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Post Frequency: 38.1/day

Last Entry: March 31, 2011 at 16:18:26

Listokin & Taibleson on Improving Credit Rating Accuracy

Posted on January 17, 2010
If You Misrate, then You Lose: Improving Credit Rating Accuracy Through Incentive Compensation, by Yair Jason Listokin, Yale Law School, and Benjamin Taibleson, Yale Law School, was recently posted on SSRN. Here is the abstract: Credit rating agencies (CRAs) serve...

Former Lazard Investment Banker Settles Insider Trading Charges

Posted on January 16, 2010
Adnan Zaman, a former Lazard investment banker settled SEC charges that he misappropriated confidential client information. On Jan. 12, 2010, the nited States District Court for the Northern District of California entered a final judgment by consent against Zaman...

SEC Issues Policy Statement on Cooperation by Individuals

Posted on January 16, 2010
The SEC issued a policy statement announcing the analytical framework it uses to evaluate cooperation by individuals. According to the statement, This framework serves two important purposes: it promotes the fair and effective exercise of discretion by the Commission, and...

NASAA Announces Distribution Plan for Brennan Customers

Posted on January 16, 2010
Only readers who have been around for a long time will remember Robert Brennan, a fraudster from the 1990s. Yesterday NASAA announced that there is (a little) money available for distribution to some of his victims.The distribution plan provides $5.15...

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President Obama Announces Fee on Financial Services Firms to Recoup Bailout Costs

Posted on January 14, 2010
"President Obama Proposes Financial Crisis Responsibility Fee to Recoup Every Last Penny for American Taxpayers" is the heading on the White House website. ?My commitment is to recover every single dime the American people are owed. And my determination to...

In Case You Missed Any Part of the FCIC Hearings

Posted on January 14, 2010
The Financial Crisis Inquiry Commission has its own website, where you can access both the written statements and the video of the hearings -- although, to my mind, thus far they have been unilluminating.

Schapiro Testifies Before Financial Crisis Inquiry Commission

Posted on January 14, 2010
SEC Chair Mary Schapiro testified today before the Financial Crisis Inquiry Commission. Here is an excerpt of her testimony: It is my view that the crisis resulted from many interconnected and mutually reinforcing causes, including: The rise of mortgage securitization...

NASAA President Testifies Before Financial Crisis Inquiry Commission

Posted on January 14, 2010
Texas Securities Commissioner and NASAA President Denise Voigt Crawford today told the Financial Crisis Inquiry Commission that a series of actions by Congress and the courts to preempt the regulatory authority of state securities regulators contributed to the ongoing financial...

SEC Brings New Action Against BofA For Failure to Disclose Merrill Losses

Posted on January 13, 2010
You will recall that on Monday Judge Rakoff refused to allow the SEC to amend its complaint against Bank of America (relating to failures to disclose Merrill bonuses) to add new charges. That case is currently set for trial to...

SEC's Enforcement Division Reorganization Emphasizes Market Intelligence

Posted on January 13, 2010
The SEC's Enforcement Division announced the appointment of the newest members of its national leadership team in what the Division describes as "its most significant reorganization since its establishment in 1972." The Division established five priority areas dedicated to particular...

SEC Issues Concept Release on Structure of Equity Markets

Posted on January 13, 2010
The SEC is undertaking a review of the structure of equity markets and voted to issue a concept release seeking public comment on such issues as high frequency trading, co-locating trading terminals, and markets that do not publicly display price...

SEC Proposes Rule Prohibiting Customers' Naked Access to Exchange

Posted on January 13, 2010
The SEC today proposed a new rule that would effectively prohibit broker-dealers from providing customers with "unfiltered" or "naked" access to an exchange or alternative trading system (ATS). The SEC's proposed rule would require brokers with market access, including those...

SEC Obtains Emergency Relief Against Fraud Targeted at Iranian-American Community in LA

Posted on January 12, 2010
On January 8, 2010, the SEC filed a complaint in the United States District Court for the Central District of California against Beverly Hills, Calif.-based NewPoint Financial Services, Inc. ("NewPoint"), John Farahi and Gissou Rastegar Farahi (the "Farahis"), and Elaheh...

SEC Settles Fraud Charges Against Two Florida Investment Advisers

Posted on January 12, 2010
The SEC charged Neil V. Moody and his son, Christopher D. Moody, two Sarasota, Fla.-based investment advisers, with securities fraud for misleading investors about the financial condition of three hedge funds they managed and misrepresenting that they controlled the funds'...

House Committee Seeks Documents on AIG from Fed Reserve

Posted on January 12, 2010
The House Committee on Oversight and Government Reform issued a subpoena to the Federal Reserve Bank of New York, seeking documents related to the federal government's bailout of AIG and the controversial decision to make whole the counterparties on the...

