Dec. 6, 2011 - In one of its filings prior to U.S. Judge Jed Rakoff’s celebrated November 28th refusal to rubber stamp an SEC-Citicorp deal allowing the bank – a “recidivist offender,” according to Rakoff -- to escape significant damages and an admission of wrongdoing for what could have been egregious, knowing fraud in Citi’s sale of bad mortgage-related assets to unwitting investors, the SEC incredibly asserted that “the public interest . . . is not part of [the] applicable standard of judicial review [of the proposed Citicorp settlement.]” To that, Manhattan federal Judge Rakoff simply responded: “This is erroneous.”
October 11, 2011--Although the mainstream media has widely reported the photogenic and growing Wall Street protest movement, and many bloggers have cheered on the demonstrators, no one can explain what these idealists hope to achieve. Yes, they’ve drawn attention to pervasive greed among elites, growing income inequality and widespread unemployment, among other ills. And, the protestors chose Wall Street as the appropriate point of departure for an evolving national movement. So, it is fitting that their goals be directed toward Wall Street and its allies on both ends of Pennsylvania Avenue.
August 15, 2011 -- Though often maligned, class actions are at least as effective as the SEC in curbing “overly aggressive” financial reporting, finance and accounting professors find.