Recent Articles

November, December 2012

(Today’s additions in blue)

 

A. Overview of the Two Financial Crises

• Banks Dominate Mortgage Market: “After bailout, giants dominate the mortgage business” (NYT, 11/1/12)
• Bank Liquidity and Solvency: “Banks need to rediscover the ancient arts of caution” (FT, 12/14/12)
• FHA and the Housing Crisis: “The latest taxpayer housing bust” (WSJ, 11/20/12)
• Impact on Stock Ownership of the Two Financial Crises: “For many financial advisers, stocks become a hard sell” (WSJ, 12/11/12)
• Lawyers and the Financial Crisis: “As the crisis is revisited lawyers win” (NYT, 11/16/12)
• Rogue Financier: “I have chosen the bright side” [Book Review of Florian Homm ‘Rogue Financier”] (FT, 12/8/12)

Read Earlier Articles

B. Why so Few Criminal Prosecutions From the Financial Crisis of 2007-2009

• Criminal Foreclosure Fraud Case (DocX): “Guilty pleas in foreclosure fraud cases” (NYT, 11/21/12)
• Criminal Prosecutions of Individuals:
  • [TOP TEN] “Federal regulators stay on the full-court press” (NYT, 12/12/12)
  • “Where are the criminals?” (WSJ, 11/26/12)
  • “Jailed banker is rare prize for US” (WSJ, 11/11/12)

C. SEC’s Approach To Financial Crisis Cases

• Credit Rating Firms:
  

   

  • “Credit raters still falling short of standards, SEC says in annual report” (WSJ, 11/16/12)
  • “SEC: Credit Rating Firms fall short” (LAT, 11/16/12)
• High Speed Trader Regulation:
  • “High-speed trades hurt investors, a study says” (NYT, 12/4/12)
  • “Exchanges get closer inspection” (WSJ, 11/20/12)
• New SEC Chief (Elisse Walter):
  • “An investor for Chief of SEC?” (WSJ, 12/11/12)
  • “Schapiro’s boss” (WSJ, 12/6/12)
  • “SEC chief delayed rule over legacy concern” (WSJ, 12/3/12)
  • “As official drops out, race shifts for SEC” (NYT, 11/29/12)
  • “Temporary SEC Head appointed” (LA Daily Journal, 11/27/12)
  • “Schaprio to step down from SEC” (FT, 11/27/12)
  • “SEC’s chief’s exit opens void” (WSJ, 11/27/12)
  • “SEC faces paralysis on top issues” (LAT, 11/27/12)
  • “Leadership at the SEC” (NYT, 11/27/12)
  • “Shaping up a divided SEC” (WSJ, 11/27/12)
  • “An ally of the old boss also goes her own way” (WSJ, 11/27/12)
• SEC Investigation of China Audits:
  • “Sorting out a Chinese puzzle in auditing” (NYT, 12/7/12)
  • “SEC / China” (FT, 12/8/12)
  • “Scrutiny at the gate: firm’s role questioned” (WSJ, 12/6/12)
  • “Audit actions threatens China Group’s US Listings” (WSJ, 12/5/12)
  • “Top audit firms face SEC China crackdown” (FT, 12/4/12)
  • “US sues big firms over China audits” (WSJ, 12/4/12)
  • “SEC charges five firms over audits in China” (NYT, 12/4/12)
• SEC Investigation of Netflix SEC posting on Facebook:
  • “Madoff got a way but Netflix won’t” (WSJ, 12/8/12)
  • “SEC warns Netflix CEO Hastings” (WSJ, 12/7/12)
  • “SEC warns Netflix over a post on Facebook” (NYT, 12/7/12)
  • “SEC takes issue with Netflix’s Facebook post” (LAT, 12/7/12)
• SEC Investigation of Deutsche Bank Based on Three Whistleblowers ($12 Bn Paper Losses Hidden): “
  • “Deutsche bank in spotlight over claims it hid losses” (FT, 12/8/12)
  • “Simplicity in banking should always take precedence” (FT, 12/7/12)
  • “Minding the gap at Deutsche bank” (FT, 12/7/12)
  • “Regulators sat in on Deutsche audits” (FT, 12/7/12)
  • “Regulators probe crisis-era actions by Deutsche Bank” (WSJ, 12/6/12)
  • “Deutsche bank accused of fraud by staff” (12/6/12)
  • [TOP TEN] “A show of strength or a fiction” (FT, 12/6/12)
• SEC Investigation of JP Morgan:
  • “SEC vs. JP Morgan” (WSJ, 11/13/12)
  • [TOP TEN] “No individual charges in probe of JP Morgan” (WSJ, 11/12/12)
• SEC Drops CDO Lawsuit (Steffelin):
  • [TOP TEN] “Another fumble by the SEC on fraud” (NYT, 11/17/12)
  • “SEC drops bond lawsuit” (WSJ, 11/17/12)
• SEC Settlement with JP Morgan and Credit Suisse ($417 million):
  • [TOP TEN] “SEC two banks settle over loans” (WSJ, 11/17/12)
  • “Morgan, Credit Suisse settle with SEC” (LAT, 11/17/12)
  • “Two banks to settle case for $417 million” (NYT, 11/17/12)
• SEC Trial of “Broke the Buck” case (Reserve Primary Fund / Bruce Bent):
  • “SEC to seek new trial for Bent” (WSJ, 12/14/12)
  • [TOP TEN] “Journey to reach the Bent verdict” (WSJ, 11/27/12)
  • “Time for compromise in money market reform” (WSJ, 11/23/12)
  • “Money fund breakthrough” (WSJ, 11/23/12)
  • [TOP TEN] “Reserve primary managers cleared” (WSJ, 11/10/12)
  • [TOP TEN] “Money market pioneer and son cleared of fraud” (NYT, 11/13/12)

