Wall Street Folly

Archive for the ‘SEC’ Category

Greenspan jumping on the banking regulation band wagon; Merrill Lynch had spilled the beans to regulators over Lehman’s controversial accounting; JP Morgan also used ‘Repo 105s’ accounting gimmick, but made disclosures; SEC finds Lehman examiner’s report ‘helpful’; Hedge fund speculators accused of raising Greece’s borrowing costs; Trichet wants tougher CDS regs; Palm death spiral?

Posted by WSF On March - 19 - 2010
  • Greenspan Concedes That the Fed Failed to Gauge the Bubble
  • Rival warned regulators over Lehman
  • JPMorgan also used accounting gimmick
  • SEC welcomes Lehman report as ‘helpful’
  • Lehman estate fight with Barclays escalates
  • Speculators seen increasing Greek borrowing costs
  • CFTC Gensler: Determined To Reform OTC Market
  • Trichet backs tougher CDS regulation
  • Palm Narrows Loss, but Phone Sales Drop Read the rest of this entry »
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Bankruptcy, CDS, Fed, JPM, JPM Chase, SEC

High blood pressure? Bernie Madoff said to have gotten the crap kicked out of him in prison in December; Two Madoff programmers indicted; Schapiro: SEC fell down on the job over Lehman Brothers; Is Pelosi’s Healthcare vote end run even constitutional?; Alvarez & Marsal’s $247M Lehman Brothers pay day; Jim Cramer’s TheStreet.com is the focus of an SEC accounting probe

Posted by WSF On March - 18 - 2010
  • Madoff Beaten in Prison
  • Madoff computer programmers nailed
  • SEC on Lehman Oversight: Not Good Enough
  • Pelosi Tactic for Health-Care Vote Would Raise Legal Questions
  • Alvarez & Marsal Gets $247 Million for Advising Bankrupt Lehman
  • SEC probes TheStreet.com’s finances Read the rest of this entry »
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Bernie Madoff, SEC

Changes on the way for Obama’s proposed bank fee?; Could Spain be the euro’s undoing?; National Highway Traffic Safety Administration takes knocks at Toyota hearing; SEC passes new short selling rules; Bernanke expects low interest rates for awhile; Plug may be pulled on Hummer after Chinese deal collapse

Posted by WSF On February - 25 - 2010
  • Obama’s $90 Billion Bank Fee May Be Revised by Panel
  • The Euro’s Next Battleground: Spain
  • At Toyota hearings, auto safety agency feels the heat
  • Hoping to prevent stock meltdowns, SEC passes short-selling rules
  • Fed chief Bernanke expects extended hold on interest rates
  • Hummer Faces Shutdown After Chinese Sale Collapses Read the rest of this entry »
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Autos, Banks, Barack Obama, Ben Bernanke, Fed, Interest Rates, SEC, Short selling

702 banks now on FDIC endangered list; SEC is voting today on short selling changes; Credit Suisse bankers who opted for bonuses in toxic securities are banking!; Toyota big boss on congressional hot seat today; GM’s Hummer deal with China said to be in trouble; EU initiating a Google antitrust probe

Posted by WSF On February - 24 - 2010
  • At F.D.I.C. , Bracing for a Wave of Failures
  • SEC Disappointing Goldman Sachs Amid Vote on Short-Sale Curb
  • Bon Appétit: ‘Toxic’ Bonus Yields 72% at Credit Suisse
  • Japan to probe Toyota acceleration complaints
  • ‘Consumer Reports’ still likes Prius as top eco-friendly car
  • A Tough Test Before Congress for Toyota’s Chief
  • EU Opens Google Antitrust Inquiry
  • GM Said to Not Win China’s Approval for Hummer Deal Read the rest of this entry »
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Autos, Banks, Bonuses, Compensation, Credit Suisse, Goldman Sachs, SEC, Short selling

Toyota on the Congressional hot seat over misleading public; Judge reluctantly OKs B of A / SEC settlement; Harvard economist predicts multiple sovereign debt defaults; Jamie Dimon, other CEOs will break bread with Obama; Allen Stanford receiver suing Dems, Repubs to get contributions back

