Word: sec
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...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...
...Stallone and twice as funny. They surely seemed so to Greg Ford, a scholar-evangelist who has mounted cartoon retrospectives at museums and revival houses. Last year Warners hired him and Animator Terry Lennon to write and direct the little black duck's comeback vehicle, a 7 min. 41 sec. parody of The Exorcist and Ghostbusters...
...Brady commission did not highlight the role of the specialist, but that may be a major topic of the report expected to be released this month by the Securities and Exchange Commission. SEC Chairman David Ruder contends that a way must be found to provide a much larger pool of capital for the specialists. Says he: "There is just not enough buying power in times of emergency...