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BofA finally done with Judge Rakoff? Don’t bank on it
A judge promised Monday to decide by the end of next week whether to approve a $150 million settlement between the Securities and Exchange Commission and Bank of America over civil charges alleging the bank misled shareholders when it acquired Merrill Lynch.
Bank of America ups ante, agrees to pay $150M to settle SEC’s Merrill charges
Bank of America would pay $150 million and strengthen its corporate governance and disclosure practices under a proposed settlement filed today with the U.S. District Court for the Southern District of New York by the Securities and Exchange Commission.
Dodd wants research analyst conflicts addressed
After the sell-side analyst scandal in 2003, the SEC negotiated a settlement with i-banks to rein in tainted research. Now, the Senator Banking Committee chair wants to reexamine that deal
Geithner says bank overhaul must protect consumers
The Treasury secretary says the administration wants a financial overhaul bill that provides strong consumer protection and restraints on risk taking by large banks.
After Dodd’s fiduciary disappointment, what’s next?
There may still be hope, because financial reform legislation is far from being a foregone conclusion
Raymond James’ Dr. Brown: Explaining the Fed’s exit strategy
The target for the federal funds rate (the overnight market rate that banks charge each other for borrowing excess reserves) has, since 1994, been the main monetary policy tool for the Federal Reserve.
Not a ‘czar,’ but reigns over pay
Kenneth Feinberg isn't being paid for the long hours he's putting in as the Treasury Department's special master to determine executive compensation at companies that received bailout money, but the decisions he's making are likely to percolate throughout the financial services industry for years to come.
Dodd’s revised bill a mixed bag for financial advisers
In: Investor Advocate office, ramped up protection for senior investors; Out: fiduciary standard for brokers who give advice
Dodd deal with Corker on financial reform falls through
In a surprise, Conn. Democrat Christopher Dodd called it quits on hammering out a bi-partisan financial reform bill. The upshot? Expect plenty of tweaks to the financial system, but little change.
Dodd to offer his own financial regulation bill
The Senate Banking Committee Chairman says he's working with Republican Sen. Bob Corker of Tennessee to propose legislation.
State oversight of RIAs will breed more Ponzis, attorneys say
Ponzi scam artists will have greater freedom to flourish if state regulators are assigned expanded oversight of RIA firms, according to panelists at the Financial Services Institute Inc.'s annual conference last week.
John Sykes quits GunnAllen board, CFO walks
Questions surround the beleaguered firm after owner and chairman resigns.
A win for Wall Street in the fiduciary battle
Chalk it up as a win for the securities and insurance industries. The financial-reform package introduced last…
Push to curb advice on rollovers could hamstring IRA sales
Members of Congress and the Labor Department are discussing possible legislation or regulation that would crack down on…
Gold rush forces rethink of futures regs
The recent surge in the price of gold has the CFTC considering placing restrictions on speculative trades in gold, silver, and copper.
On our blogs: A fiduciary ghost story
The claims that advisers would have to select from the entire universe of options and that results, not process, determine fiduciary appropriateness certainly tell a scary story of how a fiduciary standard would unfairly target well meaning advisers who are only trying to do what's best.
Obama looks to crack down on abuses in 401(k) advice biz
A new proposal targeting tainted investment advice would affect millions of workers.
‘Madoff of the Midwest’ gets nine years in prison
A Missouri woman was sentenced Thursday to nine years in federal prison for a grain fraud scheme that bilked 179 farmers out of a combined $27.4 million and earned her the nickname the "Madoff of the Midwest."
Judge says Madoff snookered Cohmad Securities, tosses SEC suit
Finding accusations "speculative and flimsy," a judge has dismissed civil securities fraud charges against a New York brokerage firm and its executives that resulted from a probe into Bernard Madoff's epic fraud.
Judge tosses suit alleging Finra misled members
Two plaintiffs claimed that brokerages were misled about NASD's merger with the NYSE's regulatory unit. Apparently, Judge Jed Rakoff wasn't moved by their arguments.
