BUSINESS AS USUAL FOR WALL STREET & REGULATORS
On Monday August 3rd the SEC announced it was bringing charges against Bank America for fraudulently representing to shareholders that bonuses would NOT be paid to Executives of Merrill Lynch and then disbursing over 5 BILLION in bonuses simultaneously with the approval. Incredibly, BOA announced later that day that they had agreed to terms with the SEC and would pay a 33 million dollar fine to settle all charges.
RECOVERY OR RELAPSE?
With each passing day we read and hear about the vital signs of the economy like it was a patient at a hospital on life support. Every little sign of improvement seems to be accompanied by pundit’s proclamations that the worst is behind us. Even bearish commentators like me have admitted to seeing signs of life that the economy is improving and that capital formation appears to be gaining some legs. Are we to believe that this 2000 point rally in the market as well as surging oil prices is a sign the recession is over? Well, take a deep breath and brace yourself for what I’m about to say:
Hedge Fund Mess Just Beginning To Come Home To Roost
Why Madoff will not be an isolated case Over a year ago we questioned whether there was sufficient regulation of the Hedge Fund industry (click here to read). In light of the Madoff Meltdown the important question brokers must be asking themselves now is not IF more regulation is necessary, but should one remove one’s clients’ […]
