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Securities Industry

BUSINESS
October 2, 2008 | Tom Petruno, Times Staff Writer
The Securities and Exchange Commission has backed away from its plan to force money managers to disclose publicly how they've "shorted" stocks. The agency late Wednesday announced changes to a series of emergency rules it put in place beginning Sept. 17 to curb short selling, which has been fingered -- some say unfairly -- as a major cause of the collapse of many bank and brokerage stocks. As expected, the SEC, under Chairman Christopher Cox, said it would extend its outright ban on shorting of nearly 1,000 financial stocks beyond the scheduled expiration today.
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BUSINESS
October 2, 2008 | Ariana Eunjung Cha, The Washington Post
Looking down from his building's 87th floor at the glittering signs of multinational banks along the river here, Fan Dizhao declared confidently that Wall Street's reign as the world's No. 1 financial hub is coming to an end. The United States is grappling with its worst economic crisis since the Great Depression, but these are go-go days in China. Venture capital, private equity and foreign direct investment are at all-time highs.
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
April 18, 2008 | From Times Wire Services
New York's attorney general and securities regulators in nine other states are probing auction-rate securities and the role Wall Street firms had in enticing investors into the troubled $330-billion market. New York Atty. Gen. Andrew Cuomo's office launched an investigation this week, sending subpoenas to 18 broker-dealers and banks, people familiar with the probe said Thursday. The securities were long touted as cash-like investments, attracting both individual and institutional investors, until the credit crunch led to a breakdown in the market.
BUSINESS
October 17, 2007 | From Times Wire Services
Foreigners sold a record amount of U.S. securities in August as a global credit crunch sparked an exodus from stock and bond markets, the Treasury Department said Tuesday. In a separate report, the United Nations said that last year the U.S. was once again the favorite destination for companies investing in businesses outside their home countries. The Treasury's monthly report on foreigners' transactions in domestic equities and long-term debt securities said overseas investors sold a net $34.
BUSINESS
July 25, 2007 | Walter Hamilton, Times Staff Writer
The private equity boom that has helped drive the 4 1/2 -year-old bull market in stocks is facing severe pressure as investors chastened by the sub-prime mortgage debacle balk at financing risky deals.
BUSINESS
April 23, 2007 | Walter Hamilton, Times Staff Writer
Judging from the crowded tables at the Hawaiian Tropic Zone in Times Square, it's hard to believe that some people are fretting about the future of Wall Street. The restaurant, where bikini-clad waitresses serve grass-fed veal chops and white peach Bellini cocktails, counts on free-spending bankers and traders for 20% of its business. "They definitely spend a lot of money, more than the tourists," said waitress Katherine Mesa. "The Wall Street guys are used to money."
BUSINESS
March 31, 2007 | From the Associated Press
A federal appeals court Friday overturned a rule that allowed securities brokers to avoid some requirements faced by financial planners in advising customers, saying both groups must be held to the same standards to protect investors. The 2-1 ruling by the U.S. Court of Appeals for the District of Columbia Circuit held that the Securities and Exchange Commission had overstepped its authority in adopting the rule in 2005. The Financial Planning Assn.
BUSINESS
March 12, 2007 | Walter Hamilton, Times Staff Writer
Congress should revamp securities regulation, shield accounting firms from litigation and take other steps to bolster American financial competitiveness, according to a new report from the U.S. Chamber of Commerce. Echoing other recent studies by business and political groups, the report to be released today by a chamber-appointed commission says that U.S.
BUSINESS
January 22, 2007 | From the Associated Press
An effort to consolidate industry self-regulation of U.S. securities brokers and dealers moved a step closer Sunday, the NASD said. Members of the NASD, formerly known as the National Assn. of Securities Dealers, approved bylaw changes needed to combine with NYSE Group Inc. and form one organization to regulate securities brokers and dealers. Consolidating the self-regulatory functions of the NASD and NYSE Group into one entity will help end duplication, reduce costs and make U.S.
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