World News Insights
1-3 Minute Gist
Search, personalize, or simply browse. Follow the world around you from gist and context to insights.
Who we are | Our Credo | Ways of using Lyrarc | FAQ | Send Feedback | First Letter From the Editor
Sign up. It's free and easy to use
Create an account
to personalize your feed of articles and topics.
All Topics Article
SEC-Citi Pact Rejected by Judge Rakoff
Keywords:
U.S. District Judge Jed Rakoff was critical of the S.E.C.'s practice of entering into consent judgements which allowed defendents to not admit to wrongdoing. In his order Judge Rakoff rejected a $285 million settlement with Citigroup for a mortgage-bond deal. In his order he said such settlements are viewed by the business community as "a cost of doing business." He found it hard to discern what the S.E.C. would be getting out of such a settlement "except a quick headline." Rakoff summarized the problem with such settlements and the S.E.C.'s practices when it comes to the public's interest: "In any case like this that touches on the transparency of financial markets whose gyrations have so depressed our economy and debilitated our lives, there is an overriding public interest in knowing the truth. In much of the world, propaganda reigns, and truth is confined to secretive, fearful whispers. Even in our nation, apologists for suppressing or obscuring the truth can always be found. But the S.E.C., of all agencies, has a duty, inherent in its statutory mission, to see that the truth emerges; and if it fails to do so, this Court must not, in the name of deference or convenience, grant judicial enforcement to the agency's contrivances."
Revolving door for officials in U.S. government and regulatory authorites, the S.E.C., the Federal Reserve, and the large banks.
01/28/2009
Orszag, budget director in the Obama administration, joins Citigroup. A senior official at the New York Fed's regulatory department joins Goldman Sachs. Another Fed official joins Morgan Stanley as chief economist. S.E.C. enforcement chief leaves Deutsche Bank for the S.E.C. and leaves the S.E.C. for a position in the financial industry. The nominee for S.E.C. chief in 2013, Jo White, represented JP Morgan Chase in her work at a law firm. The nominee for Treasury Secretary Jacob Lew, worked at Citigroup for a short period. A similiar situation exists in the UK and in other EU countries.
Grouped Articles
New York Times 12/27/2011
SEC's Top Cop Oversaw Deutsche CDOs
Wall Street Journal 04/24/2010
The Power Behind the Throne at the Federal Reserve
New York Times 07/31/2013
SEC Deals With Turnover at the Top
Wall Street Journal 08/20/2013
SEC Tries to Rebuild Its Reputation
Wall Street Journal 09/12/2013
SEC 'Revolving Door' Under Review
Wall Street Journal 06/16/2010
S.E.C. enforcement unit
11/28/2011
Grouped Articles
New Leader Named for Enforcement Unit at S.E.C.
New York Times 04/21/2013
Co-Directors for S.E.C. Signal Shift
New York Times 04/22/2013
Wall Street Journal 05/27/2013
SEC Tries to Rebuild Its Reputation
Wall Street Journal 09/12/2013
SEC-Citi Pact Rejected by Judge Rakoff
Wall Street Journal 11/28/2011
S.E.C. Tension As It Examined Mortgage Cases
New York Times 12/19/2013
Adam Liptak's interview with Judge Rakoff on the Justice Department's failure to prosecute individuals responsible in the 2008-2009 financial crisis
11/28/2011
Liptak's intervew comes as Judge Rakoff outlined his views on moral responsibility and the consequences of not holding responsible the individuals involved. He also speculates on why the Justice Department -including Bauer and Attorney General Holder- has failed to take action. On Holder's argument that this would have done damage to the U.S. economy, Rakoff says this violates the principle of equal responsibility before the law. As a result billions of dollars have been collected from corporations for violations but few individuals have been prosecuted and sentenced who were involved in activities leading to the crisis, and no serious deterrent for individuals established.
Grouped Articles
Stern Words for Wall Streetâs Watchdogs, From a Judge
New York Times 12/16/2013
SEC-Citi Pact Rejected by Judge Rakoff
Wall Street Journal 11/28/2011
Eric Holder Resigns, Setting Up Fight Over Successor
New York Times 09/25/2014
New York Times 09/29/2014
Banks as Felons, or Criminality Lite
New York Times 05/22/2015
Lack of prosecutions by U.S. government agencies after the financial crisis of 2008
01/20/2010
A record of few prosecutions of senior executives of the companies that engaged in practices that led to the financial crisis of 2008. Various reasons are cited - the fragility of the financial system in 2009, the lack of cooperation from regulatory agencies, lack of funding for the FBI and the Justice Department to assign special staff for the effort.
