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’Madoff, Finra, and the woman who would be SEC chair
Mary Schapiro is Barack Obama’s nominated candidate for the post of SEC Chair. Today she faced a grilling from the Senate, which by all appearances, should have been a tough one.
Why? Primarily because of the Obama camp’s pointed recent criticism of SEC incumbent Chris Cox.
McCoxism?
Much talk today of the Mark Cuban case, the internet entrepreneur turned basketball team-owner being charged with insider trading by the SEC. What seemed like a basic insider trading case is now being depicted as something that resembles Cold War-style McCarthyism — or maybe we’re reading too much into Cuban’s surname?
Most notably,
Rating cows
On Wednesday, the House Oversight Committee of the US Congress held a hearing on the rating agencies. And it released some explosive material – the implications of which don’t yet seem to have quite sunk in.
Death to markets
The short sellers must die.
The SEC has just caught its first illegal shorter, Kenneth Rickel, of Lion Gate Capital, Beverly Hills. The regulator has also announced the appointment of a Dr Crippen as senior advisor to Chris Cox.
Coxless Bear
The WSJ is leading this morning with a story on SEC chairman Chris Cox.
By Cox’s own admission, markets aren’t his game. His area of expertise is corporate law. And by any yardstick, when compared against the pantheon of politicians-cum-regulators of SEC and Wall Street fame/infamy,
[CPDO rating error] S&P admits modelling flaw
Bloomberg reports that Standard & Poor’s has admitted to finding an error in its rating model for constant proportion debt obligations. Unlike that uncovered by the FT at Moody’s, however, the error appears to have had no “erroneous”
[CPDO rating error] Cox responds to Schumer
Chairman Christopher Cox of the SEC responds to Senator Charles Schumer’s call for Moody’s to be fined in the wake of the FT’s investigation into the rating of CPDOs.
Schumer sits on the Senate’s powerful banking,
SEC goes Bear hunting
US securities regulators are examining whether illegal trading and rumour-mongering took place in the days preceding the emergency sale of Bear Stearns to JPMorgan Chase, Chris Cox, SEC chairman, said Thursday.