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BUSINESS
September 20, 2008 | Peter G. Gosselin, Maura Reynolds and Richard Simon, Times Staff Writers
Federal regulators rolled out the first pieces of their sweeping plan to end the nation's financial crisis Friday, moving to insure up to $2 trillion in money market mutual funds and temporarily barring investors from betting on the decline of financial company stocks. The moves came as lawmakers awaited the keystone of the new panic-fighting plan -- the proposal for a federal takeover of the troubled mortgage assets that now clog the books of banks and securities firms.
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BUSINESS
September 20, 2008 | TOM PETRUNO
After the collapse of Enron Corp. in 2001, Wall Street "short sellers" were hailed as heroes for helping to expose the company's massive accounting fraud. Seven years later, the "shorts" -- traders who borrow stock and sell it, expecting to profit from falling prices -- are the reviled black hats of global markets.
BUSINESS
August 15, 2008 | Michelle Quinn, Times Staff Writer
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.
BUSINESS
August 8, 2008 | Kathy M. Kristof and E. Scott Reckard, Times Staff Writers
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.
BUSINESS
July 16, 2008 | Tom Petruno, Times Staff Writer
The Securities and Exchange Commission on Tuesday stepped up its war against what it believes is manipulation of stocks by "short sellers" -- traders who bet on falling share prices. SEC Chairman Christopher Cox surprised Wall Street with a plan to curb illegal short selling in 19 major financial company shares, including embattled mortgage titans Fannie Mae and Freddie Mac. Shares of Fannie and Freddie have been big targets of bearish traders this year.
BUSINESS
July 8, 2008 | Jeffrey H. Birnbaum, The Washington Post
The Bush administration and the Securities and Exchange Commission are pressing forward with a plan that would allow American companies to opt out of using U.S. accounting standards in favor of international ones as a way to ease global business dealings and help corporations raise capital around the world. But critics in Congress and elsewhere warn that the initiative threatens to let the industry unravel investor protections enacted since the Enron scandal.
BUSINESS
June 28, 2008 | From Bloomberg News
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.
BUSINESS
May 13, 2008 | From Reuters
Maurice "Hank" Greenberg, former chief executive of American International Group Inc., has said the insurer is in crisis and urged a delay in its annual general meeting scheduled for Wednesday, according to a letter he sent to the board. AIG said Monday that its board sees no need to postpone the meeting, according to a spokesman. "Several top shareholders of AIG have called me expressing deep concern about the persistent and seemingly endless destruction of value at AIG," Greenberg said in the Sunday letter, which was filed with the Securities and Exchange Commission on Monday.
BUSINESS
April 26, 2008 | From Bloomberg News
Whole Foods Market Inc. said Friday that Securities and Exchange Commission staff recommended no action against the company or its executives over Chief Executive John Mackey's Internet message-board postings. Mackey, who has apologized for making anonymous posts on Yahoo Inc.'s financial-chat boards, was also investigated by Whole Foods. A company committee completed its investigation in October and turned the information over to the SEC, Whole Foods said. Mackey wrote anonymous messages on the message boards from 1999 to 2006.
BUSINESS
April 2, 2008 | From Times Wire Services
Chevron Corp. raised Chief Executive David O'Reilly's compensation by 19% last year to $15.74 million after record oil prices lifted annual profit to an all-time high. O'Reilly's salary rose 1.9% to $1.65 million, the San Ramon, Calif., company said in a Securities and Exchange Commission filing. His bonus climbed 2.9% to $3.6 million.
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