Securities and Exchange Commission (SEC)
- Homepage: http://www.sec.gov/
January 2002: "The primary mission of the U.S. Securities and Exchange Commission (SEC) is to protect investors and maintain the integrity of the securities markets. As more and more first-time investors turn to the markets to help secure their futures, pay for homes, and send children to college, these goals are more compelling than ever." http://www.sec.gov/about/whatwedo.shtml
August 2016: "Indiana’s case against JPMorgan parallels a recent Securities and Exchange Commission enforcement action against the bank. Late last year, the regulator said that JPMorgan had reaped $127 million in ill-gotten gains by directing clients into affiliated funds. The bank paid $307 million to resolve the matter, neither confirming nor denying the accusations."http://www.nytimes.com/2016/08/22/business/to-crack-down-on-securities-fraud-states-reward-whistle-blowers.html
August 2014: 'It is not just the F.B.I. but other investigators like the Postal Inspection Service and agencies like the Securities and Exchange Commission that remain hungry for resources. After the financial crisis, one goal of the Dodd-Frank legislation was to give the S.E.C. “more power, assistance and money at its disposal” for oversight but the agency has since noted that, due to lack of funding, it has been forced “to delay or cut back enforcement and market oversight efforts.” When agencies must go begging to Congress for more enforcement resources, and come back empty-handed, how can we expect them to rigorously prosecute wrong-doing on a shoe string?'http://www.nytimes.com/roomfordebate/2014/08/27/holding-bankers-accountable/put-more-resources-toward-regulation
March 2014: "After listening to Mr. Ackman’s pitch, S.E.C. investigators moved almost immediately last January to begin an inquiry into Herbalife — which newspapers reported, creating the coverage that Mr. Ackman needed to fuel his strategy."http://www.nytimes.com/2014/03/10/business/staking-1-billion-that-herbalife-will-fail-then-ackman-lobbying-to-bring-it-down.html
December 2013: "After Congress and the Clinton administration deregulated the commodities markets in 2000, and the Securities and Exchange Commission lowered capital requirements on investment banks in 2004, the financial giants began developing new funds to capitalize on the opportunity."http://www.nytimes.com/2013/12/28/business/academics-who-defend-wall-st-reap-reward.html
December 2013: "If issuers make material misstatements or omit information, they can face civil or criminal penalties. The Securities and Exchange Commission has brought eight cases contending disclosure failings by municipal issuers this year."http://www.nytimes.com/2013/12/08/business/playing-pension-games.html
March 2013: 'The executives floundered, at times, as they tried to counter the claims. They described efforts to reduce risk as the losses swelled, but indicated that such moves had been “undermined” by traders who deliberately undervalued bets to disguise the growing losses. Such testimony could provide fresh ammunition for the Securities and Exchange Commission, which is investigating the trading loss.'http://dealbook.nytimes.com/2013/03/15/jpmorgan-executives-face-withering-questions-at-senate-hearing/
February 2013: "More than a dozen state prosecutors are expected to join the federal suit, and the New York attorney general is preparing a separate action. The Securities and Exchange Commission has also been investigating possible wrongdoing at S.& P."http://dealbook.nytimes.com/2013/02/04/u-s-and-states-prepare-to-sue-s-p-over-mortgage-ratings
November 2012: "The Justice Department and the Securities and Exchange Commission, with Wal-Mart’s cooperation, are also looking into the company’s compliance with the antibribery law."http://www.nytimes.com/2012/11/16/business/wal-mart-expands-foreign-bribery-investigation.html
July 2012: 'Two years ago, the Dodd-Frank financial overhaul law gave the Securities and Exchange Commission the authority to write rules that would require brokers to adhere to the same standard as advisers — a standard known as “fiduciary duty” — but the law stopped short of requiring that the rules be written. Not surprisingly, the S.E.C. has yet to write the rules. While the insurance and financial industries initially pushed back against the rule, the most recent delay was reportedly tied to the commission’s efforts to study the costs and benefits of a rule so that it could withstand a court challenge. So its fate and timing are still uncertain.'http://www.nytimes.com/2012/07/07/your-money/beware-of-fancy-financial-adviser-titles.html
April 2012: "There are at least 81 public companies under investigation by the Securities and Exchange Commission or the Department of Justice for running afoul of the Foreign Corrupt Practices Act, which makes bribery in foreign countries punishable in the U.S. In addition, a growing number of companies have started placing disclosures in their financial documents that say their employees may at times violate the U.S.'s overseas bribery law, despite the company's best efforts to prevent it."http://finance.fortune.cnn.com/2012/04/26/walmart-bribery-investigations/
