SEC

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As Economy Crumbled, SEC Staffers Surfed for Porn

One attorney spent up to 8 hours a day on sleaze

(Newser) - As the economy teetered on the brink of collapse, Securities and Exchange Commission watchdogs wasted thousands of hours surfing the Internet for pornography on government computers. One accountant tried to access raunchy sites 16,000 times in a single month, and a senior SEC attorney in Washington spent up to...

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

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 Sues Sex Cruise Investment Firm

Funds used to pay for strippers, go-go dancers

(Newser) - The bosses of an upstate New York investment firm used investors' cash to finance their own lavish lifestyles and to underwrite business ventures like a swingers' cruise line, according to an SEC lawsuit. The assets of McGinn, Smith & Co. have been frozen by court order while SEC investigators probe...

Obama Rips Wall Street in Cyber Stealth Ad

Google search leads to prez call for reform

(Newser) - The White House has launched a stealth attack on Wall Street in a controversial but deft Internet ad. A link to "Help Change Wall Street" pops up when users search "Goldman Sachs SEC" on Google. The link takes users to mybarackobama.com and features a photo of Obama...

SEC Shouldn't Knife Goldman on a Split Vote
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 Probe Could Go Right to the Top

Ex-employees say Blankfein oversaw the target of SEC's suit

(Newser) - Though the SEC's civil suit against Goldman Sachs only names one vice president, it may end up implicating those much, much closer to the top. The New York Times , in interviews with eight former employees, has learned that senior execs—including CEO Lloyd Blankfein—played a major role in overseeing...

SEC Charges Goldman Sachs With Fraud
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 Investigates Jim Cramer's Website

Inquiry involves TheStreet.com's accounting

(Newser) - The SEC is investigating The Street.com —the website co-founded by CNBC host and Jon Stewart target Jim Cramer—over some questionable accounting regarding a former subsidiary. The agency wants to examine how the website recorded revenue for Promotions.com, a marketing company it acquired in 2007 and sold...

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
 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
 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...

Fed Demanded Security Laws Shield AIG

Giving Money Away to Wall Street Almost Became Top Secret

(Newser) - Federal Reserve officials called on the SEC to invoke national security laws to keep details about the controversial AIG bailout hidden from the public. The Fed demanded an assurance of "special security procedures" by the SEC concerning an AIG document related to the bailout, according to emails uncovered by...

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....

Galleon's Rajaratnam Charged in Fraud Case

Alleged inside-trader accused of conspiracy, securities fraud

(Newser) - Raj Rajaratnam was charged with five counts of conspiracy and six counts of securities fraud today, the first criminal charges related to allegations of insider trading at his Galleon group hedge fund. Danielle Chiesi, who prosecutors say was one of Rajaratnam's illicit collaborators, was hit with three counts of conspiracy...

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...

Wild Finish Means Texas Vs. 'Bama for Title
 Wild Finish Means 
 Texas Vs. 'Bama for Title 
bcs championship
Dec 5, 2009 10:55 PM CST

Wild Finish Means Texas Vs. 'Bama for Title

Longhorns edge Nebraska; Tide trounce Florida

(Newser) - Texas and Alabama will play for the BCS championship next month. The Longhorns survived a crazy finish and beat Nebraska 13-12 on a last-second field goal to make it to the title game. They almost didn't get a chance to kick when QB Colt McCoy mismanaged the clock and let...

Feds: NY Hedge Fund Boss Funded Terror

Donations were funneled to Tamil Tigers

(Newser) - A hedge-fund manager busted for insider trading has been contributing money to a Sri Lankan terrorist group, according to FBI agents. Raj Rajaratnam came under scrutiny in a federal probe into the Tamil Rehabilitation Organization, a charity which was charged with funneling money to the Liberation Tigers of Tamil Eelam,...

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

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...

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