Posted by WSF On February - 23 - 2010
  • Congress says Toyota misled public about runaway cars, engine electronics
  • Toyota’s U.S. Chief Says No Problem With Electronics, Apologizes in Testimony
  • Judge approves BofA settlement with SEC
  • Harvard’s Rogoff Sees ‘Bunch’ of Sovereign Defaults
  • Seidenberg, Dimon Among CEOs Said to Dine With Obama Tomorrow
  • Stanford Receiver Sues Democratic, Republican Groups
  • TPG, KKR Said to Near Purchase of Morgan Stanley’s CICC Stake Read the rest of this entry »
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Allen Stanford, Autos, Bank of America, Barack Obama, Jamie Dimon, SEC

Discount rate hike a signal of lower bank profits to come?; New Dodd financial overhaul bill coming next week; Toyota president will testify before congress; AIG scotches plan to sell derivatives portfolio; Allen Sanford wants SEC fraud lawsuit dismissed; Blackstone joining GGP bid?; States face big retiree benefit shortfall

Posted by WSF On February - 19 - 2010
  • Fed Move May Signal End to Easy Bank Profits
  • Dodd to Unveil Financial Overhaul Bill Next Week
  • Toyota’s Chief to Testify to U.S. Congress on Recalls
  • AIG drops plan to sell derivatives portfolio
  • Allen Stanford Asks Judge to Dismiss SEC Lawsuit Alleging Fraud
  • Blackstone Said to Consider Joining Simon’s GGP Bid
  • States short $1 trillion to fund retiree benefits Read the rest of this entry »
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AIG, Allen Stanford, Autos, Banks, Fed, Politics, SEC

B of A: The SEC vs Cuomo; SEC says B of A general counsel fired so that Moynihan would stay; Raj Rajaratnam victory: his trial will begin Oct 25, after civil trial date; Bill Ackman’s GGP score stands to be more than a 20 bagger; LBO debt getting hit

Posted by WSF On February - 18 - 2010
  • SEC Sets Up Showdown With Cuomo Over BofA
  • BofA Fired Top Lawyer to Retain Moynihan, SEC Says
  • Rajaratnam Wins Fraud Trial Date After SEC Civil Case
  • Ackman May Make $170 Million on ‘Grand Slam’ General Growth Bet
  • LBO Debt Sinks as Stock Investors Reject IPOs: Credit Markets Read the rest of this entry »
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Bank of America, Hedge funds, SEC

China ups reserve ratio; Ex-Goldman programmer indicted; Raj Rajaratnam wins one; Bank of America judge has more questions over their proposed SEC settlement; Prosecutors going after Madoff brother, sons over tax fraud; Madoff aide gets bail

Posted by WSF On February - 12 - 2010
  • China Hikes Reserve Ratio Amid Brisk Loan Growth
  • Programmer Indicted in Theft of Goldman Software
  • Rajaratnam Wins Ruling Postponing Wiretap Turnover
  • Bank of America Judge Poses 8 Questions on SEC Accord
  • Prosecutors Set Sights on Madoff Kin
  • Madoff Aide DiPascali Granted Bail Pending Sentencing Read the rest of this entry »
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Bank of America, Bernie Madoff, Goldman Sachs, Hedge funds, Insider Trading, SEC

Lehman examiner files sealed report on banks’ role in the firm’s downfall – he wants it public; DE Shaw is looking to pick off rival hedge funds’ distressed portfolios; A look at the SEC and the team that’s tasked to prevent another Madoff; Ex-Morgan Stanley banker Zaoui may put out his own shingle

Posted by WSF On February - 9 - 2010
  • Lehman Brothers Examiner Files Sealed Report on Role of Banks
  • DE Shaw mobilises team to buy distressed assets of fund rivals
  • S.E.C. Enforcers Focus on Avoiding Madoff Repeat
  • Ex-Morgan Stanley Banker Zaoui Said to Weigh Own Firm Read the rest of this entry »
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Banks, Bernie Madoff, Hedge funds, SEC

Danielle Chiesi speaks, claims there’s no chance she’ll do time and says “it’s an honor and privilege” to stand with Rajaratnam; Hedge funds in a Euro shorting spree; Would Greece asking for help send the ‘wrong signal’?; Barclays CEO disses the Volcker Plan; Judge questioning B of A SEC settlement (again), Price at peril?; UBS ups bonus pool by 34% (as its clients pull more money); Mired in Fannie and Freddie; Toyota recalling 437K hybrids

