A sweeping federal law aimed at preventing bailouts, “too big to fail” and another financial crisis has provoked objections from a variety of Texas governmental entities, big and small, who argue that it would hinder the hundreds of appointed boards and commission in the state.
The Securities and Exchange Commission last month warned oil spill victims who have received money under the Gulf Coast Claims Facility to beware of investment scams.
The SEC warned:
[S]cam artists may target payout recipients with oil spill-related investment opportunities that promise high returns with little or no risk,
Soon after Rep. Brad Miller (D-N.C.) came to Washington in 2002, a fellow member of the House Financial Services Committee told him to pick an arcane financial issue — any issue — and to make it his pet topic. Miller chose mortgage finance. He knew little about it. Banking lobbyists More…
Today, the Securities and Exchange Commission met with the heads of the major U.S. stock exchanges, including the New York Stock Exchange and alternative venues like Nasdaq and the Chicago Board Options Exchange. They discussed Thursday’s stock exchange event, where the Dow Jones Industrial Average dropped 1,000 points before More…
Washington is buzzing with the various testimonies and commissions ongoing today. Watch Fed Chairman Ben Bernanke and other speakers at the National Commission on Fiscal Responsibility and Reform, the president’s deficit commission, live here. And watch Sen. Carl Levin’s (D-Mich.) Senate Permanent Subcommittee on Investigations interrogate Goldman Sachs executives More…
Lloyd Blankfein — head of Wall Street giant Goldman Sachs, against which the SEC filed civil charges last week for defrauding clients in some mortgage-backed securities trades — famously stopped speaking to the press after he mentioned he thought Goldman was doing “God’s work” in the midst of More…
Tomorrow, the House Financial Services Committee, headed by Rep. Barney Frank (D-Mass.), will hear testimony regarding the Valukas Report — a lawyer’s examination of the collapse of the investment bank Lehman Brothers, which uncovered fraudulent actions, including the now-infamous “Repo 105” accounting trick.
I’ve been reading the Securities and Exchange Commission’s civil charges of Goldman Sachs and one of its vice presidents carefully. It’s a complicated case dealing with complicated financial instruments, but I think there is a handy analogy to explain it in layman’s terms.
Let’s say that you are More…
Today, the Securities and Exchange Commission charged Goldman Sachs and one of its vice presidents with selling clients a financial instrument that another client had purposefully designed to fail and had shorted, betting on its collapse:
The SEC alleges that Goldman Sachs structured and marketed a synthetic collateralized debt
On Friday, The Wall Street Journal revealed that major Wall Street banks regularly use repurchase-agreement, or repo, transactions to reduce their debt levels and leverage shortly before reporting their quarter-end data. The revelations came after the Valukas Report showed that failed investment bank Lehman Brothers used a type of More…
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