Securities And Exchange Commission

The Takeaway

SEC and Madoff: A Conflict of Interest?

Wednesday, March 09, 2011

The Securities and Exchange Commission has received criticism for its incompetence in catching Bernie Madoff's Ponzi scheme, and now it faces an investigation in Congress. The House Committee on Oversight and Government Reform will be calling in two key SEC players for a thorough grilling. David Becker, former general counsel for the SEC will have to answer questions regarding his involvement with Madoff as an investor, and SEC Chairman Mary Schapiro will have to answer why she allowed Becker to work on Madoff matters. Did the SEC have a conflict of interest in dealing with Madoff? 



SEC Reaches Settlement Deal with Rattner while AG Cuomo Aggressively Pursues

Thursday, November 18, 2010

After years of working in lockstep on the blockbuster New York State pension scandal, the Securities and Exchange Commission and Attorney General Andrew Cuomo split over how to hold former auto czar Steven Rattner accountable for his alleged role in the scheme.

In his SEC settlement, Rattner will pay $6.2 million and accept a two-year ban from associating with investment advisors or broker dealers. But he admits no wrong doing. He must reapply to the SEC after his suspension.

Minutes after the SEC rolled out the details of their deal, Cuomo announced he was suing Rattner for $26 million and seeking to ban him for life from the securities business in New York.

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The Takeaway

Citi Settles with SEC for $75 Million

Friday, July 30, 2010

Citigroup has reached a $75 million settlement with the U.S. Securities and Exchange Commission for misleading investors about the extent of its holdings in sub-prime mortgage investments. This follows the SEC's investigation into several banking practices during the financial crisis and their record settlement with Wall Street giant Goldman Sachs.