Posted by WSF On February - 9 - 2010
  • Confident Chiesi breaks silence
  • Galleon Tipper Goel Pleads Guilty, Says Rajaratnam Got Secrets
  • Traders in record bet against the euro
  • Greece Says Call for Aid Would Send ‘Worst Signal’
  • Barclays CEO Says U.S. Plans ‘Bad’ for Global Rules
  • Judge Questions Bank of America’s New Deal With S.E.C.
  • BofA’s Price may need to be sidelined
  • UBS Increases Bonus Pool 34% to 2.9 Billion Francs Read the rest of this entry »
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Autos, Barclays, Bonuses, Compensation, Hedge funds, Insider Trading, Politics, SEC

What boobs!: Some SEC staffers have been surfing for porn during work hours; FSA puts UK banks in a bad spot over bonuses — they risk losing their licenses; Pali Capital employees heading for the exits; The return of leveraged loans; Europe is backing Greece’s financial disaster plans

Posted by WSF On February - 3 - 2010
  • SEC staff monitors stocks & bond-age
  • Banks told to comply on bonuses or lose UK banking licences in shock FSA ultimatum
  • Pali Capital Defections Roll On As Firm’s Future Uncertain
  • Leveraged loan financing comes out of deep-freeze
  • Greece wins Europe’s backing for moves to avert financial disaster Read the rest of this entry »
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Bernie Madoff, Bonuses, SEC

Bernanke gains more Senate ground; Neil Barofsky is probing NY Fed over AIG disclosures; SEC wants Rajaratnam wiretaps; Barclays’ Varley says Obama trading curbs won’t have big impact on firm; Wilbur Ross may go after Stuyvesant Town; CDS at 5 week high

Posted by WSF On January - 26 - 2010
  • Bernanke rallies more Senate votes for confirmation
  • Probe into NY Fed over AIG disclosure
  • SEC Wants Rajaratnam to Turn Over Wiretaps in Civil Case
  • Barclays CEO Varley Tells Staff Obama Plan Impact To Be Small
  • Wilbur Ross Prepared to ‘Go All the Way,’ Buy Stuyvesant Town
  • Credit-Default Swaps Rising to Five-Week High: Credit Markets Read the rest of this entry »
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AIG, Barack Obama, Barclays, Ben Bernanke, CDS, Fed, Hedge funds, Insider Trading, SEC

Obama’s new bank tax unveiled today; Barney Frank continuing assault on Wall Street pay; Geithner’s AIG phone records demanded by House committee; Dudley defends AIG bailout; Banker testimony post mortem; Bank of America’s bonuses getting much shorter on cash; More hedge funders winding up getting jobs at the SEC; Foreclosures at a record and still expected to rise

Posted by WSF On January - 14 - 2010
  • Obama’s Bank Tax Seeks $90 Billion to Repay Bailout
  • US Rep Frank: Determined To Look Into Wall Street Pay
  • Geithner faces demand for AIG phone records
  • Fed’s Dudley Defends AIG Bailout
  • Top bankers forced on to the defensive
  • Wall Street bankers on defensive in grilling over financial crisis
  • Panel Rips Wall Street Titans
  • Bank of America May Trim Cash Part of Bonuses to 15%
  • Hedge funds seen losing staff to the SEC: survey Read the rest of this entry »
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AIG, Bank of America, Barack Obama, Bonuses, Compensation, Goldman Sachs, Hedge funds, JPM Chase, Jamie Dimon, John Mack, Lloyd Blankfein, Morgan Stanley, Politics, Revolving Door, SEC, Taxes, Tim Geithner

Obama will detail new bank tax plan on Thursday (fees that the banks will no doubt pass on); Get the popcorn ready: Bankers all set to get smacked around today as they testify before the latest congressional inquisition panel; Galleon tipper uncloaked; Rajaratnam slams the “cherry picked” wiretapped recordings; High frequency trading in the SEC spotlight; Thain talking to CIT; Google could exit China; Apple’s Steve Jobs still a bargain at $1 / year