Read Earlier Articles

D. Relevance of Enron and Dot-com Collapse Era (2000-2002) and Earlier Financial Collapses to Today’s Financial Crisis

• Auditing/Consulting Conflict for the Big 4 Auditing Firms: “Eyebrows go up as auditors branch up” (WSJ, 12/7/12)
• Barclays: $100 million fine for Energy Manipulation:
  • “An Energy regulator vs. Wall Street” (NYT, 11/2/12)
  • “Bank fighting battle on several fronts” (FT, 11/2/12)
  • “Barclay’s case shocks energy market” (FT, 11/2/12)
  • “Barclays faces fresh blow as US energy watchdog eyes $100m fine” (FT, 11/1/12)
• Danger of ‘Junk Bonds’ Boom?: “The “Junk” is back in Junk Bonds” (NYT, 11/2/12)
• Hewlett-Packard’s $9 Bn Accounting problem:
  • “Down in the Valley” (FT, 11/24/12)
  • [TOP TEN] “HP claim highlights a gray area in software sales” (NYT, 11/21/12)
• JP Morgan’s Energy Manipulation Investigation: “New JP Morgan Jam” (WSJ, 11/16/12)
• New Dot.Com (Social Media) Collapse? (Facebook/Zynga/Groupon/Pandora):
  • “Groupon stock advances 23%” (LAT, 12/8/12)
  • “Zynga takes gambling step in Nevada” (WSJ, 12/6/12)
  • “Groupon board keeps Mason on as its CEO” (WSJ, 11/30/12)
  • “Groupon chief feels the heat” (FT, 11/29/12)
  • “Groupon CEO says he’s right for the job” (WSJ, 11/29/12)
  • “Investors cool on FourSquare” (WSJ, 11/21/12)
  • “The Education of Zynga’s Founder” (WSJ, 11/16/12)
  • “Facebook bucks slump” (WSJ, 11/15/12)
  • “Facebook gains even as more shares become available” (NYT, 11/15/12)
  • “Zynga makes more changes” (WSJ, 11/14/12)
  • “Investors can’t take Groupon’s cash to the bank” (WSJ, 11/13/12)
  • “Groupon comes up short” (WSJ, 11/9/12)
  • “Facebook’s friends left early” (WSJ, 11/5/12)
  • “Facebook shares fall as stock lock-up ends” (LAT, 11/1/12)
• Olam: “Risk taker shows off his righteous side” (FT, 12/7/12)
• Short Seller and Accounting Allegations (Muddy Waters Research):
  • “Olam / Muddy Waters” (FT, 12/5/12)
  • “Muddy Waters Report attacks OLAM over accounting gaffes” (FT, 11/28/12)

E. Criminal and Civil Insider Trading

• CEO Stock Sales:
  • [TOP TEN] “Despite 2007 Warning experts say loopholes remain for corporate insiders: Trading plans under fire” ( WSJ, 12/14/12)
  • [TOP TEN] “Insider-Trading probe widens” (WSJ, 12/11/12)
  • “For insiders, it’s all in the timing” (WSJ, 11/29/12)
  • “Disclosure on trades is sought” (WSJ, 11/29/12)
  • “Executives good luck on selling of stocks” (WSJ, 11/28/12)
• Delta Petroleum Former CEO Insider Trading: “Delta Petroleum: SEC accuses ex-officer” (WSJ, 11/29/12)
• “Fat Man” Insider Trading Scheme:
  • “Alleged Insider group includes website editor” (WSJ, 11/30/12)
  • “Pals, colleagues — alleged insiders” (WSJ, 11/20/12)
• Gupta Sentencing:
  • “Gupta free while on appeal” (WSJ, 12/5/12)
  • “Gupta to avoid jail as he appeals” (LAT, 12/5/12)
  • “Trading insider to remain free on bail” (NYT, 12/5/12)
  • “Gupta to press case for bail pending appeal” (WSJ, 11/29/12)
• Hedge Fund SAC Capital Advisers (Martoma):
  • [TOP TEN] “A longstanding Wall Street custom of favoring performance over ethics” (NYT, 12/13/12)
  • “A big lover and money man is missing at the fair” (NYT, 12/7/12)
  • [TOP TEN] (Risk vs. Period)^2 (NYT, 12/8/12)
  • [TOP TEN] “Trail to a hedge fund, from a cluster of cases” (NYT, 12/6/12)
  • “Clock ticks for SAC investors” (WSJ, 12/3/12)
  • “SAC investors agonoize of whether to stay put” (FT, 12/3/12)
  • “The high cost of ignorant stock prices” (WSJ, 12/1/12)
  • “SEC weighs suit against SAC Capital” (NYT, 11/29/12)
  • “For SAC’s Cohen, new battleground in an old fight” (WSJ, 11/29/12)
  • “SEC fires a warning shot at SAC” (WSJ, 11/29/12)
  • “SAC hedge fund said to face possible SEC action” (LAT, 11/29/12)
  • “SAC set to face inside trading charges” (FT, 11/29/12)
  • “SAC trader fainted as FBI pressed on boss” (WSJ, 11/28/12)
  • “Former analyst is freed on bail in an insider case” (NYT, 11/28/12)
  • [TOP TEN] “Knowledge is money, but the peril is obvious” (NYT, 11/28/12)
  • “SAC chiefs to address investors concerns” (FT, 11/28/12)
  • “SAC Capital to try to reassure investors” (NYT, 11/28/12)
  • “SAC aims to assuage investors’ concerns” (WSJ, 11/28/12)
  • “Accused insider trader out on bond” (LAT, 11/27/12)
  • [TOP TEN] “New breed of SAC Capital hire is at center of insider trading case” (NYT, 11/26/12)
  • “The quintessential trader with the fund in a spotlight” (FT, 11/24/12)
  • “New trading case casts a deep shadow on Hedge Fund Mogul” (NYT, 11/24/12)
  • [TOP TEN] “The trade that threatens to haunt top hedge funds” (FT, 11/23/12)
  • “Authorities try to flip trader in insider case” (WSJ, 11/23/12)
  • “Trading charges reach SAC” (WSJ, 11/21/12)
  • “US alleges trading on inside tips” (LAT, 11/21/12)
  • “SAC Capital caught in new insider trading case” (FT, 11/21/12)
  • “Insider inquiry inching closer to billionaire” (NYT, 11/21/12)
  • “Cohn linked to insider trading scheme” (FT, 11/21/12)
• Insider Trading Investigation of Diamondback Capital Ex-Employees:
  • “Diamondback is shutting down” (WSJ, 12/7/12)
  • “Diamondback capital to close after investors withdraw $528 million” (NYT, 12/8/12)
• Insider Trading Investigation of Big Lots Inc. CEO (Fishman):
  • “Big sales by Big Lots Brass” (FT, 12/12/12)
  • “FBI probes Big Lots chief” (WSJ, 12/7/12)
  • “Big Lots Chief probed by SEC” (WSJ, 12/5/12)
• Insider Trading Investigation of Euro Pacific Capital Brokers: “‘Illegal Tipping’ alleged on IBM deal” (WSJ, 11/30/12)
• Insider Trading Investigation of Wells Fargo Investment Banker (Femenia):
  

