Securities and Exchange Commission – News Stories About Securities and Exchange Commission - Page 6

Blankfein Will Deny Goldman Bet Against Clients

TESTIMONY PREVIEW

Apr 26, 2010 6:36 PM CDT

Blankfein Will Deny Goldman Bet Against Clients

Goldman Sachs CEO plans to strike apologetic tone in Senate testimony

(Newser) - The CEO of Goldman Sachs will tell a Senate panel tomorrow he understands Americans' distrust of the bank, but its "functions are important to economic growth and job creation." Lloyd Blankfein's remarks, released ahead of the eagerly awaited hearing, are his most accommodating yet, reports the New York ...

Banks Gamed Rating
Agencies Using Their Models

Apr 24, 2010 7:45 AM CDT

Banks Gamed Rating Agencies Using Their Models

High ratings were reverse-engineered for lousy packages

(Newser) - With rating agencies under fire for giving good ratings to terrible investments, Gretchen Morgenson and Louise Story argue in the New York Times today that it wasn't all their fault. In a push for transparency, the likes of Moody's, Sandard & Poor's, and Fitch made public the computer models they...

Lloyd Blankfein:
Fraud Case Will 'Hurt America'

Apr 22, 2010 9:44 AM CDT

Lloyd Blankfein: Fraud Case Will 'Hurt America'

Goldman Sachs CEO rails against SEC in call to clients

(Newser) - Lloyd Blankfein called up a host of top Goldman Sachs clients yesterday and told them in no uncertain terms where the SEC could stick its fraud charges. Blankfein complained that the case was politically motivated, and would “hurt America,” one of the clients tells the Financial Times . “...

Critics Rip
White House
Links to
Goldman
Sachs

Apr 22, 2010 2:53 AM CDT

Critics Rip White House Links to Goldman Sachs

Foes concerned about ties that blind

(Newser) - As the SEC builds its case charging Goldman Sachs with defrauding thousands of consumers, critics continue to hammer at White House links to the firm. Goldman Sachs CEO Lloyd Blankfein met twice with President Obama and twice with economic aide Larry Summers while SEC investigators probed the company. A White...

SEC Shouldn't Knife Goldman on a Split Vote

Henry Blodget

Apr 20, 2010 12:21 PM CDT

SEC Shouldn't Knife Goldman on a Split Vote

Fraud charges too serious to bring without even 5 people onboard

(Newser) - When the SEC charged Goldman Sachs with fraud, it rocked global markets and cost Goldman shareholders $12 billion—all for a charge that only 3 of the 5 SEC commissioners could agree to. That just seems wrong to Henry Blodget of Business Insider . “Fraud is a serious charge,”...

Goldman Case
Splits SEC Along
Party Lines

Apr 20, 2010 9:23 AM CDT

Goldman Case Splits SEC Along Party Lines

Decision came after months of secret negotiations failed

(Newser) - The decision to go after Goldman split the SEC along party lines and came only after months of secret talks broke down. Though the commission generally aims for unanimity, they voted, 3-2, to proceed with the civil suit despite opposition from two Republican members. The tiebreaker was an Independent commissioner...

Other Wall St. Banks as Guilty as Goldman

Apr 19, 2010 8:15 AM CDT

Other Wall St. Banks as Guilty as Goldman

Many engaged in same activities SEC is now calling fraudulent

(Newser) - The SEC's fraud suit against Goldman Sachs might be just the tip of the iceberg, because other investment banks engaged in exactly the same sleight of hand, Pro Publica reports. Goldman is accused of failing to disclose that a hedge fund was both helping to create, and betting against, the...

Post-Madoff SEC
Bites Goldman Sachs

analysis

Apr 18, 2010 4:50 PM CDT

Post-Madoff SEC Bites Goldman Sachs

After Ponzi scheme debacle, regulator is back, with bigger fangs

(Newser) - Having let the Madoff scandal unfold virtually under its nose, the SEC sounded an alert with the announcement of its lawsuit charging Goldman Sachs with fraud. "The message: The SEC is back on the job," Greg Gordon writes for McClatchy . "The release is very judgmental about the...

Goldman Withers
in SEC Spotlight

OPINION roundup

Apr 16, 2010 1:14 PM CDT

Goldman Withers in SEC Spotlight

Fraud charges kneecap stock price; observers play wait-and-see

(Newser) - The SEC's civil suit against Goldman Sachs is hardly a slam-dunk, experts agree, but the scrutiny is certainly not doing the firm any good . Some reactions:

This "is explosive stuff," Felix Salmon blogs for Reuters . "Goldman Sachs has lost more than $10 billion in market capitalization today,

...

SEC Charges Goldman
Sachs With Fraud

Apr 16, 2010 10:26 AM CDT

SEC Charges Goldman Sachs With Fraud

Says firm misled investors on subprime mortgages

(Newser) - The government is accusing Wall Street powerhouse Goldman Sachs of defrauding investors by failing to disclose conflicts of interest in mortgage investments it sold as the housing market was faltering. The SEC today announced civil fraud charges against Goldman and one of its vice presidents. The agency alleges Goldman failed...

