SEC, FBI and DOJ
WASHINGTON (Sarah N. Lynch) -The Securities and Exchange Commission failed to follow federal guidelines and spent in excess of $100,000 on living and travel expenses for a former senior agency official, the SEC's watchdog has found. In a report obtained through a Freedom of Information Act request, SEC Inspector General David Kotz criticized the agency for how it reimbursed Texas professor Henry Hu, who served from 2009 through the start of 2011 as the head of the new Risk, Strategy and Financial Innovation Division. SEC Chairman Mary Schapiro tapped Hu to help launch the new unit, designed to serve as the agency "think tank," to look ahead at the fast-changing landscape of trading and financial instruments. In an unusual move, first reported by Reuters in May, the SEC decided to offer him a compensation package that designated his hometown of Austin, Texas, as his "duty station. Henry Hu, Ex-SEC Official, Received Over $100K In Living, Travel Expenses: Watchdog
U.S. securities regulators charged a former employee of Goldman Sachs Group Inc. gs -0.60% Goldman Sachs Group Inc. U.S.: NYSE $178.29 -1.08 -0.60% Jan. 7, 2014 4:01 pm Volume (Delayed 15m) : 2.73M AFTER HOURS $178.35 +0.06 +0.03% Jan. 7, 2014 7:55 pm Volume (Delayed 15m): 7,278 P/E Ratio 10.25 Market Cap $81.30 Billion Dividend Yield 1.23% Rev. per Employee $1,228,950 01/07/14 Goldman Sachs Shakes Up Techno... 01/07/14 Goldman Sachs Appoints New Co-... 01/07/14 Morning Links: Wall Street Can... More quote details and news » gs in Your Value Your Change Short position with tipping off his father in the first insider-trading case related to the $1 trillion market in exchange-traded funds. SEC Accuses Ex-Goldman Employee of Insider Trading
SEC Proposes Ban on Magnetar-Like Deals Photo by Alex Wong/Getty Images The Securities and Exchange Commission yesterday unveiled proposed rules to ban hedge funds and banks from assembling risky securities, marketing them to investors and then immediately betting against their own creations, reaping profits when they fail. The rule would also ban firms from setting up risky securities for the benefit of an undisclosed third party.
WASHINGTON-- Republicans seem to be trying to starve the U.S. Securities and Exchange Commission (SEC) of the resources it needs to police the sale of investment products, Rep. Gary Peters said today at the fiduciary standard hearing. "Consumers are not being served if they're not receiving access to investment quality advice," Peters, D-Mich., said at an invest products sales oversight hearing organized by the House Financial Services Committee's capital markets subcommittee. "Whatever regulator will regulate investment advisors in future, it's important they be given resources needed, but Republicans seem unwilling to do this." Fiduciary Standard: Peters Defends SEC - Regulatory,Legislative and Tax Issues - Life and Health Insurance News
JP Morgan & Chase Settles Over Derivatives Misconduct | United States By Robin KemkerEpoch Times Staff Created: September 18, 2011 Last Updated: September 19, 2011 The Chase logo is displayed on the exterior of a Chase bank in 2010. JP Morgan Chase took a recent hit of $228 million for defrauding schools, non-profit organizations, and other groups through rigging bids for municipal bonds derivatives. (Justin Sullivan/Getty Images) LOS ANGELES—JPMorgan Chase took a recent hit of $228 million for defrauding schools, non-profit organizations, and other groups through rigging bids for municipal bonds derivatives.