View or download PDF. “Former employees of the Securities and Exchange Commission (SEC) routinely help corporations try to influence SEC rulemaking, counter the agency’s investigations of suspected wrongdoing, soften the blow of SEC enforcement actions, block shareholder proposals, and win exemptions from federal law.”
Litigation Daily’s Susan Beck nudges the probable next SEC chair to take on the rating agencies and their built-in conflict of interest.
“Wall Street special interests have opposed tough rules every step of the way. We need leadership at the SEC that will resist that pressure and move swiftly forward [to] protect the markets and investors.”
Two and a half years after passage of the Dodd-Frank Act, two-thirds of its mandated rules have yet to be issued, and more than a hundred of its deadlines have been missed, writes Mark Gongloff of the Huffington Post. “Meanwhile, no banker has yet gone
Fund backed by physical copper “effectively creates a corner on the market,” AFR’s Marcus Stanley tells The New Republic.
As speculative interest increases, this vital industrial commodity will be withdrawn from the market, and prices for real-economy businesses and consumers will increase.
“What alarms me most,” says MIT’s John Parsons, “is the narrow scope of the questions that the Staff posed, even had they bothered to do a thorough analysis of those questions.”
Additional investor safeguards should be considered, say two of the five SEC commissioners.
SEC staff memo is faulted for ignoring significant issues and overlooking evidence pointing to the price impacts of copper-supply hoarding.
In a joint letter, AFR urges the SEC and CFTC not to exempt this common type of financial guarantee, which closely resembles a swap, from new derivatives rules.