Posts Tagged ‘U.S. District Judge Jed Rakoff’

Judge Rejects Sweetheart Deal Between SEC and BofA; NY Attorney General Cuomo Sharpens Axe

Judge Rejects Sweetheart Deal Between SEC and BofA; NY Attorney General Cuomo Sharpens Axe

sweetheart dealCourtesy of Mish

The sweetheart deal between the SEC and Bank of America is surprisingly under attack today as a Federal Judge rejects deal between SEC, BofA over bonuses.

A federal judge on Monday rejected a $33 million settlement between the Securities and Exchange Commission and Bank of America Corp., saying the SEC’s accusations of inadequate disclosure by the bank over bonuses paid at Merrill Lynch must now go to trial.

The SEC announced last month that it had settled its civil charges against BofA, which agreed to buy the New York investment bank last year, without the bank admitting or denying guilt in the case. BofA has said it didn’t violate disclosure rules.

U.S. District Judge Jed Rakoff held up his approval of the settlement, however, and ordered the SEC last month to explain why it didn’t pursue charges against specific executives at Bank of America over the accusations.

After receiving additional statements from the SEC and BofA last week, Rakoff ruled Monday that the proposed $33 million settlement "cannot remotely be called fair," and ordered that the case go to trial beginning Feb. 1.

Rakoff, in his ruling, found that the proposed settlement "suggests a rather cynical relationship between the parties: the SEC gets to claim that it is exposing wrongdoing on the part of the Bank of America in a high-profile merger, the bank’s management gets to claim that they have been coerced into an onerous settlement by overzealous regulators. And all this is done at the expense, not only of the shareholders, but also of the truth."

Cuomo Sharpens Axe

Related to the above decision, inquiring minds are reading Cuomo preparing charges against BofA.

The New York Attorney General’s office is preparing charges against several high-ranking Bank of America executives over the bank’s alleged failure to disclose details about its acquisition of Merrill Lynch, according to a person familiar with the investigation.

Attorney General Andrew Cuomo’s office is likely to file civil charges against the executives over their role in failing to alert shareholders to mounting losses as well as accelerated bonus payments at Merrill, said the person, who requested anonymity because no charges have been filed yet.

Bonus Issue Should Be A Sideshow

The issue of a civil lawsuit


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Zero Hedge

McDonald's Accuses Former CEO Of Lying And Fraud In Lawsuit Seeking To Clawback Comp

Courtesy of ZeroHedge View original post here.

As major corporations burn billions of dollars on "virtue-signaling" to avoid being targeted by the 'cancel culture' mobs, McDonald's is apparently trying to offset some of these costs by going after compensation it already paid out to former CEO Steve Easterbrook, who was abruptly fired over an "inappropriate" relationship with a subordinate.

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Phil's Favorites

Momentum Monday - The Simulation Is Making Me Nervous

 

Momentum Monday – The Simulation Is Making Me Nervous

Courtesy of Howard Lindzon 

Happy Monday.

As always, Ivanhoff and I do our weekly video and you can watch/listen right here.

Ivanhoff has a great synopsis of the market action and themes defining the price action in the US Markets:

1. Asset inflation and the U.S. Dollar. It is simple, if the U.S. Dollar continues to lose ground, people will attempt to protect of purchasing power of their capital and the pri...



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Biotech/COVID-19

How to use ventilation and air filtration to prevent the spread of coronavirus indoors

 

How to use ventilation and air filtration to prevent the spread of coronavirus indoors

Open windows are the simplest way to increase air flow in a room. Justin Paget / Digital Vision via Getty Images

Courtesy of Shelly Miller, University of Colorado Boulder

The vast majority of SARS-CoV-2 transmission occurs indoors, most of it from the inhalation of airborne particles that contain the coronavirus. The best way to prev...



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ValueWalk

For Rioters - Life In Prison Or Civil Law Suits

By JOHN F. BANZHAF. Originally published at ValueWalk.

For Rioters – Life in Prison or Civil Law Suits, Happy Medium Between Tiny Fines and Lengthy Prison Sentences

Q2 2020 hedge fund letters, conferences and more

Rioters Are Facing Life Sentences

WASHINGTON, D.C. (August 10, 2020) -  Some rioters are facing life sentences in Salt Lake City, and other rioters are facing felony charges in additional cities including Louisville, Eugene, Grand Rapids, Austin, Richmond, and elsewhere.

