The head of the Securities and Exchange Commission (SEC), Mary Schapiro, admitted today that it is investigating the sales practices of Collateralized Debt Obligations (CDOs) of Bank of America (NYSE:BAC), Wells Fargo (NYSE:WFC), Citigroup (NYSE:C), and Goldman Sachs (NYSE:GS). The admission came before the Federal Crisis Inquiry Commission on Thursday and was the most direct [...]
January 15th, 2010 | John | Comments | ContinuedAll Posts Tagged With: "SEC"
SEC Files Additional Charges Against Bank of America (NYSE: BAC) In Merrill Lynch Merger
The Securities and Exchange Commission (SEC) announced Monday that it is expanding charges against Bank of America (NYSE: BAC) for the lack of financial disclosures to shareholders when seeking approval of Merrill Lynch merger.
The commission wants to charge the bank for failing to disclose extraordinary financial losses at Merrill Lynch prior to the shareholder vote [...]
Citigroup Inc. (NYSE: C) Set To Spin Off Primerica Unit in IPO
Citigroup Inc. (NYSE: C) filed paperwork with the Securities and Exchange Commission late Thursday to spin off its successful Primerica life insurance unit in an Initial Public Offering (IPO). The IPO is part of a perceived effort by Citigroup to divest of certain operations, as well as streamline and simplify its operations, and could. Citigroup is hoping to raise as much as $100 million through the sale of Primerica.
November 6th, 2009 | John | Comments | Continued
SEC Targeting Hedge Funds in Insider-Trading Crackdown
The insider-trading case against billionaire hedge-fund manager Raj Rajaratnam underscores the emphasis by the SEC to put the brakes on what may be prolific insider trading by hedge funds.
Normally these types of cases are extremely difficult to win because evidence presented in the past has been largely circumstantial.
In order to build stronger cases, the SEC [...]
Feds Knew About Merrill Lynch Bonuses Says Court Documents in Bank of America (NYSE:BAC) Case
It doesn’t come as a surprise that court documents in the Bank of America (NYSE:BAC) case alleging the institution withheld information from the government about bonuses awarded to executives at Merrill Lynch before they took them over, state in fact that Federal Reserve Chairman Ben Bernanke and former Treasury Secretary Henry Paulson were made aware [...]
October 14th, 2009 | Gary | Comments | Continued
Bank of America (NYSE:BAC) Board Ready to Cast Net for New CEO
After the announced resignation of Bank of America (NYSE:BAC) Chief Executive Officer Kenneth D. Lewis yesterday, the board of the Bank of America is moving quickly to put together a nominating committee in order to begin a search for a new CEO for the banking giant.
Depending on how long it’ll take to siphon through the [...]
Commercial and Alt-A Loans Next Major Bank Problems
While the subprime and prime home mortgage loan problem is still far from being solved, there is the continual loan failures coming from commercial and Alt-A loans that will continue to put tremendous pressure on the banking industry for the next couple of years, and possibly longer.
Interestingly, at this time the Federal Reserve is clueless [...]
Fallout from Rejection of SEC/BofA Settlement
The rejection of the proposed $33 million settlement between the SEC and Bank of America (NYSE: BAC) has created a number of interesting scenarios and potential fallout from the decision.
Included with that fallout will be the bringing to the surface of a number of participants in these types of deals to the public in order [...]
Judge Denies $33 Million Settlement between SEC and BofA
In what is a surprise move to me, Federal District Judge Jed S. Rakoff set a trial date of February 1 after denying a proposed settlement between the SEC and Bank of America (NYSE:BAC) of $33 million, in which both parties agreed to. I never thought this would go to trial because of the potential [...]
September 14th, 2009 | Gary | Comments | Continued
Defiant Bank of America Lawsuit Could Bring Transparency We’ve Been Looking For
Bank of America Corp. (NYSE:BAC) is refusing to cave in to threats and allegations from New York Atty. Gen. Andrew M. Cuomo, and is ready to go to legal battle if the $33 million settlement agreed upon with the Securities and Exchange Commission (SEC) is disallowed by a federal judge.
What this is all about, in [...]
Senator Schumer Pushes Change In SEC Funding Following Madoff Failures
New York Senator Charles Schumer, Democrat, released a statement on Thursday listing his intent to push a proposal that would change the Securities and Exchange Commission’s method of funding, providing the agency access to millions more in funds. The move is sparked by a report that listed the SEC staff’s lack of experience as the [...]
September 3rd, 2009 | mitch | Comments | Continued
I am a Realtor trying to consumate a short sale for a senior citizen on social security with Citi holding ...
When you are down there, try the number 3 with sour cream... The green enchiladas are wonderful!!!!!! 
It would seem that they see the light at the end of the tunnel...I just hope that what they see ...