Commentaries

from Rolfe Winkler:

Morning Links 1-27

January 27, 2010

Note: Apologies for no links yesterday. Busy day writing columns!

SEC to vote on new money fund rules (Johnson, WSJ) Unfortunately, the SEC won't do away with $1 NAVs, price fluctuations will be published on a 60 day lag. So investors will continue to treat money funds as cash equivalents, even though they aren't, and the systemic risk they pose won't really go away.

from Rolfe Winkler:

Afternoon links 1-13

January 13, 2010

Must Read -- Kyle Bass: Testimony before the FCIC (fcic.gov) Bass is a hedgefunder that made big profits betting against subprime. His testimony has many fascinating facts and figures. [The pie charts on page 9 look familiar.]

Finra messed up, what a shock

October 3, 2009

The report by Finra on its failure to detect the alleged Ponzi scheme at Allen Stanford’s offshore bank is no shock.

Calling all HFT victims

September 22, 2009

Now that the SEC has rebuffed my request to gather information about investor complaints about high-frequency trading, I’m calling on you for help.

SEC’s flash in the pan

September 18, 2009

Securities regulators will often settle for the proverbial low-hanging fruit — prosecuting easy cases that don’t make a big difference in the way Wall Street operates. But it does give the appearance they’re doing something.

from Rolfe Winkler:

Rakoff throws down the gauntlet

September 14, 2009

Judge Rakoff has rejected the settlement deal between the SEC and Bank of America. He clearly wasn't happy with it to begin with, and subsequent briefs from the two parties did nothing to allay his concerns. At the end of the day, he hated the idea that B of A shareholders, on whose behalf the SEC actually brought the case, would end up paying the fine for executives' wrongdoing.

The SEC’s animal house

September 3, 2009

Mary Schapiro wants her lawyers and investigators at the Securities and Exchange Commission to go back to school. Specifically, she wants them to enroll in something she calls “fraud college.”

Madoff verdict: The SEC is plain incompetent

September 2, 2009

A lengthy report examining the many ways the Securities and Exchange Commission botched its investigations of Bernie Madoff tells us something we already knew: the SEC can be awfully incompetent.

Dude, what happened to my 10K Wizard

August 28, 2009

I’m a big fan of 10K Wizard. I have been for years. It’s a far better way to search SEC filings than using Edgar–even though it costs money.

from Rolfe Winkler:

The infamous “disclosure schedule”

August 24, 2009

At the bottom is the SEC's latest brief for Judge Rakoff.

Having gone through BofA's, one finds --publicly disclosed for the first time -- the "disclosure schedule" that outlined bonuses BofA had agreed Merrill could pay: