Dismal's Smacks

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Hester Peirce "I cannot support this rulemaking."

Hester Peirce in her statement on the Adoption of Form N-PORT & N-CEN Reporting: "the Commission oversells the benefits of today’s amendments and gives too little attention to the costs" "I cannot support this rulemaking."

SEC Commissioner Hester Peirce Criticizes New Fund Reporting Rules for 'High Costs' and 'Limited Benefits': In her statement on adoption of Form N-PORT and Form N-CEN reporting, SEC Commissioner Hester Peirce voiced strong opposition to the SEC's newly adopted amendments to fund reporting rules.

Real gross domestic product (GDP) increased at an annual rate of 3.0% in Q2:2024

Real gross domestic product (GDP) increased at an annual rate of 3.0% in Q2:2024, according to the "second" estimate released by the U.S. Bureau of Economic Analysis, which was up from 2.8% in the 'advance' estimate.

U.S. GDP grows at 3.0% in Q2 2024, reflecting strong consumer spending: The U.S. economy grew at an annual rate of 3.0% in the second quarter of 2024, according to the "second" estimate released by the U.S. Bureau of Economic Analysis. This marks

BofA failed to have a supervisory system reasonably designed to detect and prevent potentially manipulative trading

From December 2015-present, Merrill and, since 2019, BofA, failed to have a supervisory system reasonably designed to detect and prevent potentially manipulative trading by the firm's customers.

Merrill/BofA/BAML did not have a supervisory system or written procedures in place that were sufficiently designed to detect potentially manipulative trading activities, such as wash trading and prearranged trading. The automated surveillance systems used by Merrill/BofA/BAML had narrow parameters that failed to capture all forms of

From 2018-2023, Bank of New York Mellon repeatedly failed to correctly report at least 5,000,000 swap transactions

CFTC: From 2018-2023, Bank of New York Mellon repeatedly failed to correctly report at least 5,000,000 swap transactions & failed to properly supervise its swap dealer business with respect to swap data reporting & monitoring.

The Commodity Futures Trading Commission (CFTC) has fined The Bank of New York Mellon (BNYM) $5 million for repeatedly failing to accurately at least five million swap transactions and for inadequate supervision of its swap dealer business. These violations persisted despite a prior CFTC order against BNYM in 2019 for

The SEC awards $24 million to two whistleblowers

Whistleblower Alert! The SEC awards $24 million to two whistleblowers, meaning the fine levied ranged between $80,000,000 and $240,000,000 dollars.

The Securities and Exchange Commission today announced awards of more than $24 million to two whistleblowers whose information and assistance led to an SEC enforcement action and an action brought by another agency. The first whistleblower will receive an award of $4 million, while the second whistleblower will receive an

SEC awards $98 million to two whistleblowers

Whistleblower Alert! The SEC awards $98 million to two whistleblowers, meaning the fine levied ranged between $326,666,666.67 and $980,000,000 dollars.

The Securities and Exchange Commission today announced awards of more than $98 million to two whistleblowers whose information and assistance led to an SEC enforcement action and an action brought by another agency. The first whistleblower’s tip prompted the opening of the investigations, and thereafter provided critical additional information

FOMC Minutes: "The staff provided an update on its assessment of the stability of the U.S. financial system and, on balance, continued to characterize the system's financial vulnerabilities as notable." Ruh-roh...

FOMC Minutes: "The staff provided an update on its assessment of the stability of the U.S. financial system and, on balance, continued to characterize the system's financial vulnerabilities as notable." Ruh-roh...

Fed Releases Minutes from July FOMC Meeting Highlighting Economic Concerns and Financial Vulnerabilities The Federal Reserve released the minutes from the Federal Open Market Committee (FOMC) meeting held on July 30-31, 2024, providing insights into the economic and financial conditions discussed by the Committee. The minutes, published three weeks after