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

FINRA Issues Guidance on Unauthorized Proprietary Trading

Posted on April 09, 2008
In the wake of several recent cases involving allegations of unauthorized or "rogue" trading resulting in substantial losses by firms both in the United States and abroad, many FINRA firms are undertaking comprehensive reviews of their internal controls and risk...

WaMu Turned Down JPM Before Taking Deal with TPG

Posted on April 09, 2008
JP Morgan Chase appears to have its finger in all the Wall St. pies. Washington Mutual, which just got a $7 billion capital infusion from TPG, previously had been negotiating with JPM about a stock tender offer that would have...

Apollo Management Files IPO

Posted on April 09, 2008
Private equity firm Apollo Management has filed an IPO with the SEC, according to the Wall St. Journal (although I couldn't find the filing on EDGAR this morning). The offering is valued at about $418 million. If the deal is...

Bankruptcy Trustee Goes After Subprime Lender's Underwriters

Posted on April 09, 2008
Subprime lender American Business Financial Services (ABFS) went bankrupt three years ago, and purchasers of its high-yield notes, unsophisticated investors who purchased the notes through direct mailings and newspaper ads, lost millions. Now the bankruptcy trustee is looking into the...

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SEC Charges 5 Former San Diego Officials with Fraud

Posted on April 08, 2008
The SEC charged 5 former San Diego officials with fraud in connection with the City?s false and misleading financial statements in five 2002 and 2003 bond offerings. According to the SEC?s complaint, these five former officials knew that the city...

NYSE Firms Lost Over $7 Billion in 2007

Posted on April 08, 2008
New York Stock Exchange member firms that conduct business with the public reported a fourth-quarter 2007 after-tax loss of $10.64 billion and revenues of $88.18 billion, compared with $4.92 billion in after-tax profits on revenues of $93.38 billion in fourth...

Former Nymex Director Pleads Guity to Front-Running

Posted on April 08, 2008
Steven Karvellas, a former Director of the New York Mercantile Exchange, pleaded guilty to two felony counts of illegal trading in natural-gas markets. The charges result from an investigation by the Exchange, the CFTC, and the Manhattan District Attorney into...

Greenspan Defends his Legacy

Posted on April 08, 2008
Alan Greenspan wants to set the record straight: the current financial mess is not his fault. The Wall St. Journal contains excerpts from several interviews with him about his record, criticisms of his performance, and his recommendations for the future...

Shareholders' Resolutions Reflect Shareholder Anger

Posted on April 07, 2008
Shareholders are upset about the credit collapse, and the shareholders' resolutions this proxy season reflect their anger. CFO.com has a good article summarizing shareholder activists' efforts; For Shareholders, It's Subprime Time.

SEC Obtains Jury Verdict Against Stock Promoter

Posted on April 07, 2008
The SEC obtained a jury verdict against stock promoter Cort L. Poyner of Pompano Beach, Fla. The SEC had alleged that Poyner defrauded investors in a California start-up company called The Children's Internet, falsely stating that the company's stock would...

SEC Charges former CFO of United Rentals

Posted on April 07, 2008
The SEC filed securities fraud charges against John N. Milne, a former Vice Chairman, President, and Chief Financial Officer of United Rentals, Inc. ("URI"). Milne is the second URI officer, and the third CFO, charged in connection with the alleged...

SEC Announces Mutual Fund Comparison Aid

Posted on April 07, 2008
The SEC announced the launch of a new Internet Web page that enables investors to more easily read, analyze, and compare the information provided by mutual funds related to fund cost, risk, and past performance. The SEC approved rule amendments...

SEC Files Complaint Alleging Penny Stock Fraud

Posted on April 07, 2008
The SEC filed a civil injunctive action against fourteen defendants involved in the alleged illegal issuance and sale of unregistered stock of CMKM Diamonds, Inc., purportedly a diamond and gold mining company located in Las Vegas. CMKM allegedly fraudulently issued...

Yahoo Sends Response to Microsoft Letter

Posted on April 07, 2008
Yahoo CEO Jerry Yang and Chairman Roy Bostock responded to Microsoft CEO Steven Ballmer's weekend letter, stating that they continue to believe that Microsoft's bid undervalues the company, but saying that they remain open to a deal if it is...

Motorola and Icahn Agree to Resolve Dispute

Posted on April 07, 2008
One of the longest ongoing corporate soap operas may end as Motorola agreed to back two of Carl Icahn's nominees for the Motorola board, in exchange for Icahn's dropping his proxy contest for four directors and a lawsuit he filed...