Posted by WSF On January - 13 - 2010
  • Obama To Unveil Bank Fee Proposal Thursday – Official
  • Wall Street labels levy plan ‘absurd’
  • Financial crisis panel seeks bankers’ testimony
  • ‘Tipper X’ Hangs Over Galleon
  • Galleon founder slams wiretaps
  • Citigroup Bonus May Trump Goldman’s
  • SEC Vote May Show Scope of High-Frequency Trading Regulations Read the rest of this entry »
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Barack Obama, Bonuses, China, Compensation, Goldman Sachs, Google, Hedge funds, Insider Trading, JPM Chase, Jamie Dimon, Lloyd Blankfein, Morgan Stanley, Politics, SEC, Steve Jobs, Taxes

New bailout fee? Obama administration looking for more ways to stick it to banking industry; Jamie Dimon sick and tired of banker “vilification”; B of A in settlement talks with Cuomo; SEC upping the ante against them with more charges; Bunning wants NY Fed AIG probe; Pandit reshuffles the deck chairs again at Citigroup; Fed made $45B in ‘09; No big surprise, but Pang committed suicide per ruling; AIG looking to hire ex Lehman lawyer to fill general counsel slot abandoned over pay flap; B of A exec demotion

Posted by WSF On January - 12 - 2010
  • Banks Brace for Bailout Fee
  • JPMorgan’s Dimon defends bank’s pay policy
  • SEC broadens charges on Bank of America
  • Bank Is in Talks to Settle State Claims Over Merrill
  • N.Y.’s Cuomo Seeks Bonus Data From Bailed-Out Banks
  • SEC Should Probe NY Fed Staff Over AIG, Senator Says
  • Pandit Shakes Up Citi’s Upper Ranks
  • Federal Reserve earned $45 billion in 2009 Read the rest of this entry »
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AIG, Bank of America, Barack Obama, Bonuses, Citigroup, Compensation, JPM Chase, Jamie Dimon, SEC, Taxes, Vikram Pandit

Barclays Diamond dumps on bonus tax; Is the pay czar blinking over AIG pay caps?; Morgan Stanley management shuffle; SEC looking for public input on high frequency trading; Citi, Wells Fargo TARP impasse; Cuomo focusing on B of A’s Greg Curl; More Dubai debt problems?; So far debt raters have skated by relatively unscathed (which is bizarre); Galleon case delay, Ex FBI agent dishes on failed earlier Galleon probe

Posted by WSF On December - 8 - 2009
  • Barclays’ Diamond Criticizes Bonus Tax, Sees Regulator Missteps
  • Feinberg Said to Lift $500,000 Salary Limit for AIG Executives
  • Morgan Stanley Shuffles Executive Suite
  • SEC probing high-frequency strategies, co-location
  • Banks, U.S. Spar Over TARP Repayment
  • Bank of America Executive Under Scrutiny
  • Dubai World Met Six Creditors Yesterday on Debt, Banker Says
  • Dubai’s Debt Problems May Swell, Morgan Stanley Says
  • Debt Raters Avoid Overhaul After Crisis
  • Galleon Insider-Trading Case Delayed for a Month Read the rest of this entry »
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AIG, Barclays, Citigroup, Hedge funds, Insider Trading, Legal, Morgan Stanley, SEC

Breaking up is hard to do: B of A having more problems rounding up a CEO; Bernanke said to have support by Banking panel majority; SEC getting busy with more insider trading probes; TARP warrant auctions on tap; Henderson ousted; Rothstein charged in $1.2B Ponzi scheme; Merrill sued; FTC studying aid to news organizations; Poll shows November consumer pessimism

Posted by WSF On December - 2 - 2009

  • BofA Breakup Is New Snag in CEO Hunt
  • Bernanke to defend his record and the Fed’s
  • Bernanke Has Support of Majority of Senators on Banking Panel
  • SEC Steps Up Insider-Trading Probes
  • U.S. Taxpayers May Reap $3.17 Billion in TARP Warrant Auctions
  • GM fires CEO Henderson. The board wants an outsider.
  • Rothstein Charged in Ponzi Scheme
  • Wells Fargo to shut 122 branches in state
  • Merrill Sued by Client in Hong Kong Over $13 Million in Losses Read the rest of this entry »
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Autos, Bank of America, Ben Bernanke, Fed, Insider Trading, Revolving Door, SEC

Dubai tensions seem to be easing; AIG closes on 2 debt for equity swaps with NY Fed; Investor who put money with Madoff 6 days before collapse slapped down; GE/Vivendi agree on NBC stake value; A 180: Jim Cramer retreats on stock transaction tax; Did SEC staffers being probe to see if they “committed acts of negligence”; CBOE demutualization close?

