The Securities and Exchange Commission’s watchdog, who chronicled a history of breakdowns at the agency despite numerous red flags raised about Bernard Madoff’s business, has recommended “employee-by-employee” action to ensure the failures aren’t repeated.
Federal regulators on Wednesday adopted new rules designed to stem conflicts of interest and provide more transparency for Wall Street’s credit-rating industry, widely faulted for its role in the subprime mortgage debacle and ensuing credit crisis.
North Dakota Securities Commissioner Karen Tyler has ordered a Fargo businessman to quit doing securities business in the state.
Tyler said Bruce Hager is not a registered securities broker or dealer. She says he also has been barred nationally from selling securities by a federal licensing agency.
Bank of America Corp. said Wednesday it will buy back about $4.5 billion worth of auction-rate securities held by roughly 5,500 customers nationwide as part of a settlement agreement with Massachusetts regulators.
September 11, 2008
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