Stephen Harbeck News
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The U.S. Securities and Exchange Commission said it will appeal a federal judge’s ruling that blocked it from ordering the Securities Investor Protection Corp. to compensate victims of R. Allen Stanford’s $7 billion fraud.
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The trustee liquidating broker-dealer MF Global Inc. is in talks with brokerages that may take over customer accounts or buy “pieces of the business,” said Stephen Harbeck, president of the Securities Investor Protection Corp., which is overseeing the liquidation.
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The Securities Investor Protection Corp., an industry fund that covers losses from brokerage firm failures, bears no responsibility to compensate victims of R. Allen Stanford’s $7 billion fraud, a federal judge ruled.
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When regulators froze R. Allen Stanford’s assets two years ago and accused him of running a $7 billion Ponzi scheme, some 20,000 investors were left wondering if they’d ever get their money back.
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For 40 years, the U.S. Securities and Exchange Commission and the congressionally chartered group that protects against broker theft have worked in tandem to reimburse people whose accounts are pilfered.
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Bank of New York Mellon Corp. agreed to change its disclosure statements for so-called standing instruction foreign exchange transactions to partly resolve a lawsuit by U.S. prosecutors.
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Two U.S. lawmakers outlined a proposal to tax U.S. financial transactions at a rate of 0.03 percent and urged the congressional deficit-reduction panel to include the idea in their final proposal.
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MF Global Holdings Ltd., run by former New Jersey governor and Goldman Sachs Group Inc. co- chairman Jon Corzine, has accounted for all its customer funds, said Kenneth Ziman, a lawyer for MF Global, citing the company’s management.
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CME Group Inc. plans to allow swaps traders to keep collateral with a third party, offering stronger protections than U.S. regulators required after MF Global Holdings Ltd. failed to safeguard $1.6 billion in customer cash.
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Yellow-page publisher R.H. Donnelley Corp. filed a Chapter 11 petition late yesterday in Delaware along with agreement on a reorganization plan reducing debt by $6.4 billion and giving all of the new stock and $300 million in unsecured notes to holders of 11 issues of unsecured notes.
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