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Will regulators make securitizers eat their own dog food?
Congress and the SEC could require ABS packagers to hold some asset-backed securities on their books. Wall Street is not thrilled by this idea.
22 bank failures this year — and it’s only March
The FDIC seized another pair of community banks over the weekend, making it 22 for the year. With 700 banks now on the agency's 'problem' list, last year's tally of 25 bank failures is sure to be surpassed.
Chummy OTS blew it on WaMu: Senate panel
According to a new report, Washington Mutual provided the largest chunk of funding for the federal agency that oversaw the thrift. Yesterday, a Senate panel said that arrangement was less than ideal.
76-year-old allegedly pulled the wool over investors’ eyes in hat scam
A Framingham, Mass., man has been indicted on charges he ran a $29 million Ponzi scheme that cheated around 130 investors.
Finra cautions about use of consolidated statements
Finra wants member firms to be wary of brokers who produce consolidated statements for clients.
2010 push for income in DC plans expected
Federal regulations and legislation that would make it easier for defined-contribution plans to include lifetime-income products are expected to be introduced next year.
Cost of settling class actions in securities cases rose in ’09
The cost of settling securities class actions increased by 35% last year, according to a report released last month by Cornerstone Research.
SEC’s new adviser exam plan: ‘We simply show up’
Unannounced exams of advisers — based on tips and complaints — are replacing pre-planned visits, says compliance big at securities regulator
Bank pools draw SEC scrutiny
Apparently, the securities cop is wondering if collective-investment-trusts could use a little more supervision
Tax extender legislation short on certainty, clouding financial advice
Fate of measures to extend tax breaks – such as tax-free contributions to IRAs – still unknown; 'difficult to give good advice'
Ex-Stanford employees acquitted in shred case
A federal judge has ordered the acquittal of two former employees of disgraced financier Allen Stanford on charges that they illegally shredded thousands of company documents. U.S. District Judge Richard W. Goldberg cited insufficient evidence Friday in Miami in the case against ex-Stanford employees Thomas Raffanello and Bruce Perraud. The judge's order came on the second day of jury deliberations. Raffanello and Perraud faced up to 50 years in prison if convicted of conspiracy, document destruction and other charges. Defense attorneys had argued that all records were backed up electronically. Raffanello was previously chief of Miami's Drug Enforcement Administration office. Stanford is awaiting trial in Houston.
<b>Images of the day:</b> Wall Street execs grilled on the Hill
Robert Rubin, a senior adviser to Citigroup Inc. at the time of its deep losses from subprime mortgages, and former CEO Charles Prince said they learned belatedly that Citi had $43 billion in high-risk securities on its books.
Berkshire ex-manager: I was fired for revealing fraud to Buffett
Berkshire Hathaway was sued by an ex-manager of its RV biz. His claim? He was fired after blowing the whistle about 'millions of dollars' of fraud at the unit
SEC reviews mutual funds’ use of derivatives
The Securities and Exchange Commission is reviewing the use of financial derivatives by mutual funds, exchange-traded funds and other investments to determine whether new protections are needed for investors.
Former ING adviser, tripped up by surprise audit, could get 8 years for fraud
Federal prosecutors are seeking an eight-year sentence for a Kirkland, Wash., financial adviser who stole more than $12 million from 42 clients.
SEC says securitizers must have ‘skin in the game’
Schapiro lays out new rules requiring asset-backed issuers to retain five percent of asset-backed securitizers
Former broker hits Wells Fargo Advisors with discrimination claim
A former broker with Wells Fargo Advisors of St. Louis has sued the firm for sex discrimination.
Limo driver-turned-hedgie faces long stretch in prison
Alan Fishman used to drive Wall Street bankers around New York. All the while, he thought he could do what they did. Now, the hedge fund president is facing five years in jail for securities fraud.
Wanted: Hedge fund pros to police hedge fund pros
The SEC aims to add more enforcement agents and examiners to its hedge fund speciality unit. With 700 hedge shops closing in 2009, there should be shortage of applicants.
