Word: sec
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Dates: during 1980-1989
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...unusual hybrid, born during the financial-invention boom of the 1980s, that involves taking a position on the future price of a group of stocks, typically the Standard & Poor's 500. The CFTC first won jurisdiction over the instruments in a bitter tussle six years ago, but the SEC has been looking for a chance to gain control over the fast-growing market ever since. Last week the SEC made its move. In testimony before the Senate Banking Committee, SEC Chairman David Ruder asked Congress for broad new powers that would make his agency the ultimate regulator of stock-index...
Ruder chose his moment well. A day earlier, the SEC released a 900-page investigation of October's crash that provided the most detailed account yet of how trading in stock-index futures turned what might have been just a bad day on Wall Street into a debacle of historic proportions. The SEC identified at least three critical moments on Black Monday when futures-related program trading accounted for more than 60% of the volume on the Big Board, as traders caught with plummeting futures contracts rushed to sell the underlying stocks. At the height of the crash, the SEC...
...study faulted the Securities and Exchange Commission for paying inadequate attention to the vulnerabilities that computers have created in the securities markets. Said a GAO aide: "The SEC doesn't have a staff that can go in and analyze a computer system to see if it functions correctly." That could change quickly. The N.Y.S.E. has begun to beef up the capacity of its computers, and the SEC is keeping close tabs on the process...
What no one realized was that, according to the Securities and Exchange Commission, the financial statements, the fat profits and the entire enterprise were part of an elaborate fiction. Instead of buying stocks for his customers, the SEC charged last week, Bloom used the $10 million to support a lavish life-style. He bought about $5 million worth of paintings, an $830,000 Manhattan condominium and a $2 million vacation house in posh East Hampton, Long Island. Bloom, who also owned a Mercedes-Benz and an Aston Martin convertible, went skiing in St. Moritz, paid...
...those possessions are gone. Without admitting guilt, Bloom agreed to an SEC settlement in which he surrendered $8 million worth of paintings, real estate and other assets. Proceeds from their sale will be split among the investors who gave him money. Two days after the settlement, federal prosecutors in Manhattan charged him with mail fraud. If convicted, he could face up to five years in prison...