December 20, 2007 |
Will small public companies -- many already dragging their feet on complying with important parts of the Sarbanes-Oxley corporate accounting reform legislation -- get their wish for a permanent exemption?
December 13, 2007 |
A federal judge has ordered the Los Angeles-based founder of an Internet stock-picking service to pay $1.7 million after the Securities and Exchange Commission said he secretly sold shares touted on his website. Nicholas Czuczko, who operated thestockster.com, falsely portrayed the site's penny stock picks as unbiased and underplayed the likelihood that he and associates would trade in the shares, Judge Otis Wright in Los Angeles said in an order dated Dec. 5.
November 29, 2007 |
Securities firms and banks sold "too many lottery tickets" tied to U.S. mortgages and failed to look closely enough at their growing risks, the head of the Securities and Exchange Commission's market regulation division said Wednesday. Financial companies had "a significant risk-management failure" on so-called super-senior classes of collateralized debt obligations made up of asset-backed bonds, according to the text of remarks Erik R. Sirri made at a New York conference. Merrill Lynch & Co.
November 21, 2007 |
The Securities and Exchange Commission said Tuesday that it would take up next week a rule to let companies keep shareholders' director nominees off corporate ballots. Some institutional investors are opposed to the rule, which is to be considered Nov. 28, saying they deserve a bigger say in picking directors because company-picked boards have failed to police executives. Democratic lawmakers have joined the fight, urging the SEC to delay action.
November 20, 2007 |
Sanctions imposed by the Securities and Exchange Commission fell to the lowest level since 2002, after Republican commissioners complained that heavy penalties hurt investors and the agency brought fewer billion-dollar accounting fraud cases. The SEC brought a record 656 cases in fiscal 2007, 14% more than the previous year. But the agency collected only $1.6 billion in fines and illicit profit in the year ending Sept.
November 16, 2007 |
The Securities and Exchange Commission on Thursday eliminated a rule requiring foreign companies with U.S.-traded shares to explain their financial results in line with U.S. accounting standards. The move, a push toward acceptance of a single, global accounting standard, has raised objections from investor advocates and some key lawmakers.
November 8, 2007 |
Embattled investment bank Merrill Lynch & Co. said Wednesday that federal regulators were investigating matters related to its holdings of high-risk mortgage debt. The Securities and Exchange Commission began the investigation Oct. 24, the world's largest brokerage firm said in a regulatory filing. It did not provide details but said it was cooperating with the inquiry.
November 3, 2007 |
Financial advisors like to say that there is no free lunch in investing. If you expect to earn above-average returns, you must be willing to take above-average risk. But we know that isn't true with federally insured bank deposits. Because all banks offer exactly the same insurance from Uncle Sam, there's usually no reason to avoid the banks that pay the highest yields.
October 31, 2007 |
Dell Inc. on Tuesday restated more than four years of results to cut profit by $92 million after a yearlong probe into its accounting found that financial reports had been manipulated. The PC maker submitted new figures for earnings from fiscal 2003 through the first quarter of 2007, according to filings with the Securities and Exchange Commission. Dell had said in August it would file the paperwork by early November.
October 15, 2007 |
washington -- Back in June, members of the Securities and Exchange Commission offered a striking show of unity as they appeared before a House committee examining oversight of the financial markets. There was no sign of the acrimony that had characterized the panel in years past. Credit for that went largely to Chairman Christopher Cox, the former Republican congressman from Orange County, whose policy smarts and collegial manner helped him land the appointment from President Bush in 2005.