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Judge Rakoff To Review SEC Settlement, Says Major Differences Between SEC’s "Facts" And Cuomo’s Filings

Developing story. The probability of Rakoff turning down SEC Settlement #2 just went up substantially.

Judge Rakoff To Review SEC Settlement, Says Major Differences Between SEC’s "Facts" And Cuomo’s Filings

Developing story. The probability of Rakoff turning down SEC Settlement #2 just went up substantially.

Here Comes The Short Selling Ban, More Money Market Restrictions

More from Dow Jones: U.S. Securities and Exchange Commission Chairman Mary Schapiro on Friday said final rules reining in short selling are expected "in the coming weeks" and the agency will begin examining marketing of retirement products that offer a "sell it and forget about it" mentality.

We Nominate The Following SEC Comment Letter For An Oscar

If only everything having to do with the SEC was as succinct, concise and relevant.

Schapiro Forces Perot Insider Trader To Refund $8.6 Million Profits, Still No Announcement On NYB Insider Trading Case

The SEC, which had its Dell-Perot insider trading case handed to them by various blogs, has forced the disgorgement of $8.6 million in profits from the perpetrator Reza Saleh. The Securities and Exchange Commission today announced that a former Perot family companies employee it charged with insider trading in September has agreed to return all of his illicit profits — a total of more than $8.6 million. Without admitting or denying the allegations in the SEC's complaint, Saleh agreed to be permanently enjoined from violations of the anti-fraud provisions of the Securities Exchange Act of 1934

Freddie 30 Year Fixed At 5.14%, 4 Month High, As 30 Year-1 Year ARM Spread Hits Another Absolute Record

A week ago Zero Hedge discussed the spread between the Freddie 1 Year ARM and the 30 Year fixed , concluding that the recent record spread is indicative that the Fed will do all it can to become the new subprime lender of any resort, even if it means creating exponentially more roll risk, as it seeks to lend money regardless of the probability of ultimate payback. Today Bloomberg points out that the Freddie 30 Year has just hit a 4 month high of 5.14%, a level last seen at the end of August. What is notable is that in less than two weeks the 30 Year Freddie Fixed has jumped by 20 bps.

Madoff Transferred To a Medical Facility Within Prison… Hmmm…

The man who brought the Ponzi back in 2009, Bernard Madoff, has been transferred to a medical facility within his new North Carolina home, according to CNNMoney.com and the Federal Bureau of Prisons. Though, mums the word on what is wrong, he is 71 years young and living in an environment he, nor anyone else sane, should be accustomed to.

Thoroughly Useless Wall Street Reform And Consumer Protection Act Passes Along Party Lines

HR 4173 passed along party lines, and even as Democrats pat themselves on the back for a massively useless job well done, key exclusions persist , and millions of gaping loopholes simply invite bankers to find new and unpredictable ways in which to blow themselves up. Some derivatives transactions would be forced onto so- called swap execution facilities. Hedge funds, airlines and corporate end-users that don’t pose a risk to the financial system won exclusions from the bill’s clearing, trading and collateral requirements.

Bank Of America’s Fraudulent Acquisition Of ML Back In The Congressional Spotlight Tomorrow

Tomorrow at 10 am the House Oversight Committee will hold a hearing with SEC's Robert Khuzami (oddly Mary Schapiro, together with Chris Cox, had been scheduled to appear initially, however "in a series of last minute negotiations, members settled on Khuzami") to discuss what the SEC has already found to be a criminal transaction (and attempted to promptly bury under the rug if only if it weren't for one Judge Jef Rakoff ). Details of the hearing below: Washington, DC – House Oversight and Government Reform Committee Chairman Edolphus “Ed” Towns (D-NY) and Domestic Policy Subcommittee Chairman Dennis Kucinich (D-OH) will convene a joint hearing entitled: “Bank of America and Merrill Lynch: How Did a Private Deal Turn Into a Federal Bailout?

For The SEC’s Viewing Pleasure: NYB Stock And Option Chart

As we speculated on Friday , whoever bought those 7,500 calls on inside information ahead of the NYB assumption of massive taxpayer subsidies in the form of the AmTrust's $2 billion "failed bank" consideration via the FDIC, is now much richer. And we demand a full investigation into who and why i) leaked this information and ii) profited from it