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BUSINESS
August 20, 1991 | From Times Staff and Wire Reports
4 Japanese Brokerages Fined: The Tokyo Stock Exchange levied a $21,700 fine against Naigai Securities Co., Aizawa Securities Co., Meiko Securities Co. and Izumi Securities Co. for compensating clients for stock losses. The Japan Securities Dealers Assn. said the compensation totaled $6.3 million for 92 clients between October, 1987, and March, 1990.
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BUSINESS
March 12, 2014 | By Ricardo Lopez
Wall Street bonuses grew an estimated 15% in 2013, swelling to an average $164,530, the third-highest amount on record, the New York comptroller's office reported Wednesday. Firms will pay out an estimated $26.7 billion in bonuses to their employees for performance in 2013, state officials said. The estimate includes cash bonuses for that year and deferred compensation from previous years. "Wall Street navigated through some rough patches last year and had a profitable year in 2013," said New York Comptroller  Thomas P. DiNapoli . " Although profits were lower than the prior year, the industry still had a good year in 2013 despite costly legal settlements and higher interest rates.
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BUSINESS
May 30, 1990 | KATHY M. KRISTOF, TIMES STAFF WRITER
In a victory for the securities industry, the U.S. Supreme Court refused to hear a case that would overturn clauses in securities contracts that require customers to go to arbitration rather than court when they have a dispute with a broker or brokerage company. The case, Michael J. Connolly vs. the Securities Industry Assn., also sought to require greater disclosure about arbitration agreements.
BUSINESS
October 16, 2013 | By Andrew Tangel
NEW YORK -- Stocks rallied and bond yields eased as Washington edged closer to defusing its latest fiscal crisis and averting a default on U.S. debt. Major U.S. stock indexes gained 1% as Congress appeared poised to pass a Senate-led compromise that would raise the United States' borrowing authority and reopen the federal government.  The Dow Jones industrial average surged 205.82 points, or 1.4%, to close at 15,373.83. The broader Standard & Poor's 500 index gained 23.48 points, or 1.4%, to 1,721.54.
BUSINESS
May 26, 1987
In a largely symbolic action, the Securities and Exchange Commission formally barred inside trader Ivan F. Boesky from doing business with any investment firm. The SEC first issued the permanent bar order last Nov. 14, when Boesky settled an SEC complaint charging him with insider trading and agreed to pay a $100-million penalty. However, the Nov. 14 order was temporarily stayed to allow Boesky to close out his businesses.
BUSINESS
June 30, 1987 | KENNETH FREED, Times Staff Writer
A major deregulation of Canada's securities industry begins today, opening the way for foreign entry into the country's financial markets and supposedly making it easier and cheaper for corporate and individual consumers to acquire stocks and loans. But the new system, nicknamed the "Big Bang" after a similar deregulation in Britain last year, has been viewed with caution in the days just before the changeover.
BUSINESS
June 16, 1987 | From The Washington Post
Securities and Exchange Commission Chairman John S. R. Shad will be leaving the commission this week to become ambassador to the Netherlands. He discussed his SEC career with Washington Post Staff Writer David A. Vise. Question: You will be remembered as the SEC chairman who presided over the $100-million case against Ivan F. Boesky. If you were writing the history book, what would you say about your role and the SEC's role in the Boesky matter?
BUSINESS
May 15, 1987 | DEBRA WHITEFIELD, Times Staff Writer
Ralph D. DeNunzio announced Thursday that he will resign as chief executive of the major investment firm Kidder, Peabody & Co. and that the second-ranking official will leave the company altogether in a shake-up that marks the latest casualty of Wall Street's insider trading scandal. DeNunzio, who will stay on as chairman to oversee the management transition, will be replaced as chief executive by Silas S.
BUSINESS
March 26, 1992 | LINDA GRANT, TIMES STAFF WRITER
Wall Street executives are cashing in on the most profitable year ever for investment banks and brokerage houses as low interest rates, a surging stock market and record underwritings of new stock and bond issues make the securities industry a shining exception in an otherwise dreary economic firmament. Proxy statements filed recently by securities firms disclose that pay for 1991 is up for top executives of big public firms. Merrill Lynch & Co. officers have reaped the richest rewards to date.
BUSINESS
June 23, 1987 | From Associated Press
Dealing a blow to the securities industry, the U.S. Supreme Court on Monday refused to change the rules that allow commercial banks to sell short-term, large-denomination corporate IOUs, or commercial paper. In separate actions, the high court: - Set the stage for an important employee-discrimination ruling by agreeing to hear the appeal of a Fort Worth, Tex., bank employee who claims that she was denied promotions because she is black.