December 2011: "Want to lower the capital reserve requirements for investment banks? Then-Goldman CEO Hank Paulson takes a meeting with SEC chief Bill Donaldson, and gets it done. Want to kill an attempt to erase the carried interest tax break? Guys like Schwarzman, and Apollo’s Leon Black, and Carlyle’s David Rubenstein, they just show up in Washington at Max Baucus’s doorstep, and they get it killed."http://www.rollingstone.com/politics/blogs/taibblog/a-christmas-message-from-americas-rich-20111222
December 2011: "The Federal Reserve first detected statistical discrepancies in the loans Countrywide was making and referred the matter to the Justice Department in early 2007, according to a court filing disclosed in 2010 as part of a civil fraud case brought by the Securities and Exchange Commission against Angelo R. Mozilo, the former chief executive of Countrywide."http://www.nytimes.com/2011/12/22/business/us-settlement-reported-on-countrywide-lending.html
May 2011: "The S.E.C. has not said why it focused on just one Abacus deal, even though other mortgage securities created by Goldman and other banks had similar designs and disclosures. In many of the securities, for example, there was an investor like Mr. Paulson or Goldman itself betting against the housing market, and often that party helped devise the deal, according to four former Goldman employees familiar with the securities."http://www.nytimes.com/2011/06/01/business/01prosecute.html
May 2011: 'The expert network industry developed after the S.E.C. enacted the Regulation Fair Disclosure rule in 2000. The rule, which bans public companies from disclosing “material nonpublic information to certain individuals or entities,” makes it illegal for corporate executives to share information only with certain parties. Lacking that exclusive pipeline, some big investors began relying on expert networks to supplement traditional sources of research.'http://dealbook.nytimes.com/2011/05/11/next-up-a-crackdown-on-outside-expert-firms
February 2011: "The Securities and Exchange Commission on Friday accused three former top IndyMac executives of fraud, saying they painted a rosy picture of the California lender’s health even as it was collapsing in 2008."http://dealbook.nytimes.com/2011/02/11/indymac-executives-face-civil-charges
December 2010: "The S.E.C. is today a politically divided agency, and it may not have wanted to proceed based on a likely 3 to 2 vote. But until the S.E.C. returns to its former view that a public statement can be both technically accurate and materially misleading, investors are at risk. The literal truth can mislead, as Lehman shows."http://www.nytimes.com/roomfordebate/2010/12/20/how-to-make-auditors-more-accountable/window-dressing-and-fraud
November 2010: "As you know, there are plenty of ways that brokers can manage this conflict — the S.E.C. just needs to clarify exactly when this type of activity is O.K. For instance, perhaps brokers should obtain consent from a client at the beginning of a relationship, which grants permission to trade in liquid securities, but to check before, say, selling the customer an illiquid security with very subjective values. And naturally, requiring brokers who are giving advice to ensure the transaction is in the client’s best interest."http://www.nytimes.com/2010/11/20/your-money/20money.html
May 2010: "Regulators cast a watchful eye Over the past 10 years, the U.S. Securities and Exchange Commission (SEC) and other regulatory bodies have focused more attention on strict enforcement of communications rules. For example, the SEC's Rule 17a-4 requires the monitoring and capture of electronic communications, and the National Association of Securities Dealers (NASD) Rule 2210 and 3010, also requires firms to monitor and store communications with clients. Neither agency has as yet felt compelled to specify requirements around social networking traffic, but it is implicit that they fall under the same rules as email and IM, Ritter said."http://www.infoworld.com/d/security-central/social-networking-raises-legal-regulatory-issues-businesses-219
May 2010: 'The Securities and Exchange Commission is looking at whether key financial firms broke securities laws when they stopped buying and selling stocks during the "flash crash" on May 6, helping fuel the historic plunge in prices.'http://www.washingtonpost.com/wp-dyn/content/article/2010/05/20/AR2010052005086.html
April 2010: "Goldman Sachs, the Wall Street powerhouse, was accused of securities fraud in a civil lawsuit filed Friday by the Securities and Exchange Commission, which claims the bank created and sold a mortgage investment that was secretly intended to fail."http://www.nytimes.com/2010/04/17/business/17goldman.html
April 2010: "The SEC's inspector general said that top officials in the agency's Fort Worth office favored pursuing as many simple cases as possible rather than taking on more challenging ones like that presented by Stanford."http://www.washingtonpost.com/wp-dyn/content/article/2010/04/16/AR2010041604891.html