   

  • “Ex-Wells Fargo Banker Charged” (WSJ, 12/14/12)
  • “SEC charges banker with insider trading” (LAT, 12/6/12)
• Insider trading trial of hedge fund managers (Chiasson, Newman):
  • “Trial begins for fund managers accused of insider trading” (WSJ, 11/14/12)
  • “Defense opens insider trade case with attack on witnesses” (NYT, 11/14/12)
  • “Trial to open in $68 million insider trading case” (NYT, 11/13/12)
• Insider Trading Trial of Mizho International Banker (Amman): “Ex-Mizho banker jailed over insdier dealing” (FT, 12/14/12)
• Investigation of Silicon Valley Executive (Chellam): “Executive settles in Insider trading suit” (LA Daily Journal, 11/1/12)
• Japanese Insider Trading (Nomura): “Another legal problem for Nomura” (NYT, 11/3/12)
• SEC/DOJ Probe of Possible Insider Trading in Health Care Company Clinical Trials: “SEC probe through light on clinical insider trading” (FT, 11/24/12)
• SEC Investigation of Hedge Fund Tiger Asia Management:
  • “Tiger Asia founder, one time star, admits to his fund’s improper trading” (NYT, 12/13/12)
  • “Fund pleads guilty in fraud” (WSJ, 12/13/12)
• UK Deutsche Bank Probe: “Deutsche Bank sets aside money for Libor costs” (FT, 11/29/12)

Read Earlier Articles

 

F. Recent Financial Crisis Investigations

• Dangers of Quants and Automated Trading (Knight Capital):
  • “Decision coming soon” (WSJ, 12/13/12)
  • “Knight is faced with a tough decision” (WSJ, 11/30/12)
  • “Knight set to weigh competing bids“ (WSJ, 11/29/12)
  • “Two firms make offers for Knight” (NYT, 11/29/12)
  • “Virtu takes lead in Knight talks” (WSJ, 11/28/12)
  • “Knight weighs sale of units“ (WSJ, 11/24/12)
  • “SEC expands Knight probe“ (WSJ, 11/14/12)
  • “Knight blames missed fuel delivery” (WSJ, 11/2/12)
  • “Generator problems hit Knight“ (WSJ, 11/1/12)
• Goldman Settlement with Stock-Option Exchanges: “Goldman partners pocket $22 Million” (WSJ, 11/7/12)
• Libor Manipulation (Barclays):
  • “Former UK financial regulator to join Barclays” (FT, 12/13/12)
  • “Barclays names ex-regulator as compliance chief“ (WSJ, 12/13/12)
  • “Ex-regulator will guide Barclays’ compliance” (NYT, 12/13/12)
  • “Barclays fires five in Libor scandal” (Telegraph, 11/29/12)
• Libor Manipulation (RBS):
  • “RBS seeks pact on Libor” (WSJ, 11/5/12)
  • “RBS braces for Libor penalties” (NYT, 11/3/12)
  • “RBS prepares for Libor settlement talks” (FT, 11/3/12)
• Libor Manipulation (UBS):
  • [TOP TEN] “UBS in talks for $1 Billion in penalties” (WSJ, 12/14/12)
  • “UBS’s penalty over Libor Scandal may top $1 Billion” (FT, 12/14/12)
  • [TOP TEN] “Compound Interest: The Global probe into rate – rigging” (FT, 12/10/12)
  • “UBS undertakes settlement talks over Libor” (FT, 12/8/12)
  • “UBS is reported to be near deal on rate rigging” (NYT, 12/3/12)
  • “UBS seeks global deal over Libor scandal” (FT, 12/4/12)
  • “UBS nears accord on allegations over Libor” (WSJ, 12/4/12)
  • “UBS tells why it cut off a limb” (WSJ, 11/13/12)
  • “Ermotti treads fine line in investment shift” (FT, 11/5/12)
  • “UBS restructuring claims scalp of fixed income head” (FT, 11/1/12)
• MF Global $1.6 Bn Missing Customer Funds:
  • “House GOP: MF Collapse avoidable” (WSJ, 11/16/12)
  • “MF Global accused of misleading regulators over trades” (FT, 11/16/12)
  • “Report faults MF Global Regulators” (NYT, 11/16/12)
  • [TOP TEN] “House report says Corzine’s risky bets aided MF Global fall” (NYT, 11/15/12) [Find the report here]
  • “Corzine blamed for MF Global collapse” (FT, 11/15/12)
  • “Republicans blame Corzine for MF Global crash” (LAT, 11/15/12)
  • “A year after MF Global’s collapse, brokerage firms feel less pressure for change” (NYT, 11/1/12)
• Unauthorized $1 Bn Trade Investigation at Boutique Brokerage Firm (Rochdale Securities): “Big Bet Sours, Imperiling Small Firm” (NYT, 11/7/12)

