SEC and CFTC not off to a good start in the New Year

The collapse of a $1.1 trillion Senate budget measure before end of 2010 could leave two of the U.S.’s top financial regulators without enough funding to carry out reforms. The Dodd-Frank financial regulation bill left the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) in charge to reform financial services ranging from complicated and often opaque derivatives markets to reducing speculative … [Read more...]

More bad news for Goldman Sachs

Federal prosecutors in New York have launched a criminal investigation into Goldman’s structuring and marketing of a collateralized debt obligation that cost investors $1 billion.  For the time being, the criminal probe involves only the U.S. Attorney’s Office in Manhattan, and not the Federal Bureau of Investigation or other federal agencies. The investigation stems from a criminal referral by the Securities and Exchange Commission. … [Read more...]

The SEC Plans to Expand its NY Office

According to several news sources, the Securities and Exchange Commission plans to expand its New York office by about 8 percent this year as the financial regulator focuses more heavily on regulating hedge funds and brokerages. The SEC stated that it plans to hire 18 people on the enforcement side, where it currently employs about 150 people in New York, and add 15 people to its examinations staff, which currently numbers about 210 in New York. … [Read more...]

Unemployment Survival Tips

An old economics joke goes: “What is the difference between a depression and a recession?  A recession is when my neighbor loses his job; a depression is when I lose mine; and a panic is when my wife loses hers.”    Let’s hope we don’t get to the panic point, but an old joke contains an important truth: unemployment has very disparate impacts. According to the Bureau of Labor Statistics unemployment hit 8.9% in April to 13.7million … [Read more...]