April 2010: "The Securities and Exchange Commission is examining various creative borrowing tactics used by some 20 financial companies. A Congressional panel investigating the financial crisis also plans to examine such deals at a hearing in May to focus on Lehman and Bear Stearns, according to two people knowledgeable about the panel’s plans."http://www.nytimes.com/2010/04/13/business/13lehman.html
September 2009: 'Howard Elisofan, a partner at Herrick, Feinstein LLP and a former SEC enforcement attorney, launched a legal action against the SEC on behalf of a victim, Phyllis Molchatsky, last December. He has since filed eight similar complaints. "We're arguing that the SEC was negligent on multiple occasions for many reasons over multiple years, and had they detected the fraud a long time ago, thousands of people would not have been so gravely injured," he said.'http://www.time.com/time/business/article/0,8599,1920323,00.html
September 2009: "WASHINGTON — Unseasoned investigators from the Securities and Exchange Commission were alternately intimidated and enthralled by a name-dropping, yarn-spinning Bernard L. Madoff as he dodged questions about his financial house of cards, according to a scathing new report on the agency’s repeated failure to uncover the huge investment fraud."http://www.nytimes.com/2009/09/03/business/03madoff.html
July 2009: "Legislators on Capitol Hill have increased pressure on the S.E.C. to make a sweeping overhaul of stock trading regulations in the wake of the market collapse last year. Mary L. Schapiro, the chairwoman of the S.E.C., has said she is making the issue a priority. The agency said it was working with several self-regulatory organizations to expand disclosures about short-selling. For the first time, information on the volume of short sales involving an individual stock would be disclosed publicly on a daily basis."http://www.nytimes.com/2009/07/28/business/28naked.html
June 2009: "The Boston office of the Securities and Exchange Commission began the investigation around 2001. Three years later, formal charges were brought against Mr. Kwak and seven others. By the time the case went to trial, in 2007, only three defendants were left; the others had settled with the S.E.C."http://www.nytimes.com/2009/06/27/business/27nocera.html
June 2009: 'Well, the ax finally fell on Wednesday. The Securities and Exchange Commission accused him of looting client accounts of at least $6 million and using them “as his personal piggy bank.” It accused him of spending the money he took on a multimillion-dollar home, luxury cars and a share in a horse. Mr. Weitzman agreed to settle the claims without admitting or denying the accusations, though the S.E.C. is unsure about how much money his clients will get back.'http://www.nytimes.com/2009/06/11/your-money/financial-planners/11money.html
June 2009: "Angelo R. Mozilo, the self-made man from the Bronx who built Countrywide Financial into the nation’s largest mortgage lender before the credit squeeze hit, has been charged with securities fraud and insider trading in a civil suit brought by the Securities and Exchange Commission."http://www.nytimes.com/2009/06/05/business/05insider.html
June 2009: "The report is a clarion call for the SEC to issue formal guidance on climate-related disclosure, and it bolsters investors' long-held pleas for better corporate reporting."http://www.businessweek.com/technology/content/jun2009/tc2009063_019035.htm?campaign_id=rss_daily
June 2009: "For decades investors have turned to companies' Securities & Exchange Commission filings to answer such questions. Keeping Mum"http://www.businessweek.com/technology/content/jun2009/tc2009063_019035.htm?campaign_id=rss_daily
June 2009: "The outcome, though discouraging to the team, was not a complete surprise, sources said. After Cox became SEC chairman in mid-2005, he adopted practices that undermined the enforcement division's efforts to investigate cases of corporate wrongdoing and punish those involved, according to interviews with 19 current and former SEC officials."http://www.washingtonpost.com/wp-dyn/content/article/2009/05/31/AR2009053102254.html
May 2009: "The allegation, detailed in a report reviewed by The Washington Post, is one of several that have raised questions about the internal conduct of some SEC employees at a time when the regulator is trying to counter accusations that it failed to effectively police Wall Street."http://www.washingtonpost.com/wp-dyn/content/article/2009/05/16/AR2009051602359.html
January 2009: "Since Bernard Madoff's arrest last month, the Securities and Exchange Commission (SEC) has busted three new Ponzi scams, though none are as spectacular as Madoff's $50 billion whopper."http://www.time.com/time/business/article/0,8599,1873639,00.html
January 2009: "Christopher Cox, the chairman of the Securities and Exchange Commission, has said oversight of the municipal bond markets is inadequate, and has urged Congress to take steps to protect both investors and taxpayers. Congress has not taken up the initiative."http://www.nytimes.com/2009/01/09/business/09insure.html