 

G. Financial Crisis Criminal Investigations, Indictments, Arrests, Trials, Pleas, Settlements and Appeals

• Criminal Trial of Refco lawyer (Collins): “Conviction in Refco retrial” (WSJ, 11/17/12)
• Foreign Corrupt Practices Act:
  • “Learning to live with FCPA” (LA Daily Journal, 11/26/12)
  • “Some say FCPA guide lacks specificity” (LA Daily Journal, 11/27/12)
  • “Bribery law dues and don’ts” (WSJ, 11/15/12)
  • [TOP TEN] “Justice Dept. issues guidance on overseas bribes“ (NYT, 11/15/12) [Report: A Resource Guide to the U.S. Foreign Corrupt Practices Act]
  • “US Clarifies bribery law to avoid violations” (FT, 11/15/12)
• Foreign Corrupt Practices Act (Rolls Royce):
  • “Rolls-Royce faces bribery claims” (WSJ, 12/7/12)
  • “Corruption probe clouds Rolls-Royce horizon” (FT, 12/7/12)
• Foreign Corrupt Practices Act (Barclays Probe): “Barclays in US probe over Saudi license” (FT, 11/11/12)
• Foreign Corrupt Practices Act (Walmart):
  • “Walmart extends corruption inquiries” (FT, 11/16/12)
  • “Walmart takes a broader look at bribery cases” (NYT, 11/16/12)
• Irish Banking Crisis: “Irish jails Quin for contempt over asset” (FT, 11/3/12)
• Italy Prosecution of S&P and Fitch for Downgrading Italy’s Credit Rating: “Italy calls for downgrades trial” (FT, 11/13/12)
• Libor Manipulation (UBS / Citigroup):
  • “Trader and two brokers held and first arrest over Libor scandal” (FT, 12/12/12)
  • “UBS unit is said to be close to guilty plea in rate-rigging scandal” (NYT, 12/14/12)
• Money Laundering Inquiry (HSBC):
  • “HSBC agrees to vet clients” (FT, 12/12/12)
  • “HSBC to pay $1.9 billion to settle case” (LAT, 12/12/12)
  • “HSBC to pay record US penalty” (WSJ, 12/11/12)
  • “Bank said to avoid charges over laundering” (NYT, 12/11/12)
  • “HSBC’s multiplying legal woes” (NYT, 11/13/12)
  • “HSBC haunted by imperfect past” (WSJ, 11/6/12)
  • “Price tag rising in laundering case” (WSJ, 11/6/12)
  • “HSBC” (FT, 11/6/12)
  • “Buoyant HSBC shrugs off PPI setback” (FT, 11/6/12)
  • “HSBC fears $2bn fine over money laundering claim” (FT, 11/6/12)
  • “HSBC may face charges in a laundering inquiry” (NYT, 11/6/12)
• Money Laundering Inquiry (JP Morgan): “New JP Morgan Jam” (WSJ, 11/16/12)
• Money Laundering (Standard Chartered):
  

   

  • “Standard Chartered settles US sanctions allegations” (WSJ, 12/11/12)
  • “StanChart to pay further $300m to settle US claims” (FT, 12/7/12)
  • “Standard Chartered nears Iran settlement” (WSJ, 11/29/12)
• Offshore Tax Evasion:
  • “JP Morgan nears $5M settlement over UK tax avoided via offshore trust” (FT, 12/8/12)
  • “Expect for prosecutions for offshore accounts” (LA Daily Journal, 11/29/12)
  • “Greek tax scandal takes strange turn” (FT, 12/4/12)
  • “Swiss bank secrecy under scrutiny” (FT, 11/30/12)
  • “Two tax-shelter convictions tossed” (WSJ, 11/30/12)
  • “Leak leaves HSBC embarrassed” (FT, 11/10/12)
  • “HSBC investigates alleged client data leak” (FT, 11/9/12)
  • “German tax authorities investigate UBS clients” (FT, 11/13/12)
  • “Britain examines 4,000 HSBC accounts in a tax haven” (NYT, 11/10/12)
  • “UBS in German inquiry on taxes” (WSJ, 11/9/12)
  • “Held to Account” (FT, 11/3/12)
• Tax Evasion (Deutsche Bank):
  • “Deutsche Bank hit by one-off charges” (FT, 12/14/12)
  • “Deutsche Bsnk warns of big hit to profit” (WSJ, 12/14/12)
  • “After raid a warning of a drag on profit” (NYT, 12/14/12)
• UBS Banker Trial for Aiding Tax Evasion:
  • “Guilty plea on US tax evasion” (FT, 11/7/12)
  • “Ex-Swiss Banker admits aid to US tax evaders” (NYT, 11/7/12)
• UBS Bond Trader $2.25 Billion Unauthorized Trading Loss (Adoboli Trial):
  • “UBS funded $47.6 million in rogue trader scandal” (NYT, 11/28/12)
  • “Regulators place sanctions on UBS” (WSJ, 11/27/12)
  • “UBS fined £29m over rogue trader” (FT, 11/27/12)
  • “Adoboli was not a real city trader — go easy on the blame” (FT, 11/23/12)
  • “UBS brace for big fine over Adoboli” (FT, 11/26/12)
  • “UBS expected to be fined in rogue trader scandal” (NYT, 11/24/12)
  • “UBS ex-trader guilty in fraud” (NYT, 11/21/12)
  • [TOP TEN] “UBS fraud trader, intelligent, articulate, charming, and corrupt” (FT, 11/21/12)
  • “Ex-trader sentenced in UBS loss” (NYT, 11/21/12)
  • “Defense compares former UBS trader to Spartacus” (NYT, 11/13/12)
  • “Lawyer says that ex-UBS trader is scapegoat for bank woes” (NYT, 11/10/12)
  • “Ex-UBS trader accused of ‘playing god’ with banks money” (NYT, 11/9/12)
• Whistleblower (BNY Mellon): “Whistleblower to get big payment in Bank of New York Virginia Deal” (WSJ, 11/9/12)

