William Galvin News
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Deutsche Bank AG reached a $17.5 million settlement with Massachusetts regulators who said the firm’s employees didn’t disclose conflicts of interest tied to collateralized debt obligations before the financial crisis.
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Magnetar Capital LLC, the hedge fund that profited from subprime defaults in 2007 after helping create collateralized debt obligations, raised $370 million to bet on mortgage bonds.
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Massachusetts Secretary of the Commonwealth William Galvin this week accused Morgan Stanley of breaking the law as lead underwriter in Facebook Inc.’s initial public offering, triggering a $5 million fine.
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Massachusetts Secretary of the Commonwealth William Galvin subpoenaed Citigroup Inc. along with Facebook Inc.’s lead underwriters Morgan Stanley, Goldman Sachs Group Inc. and JPMorgan Chase & Co. in connection with the decline of Facebook’s share price following its initial public offering in May, his office said.
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Morgan Stanley’s handling of Facebook Inc.’s initial public offering, a deal that cost investors billions of dollars, broke a decade-old pledge to block investment bankers from influencing analysts, according to Massachusetts regulators, who fined the bank $5 million.
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Facebook Inc., the world’s largest social-networking company, could be exposed to legal challenges surrounding its initial public offering similar to those faced by Morgan Stanley, according to legal experts.
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Google Inc. is poised to make voluntary concessions that will end a 20-month U.S. antitrust probe of its business practices without any enforcement action, two people familiar with the matter said.
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Massachusetts’s top securities regulator said he is seeking legislation to bar firms such as Bank of America Corp. from holding state deposits unless they offer customers free basic checking accounts.
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Goldman Sachs Group Inc. agreed to pay a $10 million fine and stop holding private meetings of stock analysts and traders known as “huddles” to settle an investigation by Massachusetts’s chief securities regulator.
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How's this for reminding Wall Street banks of how little they have to fear from government?
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