleblower also told another regulatory body that one of Stanford’s companies was “engaged in a Ponzi... More »

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fraud • SEC • Ponzi scheme • whistleblower • Bernard Madoff • NASD • Financial Industry Regulatory Authority • Bernard L. Madoff Investment Securities • Stanford Financial Group • Robert Allen Stanford

New SEC Chief Moves Fast to Restore Agency

Schapiro fills openings, reverses Bush policies at battered regulator

Feb 23, 09 9:50 AM CST
(Newser) - New chairwoman Mary Schapiro isn’t wasting time making over the Securities and Exchange Commission, the New York Times reports, reversing several of her predecessor’s policies and filling key positions that have sat vacant for months. “I recognize that we could all be defined by what we missed... More »

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SEC • Christopher Cox • SEC commissioners • short selling • Obama administration • Bernard Madoff • Mary Schapiro • Securities and Exchange Commission

(Newser) - Two New York Yankees—Johnny Damon and Xavier Nady— have had their finances frozen by the SEC in connection with the Stanford fraud scandal, Fox Sports reports. Both players kept their money in Stanford banks, and the SEC says they should have access to it in a few days. But... More »

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fraud • New York Yankees • SEC • Johnny Damon • Scott Boras • Xavier Nady • credit card accounts • Stanford Financial Group • Robert Allen Stanford • frozen account

(Newser) - The trustee liquidating Bernard Madoff’s companies said today the disgraced financier appears not to have purchased any securities for his clients for “perhaps as much as 13 years,” Bloomberg reports. It was “cash in and cash out,” Irving Picard said. "It was all just... More »

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fraud • SEC • Ponzi scheme • defrauding investors • Bernard Madoff • Irving Picard • clawback • Securities Investor Protection Corporation

(Newser) - “I can’t believe these allegations,” says James Stanford. The 81-year-old has recently been subpoenaed by the SEC about the actions of his now-infamous son, R. Allen Stanford, who’s accused of an $8 billion fraud scheme. Stanford sits on the Stanford Financial board but hasn’t been... More »

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fraud • SEC • Stanford Financial Group • Robert Allen Stanford • James Stanford

SEC Missed Stanford Warning Signs

Minor fines levied for violations that should have been red flags

Feb 19, 09 5:24 AM CST
(Newser) - Years of SEC probes into the Stanford Group's finances resulted in wrist-slaps for violations that experts believe should have been huge red flags for investigators, the New York Times reports. The firm, suspected of engaging in an $8 billion fraud, paid out just $60,000 in the past 2 years... More »

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fraud • SEC • regulation • Ponzi scheme • securities fraud • Stanford Financial Group • Robert Allen Stanford

 Antigua, Stanford's 
 Banking Base, Braces 

Account holders line up to withdraw money, despite assurances from PM

Feb 18, 09 11:53 AM CST
(Newser) - The SEC's allegations of fraud against R. Allen Stanford prompted concern on the tiny Caribbean island of Antigua, the base of the financier's bank. Despite reassurances from the prime minister, customers lined up at both branches of the Bank of Antigua to make withdrawals yesterday. Some seemed to emerge with... More »

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fraud • SEC • Antigua • Ponzi scheme • Stanford Financial Group • Robert Allen Stanford • Bank of Antigua

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