SEC Loses Bid
to Help Wall St.
Drop Regulation

Mar 18, 2010 7:01 AM CDT

SEC Loses Bid to Help Wall St. Drop Regulation

Judge nixes attempt to loosen rule designed to protect investors

(Newser) - The SEC has lost its bid to scrap a rule established to protect investors after the dot.com implosion. The rule, designed to prevent Wall Street abuses, barred research analysts and investment-banking departments at the same firm from communicating without a lawyer or compliance officer present. The regulator's decision to...

Dow Drops 19,
Snaps 4-Day Win Streak

MARKETS

Feb 22, 2010 3:24 PM CST

Dow Drops 19, Snaps 4-Day Win Streak

Energy sector leads stocks lower; financials up on BofA settlement

(Newser) - Energy issues pushed stocks lower today after indexes hung around opening levels and briefly wandered into positive territory. Bank of America's settlement with the SEC over its acquisition of Merrill Lynch last year boosted financials, the Wall Street Journal reports.

The Dow fell 18.97 points to close at 10,

...

Feds Subpoena Toyota

Feb 22, 2010 2:45 PM CST

Feds Subpoena Toyota

LA, NY juries may begin criminal investigations into automaker

(Newser) - Toyota may be able to add criminal investigations to its growing list of woes: Federal authorities have hit the automaker with subpoenas over the recently reported safety issues with its vehicles. A New York grand jury and the Los Angeles office of the SEC requested information about the problems of...

Whistleblowers:
SEC Ignored Us

Jan 21, 2010 5:26 AM CST

Whistleblowers: SEC Ignored Us

Flawed process allowed Ponzi schemes to go undetected

(Newser) - The SEC's haphazard method of dealing with whistleblowers means violations go unpunished and frauds left uncovered for years, insiders say. Many informants—including one whose information could have exposed Bernie Madoff's Ponzi scheme—say they were ignored, misunderstood, or sidelined after approaching the regulator with tip-offs, the Washington Post reports....

Crooked Giants
Dodge SEC Penalties

Dec 9, 2009 3:25 AM CST

Crooked Giants Dodge SEC Penalties

Agency routinely grants waivers for harshest punishments

(Newser) - Financial giants accused of swindling investors have been successfully dodging the SEC's harshest penalties by arguing that the law shouldn't apply to them. Firms including Citigroup, Bank of America, and AIG have recently sought and received waivers from regulations requiring lawbreakers to close their mutual fund businesses. Waivers have been...

Madoff Wishes SEC Had Caught Him Years Ago

Oct 31, 2009 6:31 AM CDT

Madoff Wishes SEC Had Caught Him Years Ago

Dismisses SEC bumblers who didn't know Accounting 101

(Newser) - Bernie Madoff slagged the SEC in a jailhouse interview released late yesterday, dismissing a compliance examiner looking into his firm in 2006 as a "blowhard" who "talked tough, but didn't look at anything." He said uncovering his Ponzi scheme would have been a cinch if the guy...

29-Year-Old SEC Honcho
Came From Goldman

Oct 16, 2009 2:08 PM CDT

29-Year-Old SEC Honcho Came From Goldman

New COO Adam Storch did 'business intelligence' at connected Wall Street bank

(Newser) - The first person named to the new chief operating officer position in the SEC’s enforcement division is a 29-year-old whiz kid who previously worked at uber-connected Goldman Sachs, Bloomberg reports. "Adam’s skill in technology systems, workflow process, and project management will greatly benefit the division," his...

Hedge Fund Founder Nabbed for Insider Trading

Oct 16, 2009 11:03 AM CDT

Hedge Fund Founder Nabbed for Insider Trading

Raj Rajaratnam's $3B Galleon Group trades tech stocks

(Newser) - The founder of a $3 billion hedge fund and two other financial executives have been charged with insider trading, the Business Insider reports. Raj Rajaratnam, whose Galleon Group focuses on high tech stocks, was charged with conspiracy and fraud related to trades of Hilton and Google stock, among others. Execs...

Borrowers Ditch Banks,
Turn to Peer Loans

Sep 20, 2009 9:38 AM CDT

Borrowers Ditch Banks, Turn to Peer Loans

Once modest industry will soon lend more than $5 billion annually

(Newser) - As the banking pendulum swings from reckless lending to impossible-to-get credit, people are increasingly turning away from institutions and toward each other for loans, reports the Washington Post. The shaky stock market has made the peer-to-peer market ideal for investors, while borrowers happily trade credit card debt for interest rates...

Feds Probe
BofA-Merrill Deal

Sep 18, 2009 3:55 PM CDT

Feds Probe BofA-Merrill Deal

FBI, Justice Department investigate timing of bonus payments: source

(Newser) - Bank of America's acquisition of Merrill Lynch is the focus of an ongoing investigation by the FBI and Justice Department, sources tell the Charlotte Observer, the bank's hometown paper. The SEC and the AGs of New York and North Carolina have already launched civil probes of the timing of huge...