Rep. Bill Cassidy (R-La.) urged the SEC on Friday to appeal an appellate judge’s decision that victims of the Stanford Ponzi scheme are ineligible for compensation from the Securities Investor Protection Corporation (SIPC). Allen Stanford is currently serving a 110-year prison sentence for defrauding investors of more than $5 billion in the scheme, CNBC reports. More on The Ripon Advance [...]
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A federal judge on Wednesday ordered PricewaterhouseCoopers to face a $1 billion lawsuit claiming that its bad accounting advice was a substantial cause of the October 2011 bankruptcy of MF Global Holdings Ltd, a brokerage run by former New Jersey Governor Jon Corzine. U.S. District Judge Victor Marrero in Manhattan said PwC’s [PWC.UL] advice on “repurchase-to-maturity” transactions through which Corzine bought $6.3 billion of European sovereign debt affected how MF Global implemented its strategy and in turn contributed to its alleged losses. More on Reuters [...] The U.S. Securities and Exchange Commission on Wednesday adopted tighter rules for asset-backed securities and credit rating agencies, tackling two issues at the core of the 2007-2009 financial crisis after years of delays. Banks will need to give far more transparency about ABS products under the new rules, and have to publicly disclose a raft of information about the thousands of car, home or other loans that underlie such securities. More on Reuters [...] |
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