Convicted swindler Bernard Madoff knew how to deal with pesky Securities and Exchange Commission investigators, and in a 2005 phone conversation caught on tape and obtained by CNBC, he tells associates his secret.
A recent court ruling that forced two ratings companies to defend fraud claims is a "game-changer" for the industry, said David Einhorn, head of Greenlight Capital.
As we approach the anniversary of some of the most cataclysmic failures in our economic history, we appear to be in perhaps no better position to manage the failure of an investment bank, a hedge fund or an insurance company than we were before.
A global crackdown on bank secrecy and offshore tax havens is gaining steam due to the worldwide financial crisis, the head of the OECD told CNBC.
The watchdog of the Securities and Exchange Commission has found that three agency exams and two investigations of Bernard Madoff's business were incompetent, despite ample warnings of the multibillion-dollar fraud.
Securities and Exchange Commission Inspector General David Kotz has issued his long-awaited report on how the agency missed the Bernard Madoff Ponzi scheme.
With the toll of bank failures surging, regulators are expected Wednesday to ease rules they proposed only last month for private investors seeking to buy failed institutions.
Late Tuesday, a federal appeals court, without explanation, denied Allen Stanford's petition to remove U.S. District Judge David Hittner from his criminal case.
The industry self-regulatory organization that was supposed to police the brokers at the Stanford Financial Group acknowledges it received a tip from an employee in 2003 that the company was running a Ponzi scheme, but did not follow up on it because of the agency's own policy.
Several banks, including two in the U.S., face new scrutiny as investors and regulators try to sort out the alleged Stanford Ponzi scheme, CNBC has learned. At issue: what the banks and regulators knew about massive deposits and withdrawals from Stanford over the years.
One of Allen Stanford's mistresses—whom the accused fraudster euphemistically refers to as "outside wives"—should be held in contempt of court, according to the court-appointed Receiver in the case.
Berkshire Hathaway isn't happy with a Reuters story initially published with the headline, "Buffett's Berkshire: We Goofed On Derivative Risks." Berkshire CFO Marc Hamburg tells Warren Buffett Watch, "There is no indication whatsoever in my letter to the SEC that we made an error or that we underestimated the risks of falling stock prices."
The SEC has issued a Wells notice to hedge fund Pequot Capital Management and its founder Arthur Samberg for allegedly trading on nonpublic information on Microsoft stock in 2001, CNBC has learned.The notice, which focuses solely on the firm's trading of Microsoft stock in spring 2001, was issued about one month ago. It alleges the firm traded on material nonpublic information.
State Street is down midday on a headline from the WSJ: "$625M reserve for exposure to sub-prime crisis 'May not be sufficient."
This week General Electric agreed to pay $50 million to settle a suit filed by the Securities and Exchange Commission that said the company fiddled with its books repeatedly early in this decade. In at least one case, that allowed it to preserve its reputation for making the numbers. Some of the details are eerily reminiscent of Enron.
The SEC said Thursday that former American International Group CEO Maurice "Hank" Greenberg agreed to pay a $15 million fine to settle fraud charges.
A regulatory ban on so-called flash trading, which gives some big brokerage firms a split-second advantage in buying and selling stocks, will take time to implement, Securities and Exchange Commission Chairman Mary Schapiro told CNBC.
Why should they suffer for the CEO’s mistakes?
The Mad Money host presents both the technical and fundamental cases for owning Bank of America.
Investors are whispering about the latest government crackdown on Wall Street. With tighter regulations imminent, what happens to profits?