SEC

The justification for my position is here somewhere, and I'm going to find it.

The justification for my position is here somewhere, and I’m going to find it.

He took his time, mulled it over, considered his life choices, worked on his grief, pondered the criticisms and looked the awful, no-easy-insider-trading-convictions future in the face. It is a future the Manhattan USA isn’t ready to accept just yet.

Prosecutors will ask a full panel of the Second U.S. Circuit Court of Appeals to review a decision three of its judges made in December that put new limitations on prosecutors’ ability to pursue insider-trading cases, according to a spokeswoman in the U.S. attorney’s office….

If the request is rejected, or if the court accepts it but doesn’t overturn or modify the decision, prosecutors could still appeal to the Supreme Court, a move that would also require sign off from the Justice Department.

The ruination of the life and work of Preet Bharara is, of course, bad news for Preet Bharara. It is also bad news for the Securities and Exchange Commission, which has spent the better part of six years letting Preet’s boys at the U.S. Attorney’s Office do its work for it, and then rushing to a neighboring courtroom to win a quick judgment against the evildoers whose evil, it seems, may no longer rise to the level of criminal. Also understandably, they would prefer that easy route remain open to them. Read more »

Who's running this joke?The anti-ARS thinks it’s odd that something so simple as requiring clawback provisions regardless of fault apparently falls somewhere between 95th and 102nd on the list. I mean, it’s not like new compensation rules have ever generated any kind of complication or evasive action or anything, so just slap the damned thing together. Read more »

Told you I was good for it.Courtesy of Big Steve and your friends at SAC Capital Advisors Point72 Asset Management, via the SEC and the federal courts. Read more »

Nothing to see here.There are things at which the Securities and Exchange Commission should probably have a look. Like, say, the unregistered issuance of securities by companies dealing in fake currencies. You know, just a gander, if for no other reason than to demonstrate that they’re expected to follow all of those boring, stupid rules they hate so much. And so they have! Or perhaps not. Read more »

Open for business!Remember back when New York Attorney General Eric Schneiderman noticed that paying for an early look at information from news organizations looked an awful lot like insider trading? He even came up with a catchy name for it and got Thomson Reuters to agree to stop doing it. Well, fortunately for the high-frequency traders who rely on such sneak peeks, the Securities and Exchange Commission is still offering them. Read more »

Hint: One’s run by a hot-dog enthusiast and starts with a “P” and ends with an “oint72.” Read more »

Another, alas, did not. Read more »

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 »