Regulation

SEC Accused of Hiding Wall Street Wrongdoings

Senator Chuck Grassley (R., Iowa) has asked the Securities and Exchange Commission to account for serious allegations that case-related document destruction may have compromised enforcement in cases involving activity at large banks and hedge funds during the financial crisis.

Madoff Trustee Sues ADIA for $300 Million

The trustee charged with recovering funds for victims of Bernard Madoff's Ponzi scheme has sued the Abu Dhabi Investment Authority (ADIA), alleging it received $300 million from a major Madoff feeder fund.

Rep. Spencer Bachus Criticizes SEC for Being 'Flawed and Inefficient'

US Representative Spencer Bachus has said he is planning legislation to restructure the U.S. Securities and Exchange Commission in order to implement changes recommended by the agency’s inspector general, the Government Accountability Office and a consultant’s report mandated by the Dodd-Frank Act.

Was Hedge Fund Falsely Accused of Malfeasance?

The three Louisiana pension funds that expressed concern over Fletcher Asset Management’s liquidity and financial reporting practices have sent a team to the hedge fund to investigate the matter; their findings suggest that the initial concerns may have been unsubstantiated.