SEC

As we’ve noted, the president’s proposed budget for fiscal year 2011 requests $1.258 billion for the Securities and Exchange Commission – a 12 percent increase over the current year’s funding level. What can we expect from that?

There already are a number of good articles on the Web exploring Judge Rakoff’s “grudging” approval of the SEC/Bank of America $150 million settlement relating to B of A’s Merrill Lynch acquisition.

Federal Judge Jed Rakoff has approved the SEC/Bank of America settlement arising from B of A’s merger with Merrill Lynch.“This court, while shaking its head, grants the S.E.C.’s motion and approves the proposed consent judgment,” the court wrote.  

More to follow….

As if guilty pleas by more and more defendants in the Galleon hedge fund insider trading case aren't presenting enough problems for billionaire Raj Rajaratnam, today federal District Court Judge Jed Rakoff  ordered Rajaratnam to turn over to the SEC, for its use in its civil action against him, copies of wiretaps that the government is using in its criminal case against him. 

The Times today also has a good summary of yesterday’s hearing in Judge Rakoff’s courtroom to consider the proposed SEC/Bank of America settlement. Will the judge say yea, or nay?

Here at the Financial Fraud Law blog, we have covered most if not all of the recent changes in senior personnel at the Securities and Exchange Commission. Today, the New York Times puts those changes together in an article by Jenny Anderson and Zachery Kouwe entitled, “The Enforcers.” 

The first reports about the hearing being held right now by federal District Court Judge Jed Rakoff on the proposed $150 million settlement between the SEC and Bank of America are available at http://www.businessweek.com/news/2010-02-08/bank-of-america-judge-hears-arguments-over-150-million-accord.html and http://abcnews.go.com/Business/wireStory?id=9779848

Federal District Court Judge Jed Rakoff, who issued an important decision on Friday in the Dreier cases about which we just blogged, has a 2 p.m. hearing scheduled today to consider a motion by the Securities and Exchange Commission to approve a $150 million settlement with the Bank of America. The judge previously rejected other efforts to settle SEC/B of A disputes, and it will be very interesting to see what he has to say about this proposal. 

Employees and contractors working for the Securities and Exchange Commission use their computers to get their work done, investigate suspicious trades, and otherwise help to ensure that the federal securities laws are followed. Right? Sure. But, according to an article by Jim McElhatton in The Washington Times, there also were more than 1,800 attempts to look up pornography on one computer over a two week period.

President Obama’s fiscal year 2011 budget announced today requests $1.258 billion for the Securities and Exchange Commission. That is a 12 percent increase over last year’s budget.