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JPMorgan fined $153.6 million in CDO case

Wed, 22/06/2011 - 13:42 by Jamie Anderson

J.P. Morgan Chase & Co. has agreed to pay $153.6 million as settlement charges in the US civil fraud charges that in a portfolio of complex mortgage related securities.

Tell the SEC You're Tired of Being Ripped Off

Fri, 17/12/2010 - 11:24 by Robert Brokamp

If you walk into a financial advisor's office, you'd expect that he or she will put your interests first -- ahead of the branch manager's interests, ahead of the firm's interests, ahead of his or her own interests. Furthermore, you'd expect that this isn't just something done out of niceness; the financial advisor would be legally obligated to do what's best for you and you only.

How to Tell Your Advisor's Real Agenda

Wed, 15/12/2010 - 07:13 by Dayana Yochim

 We hire professionals for their expertise, and pay them for guidance on topics that are unfamiliar to us. And there's the rub: How can we judge whether it's sound advice, or advice that just sounds good because you're being told what you want to hear?

 

Get What You Want From Your Broker

Thu, 25/11/2010 - 10:28 by Dan Caplinger

 People are angry at Wall Street's shenanigans, and upset investors want to do whatever it takes to avoid a repeat of the excesses of the past decade. To address that, the Securities and Exchange Commission is considering rules to force stockbrokers to act in the best interest of their clients.

 

Goldman strikes gold with $550mn SEC settlement

Sun, 18/07/2010 - 15:29 by Jaspreet Virk

Goldman Sachs does not seem to have lost anything after paying $550 million fine to the Securities and Exchange Commission (SEC) to settle the civil fraud case against it. In fact, the settlement with SEC has come as a big win for the New York based global investment banking and securities firm.

SEC rule squeezes campaign funding

Wed, 07/07/2010 - 11:29 by Rakhi

Boston -- The U.S. Securities and Exchange Commission's rule change on pension funds could affect the run for the top job in Massachusetts and elsewhere, experts said.

Last week the SEC said investment firms that manage pension funds would be barred from managing any fund for two years if they contributed to a politician in charge of the same fund.

The Boston Globe reported Tuesday that Massachusetts Treasurer Timothy Cahill, who is chairman of the state's pension plans, received $2,350 in June from executives at Fidelity Investments, which manages $640 million of the state's pension fund.

Spokespersons for Fidelity and Cahill, an independent gubernatorial candidate, both said they would abide by new rules when they take effect.

SEC pursues sanctions for Rattner

Thu, 03/06/2010 - 14:40 by Rakhi

New York -- U.S. regulators are seeking to enjoin famed financier Steve Rattner from securities work due his role in a kickback scheme, sources told The New York Times.

Sources said the Securities and Exchange Commission is negotiating with Rattner, a former White House adviser on the automotive industry, and is seeking to impose a three-year ban on his working in the finance industry.

Rattner's former firm Quadrangle Group has already paid a $12 million SEC fine for paying an aide to former New York Comptroller Alan Hevesi a $1 million kickback after the aide directed $100 million in investments to Quadrangle.

The firm, which called Rattner's role in the matter "unethical," earned $5 million for managing the investment.

SEC proposes stocks 'circuit breakers'

Wed, 19/05/2010 - 10:14 by Rakhi

Washington -- The U.S. Securities and Exchange Commission Tuesday proposed a trial of a system intended to head off the kind of chaos Wall Street experienced May 6.

SEC Chairwoman Mary Shapiro said a system of individual circuit breakers on all stocks in the Standard & Poor's 500-stock index "would help to limit significant volatility," The New York Times reported. Schapiro told lawmakers on Capitol Hill May 11 regulators were working on establishing a fair process for evaluating trade.

The circuit breakers -- which would pause trading in a stock if its price shifts by 10 percent or more within in a 5-minute span -- would be subject to a trial following a 10-day public comment period. The trial would end Dec. 10, the SEC said.

33 SEC staffers viewed porn at workplace--report

Sat, 24/04/2010 - 16:06 by Jaspreet Virk

In what can be termed as startling revelation, a recently released report states that nearly 30 Securities and Exchange Commission (SEC) employees viewed pornography at workplace over the last five years.

SEC sues Goldman Sachs for fraud

Fri, 16/04/2010 - 22:45 by Inderjit Singh

New York -- The U.S. Securities and Exchange Commission filed a civil suit against Goldman Sachs Friday, alleging it sold securities that were stacked against the buyer.

At the heart of the complaint, the SEC said Goldman Sachs sold mortgage securities that included bonds selected by John Paulson, a hedge fund manager who made billions of dollars betting against the housing market, The New York Times reported Friday.

The complaint says Goldman advertised the securities as "selected by ACA Management," referring to the company managing the deals. Allegedly, Goldman also did not reveal the trader choosing the securities was investing heavily on a market collapse, the Times said.

SEC considers revealing more details

Fri, 02/04/2010 - 11:41 by Rakhi

Washington -- The U.S. Securities and Exchange Commission said it was considering going public with more details of out-of-court settlements.

"Typically, our practice has been not to file in-depth factual findings of the investigation," said Robert Khuzami, director of the SEC's enforcement division.

That practice might change, he said, to give the public a "more fulsome record," of cases that are decided without trial but can end with negotiated settlements -- some very large but with no admission on the company's part that it did anything wrong, The Washington Post reported Thursday.

GE CEO Jeffrey Immelt forgoes bonus for 2009

Sat, 06/03/2010 - 12:17 by Ishita Sood

General Electric Co.'s Chairman and Chief Executive Jeffrey Immlet opted out of a cash bonus for the second consecutive year to improve his company’s financial position.