Nancy Condon News
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Brokers across the U.S. are tapping into demand for high-yield debt, and drawing regulatory scrutiny, by pushing investors into pools of risky loans that have extracted more in fees than they’ve paid out in profit.
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Nicholas Gwiazda, 24, saw his ticket to Wall Street in a Craigslist ad for a junior broker job at John Thomas Financial Inc.
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Morgan Stanley and six of its executives were sued by a former employee claiming they fraudulently obtained a $1.2 million arbitration award against him by misleading an industry regulator and its arbitrators.
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Congress may hand oversight of almost 12,000 investment advisers to Wall Street’s self-funded regulator as a cost-saving measure. The price could be paid by investors.
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China may relax or abolish a rule that requires Renminbi Qualified Foreign Institutional Investors to keep most of their funds in bonds, according to the Hong Kong Monetary Authority, a move that may boost demand for stocks.
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Forcing Wall Street brokers to disclose bonuses they receive to switch firms is likely to backfire on the industry as workers use the information to seek higher pay, recruiters and former brokers said.
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The Financial Industry Regulatory Authority is proposing to raise fees on the brokerages it oversees to offset a “significant loss” of revenue during fiscal 2011.
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When duped investors set out to make themselves whole after a fleecing by a broker, the American way is to hustle them off to a private court run by Wall Street. It’s a tradition that was set in stone when the Supreme Court in 1987 said that, if an investor signed an agreement to arbitrate, the sorry loser is out of luck if he ever wants a day in court.
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Freedom Investors Corp. president Joel Blumenschein resigned as a director at the Financial Industry Regulatory Authority after the agency sanctioned him last week for poor oversight of his company.
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European Union lawmakers backed punishments for market abusers, including jail time, in a bid to prevent any repeat of the scandal engulfing Libor and other interbank lending rates.
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