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SecuritiesAndExchangeCommission
SEC Porn Probe: Workers Viewed Sex Materials as Economy Tanked
By Tom Diemer - Politics DailyThe Securities and Exchange Commission didn't get high marks as a watchdog during the recent economic crisis, and it turns out that some SEC employees occupied themselves at the time by viewing and downloading pornography on government computers. The SEC's Office of Inspector General says 33 employees and/or contractors used their computers while on government time to access pornography, sexually explicit and sexually suggestive images, CNN reported. The activity violated SEC rules and policies as well as government-wide Standards of Ethical Conduct, the Inspector General said. More than ...
Goldman Gives Democrats Momentum on Reform
By Joseph Schuman - AOL News(April 19) -- Every good political fight needs a villain. In its push to reform financial regulation, the Obama administration now has one in Goldman Sachs. Three days after the Securities and Exchange Commission accused Goldman of securities fraud linked to the financial crisis, the White House announced Monday that President Barack Obama is taking the offensive to Wall Street's back yard with a speech this week in New York. Obama plans to call for "swift" Senate action on the financial-regulation bill introduced last month. White House spokesman Robert Gibbs said Obama would "remind ...
SEC's Goldman Case Not Short on Colorful Characters
By Carl Franzen - AOL News(April 16) -- Has the so-called "great vampire squid" of the mortgage crisis finally been snared? On Friday, the Securities and Exchange Commission brought historic civil charges against investment bank Goldman Sachs, which has been widely blamed for precipitating the global financial crisis to some extent -- and profiting from it to a large extent. In a 22-page-long complaint, the SEC detailed the basis for its civil suit against Goldman: that the firm had deliberately deceived investors with a specific, self-destructing mortgage-backed security called Abacus 2007-AC1, at the behest of ...
Goldman Sachs Charged With Fraud in Mortgage Scheme
By Tom Diemer - Politics DailyThe federal government charged Goldman Sachs, a prominent New York financial house, with fraud on Friday, accusing the firm of deceiving investors who bought mortgage bonds that select clients already knew were likely to fail. The civil case, brought by the Securities and Exchange Commission, marks the first regulatory action taken against a Wall Street deal designed to capitalize on the collapse of the housing market, the New York Times reported. The SEC also named Fabrice Tourre, a Goldman Sachs vice president, who helped create and sell the investment deal, which cost investors more than ...
House Committee Votes To Boost SEC's Power
By Christopher Weber - Politics DailyThe House Financial Services Committee has voted to give federal regulators more power and resources to seek out and prevent abuses on Wall Street. The vote was 41-28. As part of the new legislation, the Securities and Exchange Commission will get money to pay bounties to tipsters on fraud cases. The SEC will be able to prevent anyone who breaks certain laws from future employment in any job related to securities. The commission's budget will also be doubled over the next five years, the Washington Post reported. The legislation was sponsored by Pennsylvania Rep. Paul Kanjorski, who led the ...
S.E.C. Bungled Multiple Madoff Investigations, Report Says
By David Sessions - Politics DailyThe Securities and Exchange Commission consistently mishandled its investigations of Bernie Madoff despite warnings of multi-billion-dollar fraud. A report by the commission's internal watchdog concluded that three examinations and two investigations of Madoff's business were incompetent. But the report found no evidence that anyone in the SEC tried to improperly influence the investigations. SEC examinations "almost immediately" caught Madoff in "lies and misrepresentations," but did not follow up on the inconsistencies and turned down whistleblowers' offers to provide more evidence, the ...
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