SEC

You can do the work yourself, what with all of the new information banks will have to disclose about all of the garbage they’re hiding in them. Or you can trust that the ratings agencies will live up to the spirit of the new rule directing them to do what they say they do, rather than what’s good for them. Read more »

Among the many, many provisions of Dodd-Frank is an awfully useful one for the SEC, allowing the regulator to force any defendant to play on its home-field. This is vexing to those defendants. Unfortunately for them, the law is the law. Read more »

Unfortunately for the brokerage, regulators like the SEC and FINRA keep dredging up the distant past of two years ago, when the firm was perhaps a little more lax vis-à-vis market access. But that’s ancient history, history which, Wedbush would like to add, does not include any losses to anyone at any time, and for which it should really just get a pass. Read more »

We all know that no one listens to what credit ratings agencies say, and that if you were buying up all of that RMBS eight years ago marveling at what a great deal you were getting on triple-A rated stuff, you had it coming. But wouldn’t it be neat if you could put the tiniest bit of stock into a credit rating? Wouldn’t it be great if the folks at Fitch and Moody’s and S&P actually had to do the things they get paid to do?

The SEC thinks so, too. Although, this being Mary Jo White’s SEC, it wouldn’t want to be accused of going too far, or far enough, for that matter. Read more »

Remember about a year and a half ago, when President Obama appointed a former federal prosecutor to head the SEC with the promise that she’d be, pound for pound, the toughest regulator D.C. had ever seen?

Well, she’s been tough, alright: tough to deal with. Her fellow Democrats on the commission hate her, her fellow regulators hate her, Congressional Democrats hate her (and Republican ones aren’t interested in giving her any more money), consumer groups hate her, and the White House isn’t thrilled, either.

And what does she have to show for all of the alienation? Well, a great deal of alienation. Read more »

  • 11 Aug 2014 at 6:24 PM
  • Banks

Legal Reserve Watch ’14: JPMorgan Chase

Jamie Dimon may have to squirrel away a few extra dollars, as the SEC and OCC team up to see whether JPMC was a little bit too proud of some of its world-class investment funds. Read more »

Last week, Judge Shira Scheindlin made pretty clear that she doesn’t think it is reasonable to ascribe 13 years of stock appreciation to a couple of elderly men’s scheme to hide their trading in said stock, even if they were on the board of said stock’s company and even if a jury found them to be very bad men, indeed. So the SEC went back to the drawing board and is now willing to settle for half of it. No word as to whether it offered a “credible explanation” for the new math. Read more »