No, Mary Schapiro Didn’t “Fix” The SEC

By: Monday December 3, 2012 10:51 am

Regardless of my belief that Republicans are being ridiculous by trying to make a scandal out of the SEC allowing a public comment period for a rule change prompted by the JOBS Act, I think I’m pretty clear on the record about the SEC’s failings as a regulatory body. William Cohan wrote well on this [...]

With Unclear Successor at SEC, a Look at the Agency’s Recent Failures

By: Thursday November 29, 2012 8:30 am

Mary Miller, a Treasury Department official seen as the expected pick for the next head of the SEC, dropped out of contention yesterday, leaving an unclear path forward. Elisse Walter, who was designated as the new chair, replacing the departing Mary Schapiro, is seen as a stopgap pick. But her elevation to the top slot [...]

Mary Schapiro Steps Down as SEC Chief

By: Monday November 26, 2012 8:30 am

Schapiro’s replacement matters. Simon Johnson kicked this off a few days ago, juxtaposing the bona fides of Treasury Department under secretary for domestic finance Mary Miller (a former mutual fund executive) against former Special Inspector General for TARP Neil Barofsky. There’s no question than an experienced prosecutor like Barofsky would change the SEC’s culture, but there’s almost no chance he will ever hold another job in Washington, as he was specifically told by Herb Allison right at the beginning of his book Bailout.

Schneiderman Files Suit Against Credit Suisse for Securities Fraud, Days After SEC Settled Same Conduct

By: Tuesday November 20, 2012 11:55 am

Continuing on the theme of prosecutions for fraud during the housing collapse, though in this case civil rather than criminal ones, New York Attorney General Eric Schneiderman just announced a new lawsuit against Credit Suisse for defrauding investors in its mortgage backed securities business. The case mirrors the previous suit filed by Schneiderman against JPMorgan [...]

Schneiderman Sues JPMorgan Chase; Lawsuit Mirrors Old Cases

By: Monday October 1, 2012 11:47 pm

Late yesterday, New York Attorney General Eric Schneiderman filed a lawsuit made up of years-old evidence against JPMorgan Chase, over deceptive practices related to the sale of $87 billion in Bear Stearns mortgage-backed securities at the height of the housing bubble. The lawsuit is closely modeled after one brought against the same defendants by the [...]

Bank of America’s Cascade of Settlement Payoffs Continue

By: Saturday September 29, 2012 8:42 am

Yesterday, Bank of America fired off one of their biggest settlements yet, spending $2.4 billion to quiet claims with investors over their purchase of Merrill Lynch. As Lehman Brothers failed in September 2008, Bank of America agreed to buy Merrill Lynch. But in the weeks after that agreement, the bank tried unsuccessfully to scrap the [...]

Freddie Mac, Deutsche Bank Caught Up In Securities Allegations

By: Monday January 30, 2012 12:57 pm

One reason why I don’t think we should particularly accept a six-month timeline on significant action from the RMBS working group is that there’s so much already in the public record. I recognize that criminal or civil enforcement actions take voluminous legal work and due diligence, but quite a bit of it has already been [...]

FCIC Referred Criminal Securities Fraud Violations to Justice Department a Year Ago

By: Monday January 30, 2012 11:39 am

A statement sent my way from Phil Angelides, the chairman of the Financial Crisis Inquiry Commission, plays into this debate over the RMBS working group in some interesting ways. The crux of the matter is that Douglas Holtz-Eakin, a Republican commissioner on the FCIC who did not sign onto the final report, made some statement [...]

Rakoff Gets Results: SEC Dropping No-Fault Settlement Language in Some Cases

By: Friday January 6, 2012 12:15 pm

When your thoughts turn to helplessness regarding the corporate control of government and the dissolution of the rule of law, think about what one motivated federal judge can do. Judge Jed Rakoff’s ruling blocking an SEC settlement with Citigroup over mortgage backed securities misrepresentations has had major ripple effects (and not just with Matt Taibbi). [...]

An Army of Schneidermans: Court Finds Private Right of Action in Securities Fraud Law in New York

By: Tuesday December 20, 2011 11:35 am

People in the know claim this is a huge ruling in New York, and it’s not hard to see why. A decade after then Attorney General Eliot Spitzer dusted off the long dormant Martin Act and deployed it to become the “Sheriff of Wall Street,” the Court of Appeals has essentially deputized private citizens in [...]

SEC Charges ex-Fannie, Freddie Executives With Securities Fraud

By: Friday December 16, 2011 9:35 am

Perhaps trying to make up for the smackdown they took at the hands of Judge Jed Rakoff, who accused them of letting big banks get off scot-free, the Securities and Exchange Commission filed civil charges against six former executives at Fannie Mae and Freddie Mac, including the CEO, accusing them of securities fraud. Federal regulators [...]

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