Articles Tagged with ''U.S. Securities and Exchange Commission''

Obama Selects Tarullo for Open Fed Seat

President-elect Barack Obama nominated Georgetown University Law Professor and former Clinton administration official Daniel Tarullo to an open seat on the Federal Reserve's Board of Governors Thursday morning at a Chicago news conference.
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SEC Tightens Belt on Rating Agencies

After an "extensive examination" found "significant weaknesses in rating practices," the Securities and Exchange Commission approved Wednesday new measures to expand oversight of credit rating agencies -- who have long been criticized for their alleged role in contributing to the financial crisis.
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Troubled Citigroup for Sale?

(Update 1: reflects CEO Vikram Pandit's statements in a company conference call.) In our current market, if a large financial institution so much as sneezes, the vultures perk up their heads, shake out their wings and, in cases where the pickings are promising, start circling even before the firm fails. So when shares of Citigroup Inc. [stock C][/stock] fell 26 percent on Thursday -- not exactly a sneeze, but more like a seizure -- it follows that there would be some sort of hype about the troubled banking giant with 200 million customer accounts in 100 countries.
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Greenspan Admits Errors, "Shocked Disbelief"

A hearing Thursday on Capitol Hill provided the latest forum for lawmakers to probe the causes of the nation's financial crisis, with the Committee on Government Oversight and Reform holding its second hearing in two days on the issue -- Thursday's hearing centered on regulatory policy and failings, and included testimony from former Federal Reserve chief Alan Greenspan, as well as Securities and Exchange Commission chairman Christopher Cox.
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Congress Begins Hearings, Will Look for Blame

Henry Waxman (D-CA), chairman of the House Committee on Oversight and Government Reform, announced late last week that his committee will hold five hearings in October on the financial meltdown, signaling the start of a Congressional witch hunt to determine who is most to blame for the mortgage and financial ills that now threaten the broader U.S. economy.
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SEC Acts Against L.A.-Based Mortgage Brokers

The Securities and Exchange Commission charged five Los Angeles-based mortgage brokers with fraud, according to a media statement Friday. We here at HW have seen few breaking news stories recently with any kind of precedent in the changing economy, but this one really left us scratching our heads: Since when does the SEC take action against mortgage brokers?
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Full text of Treasury's proposal

Below is the full text of the original proposal sent by Treasury to Congress for consideration: LEGISLATIVE PROPOSAL FOR TREASURY AUTHORITY TO PURCHASE MORTGAGE-RELATED ASSETS Section 1. Short Title. This Act may be cited as ____________________. Sec. 2. Purchases of Mortgage-Related Assets. (a) Authority to Purchase.--The Secretary is authorized to purchase, and to make and fund commitments to purchase, on such terms and conditions as determined by the Secretary, mortgage-related assets from any financial institution having its headquarters in the United States.
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FINRA Sanctions Three Brokers Over CMO Sales

Long-time HW readers may recall an earlier brouhaha over failed Orange County, Calif.-based brokerage Brookstreet Securities Corp., and regulators' subsequent investigation into collateralized mortgage obligations, or CMOs; at the time, the Financial Industry Regulatory Authority said it was probing individual brokerages over suitability concerns tied to CMOs.
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S&P's Rating Concerns: "Structured by Cows"

In what shouldn't come as news, but is just as telling nonetheless, analysts at Standard & Poor's Ratings Services were apparently the most vocal of three major credit rating agencies in questioning their own RMBS ratings process, according to a story published by the Wall Street Journal this weekend. More than a few industry experts that HW has spoken with have pointed directly to the rating agencies as the catalyst for an industry that spun out of control.
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Freddie Clears SEC Hurdle Towards Major Stock Sale

On Friday, Freddie Mac [stock FRE][/stock] moved ever-closer to a planned stock sale by becoming a registrant with the Securities and Exchange Commission; the company's filing of a Form 10 registration statement with the SEC is a large milestone for the company, and paves the way for the company to offer shares.
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