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☆ How to spot a corporate psychopath and avoid hiring a candidate with sociopathy
▼ + stars: | 2023-10-26 | by ( Maiya Focht | ) www.businessinsider.com time to read: +5 min

Corporate psychopaths are drawn to powerful institutions and good at climbing a corporate ladder. Corporate psychopaths are drawn to positions of power, and may be in your field. He gave a presentation about his most recent research, which posthumously diagnosed Bernie Madoff as a corporate psychopath, this week at the Chelmsford Science Festival. Basically, if you see someone act "totally ruthless in determination to accrue money and power and control," they might be a corporate psychopath, Boddy said. Am Psycho ProductionsBoddy said that issuing more stringent hiring practices could be enough to weed out corporate psychopath candidates in the future.

Persons: —, Clive Boddy, Bernie Madoff, Boddy, they've, who's, we've, Bernie Madoff's, Jeffrey Skilling's, Psychopathy, psychos, Psycho Productions Boddy Organizations: Service, Corporate, School of Management, Anglia Ruskin University, Chelmsford Science, Enron, Australian Psychological Society, Psycho Productions Locations: Chelmsford

☆ Analysis: Use of weather derivatives surges as extreme climate events rock the globe
▼ + stars: | 2023-10-11 | by ( Harry Robertson | ) www.reuters.com time to read: +6 min

Weather derivatives were born in the late 1990s. Climate change and the El Nino weather phenomenon combined to make the northern hemisphere summer of 2023 the hottest ever recorded, according to the European Union Climate Change Service. Weather derivatives let buyers hedge against the risk that the weather will damage their business. Average open interest in CME weather futures and options contracts in September was around 170,000 contracts, compared to roughly 10 times that for crude oil - although market participants reckon 90% of the weather derivatives market is in over-the-counter deals. "Extreme weather events tend to make good marketing for weather futures," said Samuel Randalls, a professor at University College London who focuses on weather and climate.

Persons: Andrew ., Ken Griffin's, Peter Keavey, Griffin's Citadel, Nick Ernst, Ernst, Matthew Hunt, Samuel Randalls, David Whitehead, Whitehead, UCL's Randalls, BGC's Ernst, Martin Malinow, Harry Robertson, Emelia Sithole Organizations: NYPD, REUTERS, Energy, Chicago Mercantile Exchange, Enron, CME Group, El, Change, Graphics, University College London, Citadel, Thomson Locations: Manhattan, Williamsburg, New York City, U.S, Paris, New York, Ukraine

☆ Use of weather derivatives surges as extreme climate events rock the globe
▼ + stars: | 2023-10-11 | by ( Harry Robertson | ) www.reuters.com time to read: +6 min

☆ Inside Sam Bankman-Fried's $35 million crypto frat house in the Bahamas
▼ + stars: | 2023-10-10 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +11 min

Lawyers for the U.S. Attorney's office entered into evidence a series of photos featuring the $35 million penthouse where Sam Bankman-Fried and his fellow co-workers resided. Lawyers for the U.S. Attorney's office entered into evidence a series of photos featuring the $35 million penthouse where Sam Bankman-Fried and his fellow co-workers resided. Lawyers for the U.S. Attorney's office entered into evidence photos featuring Sam Bankman-Fried and his fellow co-workers at their shared $35 million Bahamian penthouse. In his testimony, Yedidia recalled a group Signal thread labeled "People of the House," which referred to Bankman-Fried's $35 million penthouse. Zoom In Icon Arrows pointing outwards Exhibit from the prosecution shows Signal thread called "People of the House," referring to Bankman-Fried's $35 million penthouse, where many employees lived.

