Word: stockely
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...rule, Cox announced that the SEC would not seek to appeal the ruling - he took the same no-appeal tact when a court shot down an SEC effort to make mutual funds appoint independent chairman. On the other hand, certain types of enforcement - like cases against companies that backdated stock options - have flourished under Cox. And now he's a loud supporter of regulating the $58 trillion credit default swap market that helps companies insure against defaults on their debt - but also links financial institutions together in dangerously opaque ways...
...Since earlier this year, Cox has also come under fire for not acting more quickly to curb short sellers - investors who borrow shares and make money when a stock's price drops. After certain financial stocks started diving over the summer, and market players and attorneys began ringing alarm bells about rumor-mongering, the SEC temporarily banned a particularly aggressive form of short selling in 19 financial stocks. A new ban, which prohibits all types of short selling for some 800 financial stocks, went into effect on Sept. 19 and lasts until...
...simply responding to calls to stop the slide in certain stocks - Morgan Stanley CEO John Mack put in a personal call to the SEC - isn't necessarily the best policy. Short sellers, as anyone in finance will tell you, often provide very useful early signals about the weakest players in the market. And there is little rigorous data on whether bans on short selling broadly, or specific modifications to how it's conducted (like whether a stock must tick up before a short can go in), truly reduce volatility in markets. Little wonder that many market observers, including former Federal...
...government is forced to buy up billions of dollars worth of bad assets - raising taxes to pay for the program - as citizens seethe. That's the U.S., today. But the prequel to Nightmare on Wall Street occurred more than a decade ago in Japan, when epic real estate and stock-market bubbles burst - making it all the more remarkable that some of the international companies now prowling for bargains among the remains of battered U.S financial institutions are based in Tokyo...
This isn't to say that Asia hasn't been affected by America's financial woes. Asian stock markets, despite a recent rally, have tumbled in recent months on concerns over the state of the U.S. economy. Losses may also continue to mount as the financial crisis in the U.S. unfolds. Major Japanese banks, for example, have some $3 billion in exposure to Lehman Bros., which filed for bankruptcy last week. Individuals have also been hurt. In Hong Kong, hundreds of residents who purchased Lehman bonds held a protest on Sunday demanding the government help secure their investments...