SEC Staff Said to End Lehman Probe Without Recommending Action By Joshua Gallu - 2012-05-24T19:23:00Z U.S. Securities and Exchange Commission investigators have concluded their probe of possible financial fraud at Lehman Brothers Holdings Inc. and determined that they will probably not recommend any enforcement action against the firm or its former executives, according to an excerpt of an internal agency memo. The agency has been grappling with the case for more than three years amid questions from lawmakers and investors as to whether Lehman misrepresented its financial health before filing the biggest bankruptcy in U.S. history in September 2008. Under a heading reading “Activity in the Last Four Weeks,” the undated document reads, “The staff has concluded its investigation and determined that charges will likely ... Continue reading →

SEC Hiring Outside Investigator to Study Claims Against Watchdog By Steven Sloan - Mon May 07 22:30:57 GMT 2012 The U.S. Securities and Exchange Commission is hiring an outside investigator to study complaints about current and former employees in the agency’s internal watchdog unit, an agency spokesman said. “An individual has raised allegations of misconduct by former and current employees in the Office of Inspector General,” the SEC’s John Nester said today in an e-mail. “The matter was promptly referred to the Council of Inspectors General on Integrity and Efficiency. We are also in the process of hiring an independent investigator to review the claims.” Nester’s statement didn’t indicate whom the agency would hire or specify the allegations they would pursue. To contact the reporter ... Continue reading →

Enlarge image Counting Costs Slows Down Dodd-Frank Rules by Republican Design Mary Schapiro, chairman of the Securities and Exchange Commission, prepares for a House Financial Services Committee hearing. Photo: Andrew Harrer/Bloomberg Mary Schapiro, chairman of the Securities and Exchange Commission, prepares for a House Financial Services Committee hearing. Photo: Andrew Harrer/Bloomberg Business lobbyists and Republican lawmakers who failed to stop the Dodd-Frank Act from becoming law have managed to put the brakes on many of its provisions a second way: cost-benefit analysis. A series of legal challenges from business groups against the U.S. Securities and Exchange Commission ended in a federal court ruling last year that the agency didn’t adequately analyze the cost of a new rule. In the months since, SEC rulemaking has ground ... Continue reading →

Blankfein’s Gay Rights Support Shows Wall Street’s Obama Dilemma By Michael J. Moore and Christine Harper - Wed May 02 21:18:55 GMT 2012 Enlarge image Blankfein’s Gay Rights Support Shows Wall Street’s Obama Dilemma Hannelore Foerster/Bloomberg Lloyd Blankfein, chief executive officer of Goldman Sachs Group Inc., starred this year in an advertisement by the Human Rights Campaign endorsing gay marriages. Lloyd Blankfein, chief executive officer of Goldman Sachs Group Inc., starred this year in an advertisement by the Human Rights Campaign endorsing gay marriages. Photographer: Hannelore Foerster/Bloomberg Lloyd C. Blankfein, Goldman Sachs Group Inc. (GS)’s chief executive officer, heard from a partner at his firm today about the dilemma Wall Street gay-rights supporters face in this year’s presidential race between Democrat Barack Obama and Republican ... Continue reading →

Chris Christie Denies Falling Asleep at Bruce Springsteen Show By Terrence Dopp - Thu Apr 19 16:09:03 GMT 2012 New Jersey Governor Chris Christie denied newspaper reports that he fell asleep during a recent Bruce Springsteen concert. Christie, a first-term Republican, told reporters today in Trenton that he was having a “spiritual moment” and closed his eyes during the song “Rocky Ground.” To contact the reporter on this story: Terrence Dopp in Trenton at tdopp@bloomberg.net To contact the editor responsible for this story: Stacie Servetah at sbabula@bloomberg.net Please enable JavaScript to view the comments powered by Disqus. Continue reading →

Bachus Urges Schapiro to Study Costs of Money Fund Rules By Steven Sloan - Wed Apr 18 21:59:33 GMT 2012 House Financial Services Committee Chairman Spencer Bachus is urging Securities and Exchange Commission Chairman Mary Schapiro to rethink her approach to rules for the money-market fund industry. In a letter to Schapiro dated yesterday, Bachus said he was unsure why the agency should spend time considering rules for money-market funds when the SEC has struggled to meet deadlines to implement rules mandated by the 2010 Dodd-Frank Act. “Given that the SEC has already missed numerous deadlines for mandatory rule-makings, the suggestion that the agency is devoting time and resources to a discretionary rule without providing Congress or the public with empirical data and economic analysis ... Continue reading →

Subway-Stop Ad Blitz Targets SEC Money-Market Fund Rule Writers By Robert Schmidt and Steven Sloan - Thu Apr 12 18:36:10 GMT 2012 The U.S. Chamber of Commerce is bringing its opposition to money market fund regulation right to the Securities and Exchange Commission. Beginning next week the business lobby will take over the advertising space inside the Union Station Metro stop in Washington, where many of the agency’s employees arrive for work each morning. The so-called station domination ad buy will consist of more than 30 posters, banners and “backlit dioramas” on the train platforms, above fare card machines and even on the floor. Featuring large, colorful question marks, the ads argue that money market funds are “strong,” and ask, “why risk changing them now?” ... Continue reading →