Persons: Sam Bankman, Fried, Gary Wang, Adam Yedidia, Caroline Ellison, She's, somethings, Lewis Kaplan, Yedidia, it's, Ryan Salame, Joseph Bankman, Barbara Fried, Bankman, John Ray, Ray, Tiger Woods, Justin Timberlake, Michael Lewis, Lewis, napping, Mark Cohen, FTX, Ellison, hadn't Organizations: U.S, Southern, of, Lawyers, Alameda Research, Massachusetts Institute of Technology, MIT, SDNY, Bankman, Alameda, New Providence, FTX, Enron, Capitol, Prosecutors Locations: Bahamas, Manhattan, He's, of New York, Bankman, FTX, Alameda, Hong Kong, Caribbean, New Providence, New, U.S, Albany, oceanside

☆ Bankman-Fried circus will be a singular clown show
▼ + stars: | 2023-10-04 | by ( Anita Ramaswamy | ) www.reuters.com time to read: +3 min

NEW YORK, Oct 4 (Reuters Breakingviews) - All eyes are on Sam Bankman-Fried as the cryptocurrency founder’s criminal trial gets underway this week. The high-profile case bears similarities to past scandals such as Enron and Countrywide Financial, when regulation followed investigations. Lawmakers hauled Wall Street analysts up to Capitol Hill to grill them about their “buy” ratings. Importantly, legislators passed the Dodd-Frank Wall Street Reform and Consumer Protection Act, forcing banks to hold more capital, among other stipulations. It also is less prevalent – less than 20% of Americans have invested in crypto, according to the Pew Research Center.

Persons: Sam Bankman, FTX’s, Ken Lay, Arthur Andersen, Dodd, Frank Wall, Tom Brady, Bill Clinton, Fried, Lauren Silva Laughlin, Sharon Lam Organizations: Reuters, Enron, Countrywide Financial, Countrywide, Bank of America, Lawmakers, Sarbanes, Oxley, Frank Wall Street Reform, Consumer, The Securities, Exchange Commission, Pew Research Center, Louis Federal Reserve, Southern, Thomson Locations: Manhattan, New

☆ Sam Bankman-Fried’s trial has started. Here’s what you need to know
▼ + stars: | 2023-10-03 | by ( Allison Morrow | ) edition.cnn.com time to read: +6 min

New York CNN —The trial of Sam Bankman-Fried, a onetime crypto billionaire who stands accused of orchestrating a multibillion-dollar fraud, kicked off Tuesday in federal court in Manhattan. Here are the key things to know about the case, and what we might see over the next several weeks at the trial. Prosecutors opted in June to sever five other charges that were brought after Bankman-Fried’s extradition from the Bahamas, where FTX was based. Sam Bankman-Fried leaving the Bahamas on December 21, 2022, being extradited to the US to face charges. He was arrested in December in the Bahamas on charges including fraud and conspiracy and extradited to the United States in January.

Persons: Sam Bankman, Judge Lewis Kaplan, ”, “, ” Kaplan, SFB, SBF, Caroline Ellison, Bernie Madoff, FTX, Tom Brady, Larry David, Fried, Bankman, Ellison, Howard Fischer, Moses Singer, Fischer, Lewis Kaplan, he’s Organizations: New, New York CNN, Prosecutors, Alameda Research, Super, Royal Bahamas Police Force, Investors, Bankman, Coindesk, Alameda, New York Times, Securities and Exchange, Enron, Metropolitan Detention Locations: New York, Manhattan, FTX, Bahamas, Miami, Alameda, United States, Brooklyn

☆ The $8 billion Sam Bankman-Fried criminal trial starts today — here's what's at stake and how we got here
▼ + stars: | 2023-10-03 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +19 min

In the first trial, Bankman-Fried faces seven criminal counts related to the collapse of the crypto empire he built, including wire fraud, securities fraud and money laundering. Alameda, FTX and a host of subsidiaries Bankman-Fried founded filed for bankruptcy protection in Delaware. FTX's own terms of use specifically forbade him, or Alameda, from using customer money for anything — unless the customer allowed it. And from FTX's inception, there was a lot of customer money. Bankman-Fried and other executives admitted to each other that "FTX customer funds were irrevocably lost because Alameda had appropriated them."

