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Showing posts from November 14, 2014

Federal Reserve Bank of New York Press Release - November 14, 2014: Statement to Revise the Terms of the Overnight Fixed-Rate Reverse Repurchase Agreement Operational Exercise

home  >  markets & policy implementation  >  OPERATING POLICY Statement to Revise the Terms of the Overnight Fixed-Rate Reverse Repurchase Agreement Operational Exercise November 14, 2014 As noted in the October 29, 2014, Statement Regarding Reverse Repurchase Agreements, the Open Market Trading Desk at the Federal Reserve Bank of New York has been conducting daily overnight reverse repo (ON RRP) operations as part of an operational readiness exercise and intends to periodically adjust the offering rate of these operations over the next month. Beginning with the operation to be conducted on Monday, November 17 the offering rate of ON RRP operations will be increased from three basis points to seven basis points.  As noted in the October 29 statement, the Desk plans to maintain the offering rate at seven basis points through the operation to be conducted on Friday, November 28.  All other terms of the exercise will remain the same. As an operational readiness exer

CMI Spot Prices as of Close of Trading in New York on November 14, 2014.

Spot Prices as of close of trading in New York Friday, November 14, 2014 GOLD TODAY CHANGE WEEK AGO MONTH AGO YEAR AGO $1,185.95 +$24.70 $1,169.55 $1,235.00 $1,289.00 SILVER TODAY CHANGE WEEK AGO MONTH AGO YEAR AGO $16.33 +$0.70 $15.72 $17.45 $20.78 PLATINUM TODAY CHANGE WEEK AGO MONTH AGO YEAR AGO $1,216.60 +$16.10 $1,215.10 $1,274.50 $1,442.00 PALLADIUM TODAY CHANGE WEEK AGO MONTH AGO YEAR AGO $772.60 -$0.10 $774.10 $796.50 $734.10 GOLD/SILVER RATIO 72.62

SEC Enforcement Actions - November 14, 2014: SEC Charges Business Owner and Stockbroker in Maryland-Based Offering Fraud.

SEC Charges Business Owner and Stockbroker in Maryland-Based Offering Fraud 11/14/2014 02:50 PM EST The Securities and Exchange Commission today charged the owner of a Maryland-based real estate company with conducting an offering fraud and spending investor money on such personal expenses as his mortgage, country club dues, and season tickets to the Baltimore Ravens.  The agency also charged a former stockbroker for participating in the scheme. The SEC alleges that Wilfred T. Azar III sold investors purported bonds in his company Empire Corporation, which he touted as a successful and profitable business with the resources to pay promised annual returns of 10 percent.  Along with Joseph A. Giordano, Azar and his company raised more than $7 million by making these and other false and misleading statements exaggerating the safety and low risk of the bonds.  However, Empire Corporation was functionally insolvent in reality, and despite saying investor funds would be used

SEC Litigation Release - November 14, 2014: Securities and Exchange Commission v. CR Intrinsic Investors, LLC et al., Civil Action No. 12 Civ. 8466 (VM).

U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 23133 / November 14, 2014 Securities and Exchange Commission v. CR Intrinsic Investors, LLC et al. , Civil Action No. 12 Civ. 8466 (VM) On November 14, 2014, the Securities and Exchange Commission announced that it had filed a motion asking the Court to establish an approximately $602 million Fair Fund for investor victims pursuant to Section 308(a) of the Sarbanes-Oxley Act of 2002. The SEC filed civil charges in November 2012 against the hedge fund advisory firm CR Intrinsic Investors and others for their role in an insider trading scheme involving the securities of pharmaceutical companies Elan Corporation and Wyeth. In March 2013, CR Intrinsic and its affiliates agreed to pay $601.7 million in disgorgement, prejudgment interest, and civil penalties to resolve the SEC's claims. The Court approved the SEC's settlement with CR Intrinsic and its affiliates in June 2014, and in August 2014 CR Intrinsic and

DealBook AM and PM Editions - November 14, 2014:

For the latest updates, go to  dealbook.nytimes.com » FRIDAY, NOVEMBER 14, 2014 TOP STORY Weekend Reading: Round 2 of the Foreign Exchange Inquiry Now that the big banks have been fined and vulgar chat room messages exposed, "other numpty's in mkt" are watching as the currency-rigging case shifts to criminal misconduct. No bankers were charged with wrongdoing as part of the  $4.25 billion settlement that regulators reached this week  with JPMorgan Chase, Citigroup, UBS, HSBC and the Royal Bank of Scotland. But the Justice Department's criminal investigation is moving ahead. JPMorgan's lawyers have already opened discussions with prosecutors in Washington. Barclays, which withdrew from Wednesday's settlement, and Citigroup are expected to meet with prosecutors in the coming weeks. The Federal Reserve and the Department of Financial Services in New York may join those meetings. Bloomberg News reported that the "prosecutors have demanded a  f