Grouped Articles
Stern Words for Wall Streetâs Watchdogs, From a Judge
New York Times 12/16/2013
SEC-Citi Pact Rejected by Judge Rakoff
Wall Street Journal 11/28/2011
New York Times 09/29/2014
In Financial Crisis, No Prosecutions of Top Figures
New York Times 04/14/2011
Federal Agencies' Responses on Enforcement Actions
New York Times 04/14/2011
As Wall Street Firms Grow, Their Reputations Are Dying
New York Times 04/27/2011
Judge Rakoff and the Galleon hedge fund case.
01/19/2009
Grouped Articles
Hedge Funders Are All a Little Nuts
Wall Street Journal 08/27/2013
Wall Street Journal 10/27/2009
SEC Levels Insider Charges Against Ex-Goldman Director
Wall Street Journal 03/01/2011
New York Times 06/13/2011
Galleon Chief Sentenced to 11 Year Term in Insider Case
New York Times 10/14/2011
No Mr. Nice Guy—Just Ask Wall Street
Wall Street Journal 11/09/2011
Mary Schapiro, Chairwoman U.S. Securities and Exchange Commission (S.E.C.)
04/24/2010
Grouped Articles
SEC's Top Cop Oversaw Deutsche CDOs
Wall Street Journal 04/24/2010
Inside the End of the U.S. Bid to Punish Lehmann Executives
New York Times 09/08/2013
SEC Tries to Rebuild Its Reputation
Wall Street Journal 09/12/2013
S.E.C. Tension As It Examined Mortgage Cases
New York Times 12/19/2013
Elizabeth Warren: One Way to Rebuild Our Institutions
New York Times 01/29/2016
S.E.C. Chairwoman's Ethics Under Fire
New York Times 03/08/2011
S.E.C. and fraud settlement with U.S. banks for toxic mortgage debt
04/24/2010
Grouped Articles
SEC's Top Cop Oversaw Deutsche CDOs
Wall Street Journal 04/24/2010
Inside the End of the U.S. Bid to Punish Lehmann Executives
New York Times 09/08/2013
S.E.C. Tension As It Examined Mortgage Cases
New York Times 12/19/2013
Banks Keep their Mortgage Litigation Reserves a Secret
New York Times 01/16/2014
An Unfinished Chapter at Countrywide
New York Times 08/23/2014
Wall Street Journal 04/14/2011
S.E.C.'s Citigroup deal
01/20/2009
Grouped Articles
Wall Street Journal 07/15/2014
Judge Unloads on Deal SEC Struck With Citi
Wall Street Journal 11/10/2011
Judge in Citigroup Mortgage Settlement Criticizes S.E.C.'s Enforcement
New York Times 11/10/2011
SEC-Citi Pact Rejected by Judge Rakoff
Wall Street Journal 11/28/2011
Citi Ruling Could Chill SEC, Street Legal Pacts
Wall Street Journal 11/29/2011
Wall Street Journal 11/29/2011
The U.S. S.E.C.'s lack of enforcement of the Sarbanes-Oxley legislation
09/10/2011
Grouped Articles
Inside the End of the U.S. Bid to Punish Lehmann Executives
New York Times 09/08/2013
SEC Tries to Rebuild Its Reputation
Wall Street Journal 09/12/2013
Clawbacks Without Claws in a Sarbanes-Oxley Tool
New York Times 09/10/2011
At SEC, Strategy Changes Course
Wall Street Journal 09/30/2011
SEC-Citi Pact Rejected by Judge Rakoff
Wall Street Journal 11/28/2011
Citi Ruling Could Chill SEC, Street Legal Pacts
Wall Street Journal 11/29/2011
The S.E.C. and the Credit Ratings Agencies in the U.S. - 2010-2014
12/08/2009
The failure of the Securities and Exchange Commission to keep the intent of the Dodd-Frank law, and hold credit ratings agencies accountable for ratings they issue. This opens the door to the kinds of problems that caused the financial crisis of 2008.
Grouped Articles
Rating Firms Steer Clear of an Overhaul
Wall Street Journal 05/12/2013
Obama Presses Regulators to Finish Financial Rules
Wall Street Journal 08/20/2013
S&P's Account of An Irate Treasury Secretary
New York Times 01/21/2014
The Stone Unturned: Credit Ratings
New York Times 03/22/2014
S. & P. E-Mails on Mortgage Crisis Show Alarm and Gallows Humor
New York Times 02/05/2013
Regulators Struggle With Conflicts in Credit Ratings and Audits
New York Times 08/21/2014
Failure to implement the Dodd-Frank provision that removes a government requirement of credit ratings on securities
01/02/2009
The foot dragging that has held up this change comes from the Treasury's Office of the Comptroller of the Currency. Treasury Secretary Geithner said in a recent op-ed piece in the Wall Street Journal that he would ask the President to veto any changes to the Dood-Frank legislation. The S.E.C. and other regulators have not made the changes as required by the reform law. A Wall Street Journal editorial on July 23, 2011, points to the failure to make this change by regulatory agencies.
