September 1, 2009 |
The nation's top securities cop is raising concerns about the rich bonuses that some brokerages routinely offer to lure salespeople from rivals. In an open letter on the Securities and Exchange Commission's website Monday, Chairwoman Mary L. Schapiro warned top brokerage executives that "certain forms of potential compensation may carry with them enhanced risks to customers." Specifically, Schapiro's letter focuses on the risk that brokers lured with bonuses might seek to generate commissions big enough "to justify special arrangements that they have been given."
CALIFORNIA | LOCAL
May 9, 2009 |
As a member of the powerful Los Angeles Fire and Police Pensions board, Sean Harrigan's private financial life intersected repeatedly with the business of his agency, which oversees a $10.7-billion portfolio on behalf of retired public employees. Long before he was caught up in a national investigation into the way public pensions are managed, Harrigan took a consulting job with a law firm that was applying to get work from his board, records show.
April 28, 2009 |
Mary Schapiro, the new Securities and Exchange Commission chief, was certain to take a get-tough stance at the agency -- after Bernie Madoff, what other choice did she have? But in addition to all the steps she's taking along those lines -- a new enforcement director, streamlined rules for launching investigations, new procedures for following up on the 2,000 or so hotline tips the agency receives daily -- the SEC also is trying to make itself more transparent.
April 2, 2009 |
A Sacramento company that once was among the nation's fastest-growing ethanol producers says it could run out of cash within a month. Pacific Ethanol Inc. said in a Securities and Exchange Commission filing that it might not be able to continue past April 30 without renegotiating its debts or finding new sources of cash. The company said a bankruptcy filing was possible.
December 27, 2008 |
Christopher Cox, the embattled chairman of the Securities and Exchange Commission, is defending his restrained approach to the financial crisis, saying he has provided steady leadership as Wall Street's main regulator at a time when other federal regulators have responded precipitously to upheaval in the markets. During his tenure, the SEC has watched as all the investment banks it oversaw collapsed, were swallowed up or exited their traditional line of business.
November 18, 2008 |
The Securities and Exchange Commission, facing congressional questions over its vigilance in policing Wall Street and corporate fraud, said Monday that it im- posed more than $1 billion in sanctions in the last fiscal year. Fines and orders extracting ill-gotten profits surpassed that amount in the 12 months that ended Sept. 30, the SEC said in an annual report, without giving specific figures. The agency imposed $1.
August 15, 2008 |
The Securities and Exchange Commission on Thursday settled the last civil case against a former Apple Inc. executive accused of stock-option fraud, closing its investigation into one of Silicon Valley's highest profile companies. Nancy Heinen, who was Apple's general counsel until leaving in 2006, agreed to pay $2.2 million in disgorgement, interest and penalties.
August 8, 2008 |
Securities regulators have stepped up their investigation of mortgage giant Countrywide Financial Corp. and its former chief executive, Angelo R. Mozilo. Bank of America Corp., which acquired Calabasas-based Countrywide last month, said in a regulatory filing Thursday that the Securities and Exchange Commission was conducting a formal inquiry of the lender and that it had responded to subpoenas from the federal agency.
June 28, 2008 |
The Securities and Exchange Commission's docket of probes stemming from the sub-prime mortgage crisis has grown at least 40% since January amid mounting investor losses and the collapse of Bear Stearns Cos., a person familiar with the agency's caseload said. The SEC has more than 50 open inquiries relating to the credit-market turmoil, compared with about three dozen in January, the person said, declining to be identified because the cases aren't public.