They say it only applies in Texas but, oopsie, the announcement went out on all their statements nationwide.
A recent SEC proclamation does the same for money market accounts.
Restricting demand deposits in a way that makes it unclear when people will have access to their funds – especially since they need daily access to their checking [...]
Posts Tagged ‘SEC’
Citibank reserves right to put 7 day hold on withdrawals
SEC fails to institute Madoff-inspired reforms. Big surprise.
Why am I not surprised that the utterly compromised SEC somehow has not gotten around to instituting needed reforms. Watch what they (and the rest of the Obama Administration) do on financial reform, which so far has bee virtually nothing, rather than what they say, which is endless promise of reform that never seems to [...]
Will the last person please burn the building down; It is time to end the farce that is the SEC
The SEC sure has a sense of humor. With everyone screaming for the agency’s blood unless it does something to curb rampant and blatantly speculative high frequency trading, as well as to tighten insider trading regulation, what does the Mary Schapiro-lead circus do? Just the opposite. and even as the commission is weeping that its [...]
The SEC frequently does not read financial statements and public filings from companies. You read that right
U.S. securities investigators raised repeated concern over how Bernard Madoff could be running an honest business, but never followed through on the many red flags they uncovered. Hundreds of documents released on Friday by U.S. Securities and Exchange Commission’s portray an agency at times skeptical or dismissive of evidence that the now imprisoned mastermind [...]
Hi, I’m the new COO for SEC enforcement. Be scared, be very scared
This is Adam Storch, the just appointed COO of the SEC enforcement division. I know, you’re thinking, he’s not old enough to shave, has no experience in this kind of enforcement, and isn’t isn’t even a licensed broker. But you’re forgetting his most important qualification. He’s a Goldmanite and apparently has enjoyed a speedy rise [...]
SEC names 29 year old Goldman employee as Enforcement Unit Operations Chief
Gosh, I’m sure he must have the needed experience and toughness or else they wouldn’t have hired him.
PS SEC officials who missed Madoff are living large. And you probably thought they were fired or at least disciplined, right?
More pain for humiliated SEC after disclosure it ignored Moody’s whistleblower warnings
As if the SEC could be humiliated any more, another piece of disclosure now highlights that Mary Schapiro’s useless organization was unresponsive to whistleblower overtures by former Moody’s employees attempting to warn the regulator “about Moody’s weak compliance department and ratings process.”
Every person at SEC who ignored whistleblowers or blocked an investigation should have their [...]
SEC proposes the obvious to prevent next Madoff
SEC Inspector General H. David Kotz, who reviewed the agency’s Madoff probes for eight months, said he might propose that staff be required to verify random samples of trading data to ensure money managers are conducting transactions. SEC managers also should assign employees with “appropriate skills and expertise” to exams, Kotz said today in testimony [...]
SEC awakes from slumber, probes manipulation by ‘advanced trading systems’
The U.S. Securities and Exchange Commission is “rigorously” investigating whether traders are using technology to manipulate markets, the agency’s enforcement and inspections chiefs said today.
The initial reports and investigations into high frequency trading and the like came from financial blogs like Zero Hedge and Naked Capitalism. The SEC paid attention. Good.
SEC “befuddled” again
Ex-SEC lawyer: Madoff report misses point
An ex-SEC lawyer says their report on how they blew the Madoff investigation focuses too much on staff and too little on supervisors.
The SEC inspector general said he was “befuddled” by her remarks.
The SEC sure spends a lot of time being incompetent and befuddled, don’t they? Ah well, it’s always [...]
SEC never did ‘competent’ Madoff probe says internal watchdog report
SEC never did ‘competent’ Madoff probe says internal watchdog report
Bloomberg
The U.S. Securities and Exchange Commission never undertook a “thorough and competent” probe of Bernard Madoff amid at least six complaints that he was running a Ponzi scheme, the agency’s internal watchdog said.
But the report primarly blames inexperienced junior staff and says senior officials didn’t [...]
The SEC’s new enforcer
Look out derivative and credit default swap traders — Dr. Henry Hu is coming to town.
In a startling departure for the SEC, Hu possesses actual competence in financial matters and may actually enforce regulations. What a concept.
SEC regulators dropped off resumes at Madoff’s office
Wow, I bet those regulators were doing a heck of a job of regulating.
Yet of the same regulators, rather than being fired or disciplined, were sent back even after it was apparent Madoff was a crook. At the very least, the SEC should have sent those with actual competence and no compromised ethics.
The SEC [...]
GAO: Cox’s SEC discouraged corporate punishment
In a report released publicly today, the General Accountability Office said that policies put in place during the tenure of former Securities and Exchange Commission Chairman Christopher Cox were thought within the agency to have hampered investigations, discouraged staff from pursuing penalties against corporations, and created an adversarial relationship between the Division of Enforcement and [...]
Another Stanford employee told SEC it was a Ponzi scheme…in 2003
By our count, at least five former Stanford employees told the SEC they thought Stanford was running a Ponzi scheme, from 2003 on.
Yet the SEC resolutely did nothing, just like with Madoff.
Look folks, if this happened in some little banana republic we’d have no problem saying it was obvious and blatant corruption. Does anyone think [...]