Posted by WSF On December - 1 - 2009
  • U.A.E. Leaders Try to Ease Concerns Over Dubai
  • Dubai World in Talks on $26 Billion of Debt, Rest Is ‘Stable’
  • AIG closes debt for equity deal with NY Fed
  • Madoff Investor Rosenman Loses Bid to Recover Assets
  • GE, Vivendi Agree on $5.8 Billion Value for NBC Stake
  • Cramer reverses his stance on stock-trade levy
  • SEC Watchdog Eyes Insider Trading Probe
  • Carlyle Group sued over collapsed fund
  • CBOE to demutualise ‘within days’ Read the rest of this entry »
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AIG, Bernie Madoff, Carlyle, Jim Cramer, SEC

Bernie Madoff: The inspector general’s executive summary on the SEC’s incompetence

Posted by WSF On September - 3 - 2009

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Bernie Madoff, SEC, WSF

SEC charges Sky Capital CEO Ross Mandell and 5 others in multi million dollar boiler room scheme

Posted by WSF On July - 8 - 2009

Here’s the press release detailing the SEC boiler room charges against Sky Capital CEO Ross Mandell, COO Stephen Shea and four registered reps: Read the rest of this entry »

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FBI, SEC, WSF

FBI takedown: Six people arrested in a 10 year $100 million fraud

Posted by WSF On July - 8 - 2009

Two and a half years after the FBI paid Sky Capital’s offices a visit , six connected to the firm have been arrested in what Bloomberg describes as a 10 year $100 million fraud.  It’s not clear whether the first visit was related to the current charges.

Details so far are sketchy.  We wonder if the SEC was also involved, or if this is another case where they slept as another agency did their work.

Update: Looks like the SEC was involved and that it was connected to the FBI raid in 2006: Read the rest of this entry »

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FBI, SEC, WSF

SEC & CFTC want ‘unimpeded’ oversight on derivatives; Ken Griffin’s about face; Stanford lawyer wants fraud claims dropped; SEC, Madoff Ch11 Trustee sue Cohmad; Stanford receiver defends $20M fees

Posted by WSF On June - 22 - 2009
  • SEC, CFTC Seek ‘Unimpeded’ Power Over Derivatives
  • Citadel’s Griffin Backs Clearinghouse Derivative Rule
  • Stanford Asks Judge to Dismiss Fraud Claims in Suit
  • SEC charges 4 with helping Madoff
  • Madoff Bankruptcy Trustee Sues Cohmad Securities
  • Stanford Receiver Defends Request for $20 Million Fee Read the rest of this entry »
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Hedge funds, SEC, WSF

The SEC let Bernie Madoff settle civil claims against him without any any admission of wrong doing. How ridiculous is that? And how stupid does it make the SEC look?

Posted by WSF On June - 16 - 2009

Unbelievable.  Someone put the SEC out of its misery.  In a baffling move that only serves to make the them look even dumber, weaker and more pathetically useless than ever, the SEC bumblers let admitted Ponzi schemer Bernie Madoff settle civil charges against him without admitting any wrong doing.  SAY WHAT???  No wrong doing?  Are they f*cking kidding????  In their infinite wisdom the SEC did ban him from Wall Street, but then again, since he’ll likely be spending the rest of his life behind bars after his June 29 sentencing, BFD.  Seems like we’re not the only ones amazed…. Read the rest of this entry »

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Bernie Madoff, Legal, SEC, Scandal, WSF

Barclays expects hedge funds to increase assets by $50B in ‘09; Meet $GM bankruptcy judge Robert Gerber; SEC probing their own staffers; Citigroup and Merrill beefing up their prime brokers

Posted by WSF On June - 2 - 2009

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Bankruptcy, Citigroup, GM, Hedge funds, SEC, WSF

Mark Cuban goes on the offensive and sues the SEC for allegedly withholding information

Posted by WSF On May - 28 - 2009

Mark CubanIs the SEC withholding documents in their investigation of Mark Cuban?  He thinks they are and has taken matters into his own hands — by suing the SEC:

Read the rest of this entry »

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