Monday, December 29, 2008

Weekend that Wall St died

CEO decisions and negotiations, many previously unreported, show how they sought to avert death of their giant investment banks. Efforts culminated in round-the-clock weekend of secret negotiations and personal struggles to keep their firms afloat. Accounts based on documents, emails and interviews with executives, traders, regulators, investors and others. WSJ via The Plain Dealer

Friday, December 19, 2008

Goldman Eyes Dark Blocks | FINRA Looks to Kill OTC "Three Quote Rule"

Goldman Eyes Dark Blocks in Crowded Landscape | FINRA Looks to Kill OTC "Three Quote Rule" Charities Shine During Turbulent Times – Tough times haven't stopped a number of firms from donating a day's commissions to good causes.

Family?...Cohmad...Auditor AICPA Investigation

Family ruled out,Fortune reports Boston-based Cohmad Securities subpoenaed. 20% owned by Madoff and 80% by Maurice Cohn. Added insult to Madoff investors
What drove Madoff? Questions remain: Videos Untangling Madoff.

Thursday, December 18, 2008

Can Mary Schapiro Save the S.E.C.?

Barack Obama introduces Mary Schapiro (left) to serve as chief of SEC, Gary Gensler (second from right) to head the CFTC and Daniel Tarullo (right) to fill an open seat on the Federal Reserve board.

WSJ NYT’s chief financial correspondent writes the choice should please those who hope the S.E.C. can recover from the worst year in its history. Can Mary S. Save the S.E.C.?

"Sleazy Stocks mag cover girl gets SEC nod" - Says Naked Shorts blog.

Wednesday, December 17, 2008

S.E.C. and Madoff Advice

Madoff SEC ties under a microscope this morning, Dealbook points out that in 2000, Madoff was part of the S.E.C.’s Advisory Committee on Market Information. SEC Meeting Minutes Gary Weiss notes that Chris Cox made it Unanimous in contravention of Arthur Levitt's comments - and moreover that Madoff was an 'Admirer' of Levitt's SEC.
Finally from Dealbreaker: If you are going to defraud, make sure you include personal places of worship of all the really good prosecuting authorities you can muster. Pictured near Apt-courtesy Cityfile.

Tuesday, December 16, 2008

Levitt: SEC Isn’t to Blame; So far: No Signs Family Aided Madoff

Arthur Levitt Jr., former SEC chairman told The NY Post.
“At this point, I don’t see any evidence that the S.E.C. dropped the ball,” Mr Levitt, now an adviser to Carlyle Group. Video interview: former NASDAQ chairman at 2007 roundtable discussion (33 minutes) with Josh (a Madoff Systems designer). You Tube Video/Link/Commentary from The Jewish Journal. So far, No Signs Family Aided Madoff but as details emerge of trading discrepancies and "Vast Options Game"

SEC Official Married into Family Madoff Boasted of Close SEC Relationship, "My Niece Even Married One" Video and More from ABC Investigative Team

Friday, December 12, 2008

Dealbreaker & Dealbook all over Madoff case, with pithy and other reader comments-RSS Feeds 24/7 Right here->

Wednesday, December 10, 2008

"There is no more Wall Street."

Alan “Ace” Greenberg, former Bear chief contends that the Street has changed forever with collapse of Lehman and the forced sale of his old firm and Merrill, destroying the investment banking model he helped create.
“That model just doesn’t work because it’s at the mercy of rumors”
In the end, Wall St was destroyed by the very tools Ace created. Greenberg career not over: he accepted a JPMorgan Chase position. Bloomberg reports he'll get a payout equal to 40% of commissions he generates. See Video from Bloomberg

Sunday, December 7, 2008

Compliance Staffing Letters, Speeches/Letters from SEC

SEC issued a Letter to BDs, IAs,investment companies and transfer agents, to remind of the critical role played by their firms' compliance programs in assuring that operations comply with the law and rules and to ensure that clients are protected. The open letter follows SEC Chairman Cox's remarks at the SEC 11/13/08 CCOutreach National Seminar. SEC Links posted 12/2

SEC approved measures to strengthen oversight of credit rating agencies. Video and more from SEC
Debt Watchdogs: Tamed or Caught Napping? Page 1 NYT Lured by profits during the housing boom, credit-rating agencies overlooked the risk of mortgage debt, critics say.

Tuesday, December 2, 2008

Wall Street Fire Sale

Page 6 has an upside to economic calamity? Schadenfreude. Take a gander at big-ticket items that super-rich Wall Streeters are selling as they feel the pocketbook pinch.
Need a Bailout? Here’s the Form. Companies queuing up for their share of the rescue pie. Others unsure how to get access to the government cash. For those unfortunate souls, Vanity Fair has a (mock) application, the EZ CASH form, that can help put “corporate scions” in the same stead as banks and, potentially, automakers.

More via NY Post. Pictured: Erin Callan: Once the highest- ranking woman on the Street, who rose to CFO at Lehman.

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