SEC Adopts Amendment to Proxy Rule on Shareholder Approval of Executive Compensation of TARP Recipients

Posted on January 12, 2010
The SEC published as a final rule amendments to the proxy rules to set forth certain requirements for U.S. registrants subject to Section 111(e) of the Emergency Economic Stabilization Act of 2008. Section 111(e) of the Emergency Economic Stabilization Act...

SEC Open Meeting Agenda Jan. 13, 2010

Posted on January 12, 2010
SEC Open Meeting Agenda, Wednesday, January 13, 2010 Item 1: Risk Management Controls for Brokers or Dealers with Market Access Office: Division of Trading and Markets Staff: James A. Brigagliano, David S. Shillman, John C. Roeser, Marc F. McKayle, Theodore...

SEC Obtains Fraud Judgments Against Former CEO of National Century Financial Enterprises

Posted on January 12, 2010
The SEC announced that the federal district court in southern Ohio entered final judgments against Lance Poulsen, the former Chairman and Chief Executive Officer of National Century Financial Enterprises, Inc. (NCFE); Donald Ayers, NCFE's former Chief Operating Officer and a...

Former Advisers Sue Utah for Malicious Prosecution

Posted on January 12, 2010
Investment News reports that two former independent financial advisers are suing the State of Utah and its Division of Securities, alleging violations of due process and civil rights. In essence, they charge that the regulators drummed them out of the...

NATCO Group Settles FCPA Charges

Posted on January 12, 2010
The SEC has settled another FCPA case, this one involving NATCO Group, an oil field services provider. According to the SEC's complaint, TEST Automation & Controls, Inc. (TEST), a wholly owned subsidiary of NATCO Group Inc., created and accepted false...

Update on SEC's Enforcement Action Against Bank of America

Posted on January 11, 2010
The SEC announced today that it seeks to charge Bank of America with failing to disclose extraordinary financial losses at Merrill Lynch prior to a shareholder vote to approve a merger between the two companies. By 8 p.m., the Wall...

NY AG Requests More Information from Banks on Bonuses

Posted on January 11, 2010
The media is filled with anticipation about news of forthcoming Wall St. bonuses. Meanwhile, New York Attorney General Cuomo continues his investigation into the bonuses paid by the largest banks that received TARP funds, including the usual suspects (Bank of...

Consumer Federation of America, Others, Urge Elimination of Broker Dealer Exclusion

Posted on January 11, 2010
A number of organizations, including the Consumer Federation of America, the Financial Planning Association, and NASAA, have written a joint letter to Senators Dodd and Shelby in support of the provision of the Senate version of the Restoring American Financial...

Congressional Inquiry into Causes of Financial Crisis Begins Hearings

Posted on January 11, 2010
The Financial Crisis Inquiry Commission, a 10-member bipartisan panel established by Congress to examine the causes of the financial crisis, will conduct its first public hearing and hear testimony from public- and private-sector leaders on January 13 and 14...

Bondi on Collective Scienter in SEC Enforcement Actions

Posted on January 10, 2010
Dangerous Liaisons: Collective Scienter in SEC Enforcement Actions, by Bradley J. Bondi, Securities and Exchange Commission (SEC); Georgetown University - Law Center; George Mason University - School of Law, was recently posted on SSRN. Here is the abstract: Scienter is...

Morrison on Bankruptcy for Systemically Important Institutions

Posted on January 10, 2010
Is the Bankruptcy Code an Adequate Mechanism for Resolving the Distress of Systemically Important Institutions?, by Edward R. Morrison, Columbia University - Law School, was recently posted on SSRN. Here is the abstract: Lehman?s bankruptcy has triggered calls for new...

Horwich on Forward-Looking Statements

Posted on January 10, 2010
Cleaning the Murky Safe Harbor for Forward-Looking Statements: An Inquiry into Whether Actual Knowledge of Falsity Precludes the Meaningful Cautionary Statement Defense, by Allan Horwich, Schiff Hardin LLP; Northwestern University - School of Law, was recently posted on SSRN...

Coffee on Dispersed Ownership

Posted on January 10, 2010
Dispersed Ownership: The Theories, the Evidence, and the Enduring Tension Between 'Lumpers' and 'Splitters,' by John C. Coffee Jr, Columbia Law School; European Corporate Governance Institute (ECGI); American Academy of Arts & Sciences, was recently posted on SSRN...

SEC Inspector General Investigated Allegations of Misconduct at Boston Regional Office

Posted on January 07, 2010
Under the heading "frequently-requested" FOIA documents," the SEC website posted a heavily redacted report from the SEC's Inspector General concluding a preliminary inquiry into charges brought by a former Putnam employee that the SEC's Boston office engaged in misconduct and...

New York Fed Told AIG Not to Disclose Details about Payments to Banks

Posted on January 07, 2010
Numerous media sources report that emails between the New York Federal Reserve Bank and AIG show that AIG planned to disclose details about the controversial payments it made to counterparties to cancel financial deals -- including Goldman Sachs and Deutsche...

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