Don't Fear the Reaper - Blue Oyster Cult (with lyrics) Citigroup Settlement: Court Rules SEC Can No Longer Be 'Yapping, Small Dog' When federal judge Jed Rakoff tossed out a proposed settlement between the Securities and Exchange Commission and banking giant Citigroup on Monday, he signaled to both the SEC and the nation's largest financial institutions that the two parties can no longer snuggle up together in cozy settlements that enable misbehaving banks to pay a fine for their bad deeds without ever requiring the institutions to admit wrongdoing.
According to some legal professionals, Judge Rakoff's decision could be a game-changer, requiring the SEC to really step up to the plate in terms of enforcement. "If the SEC expects to be suing investment banks in the future -- and I know they do -- this creates a real problem for them if they have to justify their settlements in some detail," said Adam C. Pritchard, a law professor at the University of Michigan Law School. But Pritchard asserts that it is exactly this history that Judge Rakoff is challenging. The ruling will likely affect others, as well. BofA, Goldman, Citi Credit Ratings Cut by S&P. Bank of America Corp.
(BAC), Goldman Sachs Group Inc. (GS) and Citigroup Inc. had long-term credit grades reduced to A- from A by Standard & Poor’s after the ratings firm revised criteria for dozens of the world’s biggest lenders. S&P made the same cut to Morgan Stanley and Bank of America’s Merrill Lynch unit today. JPMorgan Chase & Co. (JPM) was reduced one level to A from A+. The moves may increase pressure on firms already dealing with weak economies and Europe’s mounting sovereign debt crisis. “It’s evident that stress from the European banking system is taking its worldwide toll,” Guy LeBas, chief fixed-income strategist at Janney Montgomery Scott LLC in Philadelphia, said in an e-mail.
The ratings firm also downgraded UBS AG (UBSN) and Barclays Plc (BARC) to A from A+, and HSBC Holdings Plc (HSBA) to A+ from AA-, according to the report. Change in Technique S&P, a unit of New York-based McGraw-Hill Cos. Most bank stocks were little changed in after-hours trading. Collateral Triggers. Court order: City can’t keep Occupy Wall Street protesters and their stuff out of Zuccotti Park Aaron Showalter for New York Daily News An unidentified Occupy Wall Street protestor is wrestled to the ground then hauled off by police.
The two-month-old shantytown that was the symbolic heart of the Occupy Wall Street movement is no more — and the NYPD vows it won’t rise again. After an overnight raid razed the tent city in Zuccotti Park early Tuesday, Manhattan Supreme Court Justice Michael Stallman upheld the city’s right to enforce “reasonable” rules to maintain safety and hygiene. He said the protesters may have a right to free speech, but they had not demonstrated a First Amendment right to camp. By evening, the city began letting protesters back into the park — but barred them from bringing any tents, tarps or gear. Although the new rules against tents and generators will make staying overnight near-impossible once temperatures drop, the jubilant crowd declared victory. They jumped onto benches and waved American flags. “We got the park back. Www.dcdave.com/article5/070119.htm. The Grand Jury Guest column by Hugh Turley The Grand Jury is also known as the people’s panel.
Every citizen should know the history and purpose of the grand jury in order to properly protect his fellow man from prosecutorial abuse. When citizens are unaware of their power they cannot exercise that power to uphold justice. The origin of the grand jury dates back to 12th century England. The grand jury was originally a body of twelve, and later twenty-three men that served as accusers who presented indictments at the request of not only the prosecutor of the king, but also at the request of individual citizens. The grand jury was brought from England to the American colonies. The U.S. No person shall be held to answer for a capital or otherwise infamous crime, unless on a presentment or an indictment of a grand jury…