H. SEC and DOJ Civil Investigations, Lawsuits, and Settlements of Financial Crisis Cases

• Aletheia Research and Management:
  • “SEC weights suing Aletheia manager” (NYT, 11/21/12)
  • “SEC said to be investigation money manager’s trading practices” (NYT, 11/13/12)
• Barclays: DOJ/SEC Joint Investigation of Capital Raising Efforts During Financial Crisis:
  • “More probes add to Barclays woes” (NYT, 11/1/12)
  • “Facing new legal worry, Barclay reports a loss” (NYT, 11/1/12)
• JOBS Act – Related SEC Investigations (Caribbean Pacific Marketing): “Fraud case delayed by two months” (NYT, 11/2/12)
• SEC Mortgage Bond Investigation of Wells Fargo:
  
• “Insider Trading: Wells Banker is arrested” (WSJ, 12/14/12)
• “SEC drops probe into Wells bonds” (WSJ, 11/29/12)
• Wells Fargo: DOJ Lawsuit re Mortgages:
  • “Wells Fargo rebuts US loans lawsuit” (LAT, 11/2/12)
  • “Wells seeks dismal in mortgage suit” (WSJ, 11/2/12)

I. FDIC Lawsuits and Settlements

• FDIC Trial of Three IndyMac Executives: “FDIC seeks damages from three former IndyMac executives” (LAT, 11/9/12)
• NERA Report: “Trends in FDIC professional liability litigation” (5/31/12)
• Cornerstone Report: “Characteristics of FDIC Lawsuits Against Directors and Officers of Failed Financial Institutions” (5/1/12)
• FDIC Website: Regulations and Examinations

J. Private Securities Fraud Class Actions, Derivatives Class Actions & Private Financial Crisis Litigation

• AIG:
  • “
  • “Case against New York Fed in AIG rescue is rejected” (NYT, 11/20/12)
  • “Judge tosses suit over AIG” (WSJ, 11/20/12)
  • [TOP TEN] “Greenberg’s AIG suit dismissed” (FT, 11/20/12)
• BofA/Countrywide Mortgage Bond Lawsuits:
  • [TOP TEN] “Did Bank of America hustle the taxpayers” (LA Daily Journal, 11/7/12)
  • “BofA settlees three suits by investors” (LAT, 11/3/12)
• [TOP TEN] BofA/Merrill Lynch Class Action Settlement ($2.43 Billion): “Lawyer’s bill in B of A pact: $177 million” (WSJ, 12/4/12)
• Class Action Lawsuits Against El Paso Corporation ($110 Million Settlement; $26 million attorney’s fees): “Judge approves $100 million El Paso Corp. settlement” (NYT 12/4/12)
• Credit Rating Agencies Australia Trial (S&P):
  • [TOP TEN] “A Casino strategy rated AAA” (NYT, 11/9/12)
  • “S&P faces class action over ABN securities” (FT, 11/7/12)
  • “Holding the rating agencies to account” (FT, 11/6/12)
  • “Rating agencies clash over standards” (FT, 11/6/12)
  • “Agencies threatened with new wave of attacks” (FT, 11/6/12)
  • “Judge rules S&P mislead derivative investors” (FT, 11/6/12)
• JP Morgan Lawsuit Against “London Whale’s” Boss ($6.2 Billion Trading Loss):
  • “JP Morgan files lawsuit against London Whale’s former manager” (FT, 11/1/12)
  • “JP Morgan sues boss of ‘London Whale’ in trading loss” (NYT, 11/1/12)
  • “JP Morgan sues Whale’s ex-boss” (WSJ, 11/1/12)
• MF Global Shareholder Lawsuit ($1.6 Billion Missing Funds): “MF Global suit ads PwC” (WSJ, 11/6/12)
• [TOP TEN] Mortgage-Backed Securities Litigation against Banks: “Mortgage crisis presents banks a new reckoning: Another wave of suits” (NYT, 12/10/12)
• US Supreme Court Review of Class Actions:
  • “Why the renewed focus on securities cases?” (LA Daily Journal, 11/16/12)
  • “Supreme Court hears two cases over class actions” (NYT, 11/6/12)

K. Government Regulation of Financial Institutions

• AIG Government Bailout:
  • “AIG” (FT, 12/12/12)
  • “Insurers have to learn the lesson from AIG’s fall” (FT, 12/13/12)
  • “US prices remaining AIG stake” (LAT, 12/12/12)
  • “Bailout over, US Treasury plans to sell AIG shares” (NYT, 12/11/12)
  • “US is selling rest of its stake in AIG” (LAT, 12/11/12)
  • “AIG reports larger than expected profit” (NYT, 11/2/12)
• Big Bank Stress Test:
  
