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SEC
SEC's Porn-Watching Employees Earned Over $200,000 Per Year
By Steven Hoffer - AOL NewsIt's safe to say that spending eight hours of company time watching pornography would get most workers canned. Not so at the Securities and Exchange Commission, it seems. New documents regarding a 2005-10 investigation into the agency's porn-surfing employees reveal that several workers were "disciplined" for downloading erotica on their SEC-issued computers but never fired. A Freedom of Information Act request from Denver-based lawyer Kevin Evans asking the SEC to release details regarding the investigated employees has also shown that some of the distracted individuals were earning ...
SEC: Insider Trading Ring Reached Into Goldman's Boardroom
By Joseph Schuman - AOL NewsThe Securities and Exchange Commission today accused a former board member of Goldman Sachs and Procter & Gamble of illegally providing tips to his friend and partner, hedge fund manager Raj Rajaratnam, as part of a skein of insider trading schemes that generated more than $18 million in illicit profits. Rajat K. Gupta, as a member of both boards, helped Rajaratnam's Galleon Management trade ahead of market-moving public announcements by Goldman and Procter, including the 2008 news that Warren Buffett's Berkshire Hathaway was investing $5 billion in Goldman, the SEC said. Getty Images ...
Ex-Goldman Sachs Director Charged With Insider Trading
By not in system - AOL NewsWASHINGTON -- Federal regulators have charged a former Goldman Sachs board member with insider trading, saying he provided confidential information to the central figure in a major hedge fund probe. The Securities and Exchange Commission announced the civil charges against Rajat Gupta on Tuesday. The agency said Gupta told Raj Rajaratnam, the founder of the Galleon Group hedge fund, that Warren Buffett's Berkshire Hathaway planned to invest $5 billion in Goldman before it was publicly announced in Sept. 2008, at the height of the financial crisis. Gupta also is charged with giving Rajaratnam ...
Larry Wilcox: 5 Facts on the 'CHiPs' Star in Real-Life Legal Drama
By Torie Bosch - AOL NewsWhat would Officer Jonathan Baker say? Larry Wilcox, an actor who played Baker on the classic TV show "CHiPs," will spend three years on probation -- and also pay $100 and perform 500 hours of community service -- for conspiring to commit securities fraud, The Associated Press reports. Wilcox was caught up in a sting targeting penny-stock promoters who received kickbacks; he was arrested in October. Wanna know more about Wilcox? Let Surge Desk fill you in. 1. Erik Estrada's former on-screen partner Wilcox rose to fame for his role of Officer Jonathan Baker on "CHiPs." He was probably best ...
Why We'll Never Have Real Wall Street Reform
By Joanne Bamberger - Politics DailyRemember all that talk of reining in Wall Street and giving the Securities and Exchange Commission more money to do its job? As part of the government's effort to prevent another economic crisis like the one that still has America in its grip, significant and striking regulatory changes were supposed to be on the horizon, thanks to the Dodd-Frank financial reform legislation that President Obama signed into law last summer. If you were counting on this sweeping reform to make your investments safer and your economic future a little more sound, you might want to think again. Significantly ...
Opinion: The SEC's Misguided 'Insider' Trading Crackdown
By Marty Robins - AOL News(Dec. 2) -- With unemployment benefits about to run out for many and Bush tax cuts about to expire for all, putting the brakes on the government's overzealous enforcement of insider trading rules would hardly seem like an economic priority for Congress. But it should be. And here's why. In recent months, the Securities and Exchange Commission has been cracking down on insider trading, but doing it in a way that expands the definition of insider trading so much that it's threatening to undermine confidence and participation in financial markets at the worst possible time. Rising investment ...
Economist Stiglitz: Put Corporate Crooks in Jail
By not in system - AOL News
Oct. 22 -- An institutionalized system of skewed incentives allowed Wall Street bankers and other corporate executives to gamble with America's wealth and then get away largely scot-free after the house of cards came tumbling down, plunging the U.S. into the worst economic crisis in decades and destroying trillions of dollars of wealth worldwide. That's the analysis of Joseph Stiglitz, an internationally renowned economist and winner of the 2001 Nobel Prize in economics. (His latest book, Freefall: America, Free Markets, and the Sinking of the World Economy, is just out in paperback.) ...
Britain Slaps Goldman Sachs With $27 Million Fine
By Theunis Bates - AOL NewsLONDON (Sept. 9) -- Britain's financial watchdog this morning slapped Goldman Sachs with a $27 million fine, after the Wall Street giant failed to tell the regulator that it was under investigation for fraud in the U.S. The penalty -- the second-largest ever issued by Britain's Financial Services Authority -- is yet another blow to the bank's reputation, after Goldman agreed in July to pay a $550 million fine to settle fraud charges with the U.S. Securities and Exchange Commission. Goldman had been accused of failing to disclose "vital information" when it marketed bundled subprime mortgage ...
Exploded Oil Platform Was Damaged by Hurricane Ike, SEC Filing Reveals
By Carl Franzen - AOL News(Sept. 2) -- The oil platform that exploded in the Gulf of Mexico today, 90 miles off the coast of Louisiana's Vermilion Bay, was damaged by Hurricane Ike in 2008, according to documents filed by the platform's holding company, Mariner Energy. "Hurricane Ike damaged the structure with the rig on the platform, causing us to suspend drilling while underwater structural repairs were made. We brought the platform back on production at reduced rates until the facilities upgrade was finished," notes a regular Securities and Exchange Commission filing from the company, which covers the end of fiscal ...
Opinion: SEC Gets It Right on New Investor Rules
By Marty Robins - AOL News(Sept. 2) -- You may think the topic of "proxy access" has nothing to do with you, if you've even heard of the term. But if you own stock, directly or through mutual funds, want to retire someday or want to keep your job, you'd be wrong ... way wrong. The topic and recently announced changes in Securities and Exchange Commission rules have everything to do with the health of our economy. We've seen far too many corporate debacles as a result of poor corporate decision-making, which have laid low our economy and cost us trillions to try to fix. In an effort to get better decision-making, the ...
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