December 2008: "Legal and financial experts say that a loosening of enforcement measures, cutbacks in staffing at the Securities and Exchange Commission, and a shift in resources toward terrorism at the F.B.I. have combined to make the federal government something of a paper tiger in investigating securities crimes."http://www.nytimes.com/2008/12/25/business/25fraud.html
December 2008: "The Treasury's regulations also instructed firms to disclose more compensation information to the Securities and Exchange Commission. But officials at the SEC do not think they have the authority to force companies to disclose the kind of pay information required by the bailout law, according to people familiar with the matter, though they hope companies will cooperate. John Nester, an SEC spokesman, declined to comment."http://www.washingtonpost.com/wp-dyn/content/article/2008/12/14/AR2008121402670.html
December 2008: "At the request of the Securities and Exchange Commission, a federal judge appointed a receiver on Thursday evening to secure the Madoff firm’s overseas accounts and warned the firm not to move any assets until he had ruled on whether to freeze the assets."http://www.nytimes.com/2008/12/12/business/12scheme.html
June 2008: "Last week, for instance, the Securities and Exchange Commission handed down a ruling against NEXT Financial Group, fining the company $125,000 for sharing customer data with brokers it hoped to recruit as clients. Last November, e-mail solicitation company Convio was breached by hackers, revealing personal information of donors to nearly 100 charities that used the service. And in 2005, data broker Choicepoint sold more than 145,000 individuals' personal data to Nigerian scammers it believed were legitimate marketers."http://www.forbes.com/technology/2008/06/21/privacy-security-marketing-tech-security-cx_ag_0623privacy.html
July 2008: "The Securities and Exchange Commission, under pressure to respond to the tumult in the financial industry, announced emergency measures on Tuesday to curb certain kinds of short-selling that aims at Fannie Mae and Freddie Mac, as well as Wall Street banks."http://www.nytimes.com/2008/07/16/business/16short.html
July 2008: "The Securities and Exchange Commission announced on Sunday that it and other regulators would begin examining rumor-spreading intended to manipulate securities prices."http://www.nytimes.com/2008/07/14/business/14sec.html
July 2008: 'New Jersey and San Diego had versions of skim funds, and won “excellence in accounting” awards from the Government Finance Officers Association for many years while operating them. Each ended up with far less money in its pension fund than its books showed. The Securities and Exchange Commission found that San Diego had committed securities fraud by overstating the soundness of its pension fund; it is still investigating New Jersey.'http://www.nytimes.com/2008/07/11/business/11gasb.html
July 2008: "Federal officials say they are preparing to propose a series of regulatory changes to enhance American competitiveness overseas, attract foreign investment and give American investors a broader selection of foreign stocks. But critics say the changes appear to be a last-ditch push by appointees of President Bush to dilute securities rules passed after the collapse of Enron..."http://www.nytimes.com/2008/07/05/business/05sec.html
June 2008: "The lawsuit adds to the considerable legal risks facing Bank of America as it prepares to absorb Countrywide in a takeover announced in January. Countrywide and its executives have been named as defendants in shareholder lawsuits, and the company’s practices are the subject of investigations by the Securities and Exchange Commission, the F.B.I. and the Federal Trade Commission, which oversees loan servicing companies."http://www.nytimes.com/2008/06/25/business/25mortgage.html
June 2008: "The closely watched bill would make it illegal for prosecutors and other federal enforcement officials, including those at the Securities and Exchange Commission, to demand that a company under investigation disclose confidential legal communications or risk being indicted — a corporate death knell."http://www.nytimes.com/2008/06/23/business/23law.html
June 2008: "But three weeks ago, on May 19, the Securities and Exchange Commission, after nearly six years of investigating accounting at AOL, filed a civil lawsuit against eight former executives alleging financial fraud. Seven were AOL executives before the merger; the eighth was Mr. Ripp."http://www.nytimes.com/2008/06/09/business/media/09aol.html
May 2008: "The Securities and Exchange Commission yesterday filed civil lawsuits against eight former America Online executives, accusing them of participating in illegal accounting practices that inflated the online giant's reported revenue by more than $1 billion."http://www.washingtonpost.com/wp-dyn/content/article/2008/05/19/AR2008051901686.html