Persons: Sam Bankman, Fried, Caroline Ellison, Gary Wang, Ellison, FTX, Wang, Judge Lewis Kaplan, Samuel Bankman, MacKenzie Sigalos, San Francisco —, SBF, Wang —, Nishad Singh —, Goldman Sachs, Binance, Damian Williams, Rehypothecation, —, Crypto, Solana, Zhao, he'd, Cromwell, John J, Ray, John Ray's, — CNBC's Rohan Goswami Organizations: Alameda Research, Southern, of, Stanford, MIT, U.S, New York Times, Bankman, That's, CNBC, Jane, Capital, University of California, Formula, Democratic, Twitter, Securities Exchange Commission, SEC, Futures Trading, United States Attorney's Office, CFTC, Alameda, Alameda didn't, Voyager, BlockFi, FTX, Industry, Investors, Zhao, Publicly, Sullivan, Enron Locations: Bahamas, Manhattan, New York, Alameda, of New York, FTX, Brooklyn , New York, San Francisco, South Korea, Alameda , California, Fried's Alameda, Berkeley, Miami, Washington, Delaware, California, Federal, Solana, Fried

☆ Sam Bankman-Fried’s fraud trial is about to start. Here’s what you need to know
▼ + stars: | 2023-10-02 | by ( Allison Morrow | ) edition.cnn.com time to read: +5 min

This week, he will stand trial in what federal prosecutors have called one of the biggest frauds in US history. The 31-year-old Bankman-Fried, known as SBF, has pleaded not guilty to seven counts of fraud and conspiracy in connection with the collapse of FTX, his crypto-trading platform. Here are the key things to know about the case, and what we might see over the next several weeks at the trial. SBF faces seven counts, including wire fraud and securities fraud. FTX founder Sam Bankman-Fried was a crypto celebrity until November last year, when his business empire collapsed.

Persons: Sam Bankman, Fried, SBF, FTX, Tom Brady, Larry David, Amr Alfiky, Bankman, Caroline Ellison, Ellison, “, ”, Howard Fischer, Moses Singer, Fischer, Lewis Kaplan, he’s Organizations: New, New York CNN, Prosecutors, Alameda Research, Super, Reuters, Investors, Bankman, Coindesk, Alameda, New York Times, Securities and Exchange, Enron, Metropolitan Detention Locations: New York, Bahamas, FTX, Miami, Alameda, United States, Manhattan, Brooklyn

NEW YORK (AP) — For a while, Sam Bankman-Fried tried to convince politicians and the public that he was the next J.P. Morgan. The trial of Bankman-Fried, the founder of the failed cryptocurrency brokerage FTX, will begin Tuesday with jury selection. Political Cartoons View All 1190 ImagesThe 31-year-old Bankman-Fried founded FTX in 2019, and it grew rapidly. Bankman-Fried is expected come face-to-face with his former lieutenants at FTX for the first time since its collapse. She has previously said in a statement through her lawyers that she knew funneling FTX customers' money into Alameda was wrong.

Persons: Sam Bankman, Fried, Bernie Madoff, ”, Michael Zweiback, Zweiback, Zalduendo, FTX, SBF ”, J.P, Morgan, Tiger Woods, Justin Timberlake, Bankman, John Ray III, Caroline Ellison, Gary Wang, Ryan Salame, Salame, Ellison, funneling, Christine Adams, Adams, Andrew Ross Sorkin, Judge Lewis A, Kaplan, Changpeng Zhao, Larry Neumeister Organizations: Southern, of, Republicans, “ Prosecutors, Zalduendo LLP, Stanford University, Alameda Research, Alameda, Enron, FTX, Bankman, Prosecutors, The New York Times, NFTs, Securities and Exchange Commission, Binance, SEC Locations: Morgan, of New York, Washington, cryptocurrencies, Silicon Valley, FTX, The Bahamas, Albany, Alameda, Bahamas, New York, Palo Alto , California

☆ Short seller Jim Chanos slams Michael Lewis' defense of FTX and compares the failed crypto exchange to Enron
▼ + stars: | 2023-10-02 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Jim Chanos called Michael Lewis' defense of FTX "nonsense" on Sunday. Lewis had told CBS's "60 Minutes" that the crypto exchange failed because of a bank run. AdvertisementAdvertisementJim Chanos has slammed Michael Lewis' defense of FTX, flatly dismissing the idea that the failed crypto exchange would have been fine without a wave of withdrawals. Lewis appeared on CBS's "60 Minutes" Sunday to discuss his upcoming book about Sam Bankman-Fried, "Going Infinite". AdvertisementAdvertisement"This is nonsense, as both FTX and Enron were both massively insolvent, not illiquid," the short seller added.

