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On Friday 15th April 2010, the Securities and Exchange Commission was heavily criticised by the Office of the Inspector General. That day the SEC announced "fraud charges" against Goldman Sachs, sending markets reeling but diverting attention from the OIG report. Schapiro appeared before the House Subcommittee the following Monday, in part to rebut the OIG's findings. That the news agenda continued to be taken up with the Goldman's action and paid little or no attention to her appearance before the subcommittee's Appropriations Committee (applying for funding for the SEC) demonstrates the...

Editorial Staff
BIScom Subsection: 

It really would be helpful if the USA would stop inventing new uses for existing terms: they did it with "billion" and "Orient," they get "protest" wrong and they really, really, really don't have a grip on "terrorism." But despite that, their warnings about "sovereign citizens" should not be ignored and financial institutions are in the front line.

"This case is a good example of how disregarding reporting and compliance can turn into a crime" : New Jersey District Attorney's Office. But still the USA fails, even in the most blatant cases, to prosecute a bank for money laundering.

New Zealand's Securities Commission is to issue civil proceedings against Nuplex Industries Limited and several present and former directors in the SC's first "continuous disclosure" case and papers are being filed at The High Court in Wellington this morning. The company is dual-listed in NZ and Australia.

Editorial Staff
BIScom Subsection: 

David B. Stocker, a lawyer in Phoenix, Arizona, pleaded guilty on11 March 11, 2009, in U.S. District Court in Alexandria, Virginia., for his participation in a stock manipulation conspiracy known as a "pump-and-dump" scheme. On 12 March 2010 (yes, a year later) Stocker has been sentenced.

Editorial Staff
BIScom Subsection: 

The UK's Lloyds Banking Group took on a huge loan book when it took over the rapidly imploding HBOS group that included Halifax and Bank of Scotland. Halifax was the UK's largest mortgage lender. And now it's offering a helping hand to those who can afford to pay off their loans more quickly.

Editorial Staff
BIScom Subsection: 
Bryan Edwards

What's the main difference between Bahrain and Melbourne? It's not the dust: there was plenty of that in both countries. We think Bernie and the FIA have a plan...

CoNet Administrator

After much industry rumour, the iPad has finally been launched. We were not invited so we made up our own launchPad.

Editorial Staff

TATA group has succeeded in getting Peter Mandelson to hand over British taxpayer's money. We weren't at any of the meetings and so we've made up a satire.

CoNet Administrator

TATA group has succeeded in getting Peter Mandelson to hand over British taxpayer's money. We weren't at any of the meetings and so we've made up a satire.

Five foreign subsidiaries of Thermon Manufacturing Company, a San Marcos, Texas-based firm, have agreed to pay a total of USD176,000 in combined civil penalties.

Editorial Staff
Publication: 
CoNet Administrator

The BBC has told some of its performers that pay will be cut by 25% and scenery etc. will be subject to cost-cutting measures. conversazioni fittizie sits in on a meeting that never took place.

CoNet Administrator

2008.

Goldman Sachs: Hank - time to come good on all those promises you made when you went to Treasury.

Henry Paulson: Great to hear from you. I'm only going to be here for a few more weeks, then they'll take my name off the dollars and I'll be out of work. What can I do for you?

In what should have been a surprise, Henry "Hank" Paulson has impressed few with his admissions that he threatened Bank of America that regulators would become interested in the company if it did not take over Merrill Lynch.

Editorial Staff
BIScom Subsection: 

It's a mark of just how tunnel-visioned the USA's counter-money laundering strategy is that it is only now getting around to thinking about including non-bank lenders in its regulatory net. The US needs a massive kick in the soft bits and told to get its law sorted out, says Nigel Morris-Cotterill, Head, The Anti Money Laundering Network. It's time the FATF stepped in and issued a warning about the USA, he says.

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