SEC, US Exchange officials agree to do something
The Securities and Exchange Commission said regulators and U.S. exchanges have agreed on a conceptual plan to strengthen circuit breakers and error trade policies in response to last week’s stock market plunge.
Many knowledgeable critics of high-frequency trading have fingered the blindingly fast trades made possible by automated computer programs for losses of about $1 [...]
High-speed trading to blame for plunge, says NYSE
“We have a market that responds in milliseconds, but the humans monitoring respond in minutes, and unfortunately billions of dollars of damage can occur in the meantime,” said James Angel, a professor of finance at the McDonough School of Business at Georgetown University.
The glitch that sent markets tumbling Thursday was years in the making, driven [...]
Fabrice Tourre reasons out: “I Did Not Mislead Investors”
The London-based Goldman Sachs banker Fabrice Tourre, who is at the centre of a $1bn (£650m) fraud prosecution, came out fighting today with a vigorous rebuttal of “unfounded attacks” on his character and motives.
“I deny–categorically–the SEC’s allegation,” Tourre said. “And I will defend myself in court against this false claim.”
For Tourre, 31, Tuesday’s appearance [...]
Goldman Sachs says ‘It’s not our intention to mislead’
Goldman Sachs Group Inc., facing a fraud lawsuit from U.S. regulators, said it would never intentionally mislead investors.
“We would never intentionally mislead anyone, certainly not our clients or our counterparties,” Goldman Sachs Co-General Counsel Greg Palm said today on a conference call with analysts. “We have never condoned and would never condone inappropriate [...]
Goldman Sachs Charged with Fraud by SEC
The Securities and Exchange Commission today charged Goldman, Sachs & Co and one of its vice presidents for defrauding investors by misstating and omitting key facts about a financial product tied to subprime mortgages as the U.S. housing market was beginning to falter.
The SEC alleges that Goldman Sachs structured and marketed a synthetic collateralized debt [...]
