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Market Cop: July 18, 2010 - July 24, 2010

The bankers Feinberg didn't name

Ken Feinberg, the government's pay czar, announced that 17 companies that received bailouts during the financial crisis gave out $1.6 billion in excess compensation in 2008.

By Zachary Goldfarb  |  July 23, 2010; 2:12 PM ET  |  Permalink  |  Comments (0)
 
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Former chairmen: SEC didn't play politics with Goldman

Rep. Darrell Issa is alleging that the SEC may have timed its suit to bolster the passage of financial reform legislation in the Senate. He's got the SEC inspector general, H. David Kotz, to agree to a request to investigate...

By Zach Goldfarb  |  July 23, 2010; 1:15 PM ET  |  Permalink  |  Comments (0)
 
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Dell to pay $100 million to settle SEC fraud charges

Dell, chief executive Michael Dell and other executives at the Texas-based computer maker agreed Thursday to pay more than $100 million to settle a Securities and Exchange Commission complaint alleging that they violated securities laws. The SEC charged that the...

By Zachary A. Goldfarb  |  July 22, 2010; 4:24 PM ET  |  Permalink  |  Comments (0)
 
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SEC targets investors who bet on death

Offshore hedge funds call it an investment maturing. Human beings call it death. And that's why the Securities and Exchange Commission is recommending Thursday far stricter regulation of life settlements. This macabre investment allows hedge funds and other investors, many...

By Zachary A. Goldfarb  |  July 22, 2010; 2:27 PM ET  |  Permalink  |  Comments (0)
Categories:  SEC  
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A more powerful SEC

In today's Post, I wrote how the the financial regulation law gives the SEC much more power and significantly increases its responsibilities. I've pasted the article below: The financial regulation law signed by President Obama on Wednesday will arguably affect...

By Zachary Goldfarb  |  July 22, 2010; 12:42 PM ET  |  Permalink  |  Comments (0)
 
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The SEC's deregulatory push on mutual funds

The SEC took a major step toward deregulating mutual fund fees. Today, every brokerage charges the same fee for buying shares in a particular mutual fund, and they can't compete with one another. That means that a bare-bones online broker will charge you the same as a full-service broker. The thinking behind this regulation? If the price of buying shares in a particular mutual fund is fixed, then brokerages can't charge investors artificially high prices on mutual funds.

By Zach Goldfarb  |  July 22, 2010; 12:13 PM ET  |  Permalink  |  Comments (0)
Categories:  SEC  
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Goldman Sachs earnings call: 'Nothing new in the settlement'

Regulators are taking a bite out of Goldman Sachs. The bank reported earnings this morning and said that the $550 million SEC settlement, coupled with a $600 million charge due to a tax on bonuses in the United Kingdom, helped...

By Zachary Goldfarb  |  July 20, 2010; 1:33 PM ET  |  Permalink  |  Comments (0)
 
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Tough questions for SEC's Mary Schapiro

With Mary Schapiro testifying before the House Financial Services Committee, the Project on Government Oversight has released some toughly-worded questions for her. A few include: Why has the SEC only awarded five whistleblower reward payments in the past two decades?...

By Zachary Goldfarb  |  July 20, 2010; 11:48 AM ET  |  Permalink  |  Comments (0)
 
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Briefing: SEC bears the brunt of Finreg

The financial reform bill that President Obama is slated to sign into law tomorrow will affect no agency more than the SEC. The agency is required to issue 95 new rules and complete 17 new studies. That's the most of...

By Zachary Goldfarb  |  July 20, 2010; 8:30 AM ET  |  Permalink  |  Comments (0)
 
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Goldman's 'Fabulous Fab' denies all SEC allegations in court filing

"Fabulous Fab" -- a.k.a. Fabrice Tourre, the Goldman Sachs vice president accused by the Securities and Exchange Commission of committing fraud -- told a federal court Monday that he denies virtually all the allegations in the government lawsuit that claims...

By Zachary Goldfarb  |  July 19, 2010; 6:28 PM ET  |  Permalink  |  Comments (0)
 
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Goldman 'can't sugarcoat it,' Sen. Levin says

Last week was a good one for Sen. Carl Levin. The Michigan Democrat's arch-nemesis, Goldman Sachs, agreed to a $550 million settlement with the SEC. Levin had pilloried Goldman executives at a hearing of his special Senate investigative committee last...

By Zachary Goldfarb  |  July 19, 2010; 11:30 AM ET  |  Permalink  |  Comments (0)
 
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Did SEC overstate historic size of Goldman penalty?

The SEC is trying to defend what at first blush appears to be an exaggerated claim that the $550 million Goldman Sachs penalty is the largest ever against a financial services firm. Enforcement director Robert Khuzami made the grand claim...

By Zachary Goldfarb  |  July 19, 2010; 9:15 AM ET  |  Permalink  |  Comments (0)
 
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Briefing: Did Obama auto policy cause thousands of job losses?

The government watchdog overseeing the Treasury's financial stability fund says in a new report that the Obama administration needlessly and carelessly forced General Motors and Chrysler to close more than 2,000 dealerships, costing perhaps of tens of thousands of jobs,...

By Zachary Goldfarb  |  July 19, 2010; 8:30 AM ET  |  Permalink  |  Comments (0)
 
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