July 16, 2010
Goldman Sachs Group Inc. agreed to pay $550 million to settle civil fraud charges over how it marketed a subprime mortgage product, ending months of negotiations that rattled the bank’s clients and investors. The U.S. Securities and Exchange Commission said …
June 28, 2010
The Supreme Court Monday struck down part of a law to prevent fraud committed by companies like Enron and WorldCom, saying a board to police public companies’ auditors violated the Constitution. But the ruling left the 2002 Sarbanes-Oxley law and …
March 15, 2010
The Federal Reserve would gain new powers over non-bank financial firms and keep much of its authority over banks under a new bill to be unveiled on Monday by the U.S Senate’s architect of financial reform. In a turnaround for …
March 11, 2010
Senator Christopher Dodd said Thursday that he will present on Monday his own version of a financial reform bill after compromise talks with Senate Republicans broke down. Dodd, the chairman of the Senate Banking Committee, said he will present the …
December 8, 2009
Several U.S. Supreme Court justices seemed to question Monday whether the president had enough authority over an agency that polices auditors of public companies. During arguments to consider if the Public Company Accounting Oversight Board violates the U.S. Constitution, the …
December 7, 2009
The Supreme Court hears a case on Monday that could alter how corporate America is audited and overhaul the Sarbanes-Oxley corporate reform act. The outcome of the case will determine whether a central component of the Sarbanes-Oxley law — an …
November 16, 2009
Credit rating agencies, accused of assigning top ratings to shoddy securities, would be exposed to greater liability under a wide-ranging financial services reform bill released by a leading U.S. senator. The draft bill unveiled last Tuesday would give investors an …
October 21, 2009
A U.S. congressional committee has dropped a key provision from a financial reform bill aimed at reducing investor reliance on credit ratings, according to draft legislation released on Tuesday. The provision, first proposed by the Obama administration, calls for across-the-board …
September 30, 2009
The former head of compliance overseeing Moody’s Corp.’s credit ratings business was routinely ignored when he warned that the firm was not properly monitoring municipal bond ratings, according to a letter obtained by Reuters Tuesday. Scott McCleskey, who is scheduled …
September 24, 2009
A U.S. House panel abruptly postponed a hearing into accusations that Moody’s Corp. knowingly issued incorrect ratings after Republicans demanded more time to review a whistleblower’s complaint. Democratic leaders of the House Oversight and Government Reform Committee had planned to …