• “Fed begins stress test on bank liquidity” (FT, 12/14/12)
• “Fed gives big banks a stress reliever” (WSJ, 11/12/12)
• Basel III Rules:
  • “Scandals spark new push on bank risk” (FT, 11/26/12)
  • “Banks attack Fed’s plan on Basel III accord” (FT, 11/14/12)
  • “Ignorance isn’t bliss for banks” (WSJ, 11/13/12)
  • “Regulators postpone part of financial overhaul” (NYT, 11/10/12)
  • “Biggest banks fall behind on reform effort, says FSB” (FT, 11/6/12)
• CME Group Investigation of Morgan Stanley Trader (Hadden):
  • “Trader at Morgan Stanley faces inquiry over possible manipulation” (NYT, 11/30/12)
  • “Former Goldman trader faces CME probe” (FT, 12/4/12)
  • “Morgan Stanley trader in probe” (WSJ, 11/4/12)
• CFTC Investigation of Goldman Trader:
  • “Goldman is fined over hidden bets” (LAT, 12/8/12)
  • “Ex-trader’s ‘gambot’ bites Goldman” (WSJ, 12/8/12)
  • “Goldman fined over improper trading” (NYT, 12/7/12)
• CFTC: “The Intrade Crackdown” (WSJ, 12/1/12)
• “Dark Pools” Trading: “Surge in US ‘Dark Pools’ Trading Highlights Fears of Regulation” (FT, 11/20/12)
• Dodd-Frank Wall Street Reform and Consumer Protection Act:
  • “Architect of Wall Street overhaul prepares for life after politics” (NYT, 12/12/12)
  • “Deconstructing Dodd-Frank” (NYT, 12/12/12)
  • “Wall Street is bracing for the Dodd-Frank rules to kick in” (NYT, 12/12/12)
  • “For Obama, no easy fix for convoluted regulatory system” (NYT, 11/15/12)
  • “America’s bank reforms must avoid stoking ore turmoil” (FT, 11/10/12)
  • “Battle plan shifts on Dodd-Frank” (WSJ, 11/9/12)
  • “Dodd-Frank’s financial outsourcing” (WSJ, 11/6/12)
  • “Restoring trust in the banking sector” (FT, 11/5/12)
• Fannie Mae and Freddie Mac:
  • “Senators for housing busts” (WSJ, 12/1/12)
  • “The Fannie Mae ‘wine down’ that isn‘t” (WSJ, 11/20/12)
  • “Freddie Mac lifted by house price rises” (FT, 11/7/12)

• Federal Housing Administration (FHA):
  • “Study shows a pattern of risky loans by FHA” (NYT, 12/13/12)
  • “In an FHA check-up, a startling number” (NYT, 12/2/12)
• Financial Stability Board (FSB): “Watch dog raps banks over risk” (WSJ, 11/2/12)
• Foreign Banks Regulation by U.S: “Foreign banks rebuffed by fed” (WSJ, 11/29/12)
• [TOP TEN] Impact of Obama’s Re-election on Regulation: “Inquiries to watch in a second term” (NYT, 11/7/12)
• In House Lawyer’s Role: “Lawyers’ in-house roles grow with new regulation” (WSJ, 11/5/12)
• JOBS Act and Looser Disclosure Rules: “Some firms shun looser IPO rules” (WSJ, 11/15/12)
• Libor Manipulation:
  • “Interests rates: Libor — a benchmark to fix” (FT, 12/11/12)
  • “Rigging the financial system” (NYT, 12/5/12)
  • “Libor probe wrangle” (WSJ, 11/15/12)
  • “Libor rates cull proposed” (FT, 11/9/12)
• Money Market Funds Regulation:
  • “Money market funds face flight” (FT, 12/7/12)
  • “SEC’s Aguilar warms up to money-fund overhaul” (WSJ, 12/8/12)
  • “Time for money-fund deal” (WSJ, 11/27/12)
  • “Liberating Money Funds” (WSJ, 11/19/12)
  • “Take 2: Watch Dogs vs. Money Funds” (WSJ, 11/14/12)
  • “Money fund reform has top support” (NYT, 11/14/12)
• Office of Financial Research: “Fledgling monitor for Wall St. risks and early compromise” (NYT, 11/29/12)
• Revolving Door: “Ex-watchdog considers a job in the city” (FT, 12/7/12)
• Senate Banking Committee: “Warren likely to get seat on Senate Banking Committee” (WSJ, 12/5/12)
• Shadow Banks:
  

   

  • “Shadow Banking” (FT, 11/20/12)
  • “FSB proposals target Shadow Bank risks” (WSJ, 11/19/12)
  • “Regulators peer into financial shadow” (FT, 11/19/12)
  • “‘Shadow Banking’ up to to $67 trillion, Financial Group says” (NYT, 11/19/12)
• StanChart: US vs. UK:
  • “Regulation can prolong misery” (FT, 12/11/12)
  • “StanChart tries to kick-start share price” (FT, 11/14/12)
• Swaps/Derivatives Market Reforms:
  • “CFTC may give on swaps rules” (WSJ, 12/13/12)
  • “Regulators wrestle with hidden risk over swaps shake up” (FT, 12/5/12)
  • “A step back for derivatives regulation” (NYT, 11/20/12)
  • “Foreign regulators warn CFTC over wider derivatives reform” (FT, 11/8/12)
  • “US swaps shake-up set to boost exchanges” (FT, 11/2/12)
• “Too-Big-to-Fail” Banks — US and UK Coordination:
  • “
  • “UK ready to ‘trust’ US in event of failing bank” (FT, 12/11/12)
  • “Dealing with the Lehman problem” (FT, 12/11/12)
  • “Bank resolution“ (FT, 12/11/12)
• Wall Street: “Wall Street time to mend fences with Obama” (NYT, 11/7/12)
• Whistleblowers: “Bank whistleblowers shovel the dirt, but gems are rare” (FT, 12/11/12)