March 2008: 'For one, brokerage firms are required to have enough assets on hand to repay any customer obligations in the event of a bankruptcy. Moreover, under the Securities and Exchange Commission's so-called customer-protection rule, broker dealers are required to hold client assets in "segregated accounts," which means the firm cannot use those assets for their own business purposes.'http://online.wsj.com/article/SB120580155855243823.html
February 2008: "He pointed to the Internal Revenue Service, where managers may receive smaller pay raises than rank-and-file employees, and the Securities and Exchange Commission, where an arbitrator found the pay system discriminated against African American employees and employees who were 40 and older."http://www.washingtonpost.com/wp-dyn/content/article/2008/02/13/AR2008021303154.html
September 2007: Christopher Cox, the chairman of the Securities and Exchange Commission, and state regulators said they expected soon to propose guidelines prohibiting sales agents from using titles that imply an expertise in financial issues for older Americans, when that designation has little or no value.http://www.nytimes.com/2007/09/06/business/06adviser.html
August 2007: Private-equity firms are a relatively recent innovation on Wall Street, having come to prominence over the past two decades. Unregulated by the Securities and Exchange Commission, they amass huge amounts of money from wealthy individuals, pension funds and financial institutions, and use it to buy companies, such as Chrysler and the Hilton hotel chain, two recently announced deals.http://www.washingtonpost.com/wp-dyn/content/article/2007/08/02/AR2007080202620.html
April 2007: Now questions loom as to whether such impeccable timing reflects mere good luck or something more. The Securities The Securities & Exchange Commission Exchange Commission has intensified a probe begun last fall into allegations that executives may have taken advantage of loose reporting rules in place before the Sarbanes-Oxley Act of 2002 to fudge the dates on which they exercised options. By doing so, executives may have changed stock-sale proceeds on which they owed ordinary income taxes into capital gains, which were taxed at roughly half the rate. SEC enforcement head Linda C. Thomsen has called the practice, known as exercise backdating, 'fraudulent,' though in the one case that has come to court, the jury could not reach a verdict. Tax Evasion?http://www.businessweek.com/bwdaily/dnflash/content/apr2007/db20070419_773524.htm
January 2007: Over the past years, the intrepid duo of James Bandler and Charles Forelle at the Wall Street Journal have helped unearth dozens of examples of options backdating at companies large and small. Their investigations of the dishonest practice have led to the resignation of dozens of top executives and investigations by the Securities and Exchange Commission and federal prosecutors. But the options scandal has never touched a more exciting company than Apple or a more thrilling executive than Jobs.http://www.slate.com/id/2157160
November 2006: A coalition of leading Internet companies, including Google Inc., Yahoo Inc. and IAC/Interactive Corp., plans today to petition the Securities and Exchange Commission to reconsider new fees that U.S. stock exchanges charge them for posting real-time stock quotes on their Web sites.http://www.washingtonpost.com/wp-dyn/content/article/2006/11/13/AR2006111301219.html
December 2006: Rent-Way’s board made a decision within days of detecting the fraud — Mr. Morgenstern called the Securities and Exchange Commission and revealed everything. The company would turn over documents typically protected by attorney-client privilege, he said. He then invited the S.E.C. to set up an office at Rent-Way’s headquarters to conduct an on-site investigation.http://www.nytimes.com/2006/12/10/business/yourmoney/10rent.html
December 2006: Congressional investigators have found that a second official at the Securities and Exchange Commission expressed serious concerns about how the agency was conducting its inquiry into a prominent hedge fund, Pequot Capital Management.http://www.nytimes.com/2006/12/05/business/05hedge.html
November 2006: a 10b5-1 plan. The Securities The Securities & Exchange Commission Exchange Commission created such prearranged trading plans in 2000 to clarify the rules under which executives can legally sell shares they've accumulated. As long as they initiate the plan at a time when they don't know of any significant nonpublic information, lay out in advance the dates or prices at which sales will be made, and don't control the trades, they are legally protected from insider trading charges.http://www.businessweek.com/magazine/content/06_45/b4008051.htm
August 2006: The backdating practice has been called everything from 'innocuous' to 'corporate looting.' I think it smacks of unfairness. But it seems to have been a common practice at many companies. Some 80 firms are under investigation by the Securities and Exchange Commission in the backdating scandal that was originally uncovered by The Wall Street Journal in March. The number of firms under scrutiny seems to grow daily. And recently the IRS announced it's looking into the matter, too.http://www.bankrate.com/brm/news/boomerbucks/20060802a1.asp