Persons: Jim Chanos, Michael Lewis, Lewis, CBS's, —, FTX, Sam Bankman, Chanos, CoinDesk, Fried, Donald Trump Organizations: Service, Enron, Alameda Research, New York City Locations: New York

☆ PWC Aussie mess is classic do as I say not as I do
▼ + stars: | 2023-09-29 | by ( Antony Currie | ) www.reuters.com time to read: +4 min

MELBOURNE, Sept 29 (Reuters Breakingviews) - PWC Australia is likely to need a long time to recover from what is turning out to be a self-inflicted double whammy. Now the independent review sparked by the furore has laid bare another problem: PWC Australia took a do as I say not as I do approach to running its own shop. The report, commissioned by PWCA in May, written by one of the country’s corporate grandees, Ziggy Switkowski, and published on Wednesday, outlines a series of corporate governance failures. What’s worse, and even more ironic, is PWC Australia’s aversion to tapping external advice. Many of the changes will come from applying, “to the extent feasible”, the Australian Securities Exchange’s corporate governance principles and recommendations.

Persons: Tom Seymour, PWCA, Ziggy Switkowski, “, Kevin Burrowes, That’s, Una Galani, Katrina Hamlin Organizations: Reuters, Lehman Brothers, Silicon Valley Bank, Australian Securities, Thomson Locations: MELBOURNE, Australia, Silicon

☆ NextEra workers roll the dice with big bet on company stock
▼ + stars: | 2023-09-21 | by ( Tim Mclaughlin | ) www.reuters.com time to read: +8 min

America’s largest renewable power company is among several U.S. energy and utility companies, including Exxon and Southern Company, that continue to promote big, concentrated bets on company stock in worker retirement plans. Nearly 50% of the investments in NextEra’s employee-funded 401(k) retirement plan are in company stock, the highest among all 30 companies in the S&P 500 Utilities Sector (.SPLRCU). NextEra declined to comment on its use of company stock in employee 401(k) plans. "If we saw a concentration of more than 20% in a single company stock, we would definitely tell them it's a big risk." `Keith Rasmussen, a retired geologist, said he still feels the financial repercussions of holding big bets on company stock in his retirement plans.

Persons: Robert Knoche, Yoon, NextEra, ”, Alicia Munnell, Kristin McKenna, McKenna, Ryan Frazier, Keith Rasmussen, jolt, Rasmussen, “, ” Rasmussen, Richard Valdmanis, Anna Driver Organizations: REUTERS, Exxon, Southern Company, Corporate America, Enron, Utilities, Vanguard Group, Center for Retirement Research, Boston College, Employees, Silicon Valley Bank, Darrow Wealth Management, SEC, Corporations, U.S . Securities, Exchange Commission, Southern Co, Dominion Energy Inc, Dominion, Chesapeake Energy Corp, Thomson Locations: Douglas County , Kansas, U.S, Silicon, Boston, Atlanta , Georgia

☆ Why former Goldman Sachs partners say they left the firm
▼ + stars: | 2023-09-20 | by ( Dakin Campbell | ) www.businessinsider.com time to read: +23 min

Goldman Sachs partners are leaving — some 202 during David Solomon's five years as CEO by Insider's calculation. In particular, before Solomon, Goldman nurtured many fiefs and then spread the wealth from the most successful ones across the firm. Of the former Goldman executives that Insider interviewed, here are the most cited reasons they gave for leaving Goldman. When both men struggled, senior partners left, and Goldman stumbled in its efforts to wind down its balance-sheet investments. Goldman Sachs partners are paid well by any standard: $950,000 in base salary and often multiples of that in annual bonuses.