L. Misappropriation of Confidential Information/Trade Secrets/Patent Infringement

• Apple / Nokia / Sony Patent Infringement Trial:
  • “Apple losses patent case” (WSJ, 12/14/12)
• Apple/Google/Motorola Patent Infringement Litigation:
  • “Judge rethinks dismissal of Apple-Motorola lawsuit” (LA Daily Journal, 11/30/12)
  • “Apple – Motorola case won’t go to trial” (LA Daily Journal, 11/7/12)
• Apple/Samsung Patent Infringement Trial:
  • “Apple’s award may be slight” (LAT, 12/7/12)
  • “Samsung, Apple back in court” (WSJ, 12/6/12)
  • “Apple, Samsung returning to court in patent dispute” (LAT, 12/6/12)
  • “Samsung demands Apple retrial” (FT, 12/3/12)
  • “Samsung tries new ammo against Apple” (LA Daily Journal, 11/20/12)
  • “Apple is told to show Samsung its HTC settlement” (LAT, 11/23/12)
  • “Samsung and Apple can add phones to lawsuit” (WSJ, 11/19)
  • “Apple takes step toward patent peace” (LA Daily Journal, 11/13/12)
  • “Samsung can air juror misconduct claims” (LA Daily Journal, 11/12/12)
  • “As Apple’s battle with HTC ends, smartphone patent fight continues” (NYT, 11/12/12)
  • “Apple saves its big guns for Samsung” (FT, 11/12/12)
  • “Apple patent suit is dismissed” (NYT, 11/6/12)
• Microsoft/Google (Motorola) Patent Trial: “Pivotal patent case heads to court” (WSJ, 11/12/12)
• “Patent Trolls”: “Cisco calls patent trolls racketeers” (WSJ, 11/12/12)

 

Read Earlier Articles

 

M. Ponzi Schemes

• Stanford Financial: “Two convicted in Ponzi Scheme” (LAT, 11/21/12)
• Attorney liability for client’s ponzi scheme:
  • “Nixon Peabody lawsuits outstanding after ex-partner convicted in cover up” (La Daily Journal, 11/15/12)
  • “When non clients attack” (LA Daily Journal, 11/19/12)
• Madoff Trustee Lawsuit:
  • “Madoff scandle still haunts victims” (WSJ, 12/11/12)
  • “Court fight over Madoff suicide” (WSJ, 11/15/12)
  • “Madoff victims to share $210m payout” (FT, 11/14/12)
  • “Madoff suits settle with BNY Mellon unit” (NYT, 11/14/12)
• Madoff Criminal Case:
  • “On the occasion ‘ Madoff Day’ think about how to avoid fraud” (NYT, 12/8/12)
  • “Student son of Madoff’s accountant commits suicide” (FT, 11/19/12)
  • “Another guilty plea in Madoff probe” (WSJ, 11/9/12)

   

N. Prosecutorial Discretion & Misconduct

• Prosecutorial Misconduct (Texas): “A Texas prosecutor faces justice” (NYT, 11/13/12)

O. Board of Director Liability, Executive Compensation and Corporate Governance

• Executive Compensation:
  • “Lucrative consulting fees reach bigger set” (WSJ, 11/20/12)
  • “Bankers gear down on performance pay” (FT, 11/17/12)
• Hewlett-Packard’s $9 Bn Accounting problem: “At HP judgement goes by the Board” (WSJ, 11/27/12)
• Martha Stuart and Board Oversight: “A brand icon in need of some oversight” (NYT, 11/27/12)
• Stronger Chairman of the Board: “Chairman find their voice amid banking clamour” (FT, 11/13/12)
• Women on Boards of Directors: “Brussels plans sacntions to enforce female board quota” (FT, 11/15/12)

P. State Attorney General/Financial Services Department Investigations & Lawsuits

• New York AG Mortgage-Backed Securities Lawsuits (JP Morgan/Bear Stearns):
  • “JP Morgan in talks to settle misconduct claims” (FT, 11/7/12)
  • “JP Morgan nears SEC settlement” (WSJ, 11/7/12)
• New York AG Mortgage-Backed Securities Lawsuits (Credit Suisse):
  • “New York sues Credit Suisse” (NYT, 11/21/12)
  • “Credit Suisse sued in fresh crisis era case” (WSJ, 11/21/12)
• $25 Billion Mortgage Settlement/California AG:
  • “More questions on mortgage release” (NYT, 11/23/12)
  • “Foreclosure settlement relief already exceeds $26 billion” (LAT, 11/20/12)
  • “US Banks give $26bn in mortgage related relief” (FT, 11/20/12)