New York Law Firm Can be Liable as Aider & Abettor of Securities Fraud under Oregon Statute

Posted on April 07, 2008
A disappointed investor in a hedge fund, residing in Oregon, can sue the New York law firm that drafted the offering documents for aiding and abetting the securities fraud of the principal, who had already pleaded guilty to securities fraud...

Microsoft Puts Pressure on Yahoo

Posted on April 07, 2008
Over the weekend Microsoft send the Yahoo board a letter warning that it would begin a proxy solicitation to take control of the Yahoo board if the companies did not reach a negotiated deal in the next three weeks. In...

$5 Billion Investment in Washington Mutual

Posted on April 07, 2008
Washington Mutual, the largest U.S. savings and loan association, is negotiating with U.S. private equity firm TPG and other investors for a $5 billion infusion of capital. Washington Mutual has been hit hard by the mortgage crisis. The deal would...

Karmel on Accredited Investor Definition

Posted on April 06, 2008
Regulation by Exemption: The Changing Definition of an Accredited Investor, by ROBERTA S. KARMEL, Brooklyn Law School, was recently posted on SSRN. Here is the abstract: The Securities and Exchange Commission ("SEC") has preserved its jurisdictional grip and ideological purity...

Burch on Securities Class Actions

Posted on April 06, 2008
Securities Class Actions as Pragmatic Ex Post Regulation, by ELIZABETH CHAMBLEE BURCH. Samford University - Cumberland School of Law, was recently posted on SSRN. Here is the abstract: Securities class actions are on the chopping block-again. Traditional commentators continue to...

Barrett on Audit Quality

Posted on April 06, 2008
Sarbanes-Oxley, Kermit the Frog, and Competition Regarding Audit Quality, by MATTHEW J. BARRETT, Notre Dame Law School, was recently posted on SSRN. Here is the abstract: The regulatory scheme after Sarbanes-Oxley has significantly improved public company audits in the United...

Fanto on Broker-Dealer Professionalism in IPOs

Posted on April 06, 2008
The Continuing Need for Broker-Dealer Professionalism in IPOs, by JAMES A. FANTO, Brooklyn Law School, was recently posted on SSRN. Here is the abstract: In this essay, I contend that the IPO process and its abuses of the late 1990s...

Shadab on Hedge Funds

Posted on April 06, 2008
The Law and Economics of Hedge Funds: Financial Innovation and Investor Protection, by HOUMAN B. SHADAB, George Mason University - Mercatus Center, was recently posted on SSRN. Here is the abstract: A persistent theme underlying contemporary debates about financial regulation...

Officials Testify on Bear Stearns Bailout at Senate Hearing

Posted on April 04, 2008
The headlines are all about the Senate Banking Committee hearing yesterday on the collapse of Bear Stearns, where federal officials, including Ben Bernanke, Christopher Cox, and Timothy Geithner (New York Federal Reserve) and company officials, including Alan Schwartz (Bear) and...

Investors Back out of Delphi Deal

Posted on April 04, 2008
Appaloosa Management, on behalf of a group of investors that planned a $2.55 billion equity investment in auto supplier Delphi Corp., which is trying to exit Chapter 11, delivered to Delphi a notice of immediate termination, asserting that Delphi had...

Analysis on Paulson's Plan

Posted on April 04, 2008
CFO.com has a perceptive article today on Financial Regulation: Will It Fly? by the staff of The Economist, providing succinct analysis of Secretary Paulson's plan.

Fed Staff Monitor Investment Banks

Posted on April 03, 2008
Federal Reserve staff are onsite at the five major investment banks to monitor their financial condition. Chair Cox will testify today before the Senate banking committee, amid inceased Cong, ressional criticism of its performance. Senator Grassley, for example, asked the...

SEC's Cox Testifies on Bear Stearns Collapse

Posted on April 03, 2008
Here is Chair Cox's Testimony Concerning Recent Events in the Credit Markets Before the U.S. Senate Committee on Banking, Housing and Urban Affairs on April 3, 2008, where he noted that for the first time, a major investment bank that...

SEC Files Complaint against UK Hedge Fund Advisor Alleging Market-Timing

Posted on April 03, 2008
The SEC filed a civil action in the U.S. District Court for the Southern District of New York against United Kingdom-based hedge fund adviser Pentagon Capital Management PLC (PCM) and its Chief Executive Officer, Lewis Chester. The complaint alleges that...

Senator Says SEC May be Moving too Fast on Mutual Recognition

Posted on April 02, 2008
Senator Jack Reed (D-RI) expressed concern that the SEC is moving too fast toward mutual recognition of foreign regulators and plans to call a hearing on the concept. In addition, he wants a GAO report on the effectiveness of the...

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