Persons: Goldman Sachs, David Solomon's, Solomon, Goldman, David Solomon, John Waldron, Goldman's, Adebayo Ogunlesi, Mike Mayo, Andrew Toth, Devin Ryan, Ryan, Waldron, Tony Fratto, Mike Blake, Eric Lane, Julian Salisbury, Lane, Luke Sarsfield, Sarsfield, Marc Nachmann, he's, Fratto, Stephanie Cohen, Cohen, Kathy Ruemmler, Charles Dharapak, Barack Obama's, Kenneth Lay, Jeffrey Skilling, Ruemmler, Unbeknown, Jeffrey Epstein, dealmaking, David S, Holloway, Mayo, David doesn't, GreenSky, Brendan McDermid, It's, Alison Mass, Hank Paulson, Russell Horwitz, David, it's, Emmalyse Brownstein Organizations: Wall, JPMorgan, Wells, Wells Fargo Securities, Investors, Goldman, AWM, Sarsfield, BAE Systems, Justice Department, Street Journal, Bloomberg, Employees, Partners, Federal Reserve, United Capital Financial Partners, Reuters, GreenSky Locations: New York, Wells Fargo, Salisbury, Manhattan, Texas, Plano, London, Paris, Chicago

☆ FTX sues Sam Bankman-Fried’s parents
▼ + stars: | 2023-09-19 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

New York CNN —Bankrupt crypto exchange FTX is suing founder Sam Bankman-Fried’s parents, accusing them of siphoning millions of dollars in company funds to enrich themselves and their “pet causes.”The lawsuit aims to recover funds that the company claims were “fraudulently transferred and misappropriated” by Bankman-Fried’s parents. FTX collapsed into bankruptcy in November last year as questions about its finances rattled crypto markets and prompted a sudden, massive drawdown of customer funds. Despite Bankman-Fried’s assertions that his parents weren’t involved in “any of the relevant parts” of FTX, the lawsuit claims that his parents played a role from the beginning. She described herself as her son’s “partner in crime of the noncriminal sort,” the lawsuit claims. In April, FTX told the bankruptcy court it had recovered $7.3 billion in assets.

Persons: Sam Bankman, “, Joe Bankman, Barbara Fried, Fried, Joe, Barbara, FTX, weren’t, Bankman, …, ” Fried, Fried’s, John J, Ray III, ”, Ray Organizations: New, New York CNN, Stanford, Southern, of, Bankman, FTX Group, Super Bowl, Alameda Research Locations: New York, of New York, Bahamas, FTX

☆ Wells Fargo: Former executive avoids prison time for her role in fake-accounts fraud
▼ + stars: | 2023-09-15 | by ( Allison Morrow | ) edition.cnn.com time to read: +2 min

New York CNN —Former Wells Fargo executive Carrie Tolstedt was sentenced to three years’ probation on Friday for her role in the bank’s sprawling fake-accounts scandal. Wells Fargo has spent billions of dollars over the past eight years to settle allegations related to the accounts scandal, in which Tolstedt played a key role. Tolstedt, the only Wells Fargo executive to face criminal charges in the scheme, paid $17 million to settle a civil case with the the OCC, and $3 million to settle with the SEC. She received a $125 million retirement package when she left Wells Fargo, though the bank has clawed back about $67 million of that. Wells Fargo has struggled to get its house in order since the fake account scandal.

Persons: Carrie Tolstedt, Tolstedt, Wells Fargo, Wells, John Stumpf, Stumpf, Jeff Skilling, — CNN’s Matt Egan Organizations: New, New York CNN, Former Wells, Securities and Exchange Commission, OCC, SEC, Wells Locations: New York, Wells Fargo’s, Wells Fargo

☆ Are office buildings the next 'Big Short' or the next widow-maker trade? The trader behind the ubersuccessful mall short shares his playbook for making money without flaming out.
▼ + stars: | 2023-08-17 | by ( Alex Nicoll | ) www.businessinsider.com time to read: +16 min

Dan McNamara's Polpo Capital is shorting office real estate, a risky move that could be lucrative. If you're looking for a doomsday vision of commercial real estate, you can find it there. "I don't think this is the 'Big Short,'" McNamara told me. This doesn't mean he doesn't have a game plan to make money off cultural shifts that could forever change the state of commercial real estate. Lucas Jackson/ReutersWhere he's going longOne risk of shorting real estate is that it's more susceptible to what's known in real-estate circles as "extend and pretend."