Q. Accounting Fraud / Accounting Restatements / Accounting Issues

• Hewlett-Packard’s $9 Bn Accounting Problem:
  • [TOP TEN] “HP Autonomy deal expected to trigger flurry of lawsuits” (LA Daily Journal, 11/28/12)
  • “KPMG takes issue with HP over autonomy” (FT, 11/30/12)
  • [TOP TEN] “From HP, a blunder that seems to beat all” (NYT, 12/1/12)
  • [TOP TEN] “A clash of auditors in HP deal and loss” (NYT, 11/30/12)
  • “Autonomy founder presses HP to explain allegations” (FT, 11/28/12)
  • “Autonomy ex-chief calls on HP to defend claims” (NYT, 11/28/12)
  • “Long before HP deal Autonomy’s red flags” (WSJ, 11/27/12)
  • “HP misstep shows risk in big ideas” (NYT, 11/22/12)
  • “In the pernicious influence of US accounting rules” (FT, 11/23/12)
  • “Autonomy founder challenges HP’s claims” (NYT, 11/26/12)
  • “HP says it was duped and takes $8 Bn charge” (WSJ, 11/21/12)
  • “HP stock plunges after big charge” (LAT, 11/21/12)
  • “Controversy falls ex-Autonomy chief” (FT, 11/21/12)
  • “Scrutiny set to spread from Wall Street to Cambridge” (FT, 11/21/12)
  • “Writedown sets seal on HP deal from hell” (FT, 11/21/12)
  • [TOP TEN] “HP claims highlights a gray area in software sales” (NYT, 11/21/12)
  • “HP takes $9 Bn hit over Autonomy” (FT, 11/21/12)
  • “Hewlett’s loss: A folly unfolds by the numbers” (NYT, 11/21/12)
• Insufficient Internal Control Test: “US auditing firms warned over insufficient internal control test” (FT, 12/11/12)
• Olympus $1.7 Bn Accounting Fraud:
  • “The CEO who shocked Japan Inc.” (NYT, 12/2/12)
  • “A gaijin blows the whistle” (FT, 11/29/12)
• SEC Investigation of China Audits:
  • See “C” above
  • “KPMG plays down China Concerns” (WSJ, 12/14/12)
• Short Seller and Accounting Allegations (Muddy Waters Research):
  • “Muddy Waters denies acting against OLAM” (FT, 12/2/12)
  • “Fishing for gold in muddy waters” (FT, 11/29/12)
  • “Muddy Waters Report attacks OLAM over accounting gaffes” (FT, 11/28/12)
• UK v. US Regulation of Accountants: “UK accountancy regulation ‘toothless‘” (FT, 11/27/12)

R. Hedge Funds, Private Equity, and Pension Funds

• Bayou/Samuel Israel III: “Wall Street’s strangest story yet“(FT, 11/1/12) (Book review of “Octopus:The Secret Market and the World’s Wildest Con”)
• Hedge Funds:
  • “Hedge Fund stride the stage of world affairs” (NYT, 12/12/12)
  • “Small hedge funds hit by closures” (FT, 11/5/12)
• Hedge Fund Fugitive Banker: “After five years of hiding a banker reappears” (NYT, 11/17/12)
• Hedge fund litigation against Argentina:
  • “In court battle a game of international brinkmanship with Argentina” (NYT, 11/28/12)
  • “Argentina angered at Hedge Fund court win” (FT, 11/23/12)
  • “Judge orders Argentina to pay hold out investors” (NYT, 11/23/12)
• Private Equity:
  • “Swashbucklers transform, and now much tamer” (NYT, 12/12/12)
  • “Calpers crusader takes aim at fees” (WSJ, 12/4/12)
  • “Twinkies: A Defense” (WSJ, 11/21/12)
  • “Tough times? You wouldn’t know at Party for private equity titan” (NYT, 11/20/12)
  • “Private Equity and Hostess stumbling together” (NYT, 11/20/12)
  • “Equity firms try to repair image” (WSJ, 11/2/12)
• Private Equity (BlackRock): “Ahead of the street” (FT, 11/29/12)
• Public Pension Funds: “States faulted over teacher pension shortfall” (WSJ, 12/13/12)
• Quantitative Black Box Hedge Funds: “Quant fund launches at record high” (FT, 12/3/12)

S. Miscellaneous

• Banks and Political Spending: “Get what you pay for? Not always” (NYT, 11/7/12)
• China’s “Shadow Banking” System: “Uncertain foundations” (FT, 12/3/12)
• Social Media and Investment Banks: “Conniving to stay connected at work on Wall Street” (NYT, 11/23/12)
• Danger of High-Risk CLOs: “Traders warn of sting in tail for crisis-era securities” (FT, 11/15/12)
• Dangers of Emails, Texting, and Tweeting:
  • “Twitter’s uneasy role in guarding the truth” (NYT, 11/5/12)
  • “@the slammer: The perils of sending false tweets” (WSJ, 11/5/12)
    
  • “Think first tweet later” (FT, 11/1/12)
• Danger of Quants and Automated Trading: “Dismal year for quant funds with not strong trends to ride” (FT, 11/29/12)
• Dewey & LeBoeuf Bankruptcy: “Creditors seeks to sue Dewey’s ex-leaders” (WSJ, 11/14/12)
• Emails and Privacy: “Email users can’t count on privacy protections” (WSJ, 11/15/12)
• Heller Ehrman Bankruptcy: “Heller estate seeking cash from firms” (LA Daily Journal, 11/29/12)
• Howry Bankruptcy:
  • “Defunked Howrey facing WARN Act class actions” (LA Daily Journal, 11/13/12)
  • “Creditor files class-action against former Howrey partners” (LA Daily Journal, 11/5/12)
• Investment Banking Culture: “Banking may lose it’s allure for the best and brightest” (FT, 11/1/12)
• Legal Opinions and Judicial Rebuke: “In unusual move Delaware Supreme Court rebukes a judge” (NYT, 11/10/12)
• Social Media Use in High Profile Court Case: “Social media, growing in legal circles, find a role in Florida murder case” (NYT, 11/7/12)
• Women Executives in Finance:
  • “Finance chief in reshuffling at JP Morgan” (NYT, 11/20/12)
  • “Female inroad on Wall Street” (WSJ, 11/20/12)