Legg Mason Capital Management Inc. sold its remaining position in retailer Sears Holdings Corp. during the third quarter, according to a Monday filing with the Securities and Exchange Commission, ending the ownership of erstwhile Sears believer Bill Miller. Get the full story »
Inside these posts: SEC
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Executives collect $2 billion at for-profit colleges
From Bloomberg | Top executives at the 15 U.S. publicly traded for-profit colleges, led by Apollo Group Inc. and Education Management Corp., received $2 billion during the last seven years from the proceeds of selling company stock, Securities and Exchange Commission filings show.
E-mail leak cost UBS a slice of GM IPO, SEC told
Swiss bank UBS is no longer working on General Motors’ initial public stock offering because a bank employee leaked information about the sale in an unauthorized e-mail, a person briefed on the matter said Wednesday.
GM disclosed the e-mail in a filing with the Securities and Exchange Commission. UBS had been listed as a proposed underwriter in GM’s IPO until Nov. 3, when it was dropped without explanation. Get the full story »
Goldman fined $650K for failing to disclose SEC probe
Industry regulators have fined Goldman Sachs $650,000 for failing to disclose that two of its brokers, including the executive accused of leading the mortgage securities deal that brought civil fraud charges against the firm, were under investigation by the government.
The Financial Industry Regulatory Authority announced the fine Tuesday, saying Goldman lacked adequate procedures to ensure that the required disclosure was made for Fabrice Tourre, a Goldman vice president. Goldman made that report in May, more than seven months after Tourre received a notice from the Securities and Exchange Commission that it was considering filing charges against him, FINRA said. Get the full story »
GM’s $13 billion IPO to cut Treasury stake to 43%
General Motors on Wednesday finalized terms for a stock offering of about $13 billion to repay a controversial taxpayer-funded bailout and reduce the U.S. Treasury to a minority shareholder.
GM’s filing with the U.S. Securities and Exchange Commission is the final step before it begins marketing what is expected to be one of the largest-ever IPOs. The investors are expected to span the globe and include sovereign wealth funds.
The automaker plans to sell 365 million common shares, or 24 percent of its common stock, at $26 to $29 each, raising about $10 billion at the midpoint, according to updated initial public offering papers filed with the SEC. Get the full story »
Cupcake diplomacy? CFTC chief touts ties with SEC
Commodity Futures Trading Commission Chairman Gary Gensler says he’s so close to his counterpart at the Securities and Exchange Commmision that SEC Chief Mary Schapiro gave him a treat a couple weeks back.
“Mary and I talk often,” he told a crowd at the Futures Industry Association’s annual meeting in Chicago. “It was my birthday a few weeks ago. She made me cupcakes. They were good cupcakes too, and they were homemade!”
Schapiro and Gensler have taken great pains to publicly show they are working together instead of feuding over turf, as their agencies historically often did. Get the full story »
SEC votes to ban ‘naked access’
Federal regulators have mandated new requirements for brokerage firms aimed at reining in risk from their trading customers who get split-second access to markets to buy or sell stocks.
GTCR plans $3B buyout fund, its 10th
GTCR Golder Rauner, one of Chicago’s biggest private equity firms, plans to raise $3 billion for its 10th buyout fund, according to a recently filed statement with the Securities and Exchange Commission.
The Chicago-based firm raised $2.8 billion for its ninth fund in 2006. Get the full story »
SEC freezes assets of 2 Brewer financial firms
The Securities and Exchange Commission on Friday obtained an emergency court order to freeze the assets of Brewer Financial Services LLC and Brewer Investment Advisors LLC, two Chicago firms it alleged were funneling funds from investors to subsidize their own troubled companies.
The SEC alleged that firm owners Steven Brewer and Adam Erickson raised about $5.6 million from 74 investors between June 2009 and Sept. 30, 2010, using offering materials that misstated or concealed how the funds would be used, the risk level of the investment and the financial condition of their companies. Get the full story »
Oct. 27, 2010 at 2:17 p.m.
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Filed under: Banking, Government, Regulations, Stock activity SEC sets vote on ‘naked access’ trading ban
The Securities and Exchange Commission will vote Nov. 3 on whether to adopt a proposed ban on “naked access,” a trading arrangement that allows some firms to trade anonymously.
Naked access, offered to customers by some major banks and brokerage firms, allows traders to buy and sell stocks on exchanges using a broker’s computer code, which can shield their identity from regulators and exchanges. Get the full story »
SEC queried Buffett’s Berkshire on loss accounting
The U.S. Securities and Exchange Commission questioned Warren Buffett’s Berkshire Hathaway in the second quarter on why it was not writing down large losses on shares in Kraft and US Bancorp, but the company insisted its accounting was right. Get the full story »
Office Depot, exes settle SEC charges for $1 million
Office Depot Inc., its chief executive and a former executive agreed to collectively pay more than $1 million to settle regulator’s charges of improper disclosures, the Securities and Exchange Commission said Thursday.
The SEC had accused the company, its CEO Stephen Odland and former chief financial officer Patricia McKay of conveying to analysts and big investors that the company would not meet analysts’ earning estimates for the second quarter of 2007. Get the full story »
Monsanto receives unsolicited mini-tender offer
Monsanto said it received a unsolicited mini-tender offer on Tuesday by TRC Capital Corp. to purchase 2 million shares of stock at $54.15 per share. That offer, the company said, is 5.5 percent below the $57.30 Monsanto’s shares were selling by closing price on Tuesday.
GM sets aside up to 5% of IPO for employees
General Motors Co. will allocate up to 5 percent of the common stock to be sold in its initial public offering for its employees, retirees and dealers, the automaker said Thursday. Get the full story »
