Word: sec
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JEFF BEZOS SEC probes Amazon stock dump. Should've just sold the whole company on eBay
...with commercial paper--unsecured short-term IOUs. During the California energy crisis, utilities defaulted on that paper, prompting fund companies to eat the loss so their investors would not have to. Money funds hold $644 billion in such U.S. paper, says iMoneyNet.com but the risks remain small because the SEC prohibits a fund from investing more than 5% of its assets in the IOUS of a single company...
...business--so-called ad hoc disclosure. "It seems clear that a lot of Neuer Markt guys were publishing only good news, which is a violation of the ad hoc disclosure rules," says Marco Becht, co-author of a forthcoming book, The Control of Corporate Europe. "In the U.S., the SEC has always been pretty ruthless with companies that didn't come clean...
...sitting in his Washington office. "I got a call from a very senior White House official," Levitt told TIME, "to ask what I knew about PINKY GREEN and MARC RICH." After touching base with his enforcement team, Levitt spoke again with the White House. He reported that the SEC had no jurisdiction over the pair because their business was commodities, not securities. Then Levitt says he took it upon himself to express a view about the proposed pardon. "I said I personally felt this was very wrong," Levitt told TIME. He says the White House official agreed completely. Word...
...years, many banks have aggressively marketed "callable CDs," longer-term deposits that may be redeemed by the bank--not the holder--after a preset period. Customers, particularly seniors, have bought the CDs, eyeing high interest rates and mistakenly believing they could cash them in at will. Complaints to the SEC grew fivefold last year, and several states, including Texas, Florida and Arizona, are investigating marketing practices...