Items Tagged with 'Securities and Exchange Commission'

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What does Trump's SEC chair choice think about deregulation?

WSJ provides inside look at Jay Clayton’s likely approach
President Donald Trump recently selected a new leader for one of the government’s top financial regulators, nominating top Wall Street lawyer Jay Clayton to serve as the chair of the Securities and Exchange Commission. But what does Clayton think about the current state of financial regulations? Here's a glimpse.
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SEC abandons case against Thornburg Mortgage executives

Execs accused of concealing company’s failing financial condition
The Securities and Exchange Commission is giving up in its case against two former Thornburg Mortgage executives who stood accused of hiding the financial condition of Thornburg as the once-dominant mortgage lender stumbled towards collapse during the financial crisis.
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Monday Morning Cup of Coffee: What does Goldman Sachs expect from Trump administration?

Plus trouble brewing for Canada’s housing market
In the days since the election, observers on both sides of the political divide found themselves shaking their collective heads at the frequency at which the name Goldman Sachs is a prominent feature on the resume of one of President-elect Donald Trump’s cabinet nominees. So, what exactly does Goldman Sachs expect out of the Trump administration? All that and more in your Monday Morning Cup of Coffee.
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Trump taps top Wall Street lawyer, Jay Clayton, to chair SEC

Represented Goldman Sachs, Bear Stearns, Ally, others during financial crisis
One of the financial sector's top regulators will soon have a new leader, as President-elect Donald Trump announced Wednesday that he plans to nominate a top Wall Street lawyer to fill the position of chair of the Securities and Exchange Commission. Trump chose Jay Clayton, who represented Goldman Sachs, Bear Stearns, Ally Financial, Barclays Capital and a number of other large financial institutions during and after the financial crisis, to serve as the new chair of the SEC.
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SEC Enforcement Director Andrew Ceresney stepping down

SEC’s top cop to leave at year-end
Last month, Mary Jo White, the chair of the Securities and Exchange Commission, announced that she planned to step down at the end of the year, clearing the way for President-elect Donald Trump to choose new leadership for the financial regulator. Now, another of the SEC’s top positions is about to be vacant, as Andrew Ceresney, the SEC’s enforcement director, announced that he plans to step down at the end of the year as well.
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Former SEC commissioner named to CFPB landing team by Trump transition team

Paul Atkins has been a critic of heavy regulation
Every day more details are coming out on what the Trump administration will look like. Tuesday the president-elect's team announced it selected a former Republican member of the Securities and Exchange Commission to be on the landing team for the Consumer Financial Protection Bureau. These teams are being created to work with the outgoing Obama administration at various federal agencies to smooth the transfer of power. Why is this one a big deal? The future of the CFPB is currently in question.
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SEC Chair Mary Jo White stepping down at end of Obama administration

President-elect Trump will choose new head of SEC
President-elect Donald Trump and his transition team are currently working to fill the roughly 4,000 jobs that will become available when the Trump administration takes over in January. However, there’s now one more government job that unexpectedly became available Monday — chair of the Securities and Exchange Commission.
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Sen. Warren calls for Obama to oust SEC chair

"The only way to return the SEC to its intended purpose is to change its leadership"
In the eyes of Sen. Elizabeth Warren, D-Mass, the chair of the Securities and Exchange Commission does not do nearly enough to prevent the “flood” of money flowing from corporations into the election process and repeatedly “undermined” the SEC’s mission to protect investors, and therefore needs to replaced immediately.
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Did whistleblower out First Mortgage's $7.5 million Ginnie Mae mortgage bond fraud?

The SEC wants to know, offers potential reward
The Securities and Exchange Commission is offering a reward to the whistleblower that revealed a scheme at First Mortgage Corporation that involved several of the company’s senior executives lying about the performance of the mortgages the company originated, re-securitizing them, and defrauding investors out of $7.5 million – if in fact there is one.
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SEC fines, bans former Goldman Sachs head RMBS trader for fraud

Edwin Chin ordered to pay $400,000 for overcharging mortgage bond buyers
Edwin Chin, who served as Goldman Sachs' head RMBS trader from 2010 through 2012, agreed to settle charges brought by the SEC that he lied to clients about the prices of RMBS deals, frequently misrepresenting not only the prices that Goldman Sachs paid for the mortgage bonds, but whether the bonds were sold out of Goldman Sachs' inventory or not. This alleged misconduct generated millions of dollars of extra revenue for Goldman Sachs.
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