Grouped Articles
Rating Firms Steer Clear of an Overhaul
Wall Street Journal 05/12/2013
Obama Presses Regulators to Finish Financial Rules
Wall Street Journal 08/20/2013
Five Years On, Confidence Still Lacking in Conflicted Ratings System
Wall Street Journal 09/11/2013
The Stone Unturned: Credit Ratings
New York Times 03/22/2014
Regulators Struggle With Conflicts in Credit Ratings and Audits
New York Times 08/21/2014
S.&P. Settlement Leaves Future Unclear for Ratings
New York Times 02/03/2015
Robert Khuzami and the S.E.C.'s "neither admit nor deny" practice in legal settlements
02/10/2009
The problems Judge Rakoff finds with such settlements and the S.E.C.'s continuation of this practice. The lack of deterrance for illegal activity or activity that harms the public interest if it is legal, under this arrangement.
Grouped Articles
Co-Directors for S.E.C. Signal Shift
New York Times 04/22/2013
SEC's Top Cop Oversaw Deutsche CDOs
Wall Street Journal 04/24/2010
Inside the End of the U.S. Bid to Punish Lehmann Executives
New York Times 09/08/2013
SEC Tries to Rebuild Its Reputation
Wall Street Journal 09/12/2013
New York Times 10/15/2013
Stern Words for Wall Streetâs Watchdogs, From a Judge
New York Times 12/16/2013
The Project on Government Oversight Report in 2013 and weak enforcement at the S.E.C.
05/04/2009
The revolving door of lawyers for major financial companies working at the S.E.C. has weakend enforcement at the agency, according to this government oversight report.
Grouped Articles
SEC's Top Cop Oversaw Deutsche CDOs
Wall Street Journal 04/24/2010
Inside the End of the U.S. Bid to Punish Lehmann Executives
New York Times 09/08/2013
SEC Tries to Rebuild Its Reputation
Wall Street Journal 09/12/2013
SEC 'Revolving Door' Under Review
Wall Street Journal 06/16/2010
SEC-Citi Pact Rejected by Judge Rakoff
Wall Street Journal 11/28/2011
S.E.C. Tension As It Examined Mortgage Cases
New York Times 12/19/2013
Judge Rakoff and Wall Street
11/09/2011
Grouped Articles
Court Weighs Penalty in Bank of America 'Hustle' Case
Wall Street Journal 12/06/2013
Stern Words for Wall Streetâs Watchdogs, From a Judge
New York Times 12/16/2013
SEC-Citi Pact Rejected by Judge Rakoff
Wall Street Journal 11/28/2011
No Mr. Nice Guy—Just Ask Wall Street
Wall Street Journal 11/09/2011
Citi Ruling Could Chill SEC, Street Legal Pacts
Wall Street Journal 11/29/2011
Wall Street Journal 11/29/2011
Accountablility of Financial Regulators
08/24/2009
Prof Kane at Boston College and Judge Rakoff point to the lack of accountability of financial regulators.
Grouped Articles
Stern Words for Wall Streetâs Watchdogs, From a Judge
New York Times 12/16/2013
Economist 06/13/2015
Facts and the Financial Crisis
New York Times 09/20/2009
BofA Ruling Questions an SEC Weapon
Wall Street Journal 09/16/2009
At Long Last, BofA Shareholders Find a Friend
Wall Street Journal 09/14/2009
Wall Street Journal 09/15/2009
Judge Rakoff and the S.E.C.-Citicorp agreement
04/24/2010
Grouped Articles
SEC's Top Cop Oversaw Deutsche CDOs
Wall Street Journal 04/24/2010
Stern Words for Wall Streetâs Watchdogs, From a Judge
New York Times 12/16/2013
SEC-Citi Pact Rejected by Judge Rakoff
Wall Street Journal 11/28/2011
No Mr. Nice Guy—Just Ask Wall Street
Wall Street Journal 11/09/2011
Citi Ruling Could Chill SEC, Street Legal Pacts
Wall Street Journal 11/29/2011
Wall Street Journal 11/29/2011
Goldman Sachs, Paulson, and the S.E.C. suit in the Abacus case.
05/04/2009
Paulson had Goldman Sachs structure as ecurity out of handpicked bad apples in the mortgage securities market, Goldman then sells these securities to institutional investors without disclosing what Paulson had done and without disclosing that Paulson had bet heavily against them.