January 2006: The Securities and Exchange Commission's proposals, which would reduce those types of surprises, are being hailed as the most sweeping overhaul of executive compensation disclosure rules since 1992. Even in Silicon Valley, where financial perks like corporate jets and shadowy retirement plans are rare, companies will be pressed to justify why they dole out heaping helpings of stock options to top executives.http://www.mercurynews.com/mld/mercurynews/business/13651638.htm
January 2005: The Securities and Exchange Commission, meanwhile, has stressed its intention to hold individuals personally responsible and has followed up by demanding in some settlement agreements that executives forgo insurance reimbursement.http://www.washingtonpost.com/wp-dyn/articles/A22701-2005Jan19.html
August 2004: Seven investment banking firms, including Arlington's Friedman, Billings, Ramsey Group Inc., are set to pay a total of $3.65 million to settle Securities and Exchange Commission charges that they failed to disclose payments from companies about whom they issued research reports, according to sources familiar with the deal.http://www.washingtonpost.com/wp-dyn/articles/A30330-2004Aug24.html
January 2002: That could indicate that to some at Andersen, the lesson learned from the Waste Management case was not the lesson that the S.E.C. wanted to send — that auditors run great risks if they sign off on accounts they know to be wrong. Instead, they may have concluded that the error was in keeping the documents around for the S.E.C. to subpoena them later.http://www.nytimes.com/2002/01/16/business/16ACCO.html
Role Name Type Last Updated Opponent (past or present) Altera Corporation Organization Dec 11, 2006 Opponent (past or present) American Amicable Life Insurance Company Organization Aug 17, 2006 Opponent (past or present) Bernard L. Madoff Investment Securities Organization Dec 11, 2008 Opponent (past or present) Biovail Corporation Organization Jun 2, 2009 Opponent (past or present) Brocade Communications Systems Organization Jun 2, 2009 Opponent (past or present) Deutsche Bank Organization Jun 2, 2009 Opponent (past or present) Ingram Micro Organization Jun 2, 2009 Cooperation (past or present) Opponent (past or present) JPMorgan Chase & Co. Organization Jun 2, 2009 Opponent (past or present) MBIA Organization Jun 2, 2009 Opponent (past or present) Mercury Interactive Organization Jun 1, 2007 Cooperation (past or present) Municipal Securities Rulemaking Board (MSRB) Organization Jan 12, 2009 Opponent (past or present) NEXT Financial Group Organization Oct 7, 2008 Opponent (past or present) Nucorp Energy Organization Jul 27, 2006 Possible/Unclear Opponent (past or present) Pequot Capital Management Organization Dec 7, 2006 Opponent (past or present) RenaissanceRe Holdings Organization Jun 2, 2009 Opponent (past or present) Seahawk Deep Ocean Technology Organization Aug 27, 2007 Owned by (partial or full, past or present) US Federal Government - Independent Agencies Organization May 6, 2005 Organization Executive (past or present) Paul S. Atkins Person Oct 27, 2004 Organization Executive (past or present) Barry Barbash Esq. Person Employee/Freelancer/Contractor (past or present) J. Bradley Bennett Esq. Person Feb 11, 2013 Organization Executive (past or present) Prof. Dennis R. Beresford Person Mar 31, 2004 Research/Analysis Subject John H. Biggs Person Dec 26, 2011 Organization Head/Leader (past or present) Richard C. Breeden Person Feb 3, 2004 Employee/Freelancer/Contractor (past or present) Roel Campos Person Organization Head/Leader (past or present) Commissioner Christopher Cox Esq. Person Dec 9, 2005 Employee/Freelancer/Contractor (past or present) Stephen M. Cutler Esq. Person Mar 4, 2004 Organization Head/Leader (past or present) William "Bill" H. Donaldson Person Research/Analysis Subject Prof. Tamar Frankel Esq. Person Jan 22, 2008 Employee/Freelancer/Contractor (past or present) Cynthia A. Glassman Person Employee/Freelancer/Contractor (past or present) Harvey J. Goldschmid Esq. Person Organization Executive (past or present) Professor Joseph A. Grundfest Person Jul 27, 2006 Organization Executive (past or present) Robert K. Herdman Person Organization Head/Leader (past or present) Roderick M. Hills Person Advised by (past or present) Philip K. Howard Esq. Person Apr 4, 2007 Organization Executive (past or present) Robert Khuzami Esq. Person Apr 26, 2012 Organization Executive (past or present) David L. Kornblau Esq. Person Oct 27, 2008 Organization Executive (past or present) H. David Kotz Person May 19, 2009 Organization Executive (past or present) Prof. Arthur Laby Esq. Person Jul 9, 2012 Organization Head/Leader (past or present) Arthur Levitt Jr. Person Jul 27, 2006 Organization Executive (past or present) David M. Lynn Person Dec 18, 2008 Opponent (past or present) Bernard "Bernie" L. Madoff Person Dec 11, 2008 Organization Executive (past or present) William R. McLucas Person Cooperation (past or