BUSINESS
July 1, 2013 | By Andrew Tangel
NEW YORK - Later this month, Wall Street firms will prepare to battle a growing menace: cyber attacks. The financial industry has weathered its share of such attacks in recent months as U.S. officials have become increasingly alarmed over computer-launched onslaughts by other states, terrorists and hackers. Top military and intelligence officials have said the cyber threat now outranks Al Qaeda. “We've been under attack as a sector for the last nine months,” said Karl Schimmeck, vice president of financial services operations at the Securities Industry and Financial Markets Assn., a major industry group.
BUSINESS
April 23, 2013 | Jim Puzzanghera
With rare bipartisan support, the Senate is poised to pass a bill this week that could lead largely to the end of the nation's long online sales tax holiday. The measure would allow states to require that large online retailers collect sales taxes on goods sold over the Internet, closing a loophole that has benefited the likes of EBay Inc. and Amazon.com Inc. The White House gave the legislation its approval Monday, and it passed a key procedural hurdle. The Senate voted 74 to 20 to begin consideration of the so-called Marketplace Fairness Act, with a final vote expected in a few days.
BUSINESS
April 5, 2013 | By E. Scott Reckard
The Securities and Exchange Commission may have booted Henry Blodget off Wall Street, but the former Merrill Lynch & Co. Internet analyst has attracted some big fans for Business Insider Inc., which he co-founded in 2007.  A major endorsement for the online news site landed this week in the form of $5 million -- venture capital rounded up by Amazon.com Inc. Chief Executive Officer Jeff Bezos.  “Jeff's leadership, vision and philosophy at...
BUSINESS
February 27, 2013 | By Walter Hamilton, This post has been updated. See below for details.
Federal regulators are investigating whether onetime junk-bond czar Michael Milken violated his lifetime ban from the securities industry, according to a published report. Milken is allowed to manage his own wealth but is barred from running money for others under the terms of a 1980s settlement with the Securities and Exchange Commission, according to the article in Fortune magazine. Here's what's happening, according to the magazine's article : The SEC is analyzing whether Milken ran afoul of the ban by effectively providing investment advice through Guggenheim Partners, the investment colossus that spearheaded last year's blockbuster purchase of the Dodgers.
BUSINESS
February 26, 2013 | By Andrew Tangel
NEW YORK -- Wall Street has been slashing jobs, kicking out traders and bankers as the finance industry shrinks. But those with high-paying jobs are still taking in fat bonuses. The average cash bonus on Wall Street last year rose an estimated 9% to nearly $121,900, according to a report released Tuesday by New York state Comptroller Thomas DiNapoli. Overall, the New York securities industry is expected to dole out $20 billion in 2012 cash bonuses, up 8% from the previous year.
BUSINESS
January 30, 2013 | By Andrew Tangel
NEW YORK -- High-paying Wall Street jobs will probably become more scarce as securities firms continue to lay off traders and brokers in the face of increased regulation following the financial crisis, according to New York's state comptroller. Profits in New York's securities industry appear to have improved in 2012 compared with the previous year, but at the expense of Wall Street employees, said Thomas DiNapoli, the state's comptroller. "Part of how firms are maintaining profitability is by having fewer people,” said DiNapoli, whose office plans to release a report on Wall Street bonuses next month.
BUSINESS
November 23, 2004 | From Associated Press
Former Silicon Valley technology banker Frank Quattrone, convicted on criminal charges of obstructing justice, has been barred from the securities industry for life by regulators for allegedly failing to cooperate in an investigation of his activities. The NASD, formerly the National Assn. of Securities Dealers, said Monday that its National Adjudicatory Council had permanently banned Quattrone from the industry, overruling a January decision by a hearing panel to suspend him for only a year.
BUSINESS
July 5, 2011 | By Salvador Rodriguez, Los Angeles Times
The cyber-security industry is on Defcon 1 high alert. The recent rash of attacks on dozens of websites including those of the CIA, the FBI and even PBS is roiling the security industry and increasing demand for cyber-defense experts. "Every time one of these breaches makes the news, I will tell you, my phone rings off the hook," said Chris Novak, a manager of Verizon Communications Inc.'s Investigative Response Team, which now has nearly 100 members, more than double from a year ago. With the surge in attacks in recent months, Novak sees the team tripling in size this year.
BUSINESS
November 18, 2008 | Bloomberg News
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.
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