Word: agreements
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Hoping to show she's got the right stuff, Mary L. Schapiro, 15 days on the job as chairwoman of the besieged Securities and Exchange Commission (SEC), took her first steps this week in shaking up the agency. She simultaneously secured an agreement with Bernard Madoff, worked on gaining tips about two more Ponzi schemes and waved goodbye to her chief enforcement officer, Linda Thomsen, who resigned...
...while Thomsen's press-release drafts were still being proofed, the SEC announced on Monday that it had reached an agreement with Madoff over a partial judgment on civil penalties related to his alleged masterminding of the now infamous $50 billion Ponzi scheme, considered the largest in history. A Ponzi is a fraud in which money from new investors is used to pay off previous investors...
...agreement does not affect criminal charges against Madoff, once considered the smartest man on Wall Street, but it may signal a move on the criminal-plea bargaining front, according to Coffee. "This usually means the defense side is ready to give a little," he said...
...Many saw this civil case agreement as major signal that negotiations were moving fast on the criminal plea bargaining front, which may include Madoff's desire to keep his family out of trouble. Of course, Wednesday's revelation regarding Mrs. Madoff's financial withdrawals only raises the likelihood that prosecutors will look closely at family members' actions...
...There appears to be little agreement just what this change should be. Young suggests licensing prostitutes so the industry "is more controlled, regulated and safe." Hong Kong lawmaker Margaret Ng is calling for changes so that more than one prostitute can operate out of the same apartment. That way, workers can watch out for each other. "We need to aim our efforts against organized crime instead of exposing sex workers to danger, especially when it's a danger to their lives," says Ng. "But I get the feeling that most people in the government don't have...