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Behind-the-scenes battle raging in Congress over fiduciary amendment
As the Senate this week wades through scores of amendments to legislation on financial regulatory reform, lobbyists are going toe-to-toe over applying a fiduciary standard.
Regulators OK plan to police banks’ pay policies
The regulators won't actually set compensation. Instead, they would review — and could veto — pay policies that could cause too much risk-taking by executives, traders or loan officers.
Next hotbed for securities fraud cases? You’d be surprised
U.S. prosecutors in Virginia plan to step up pursuit of financial fraud cases, taking advantage of a court holding two years ago that their district has jurisdiction over crimes linked to federal securities filings
Shut-down brokerage committed fraud: Finra
The Financial Industry Regulatory Authority Inc. says that a brokerage firm that recently shut down committed securities fraud.
Fiduciary add-ons to reform bill in flux
An amendment floated last week by Sens. Arlen Specter, D-Pa., and Ted Kaufman, D-Del., that would impose criminal penalties on broker-dealers for violating fiduciary standards is giving the senators a way to vent frustration with Wall Street.
‘Significant fight’ brewing over fiduciary amendments
Arlen Specter's call for criminal penalties is sure to draw fire from Republicans on the hill and lobbyists in the Senate reception room
Judge slams ex-Merrill broker’s proposed plea deal
The former Maxim Group broker allegedly lied to Merrill about his book of business, then purportedly made off with a $780K inducement loan
Allen Stanford sued by American Express over credit card debt
Indicted financier R. Allen Stanford was sued by a unit of American Express Co. for $115,712.79 in back credit card debt.
Finra bars ex-Deutsche Bank broker for manipulating stock price
Edward Brokaw, a former Deutsche Bank AG broker, was barred from the securities industry for manipulating the price of Monogram Biosciences stock in an effort to enrich a hedge-fund client, himself and his family, the Financial Industry Regulatory Authority said today.
Money balled up U.S. financial system, says Michael Lewis
Best-selling author claims lavish compensation rewarded bankers for the wrong things
Prosecution of Wall Street titans? Short it
Revelations about the firms' shadier practices incensed both politicians and the public. Don't count on any indictments being handed out, however
Ex-Credit Suisse broker avoids prison — for now
Former Credit Suisse Group AG broker Eric Butler will remain free while a judge reviews a decision that ordered him to prison during the appeal of his conviction for fraudulently selling securities that cost investors more than $1.1 billion in losses.
Wall Street bigs asked to sign off on fiduciary duty
The Committee for the Fiduciary Standard takes a different tack in its bid to eliminate the broker-dealer exclusion
Key Republican may push for broader fiduciary standard
On Tuesday, Sen. Susan Collins pressed Goldman Sachs on their commitment to their clients. Now, she's planning on filing an amendment to financial reform legislation that would likely extend the fiduciary standard to B-Ds.
IN’s Pavia: Congress must stay focused on financial reform
Something fishy? The recent uproar over the SEC staff's Internet viewing habits seems like a red herring
While Wall Street burned, SEC employees watched porn: Report
Senior members spent hours surfing pornographic websites while the financial system collapsed, an agency watchdog claims
Key Republican senator warms to idea of fiduciary reform
As Senate floor debate on financial-regulatory-reform legislation begins, a key Republican senator plans to offer an amendment on fiduciary standards that could be broader than language contained in a bill that the House passed late last year.
SEC to focus on conflicts in muni bond business
The SEC's announcement last week that it is launching an investigation of the municipal bond market is aimed at increasing transparency and weeding out conflicts of interest.
Major exchanges agree in principle to new electronic trading rules
The leaders for major securities exchanges have agreed in principle to a uniform system of "circuit breakers" that would slow trading during periods of intense market volatility, Federal regulators said Monday.
