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On Wednesday, October 19, 2011, the SEC announced a settlement with Citigroup's principal U.S. broker-dealer, Citigroup Global Markets, Inc., who had been charged with misleading investors about a $1 billion collateralized debt obligation ("CDO") tied to the housing market
The focus was on Dodd-Frank this week as the Commission continued to implement the Act, issuing proposed rules regarding asset backed securities and derivatives
As if the specter of newly proposed SEC Rules and an investigation by the California Attorney General were not enough of a distraction for the battered credit ratings industry, the Wall Street Journal reported that some state regulators are mounting a challenge to reduce or eliminate the role credit ratings agencies play in evaluating the health of an insurer’s portfolio of investment-backed bonds
As credit-rating agencies, including Standard & Poor’s, Moody’s and Fitch try to rebuild their image and credibility in the wake of the U.S. financial crisis, the SEC proposed new rules to promote transparency and eliminate conflicts of interest
