.....CEOs urge court to throw out SEC-Citigroup ruling - News and Current Events | futures io social day trading
futures io futures trading


.....CEOs urge court to throw out SEC-Citigroup ruling
Updated: Views / Replies:584 / 0
Created: by kbit Attachments:0

Welcome to futures io.

(If you already have an account, login at the top of the page)

futures io is the largest futures trading community on the planet, with over 90,000 members. At futures io, our goal has always been and always will be to create a friendly, positive, forward-thinking community where members can openly share and discuss everything the world of trading has to offer. The community is one of the friendliest you will find on any subject, with members going out of their way to help others. Some of the primary differences between futures io and other trading sites revolve around the standards of our community. Those standards include a code of conduct for our members, as well as extremely high standards that govern which partners we do business with, and which products or services we recommend to our members.

At futures io, our focus is on quality education. No hype, gimmicks, or secret sauce. The truth is: trading is hard. To succeed, you need to surround yourself with the right support system, educational content, and trading mentors Ė all of which you can find on futures io, utilizing our social trading environment.

With futures io, you can find honest trading reviews on brokers, trading rooms, indicator packages, trading strategies, and much more. Our trading review process is highly moderated to ensure that only genuine users are allowed, so you donít need to worry about fake reviews.

We are fundamentally different than most other trading sites:
  • We are here to help. Just let us know what you need.
  • We work extremely hard to keep things positive in our community.
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts.
  • We firmly believe in and encourage sharing. The holy grail is within you, we can help you find it.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

Reply
 
Thread Tools Search this Thread
 

.....CEOs urge court to throw out SEC-Citigroup ruling

  #1 (permalink)
Elite Member
Aurora, Il USA
 
Futures Experience: Advanced
Platform: TradeStation
Favorite Futures: futures
 
kbit's Avatar
 
Posts: 5,872 since Nov 2010
Thanks: 3,301 given, 3,332 received

.....CEOs urge court to throw out SEC-Citigroup ruling

(Reuters) - A group of chief executives at more than 200 large U.S. companies urged a federal appeals court to undo a judge's controversial decision making it harder for companies to settle Securities and Exchange Commission fraud cases.

The Business Roundtable said companies face "protracted and expensive litigation" if the "novel, and potentially dangerous" reasoning used by District Judge Jed Rakoff to scuttle an SEC fraud settlement with Citigroup Inc is not thrown out.

In that November 28 decision, the Manhattan judge rejected the SEC's long-standing practice of not requiring settling companies to admit or deny its charges.

The regulator had accused Citigroup of selling $1 billion of risky mortgage securities without telling investors that it was simultaneously betting against that debt.

But Rakoff said that by not forcing Citigroup to address whether it did anything wrong, the SEC left him no way to know whether the $285 million settlement was fair.

In a court filing on Thursday, lawyers for the CEOs told the 2nd U.S. Circuit Court of Appeals that Rakoff's decision improperly adds legal burdens to companies already facing increased regulation, including the recent Dodd-Frank financial reforms and the new Consumer Financial Protection Bureau.

Mark Perry, a lawyer for the CEOs, said allowing Rakoff's reasoning to stand would result in courts having to start "micro-managing" agencies' enforcement decisions, and delay recoveries for victims of alleged corporate fraud.
"The ability of an agency to set forth clear rules and obtain speedy relief for injured parties often outweighs the agency's interest in obtaining admissions of wrongdoing and a final judgment," Perry wrote.

Last Friday, the SEC said it will no longer include "neither admit nor deny" language in civil fraud settlements where defendants at the same time admit to or are convicted of criminal violations.

Such cases, however, comprise only a small minority of SEC enforcement actions. The policy change also would not have affected the Citigroup case, which has no criminal component.

Business Roundtable members run companies that generate more than $6 trillion of annual revenue.
Citigroup chief Vikram Pandit is a member of the group.

Other members are Goldman Sachs Group Inc chief Lloyd Blankfein, JPMorgan Chase & Co chief Jamie Dimon, and Bank of America Corp chief Brian Moynihan, whose banks agreed in the last two years to pay more than $850 million in major SEC fraud cases. None admitted wrongdoing.

The 2nd Circuit last month temporarily halted proceedings in the Citigroup case. It plans on January 17 to consider an SEC request for a longer halt so it can appeal Rakoff's decision.

The cases are SEC v. Citigroup Global Markets Inc, 2nd U.S. Circuit Court of Appeals, No. 11-5227; and U.S. District Court, Southern District of New York, No. 11-07387. (Reporting by Jonathan Stempel in New York, editing by Matthew Lewis)

CEOs urge court to throw out SEC-Citigroup ruling - Yahoo! Finance

Reply With Quote

Reply



futures io > > > > .....CEOs urge court to throw out SEC-Citigroup ruling

Thread Tools Search this Thread
Search this Thread:

Advanced Search



Upcoming Webinars and Events (4:30PM ET unless noted)

Jigsaw Trading: TBA

Elite only

FuturesTrader71: TBA

Elite only

NinjaTrader: TBA

Jan 18

RandBots: TBA

Jan 23

GFF Brokers & CME Group: Futures & Bitcoin

Elite only

Adam Grimes: TBA

Elite only

Ran Aroussi: TBA

Elite only
     

Similar Threads
Thread Thread Starter Forum Replies Last Post
Venezuela will not recognize World Bank ruling in Exxon case kbit News and Current Events 0 January 8th, 2012 05:35 PM
SEC Is Suing The Former Fannie Mae And Freddie Mac CEOs kbit News and Current Events 0 December 16th, 2011 11:27 AM
Citigroup-SEC settlement rejected, trial ordered kbit News and Current Events 1 November 29th, 2011 08:15 PM
Citigroup paying $285M to settle SEC fraud charges kbit News and Current Events 0 October 19th, 2011 02:13 PM
Japan's Ruling Party Picks Kan as Next Prime Minister Quick Summary News and Current Events 0 June 4th, 2010 12:40 AM


All times are GMT -4. The time now is 02:38 AM.

Copyright © 2017 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432, info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts
Page generated 2017-12-14 in 0.08 seconds with 19 queries on phoenix via your IP 54.221.76.68