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Energy XXI Ltd. and SandRidge Energy Inc., oil and gas drillers with a combined $7.6 billion of debt, didn’t pay interest on their bonds last week. They have until the middle of next month to either pay the interest, work out a deal with their creditors or face a default that could tip them into […]
In the latest downsizing move by a big bank, Wells Fargo has started cutting jobs this week in its securities unit, including positions in Charlotte according to reporting by The Charlotte Observer. The displaced employees include managing directors – high-level jobs that can draw seven figures in compensation, the sources said. The Wells Fargo unit […]
The Securities and Exchange Commission today announced enforcement actions against 14 municipal underwriting firms for violations in municipal bond offerings. The actions conclude charges against underwriters under the Municipalities Continuing Disclosure Cooperation (MCDC) Initiative. In all, 72 underwriters have been charged under the voluntary self-reporting program targeting material misstatements and omissions in municipal bond offering […]
The New York Attorney General’s office is announcing parallel actions against the two firms. Barclays agreed to settle the charges by admitting wrongdoing and paying $35 million penalties to the SEC and the NYAG for a total of $70 million. Credit Suisse agreed to settle the charges by paying a $30 million penalty to the […]
According to the SEC’s order instituting a settled administrative proceeding, broker-dealers such as Goldman Sachs are regularly asked by customers to locate stock for short selling. Granting a “locate” represents that a firm has borrowed, arranged to borrow, or reasonably believes it could borrow the security to settle the short sale. The SEC finds that […]