Food and Drug Administration says five electronic cigarette companies are violating federal laws by making unsubstantiated claims about the product and for poor manufacturing practices. Get the full story »
Filed under: Regulations
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Sep. 9, 2010 at 9:56 a.m.
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Filed under: Economy, Government, International, Investigations, Investing, Regulations Brits hit Goldman with $27M nondisclosure fine
Britain’s financial watchdog fined Goldman Sachs Group Inc. 17.5 million pounds ($27 million) for failing to tell the regulator it was the subject of a U.S. probe, reviving disclosure headaches for the Wall Street powerhouse.
The fine — one of the biggest imposed in Britain — stemmed from Goldman’s troubled Abacus mortgage-security product, which was the focus of an investigation by the U.S. Securities and Exchange Commission. Get the full story »
Sep. 8, 2010 at 2:12 p.m.
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Filed under: Exchanges, Government, Investigations, Markets, Regulations, Stock activity SEC looks at stub quote ban after flash crash
Regulators probing the stock market “flash crash” in May still have not uncovered a single cause but will point to “stub quotes” and other previously identified issues as having exacerbated the market’s dramatic drop, according to two sources familiar with the probe.
A third source said the Securities and Exchange Commission is still asking about a “smoking gun” that might explain the May 6 crash, when the Dow Jones industrial average plunged some 700 points before sharply recovering, all in about 20 minutes. Get the full story »
SEC’s Schapiro: ‘Flash Crash’ report by month’s end
The top U.S. securities regulator said on Tuesday that the follow-up report on what might have caused the May “flash crash” is expected by the end of September. Get the full story »
Tainted beef raises prospects of new testing
The first outbreak linked to a rare strain of E. coli in ground beef is prompting a fresh look at tougher regulations to protect the nation’s meat supply. Get the full story »
Abbott says FDA approves hepatitis B test
Abbott Laboratories said Wednesday the Food and Drug Administration cleared the company’s new hepatitis B test. The FDA approved the Abbott RealTime HBV test, which measures the amount of hepatitis B virus in a patient’s blood.
ComEd asks ICC for $60 million
On the heels of a request for a 7 percent rate hike, Commonwealth Edison is asking the Illinois Commerce Commission to add $60 million to fund additional improvements. Get the full story »
SEC warns agencies against deceptive ratings
Federal regulators are warning credit rating agencies that they could face civil fraud charges for giving inaccurate ratings to investments.
FDA issues warning to Baxter over drug promotion
Federal health regulators have issued a warning letter to Baxter International Inc. for exaggerating the benefits of its lung drug in brochures to physicians.
The Food and Drug Administration letter cites the Deerfield, Ill.-based company for making “misleading efficacy claims” in promotional materials for its drug Aralast.
Fed’s Bullard: Crisis only test for bank safeguards
A senior Federal Reserve policymaker said Monday it may be impossible to test new measures to limit systemic risk in the banking system before the next financial crisis.
St. Louis Fed President James Bullard said the credibility of too-big-to-fail elements in the sweeping financial reform bill rested on them being tested in practice. Get the full story »
FDA chief says egg recall shows more power needed
Food and Drug Administration chief Margaret Hamburg said Monday her agency is limited by law to a mostly reactive stance on food safety and argued that it needs a more “preventive approach.”
Giving a series of network interviews in the wake of the egg and salmonella breakout, Hamburg said the FDA is taking the issue “very, very seriously.” At the same time, she said Congress should pass pending legislation that would provide her agency with greater enforcement power, including new authority over imported food.
SEC files for settlement in Navistar fraud case
The Securities and Exchange Commission has asked a federal court judge to sign off on a consent order that would settle a years-long accounting fraud scandal that led to Warrenville-based Navistar’s delisting on the New York Stock Exchange in 2007.
The settlement agreement, first announced last October, was opened to the public for the first time Thursday, and names five former and current Navistar employees who allegedly engaged in fraudulent and improper accounting practices that led the company to overstate its pre-tax income by approximately $137 million from 2001 to 2005. The company manufactures and markets commercial trucks, school buses, diesel engines and related parts. Get the full story »
Obama signs sweeping financial overhaul
President Barack Obama talks with members of Congress and guests after signing the Dodd-Frank Wall Street Reform and Consumer Protection Act in Washington, D.C. (Rod Lamkey Jr./Getty)
U.S. President Barack Obama today signed into law the most comprehensive financial regulatory overhaul since the Great Depression and vowed there will be no more taxpayer-funded bailouts for Wall Street.
“Because of this law, the American people will never again be asked to foot the bill for Wall Street’s mistakes,” Obama said at a signing ceremony for the legislation approved by the U.S. Congress last week.
The bill targets the kind of Wall Street risk-taking that helped to trigger a global financial meltdown and also aims to strengthen consumer protections. Get the full story »