Grouped Articles
BusinessWeek 04/01/2010
New York Times 04/17/2010
Abacus Deal: As Bad as They Come
Wall Street Journal 04/20/2010
Wall Street Journal 04/20/2010
Economist 04/29/2010
SEC Tries to Rebuild Its Reputation
Wall Street Journal 09/12/2013
S.E.C. and the inquiry into the destruction of records
08/25/2011
Grouped Articles
Inside the End of the U.S. Bid to Punish Lehmann Executives
New York Times 09/08/2013
S.E.C. Tension As It Examined Mortgage Cases
New York Times 12/19/2013
SEC Officials Are Focus of Inquiry
Wall Street Journal 08/25/2011
Wall Street Journal 10/08/2011
Judge in Citigroup Mortgage Settlement Criticizes S.E.C.'s Enforcement
New York Times 11/10/2011
SEC-Citi Pact Rejected by Judge Rakoff
Wall Street Journal 11/28/2011
S.E.C.'s failure in fraud prevention and supervisory role for financial institutions.
08/24/2009
Grouped Articles
SEC's Top Cop Oversaw Deutsche CDOs
Wall Street Journal 04/24/2010
Inside the End of the U.S. Bid to Punish Lehmann Executives
New York Times 09/08/2013
S.E.C. Tension As It Examined Mortgage Cases
New York Times 12/19/2013
Elizabeth Warren: One Way to Rebuild Our Institutions
New York Times 01/29/2016
BofA Ruling Questions an SEC Weapon
Wall Street Journal 09/16/2009
Wall Street Journal 09/15/2009
The Uptick Rule and Short selling abuses in the U.S.
07/28/2008
The suspension of the Uptick Rule and the S.E.C.'s dire lack of enforcement all seem to suggest that the regulatory mission of the S.E.C. has been influenced by those who are being regulated. Conservatives running the government and regulatory agencies mistakenly assumed that lower regulation was somehow part of the new system of free enterprise that was delivering results. As long as the economy did well they saw no reason to question this, and in fact let regulation wither to the extreme provoking the crisis by letting excesses develop and accumulate. The abuses of excessive leverage under a Fuld at Lehman and of mortage sales under a Mozilo at Countrywide were barely understood by Cox and company at the SEC till they undermined the very foundations of free enterprise.
Grouped Articles
SEC Tries to Rebuild Its Reputation
Wall Street Journal 09/12/2013
Agency Subpoenas Focus on 4 Rumors That Hit Lehman
Wall Street Journal 07/28/2008
Wall Street Journal 08/21/2008
NYSE Chief Leans Toward Uptick Rule
Wall Street Journal 10/02/2008
U.K. Will Continue Ban on Short Selling
Wall Street Journal 10/23/2008
Citigroup Tries to Stop the Drop in Its Share Price
New York Times 11/21/2008
S.E.C. and corporate pay rules in the U.S.
01/26/2011
Rules for executive compensation adopted by the S.E.C. in the U.S.
Grouped Articles
SEC Wants Boss-Employee Pay Gap on Display
Wall Street Journal 09/19/2013
S.E.C. Proposes Greater Disclosure on Pay for CEO's
New York Times 09/18/2013
A Better Way to Compare C.E.O. Pay
New York Times 09/21/2013
S.E.C. Tension As It Examined Mortgage Cases
New York Times 12/19/2013
In Split Vote SEC Adopts Corporate Pay Rules
New York Times 01/26/2011
On Street, Pay Vaults to Record Altitude
Wall Street Journal 02/02/2011
Judge Jed Rakoff- America's lone voice in the wilderness on individual responsibility in the 2008-2009 financial crisis
11/28/2011
Linked Articles
SEC-Citi Pact Rejected by Judge Rakoff
Wall Street Journal 11/28/2011
Stern Words for Wall Streetâs Watchdogs, From a Judge
New York Times 12/16/2013
We took a different way to help millions around the world build educated informed mindsets that affects and shapes their lives. For a future that is open, global and digital, with everyone having access to high quality information. We believe in the renewal of America, renewal of Europe, the renewal of India, the rest of Asia, Latin America and Africa. The renewal of our supply chains, health, education, infrastructure, as we rebuild our countries after the pandemic. Literacy and knowledge we believe cannot thrive and grow in a world of web bots, web crawlers, or AI. This requires human curiosity, human learning, and human imagination. We take as inspiration the saying- “One has to be free, and as broad as sky. One has to have a mind that is crystal clear, only then can truth shine in it.” Every contribution whether big or small is precious- in this crisis and ahead.
Support Lyrarc from as small as $1
Terms and Conditions | Copyright Policy | Privacy Policy | Contact Us