SEC

Having already put the mysterious, opaque platforms on notice, Mary Jo White & Co. are beginning to undress them. One’s already in the soup for taking a little too much pride in the folks it was quietly and very untransparently trading for. The rest are now having some light shone upon the disclosures they’re supposed to be making but maybe aren’t. Read more »

After a high-profile setback involving a certain outspoken NBA owner (not that one), the SEC thought it had figured out how to get a jury to see things its way. Did one not just find that a Texas septuagenarian was every bit the conniving fraudster that the SEC said he was?

Well, Mary Jo White & co.’s winning streak did not last long, so they’re doing what it takes to prevent the start of another losing streak. Read more »

As many of you know, in 2010, the SEC created a whistleblower program wherein a person who “comes forward with high-quality original information that leads to a Commission enforcement action in which over $1,000,000 in sanctions is ordered” can collect a nice little payout (awards range from 10-30% of the total collected). So you can’t really blamed the unnamed man or woman who submitted 196 applications1 for awards over the last 3.5 years in an attempt to win a nice li’l finder’s fee for him/herself, but the SEC can decide to make it official policy that any future cases submitted by this person shall be used for kindling, which it did last month. Read more »

  • 09 May 2014 at 4:49 PM

The Bitcoin Bugle: Resurrection

Remember when the brothers Winklevoss announced, with customary fanfare, that they’d be making bitcoin-ETF history, as long as no one stole their idea in the meantime? Me either. But they haven’t forgotten, and now, against some odds, people who want to lose money on fake money may eventually have the chance to do so on the Nasdaq. Read more »

  • 02 May 2014 at 3:57 PM

Congressmen Stumble On Sure-Fire Insider-Trading Cure

If the SEC is going to be all holier-than-thou re: matters insider-trading, two Congressmen want to know why it doesn’t bar its employees from trading any stocks at all. You know, to be sure. Read more »

  • 02 May 2014 at 3:07 PM

SEC Official: You’re Not Dealing With Morons Here

Gregg Berman of the Securities and Exchange Commission has a message for those doubting that the regulator understands the U.S. stock market in the era of light-speed trading: You’re wrong. Berman, one of the SEC’s top advisers on high-frequency firms, dark pools and other elements of computerized markets, is facing pressure to respond to claims his agency has failed to police exchanges and has permitted speed traders to put other investors at a disadvantage. Other authorities, including New York Attorney General Eric Schneiderman, have announced their own probes into the issue. In remarks today at an Options Industry Conference near Austin, Texas, Berman aimed a rebuttal at critics and “maybe an attorney general” who might think “regulators are very behind the times and can’t keep up with market participants.” [Bloomberg]

Over the past year or so, Steve Cohen has had to swallow several bitter pills in order to continue doing what he loves– trading stocks– and not further incite the Securities and Exchange Commission, the Justice Department, and Preet Bharara. He’s written a check for over 600 million dollars and another one for $1.2 billion. He’s returned all investor money to people not related to him by blood or marriage. He’s said good-bye to friends. Most recently, he made the ultimate sacrifice when he agreed to change the name of the firm1 from his initials to Point72 Asset Management, rendering a walk-in closet full of SAC Capital fleeces utterly useless.

And although the sight of a distraught Cohen fighting with his lieutenants over the name change, of him scooping up a pile of fleeces and shouting “What the hell am I supposed to do with these?!” before collapsing atop them and whispering, “Alright…alright,” of his President and GC and CFO standing awkwardly around him as he buried his face in the zip-ups and vests before sending everyone away and letting him be alone with them, of a single tear rolling down his face as he slowly traced the stitched on ‘S’ and then the ‘A’ and finally the ‘C’ should have been enough… Read more »