Tuesday, 23 September 2014
Last updated 1 hour ago
Jun 13 2011 | 12:31pm ET
The Securities and Exchange Commission of Friday refused to disclose how it dealt with referrals about suspicious trading at SAC Capital Advisors, prompting a furious response from the U.S. senator who asked for its explanation.
"We generally do not comment on the status of investigations or related referrals, and, in turn, are not providing information concerning the specific FINRA referrals you identified," Robert Khuzami, the SEC's enforcement director, wrote to Sen. Charles Grassley (R-Iowa). That did not make Grassley, the senior Republican on the Senate Judiciary Committee who gave the SEC more time to respond to his request just days earlier, particularly happy.
"This isn’t what I asked for, and it's not an acceptable response," Grassley said. "I'm looking for the SEC to explain how it handled specific referrals. Did the agency review them and find no credible evidence of wrongdoing? Or are they sitting in a drawer because the agency ignored them?"
Grassley asked about 20 referrals about suspicious trading at SAC. The senator has stressed his focus is the SEC, a frequent target of Grassley's, and not the hedge fund, which has said it is cooperating with the probe.
"My staff continues to analyze the referrals involving SAC Capital, and I'll continue to ask for answers from the SEC," Grassley added.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitich, CIO of Petty Endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.