present) Mr. William E. Morgenstern Person Dec 11, 2006 Employee/Freelancer/Contractor (past or present) Prof. Elizabeth A. Nowicki Esq. Person Apr 13, 2010 Organization Head/Leader (past or present) Harvey L. Pitt Person Organization Executive (past or present) Lori Richards Person May 19, 2005 Organization Head/Leader (past or present) Prof. David S. Ruder Esq. Person Organization Executive (past or present) Diego Tomás Ruiz Person Feb 15, 2008 Organization Executive (past or present) Organization Head/Leader (past or present) Mary L. Schapiro Esq. Person Apr 18, 2010 Organization Head/Leader (past or present) John S.R. Person Employee/Freelancer/Contractor (past or present) Prof. Chester S. Spatt Ph.D. Person May 7, 2012 Organization Executive (past or present) Walter J. Stachnik Person Dec 7, 2006 Opponent (past or present) R. Allen Stanford Person Apr 18, 2010 Employee/Freelancer/Contractor (past or present) Jeffrey Tucker Esq. Person Dec 22, 2008 Organization Executive (past or present) Lynn E. Turner Person Sep 6, 2006 Organization Executive (past or present) Patrick Von Bargen Person Jun 18, 2007 Employee/Freelancer/Contractor (past or present) William H. Webster Esq. Person Employee/Freelancer/Contractor (past or present) Peter A. Winn Esq.,MPhil Person Feb 15, 2009
Articles and Resources
Date Fairness.com Resource Read it at: Aug 21, 2016 To Crack Down on Securities Fraud, States Reward Whistle-Blowers
QUOTE: In the aftermath of the financial crisis, a growing army of confidential informants — better known as whistle-blowers — has helped federal securities regulators identify and prosecute wrongdoers. Now the same thing is happening at the state level...
New York Times Aug 27, 2014 Put More Resources Toward Regulation
QUOTE: the Department of Justice shifted gears in 2003 to leverage resources by offering cooperating companies non–prosecution deals. While corporate fines have skyrocketed, only a handful of financial institutions have pled guilty to criminal behavior.
New York Times Jun 05, 2014 G.M. Inquiry Cites Years of Neglect Over Fatal Defect
QUOTE: A sweeping internal investigation of General Motors released on Thursday condemned the company for its decade-long failure to fix a deadly safety defect, one that led to “devastating consequences,” including at least 13 deaths....The report offered an extraordinary window into a company where employees avoided responsibility...
New York Times Mar 09, 2014 After Big Bet, Hedge Fund Pulls the Levers of Power: Staking $1 Billion That Herbalife Will Fail, Then Lobbying to Bring It Down
QUOTE: a small hint of Mr. Ackman’s extraordinary attempt to leverage the corridors of power — in Washington, state capitols and city halls — for his hedge fund’s profit after taking a $1 billion financial position called a short, a bet that will pay off only if Herbalife’s stock drops. Corporate money is forever finding new ways to influence government. But Mr. Ackman’s campaign to take this fight “to the end of the earth,” using every weapon in the arsenal that Washington offers in an attempt to bring ruin to one company, is a novel one, fusing the financial markets with the political system.
New York Times Dec 27, 2013 Academics Who Defend Wall St. Reap Reward
QUOTE: major players on Wall Street and elsewhere have been aggressive in underwriting and promoting academic work. The efforts by the financial players, the interviews show, are part of a sweeping campaign to beat back regulation and shape policies that affect the prices that people around the world pay for essentials like food, fuel and cotton.
New York Times Dec 07, 2013 Playing Pension Games (Fair Game)
QUOTE: Securities laws require issuers of municipal debt to provide the information investors need to make informed decisions when buying or selling these instruments. But lax disclosure practices remain, making it hard to spot signs of problems...
New York Times Mar 15, 2013 JPMorgan Executives Face Withering Questions at Senate Hearing
QUOTE: ...[Senator] Levin and a handful of colleagues questioned current and former executives about the bank’s risk management, oversight policies and pricing methods. The lawmakers took aim at JPMorgan for misleading investors and regulators about the disastrous bet, building off a scathing, 300-page Congressional report...
New York Times Feb 04, 2013 U.S. Accuses S. & P. of Fraud in Suit on Loan Bundles
QUOTE: The Justice Department filed civil fraud charges late on Monday against the nation's largest credit-ratings agency, Standard & Poor's, accusing the firm of inflating the ratings of mortgage investments and setting them up for a crash when the financial crisis struck....From September 2004 through October 2007, S.&P. "knowingly and with the intent to defraud, devised, participated in, and executed a scheme to defraud investors" in certain mortgage-related securities, according to the suit filed against the agency and its parent company, McGraw-Hill Companies. S.&P. also falsely represented that its ratings "were objective, independent, uninfluenced by any conflicts of interest," the suit said.