While some may say that it's about time, since misdemeanor arrests and tiny fines haven't deterred rioters from burning do...



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Kimble Charting Solutions

Commodities Rally Runs Into Big Breakout Test

Courtesy of Chris Kimble

After a 9 year tail-spin, Commodities are starting to show life in 2020.

Precious metals have been very strong, and commodity bulls are hoping the grains (and energy) follow suit.

In today’s chart, we look at a long-term “monthly” view of the Thomson Reuters Equal Weight Commodity Index.

As you can see, the index has been in a rising channel marked by each (1) for the past 50 years. The 9-year downtrend came near channel support while retesting the 2009 lows at (2).

The rally in 2020 has commodity bulls feeling good again. The Commodity Index is now testing the 9...



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The Technical Traders

Melt-Up Continues While Metals Warn of Risks

Courtesy of Technical Traders

What a week for Metals and the markets, folks. The Transportation Index is up nearly 4% for the week.  The Dow Jones Industrial Average is up over 3% for the week.  Silver is up over 14% and reached a peak near $30 (over 23%).  Gold is up over 2.5% and trading above $2025 right now – with a peak price level near $2090.  If you were not paying attention this week, there were some really big moves taking place.

MELT-UP WITH HIGH RISKS – PAY ATTENTION

Overall, our research team believes the current “melt-up” price action is likely to continue as global investors continue to believe the US Fed will do everything possible to save the...



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Digital Currencies

Raoul Pal: "It May Not Be Worth Owning Any Asset Other Than Bitcoin"

Courtesy of ZeroHedge View original post here.

Authored by Turner Wright via CoinTelegraph.com,

Raoul Pal, CEO and founder of Real Vision, says Bitcoin may soon become his only asset for long-term investments.

image courtesy of CoinTelegraph ...



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Chart School

RTT browsing latest..

Courtesy of Read the Ticker

Please review a collection of WWW browsing results. The information here is delayed by a few months, members get the most recent content.



Date Found: Sunday, 29 March 2020, 07:00:37 PM

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Comment: Silver Shorts Are In a Bind | Ted Butler youtu.be/qQc0AoJp-Q8



Date Found: Monday, 30 March 2020, 05:21:45 PM

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Comment: 5 Questions From You for Luke Gromen youtu.be/nVZD_fuxbQE


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Lee's Free Thinking

Texas, Florida, Arizona, Georgia - The Branch COVIDIANS Are Still Burning Down the House

 

Texas, Florida, Arizona, Georgia – The Branch COVIDIANS Are Still Burning Down the House

Courtesy of Lee Adler, WallStreetExaminer 

The numbers of new cases in some of the hardest hit COVID19 states have started to plateau, or even decline, over the past few days. A few pundits have noted it and concluded that it was a hopeful sign. 

Is it real or is something else going on? Like a restriction in the numbers of tests, or simply the inability to test enough, or are some people simply giving up on getting tested? Because as we all know from our dear leader, the less testing, the less...



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Members' Corner

Coronavirus, 'Plandemic' and the seven traits of conspiratorial thinking

 

Coronavirus, 'Plandemic' and the seven traits of conspiratorial thinking

No matter the details of the plot, conspiracy theories follow common patterns of thought. Ranta Images/iStock/Getty Images Plus

Courtesy of John Cook, George Mason University; Sander van der Linden, University of Cambridge; Stephan Lewandowsky...



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Insider Scoop

Economic Data Scheduled For Friday

Courtesy of Benzinga

  • Data on nonfarm payrolls and unemployment rate for March will be released at 8:30 a.m. ET.
  • US Services Purchasing Managers' Index for March is scheduled for release at 9:45 a.m. ET.
  • The ISM's non-manufacturing index for March will be released at 10:00 a.m. ET.
  • The Baker Hughes North American rig count report for the latest week is scheduled for release at 1:00 p.m. ET.
...

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Promotions

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Mapping The Market

How IPOs Are Priced

Via Jean Luc 

Funny but probably true:

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About Phil:

Philip R. Davis is a founder Phil's Stock World, a stock and options trading site that teaches the art of options trading to newcomers and devises advanced strategies for expert traders...

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