A massive data collection system that Wall Street's industry-funded watchdog is pushing in order to ramp up oversight would cost clearing firms $680 million to build, plus other costs to the industry that far exceed the regulator's initial estimates, a major trade group said on Monday.
Tags: SEC
US firms stash $2.1tn overseas to skip tax at home
The US companies are keeping their profits made overseas out of the homeland in order to avoid taxes. It's estimated that 500 large US companies are holding over $2.1 trillion accumulated profits overseas to avoid taxes. These companies have to shell out $620billion by paying US taxes to repatriate the funds.
Citigroup pays $180M over collapsed hedge funds, More than seven years after the financial crisis
Citigroup has agreed to pay almost $180 million to investors to settle allegations of making false representations on hedge funds that collapsed during the financial crisis.
Twitter confirms purported Bloomberg story is false
A report claiming that Twitter Inc (TWTR.N) received an offer to be acquired for $31 billion attributed to Bloomberg LP is fake, Twitter and a spokesman for the news and financial data provider said on Tuesday.
Ackman says shutting Herbalife down is key to him
Hedge fund mogul William Ackman, who has spent more than two years accusing Herbalife Ltd (HLF.N) of running a pyramid scheme, said on Monday that shutting down the company is "one of the most important things" he can do.
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U.S. regulators warned investors of stock scams tied to West Africa's Ebola outbreak and suspended trading in four small companies that they said have made unverifiable claims about products to prevent or treat the deadly virus.
The U.S. Securities and Exchange Commission will ask a federal judge to more than double the money Texas businessman Sam Wyly must pay from $200 million to $455 million for his involvement in an offshore fraud scheme, a lawyer for Wyly said on Friday.
U.S. securities regulators adopted a rule on Wednesday designed to avert another financial crisis, but two officials dissented, saying it did not do enough to discourage banks from lending to borrowers with shaky credit and then passing the mortgage risk to investors.
San Francisco, US-based venture capital fund network IDG Ventures is currently raising $100 million for its third fund, the IDG Ventures III, to invest in early-stage startups in the US.
California, US-based API management platform Apigee raised $20.5 million in a stock transaction as part of the acquisition of predictive analytics firm InsightsOne, according to a SEC disclosure.
BlackRock Inc will have to say on Monday what stake it holds in Italy's biggest telecom operator Telecom Italia, after the Italian market watchdog threatened to fine it for not disclosing an increase.
The U.S. Justice Department is probing Morgan Stanley for its hiring practices in China. The move comes as U.S. authorities expand their investigation into whether banks' hiring of politically connected Chinese employees may have breached U.S. bribery laws.
Connecticut-based Cara Therapeutics Inc. announced its recent filing with the SEC about the proposed initial public offering of the biotechnology company's common stock.
FINRA, in its oversight powers, is contemplating the imposition of a requirement of having insurance to cover payouts should the brokerage firm fail.