New York Times Nov 15, 2012 Wal-Mart Inquiry Reflects Alarm on Corruption
QUOTE: Wal-Mart on Thursday reported that its investigation into violations of a federal antibribery law had extended beyond Mexico to China, India and Brazil, some of the retailer’s most important international markets. The disclosure, made in a regulatory filing, suggests Wal-Mart has uncovered evidence into potential violations of the Foreign Corrupt Practices Act...
New York Times Sep 13, 2012 Greed and Debt: The True Story of Mitt Romney and Bain Capital
QUOTE: the hypocrisy at the heart of Mitt Romney. Everyone knows that he is fantastically rich, having scored great success, the legend goes, as a "turnaround specialist," a shrewd financial operator who revived moribund companies as a high-priced consultant for a storied Wall Street private equity firm. But what most voters don't know is the way Mitt Romney actually made his fortune: by borrowing vast sums of money that other people were forced to pay back.... Romney has piled more debt onto more unsuspecting companies, written more gigantic checks that other people have to cover, than perhaps all but a handful of people on planet Earth.
Rolling Stone Jul 06, 2012 A Fancy Financial Adviser Title Does Not Ensure High Standards
QUOTE: Investors can’t be blamed for failing to recognize the differences between a glorified salesman pushing a particular fund and a true investment adviser who is required to act in your best interest, but there are many.
New York Times Jul 05, 2012 Chesapeake Energy Cheat Sheet: What’s Been Uncovered So Far
QUOTE: Reuters took aim at [Chesapeake]’s flamboyant chief executive, Aubrey McClendon, in a series of articles, prompting his ouster as company chairman (he remains CEO) last month...The company was rocked anew last week when the news agency disclosed a series of email exchanges in which McClendon and other Chesapeake executives appeared to collude with officials at EnCana Corp., Canada’s largest natural gas company, to suppress the price of land leases in Michigan.
ProPublica Apr 26, 2012 Not just Wal-Mart: Dozens of U.S. companies face bribery charges
QUOTE: Deere, Disney, Hewlett-Packard, Qualcom and many others are also under investigation for violations of the U.S. Foreign Corrupt Practices Act.
CNN (Cable News Network) Mar 14, 2012 Why I Am Leaving Goldman Sachs
QUOTE: the interests of the client continue to be sidelined in the way the firm operates and thinks about making money. Goldman Sachs is one of the world’s largest and most important investment banks and it is too integral to global finance to continue to act this way. The firm has veered so far from the place I joined right out of college that I can no longer in good conscience say that I identify with what it stands for.
New York Times Dec 22, 2011 A Christmas Message From America's Rich
QUOTE: The entire ethos of modern Wall Street, on the other hand, is complete indifference to all of these matters. The very rich on today’s Wall Street are now so rich that they buy their own social infrastructure. They hire private security, they live on gated mansions on islands and other tax havens, and most notably, they buy their own justice and their own government....nobody even minds that they are rich. What makes people furious is that they have stopped being citizens.
Rolling Stone Dec 21, 2011 Countrywide Will Settle a Bias Suit
QUOTE: The Justice Department on Wednesday announced the largest residential fair-lending settlement in history, saying that Bank of America had agreed to pay $335 million to settle allegations that its Countrywide Financial unit discriminated against black and Hispanic borrowers during the housing boom.
New York Times May 31, 2011 S.E.C. Case Stands Out Because It Stands Alone
QUOTE: How Mr. Tourre alone came to be the face of mortgage-securities fraud has raised questions among former prosecutors and Congressional officials about how aggressive and thorough the government’s investigations have been into Wall Street’s role in the mortgage crisis.
New York Times May 13, 2011 Google Is Said to Have Broken Internal Rules on Drug Ads
QUOTE: Google allowed rogue online pharmacies to advertise on its site in violation of its own advertising policies, according to one of the companies subpoenaed in the federal investigation of Google’s drug ad sales.
New York Times May 11, 2011 Next Up, a Crackdown on Outside-Expert Firms
QUOTE: In several indictments involving expert networks, authorities claim that hedge fund managers paid outside consultants handsome fees for providing nonpublic information. The government has also charged executives at the expert network firms, the ones who brokered the connections, with knowingly facilitating the exchange of illegal stock tips.
New York Times Apr 27, 2011 A.I.G. to Sue 2 Firms to Recover Some Losses
QUOTE: A.I.G. is preparing several suits against banks, like Bank of America and Goldman Sachs, that created the $40 billion in mortgage bonds… The company says it believes the banks issued misleading statements about the quality of the mortgages within those bonds.
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