"Our action today is one of several that will make very clear the SEC is targeting hedge fund insider trading as a top priority, " Cox said.
"Our action today is one of several that will make very clear the SEC is targeting hedge fund insider trading as a top priority, " Cox said in a statement.
"At a minimum, it is very, very troubling what the SEC has done here, " Specter said.
Unfortunately, there seems to be very little that the SEC can do in the way of follow up other than ask how companies arrived at their conclusions.
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Regardless, the staff of the SEC has been very hard at work and have certainly developed a rough draft of a crowdfunding proposal in the last 6 months.
My sources say that investigations of the actions of EY and its partners, and the leverage against Lehman executives they will bring, are very active at both the SEC and PCAOB.
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There is of course, no simple answer, but one thought is that the SEC has too many very different responsibilities.
Money fund shares price at a dollar on a daily basis not because they have promised to repay shares at a dollar, but because the underlying assets are required to meet very stringent portfolio requirements under current SEC regulations.
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Facebook did not stay out of the headlines for very long, disclosing in an SEC filing that founder and CEO Mark Zuckerberg has agreed not to sell any shares in the company for at least a year.
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The good news is that today, in the Information Age, pensions can ferret out wrongdoing that even the SEC is unaware of for very limited money.
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In a brief interview, the older Mr. Bent said it is "very, very amusing that no one from the SEC, no one from Congress, no one from the Fed ... has called to ask me about anything" related to the proposed money-fund rules being weighed by the SEC.
"We are very supportive of management and think the SEC case is weak, but at a certain point we can't afford not to ask for a management change, " said one major Goldman shareholder, adding that the company needs to somehow escape its quagmire in the next month or so.
The SEC is keeping information from the very people it is suppose to be protecting.
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At the minimum, there should be some record in the EDGAR database indicating that an initial filing has been made from the very first moment that documents are provided to SEC staff.
The SEC plan poses a threat to the very function of free markets.
So if you were harmed by either of these pension consulting firms and were waiting for the SEC to take action, you may very well have waited too long to recover all your damages.
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Even if no mandatory SEC reporting requirements are forthcoming, at the very least, the guidance provides corporations with the opportunity and to ask internally whether they are doing enough to secure their computer systems.
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Pensions, the potential victims here, should TODAY be asking for the very same information their consultants have been asked to provide the SEC.
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Why is it that when we look for individuals to head crime fighting agencies, we hire former prosecutors, not criminal defense types, yet virtually every SEC Commissioner seems to have a background representing the very firms he is to regulate?
Joseph Grundfest, a professor at Stanford Law School and a former SEC commissioner, points out that the rule in question states very clearly that a fund such as the one Goldman has in mind should be treated as a single shareholder.
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At the very least, employees should have been mandated to make the company and the SEC aware of problems simultaneously.
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In the past, the SEC has used its considerable power against large financial institutions to exact very significant penalties that are ultimately paid by the shareholders of those institutions.
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Zakaria: I think when you read the SEC's case carefully, frankly the civil case against Goldman is very weak, because what Goldman Sachs did was act as a bookie between two people who wanted to make bets.
But if they have someone vouching for them, someone they know to be very successful - Bernie Madoff was the chairman of NASDAQ, an advisor to the SEC, he was someone who had within his circle of clients enormously successful people.
Because the SEC struck a compromise with the mutual fund industry to limit attention to the very real dangers personal trading by managers poses to clients.
Overreliance on markets and models led the SEC and its sidekick FASB to put into place the highly procyclical and ultimately very destructive market-to-market accounting system, despite strong warnings from the secretary of the Treasury, the chairman of the Fed and the chairman of FDIC that it would create greater volatility in banking and lead to severe credit crunches.
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