Henry Hu, Ex-SEC Official, Received Over $100K In Living, Travel Expenses: Watchdog. 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. IPAs are often used by the government, particularly in recruiting academics.
SEC Accuses Ex-Goldman Employee of Insider Trading. 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.
The Securities and Exchange Commission on Wednesday alleged Spencer D. Mindlin passed along to his father, Alfred, confidential information he learned while working on Goldman's exchange-traded-funds desk in New York. ETFs track stocks or other assets like an index but are themselves traded as stocks. 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. As we detailed last year, exactly those kinds of questionable deals helped fuel the financial crisis and resulted in huge losses for investors. Goldman Sachs and JPMorgan Chase have already paid millions of dollars—a relatively small sum for both banks—to settle SEC charges that they misled investors. Several other banks, including Citigroup and Mizuho of Japan, are being investigated by the SEC for similar deals. “It was as if a car dealer sold a car with bad brakes, then bought insurance that paid off when the car crashed,” Sen. Fiduciary Standard: Peters Defends SEC - Regulatory,Legislative and Tax Issues - Life and Health Insurance News. 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. " Other Democrats at the hearing expressed similar views.
"The SEC needs funds to carry out Its new powers," said Rep. JP Morgan & Chase Settles Over Derivatives Misconduct. 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. The crimes came to light as part of an ongoing nationwide investigation with federal authorities conducted by California Attorney General Kamala D.
“School districts, non-profits and municipalities in this case were all defrauded by Wall Street,” Attorney General Harris said. The fraud was egregious, citing “allegations that JPMC made secret deals with competitors in the bidding process.