SEC quiet on auditing subprime lenders

The Securities and Exchange Commission declined to comment Friday on reports that it is checking top Wall Street investment banks’ books for hidden subprime losses. Robert Burson, an associate regional director in the SEC’s division of enforcement, was tight-lipped about reports that the commission will audit Wall Street banks, beginning with Goldman Sachs Group Inc. and Merrill Lynch & Co Inc., both of New York.

U.S. import prices climbed in July
Prices of imported goods climbed 1.5% last month, fueled by higher prices for foreign petroleum, the Department of Labor reported Friday. Imported petroleum prices rose 7% last month, after a 4.4% gain in June. Excluding petroleum, last month’s import prices ticked up a modest 0.2%. Excluding all fuels, the gain was 0.3%.

FIA names candidates for FINRA board
The Financial Industry Association of Longwood, Fla., announced five candidates it hopes to run for the board of the Financial Industry Regulatory Authority of New York and Washington. The five industry members will have to qualify by petition and would challenge FINRA nominees. Elections will conclude in October.
The FIA, which represents small firms, is challenging one of the three seats available for small dealers. It is also running candidates for the three large-firm spots and the one board seat for medium-sized firms.

Market navigates swells and troughs
On Friday, investors rode the waves as stocks climbed and dropped amid fears of more bad news on subprime mortgage debt.
The Dow Jones Industrial Average, which had dropped 212 points early in the day, fell 31.14, or 0.23%, to close at 13,239.54. The Standard & Poor’s 500 stock index rose 0.55 points, or 0.04%, to end the day at 1,453.64.

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