Persons: Dan McNamara's, McNamara, it's, It's, shorting, Carl Icahn, Jim Chanos, Brendan McDermid, Dan McNamara, McNamara's, Braver Stern, Dan McNamara McNamara's, suede loafers, McNamara didn't, Josh Nester, Polpo, he's, Morgan Stanley, Kamil Sadik, Lucas Jackson, Manus Clancy, You've, David Tepper's, Trepp's Clancy, Clancy, David Tepper Organizations: Central Park, New, Polpo, New York University, Columbia, Kynikos Associates, Enron, Asset Management, Reuters, UBS, Co, Societe Generale, Securitized Credit Partners, Credit Suisse, MP, Fund, Bloomberg, of America, Simon Property, Federal Locations: Manhattan, Sixth, Central, New York City, New York, MatlinPatterson, America, China, Italy, Westchester , New York, Tribeca, York, Westchester, Waterford , Connecticut, Baltimore, San Francisco

“No way I can get a fair trial, or even close to a fair trial, in Washington, D.C. Several January 6 defendants have argued that there’s been too much pretrial publicity in DC for a fair trial and that the jury pool in the city would be too biased. Still, Trump attorney John Lauro on Sunday cast doubt on the idea that Trump could receive a fair trial in the nation’s capital. Former Vice President Mike Pence, who recently made his sharpest condemnation of Trump, told CBS on Sunday he “would hope” Trump can receive a fair trial in Washington. That’s one reason why the January 6 defendants’ trials have gone forward without delay even though so many attempted to move their cases out of Washington, DC.

Persons: Donald Trump, ” Trump, Trump –, there’s, Roger Stone, Richard Nixon, Trump, John Lauro, ” Lauro, CNN’s Dana, Lauro, ”, I’m, Trump’s, Chris Christie, Bash, ” Christie, Mike Pence, Jeffrey Skilling, Tsarnaev Organizations: CNN, DC, Capitol, Democratic, ”, Court, CBS, Union, District of Columbia, Sunday, Enron, Boston Marathon Locations: Washington ,, Washington, DC, West Virginia, “ State, New Jersey, Houston, Boston

☆ FTX planned to purchase the Pacific island nation of Nauru to build an apocalypse bunker, lawsuit says
▼ + stars: | 2023-07-21 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

FTX is suing Sam Bankman-Fried and other former bosses for $1 billion. SBF's brother discussed turning the island country of Nauru into an apocalypse bunker, the suit says. FTX wanted to purchase the Pacific island nation of Nauru to build a bunker in case of an apocalyptic event, according to a new lawsuit. The complaint says that the FTX founder's brother, Gabriel Bankman-Fried, discussed with an officer for the FTX Foundation a scheme to purchase the country of Nauru. A spokesperson for Sam Bankman-Fried did not immediately return Insider's request for comment.

Persons: FTX, Sam Bankman, John J, Ray III —, Gabriel Bankman, Gabe Bankman, Fried Organizations: FTX, EA, FTX Foundation, Twitter Locations: Nauru, It's, Australia

July 20 (Reuters) - FTX Trading on Thursday sued founder Sam Bankman-Fried and other former executives of the cryptocurrency exchange, seeking to recoup more than $1 billion they allegedly misappropriated before FTX went bankrupt. FTX is now led by John Ray, who helped manage Enron after the energy trader's 2001 bankruptcy. FTX said Bankman-Fried and Wang also misappropriated $546 million to buy shares of Robinhood Markets (HOOD.O), while Ellison used $28.8 million to pay herself bonuses. The case is FTX Trading Ltd et al v Bankman-Fried et al, U.S. Bankruptcy Court, District of Delaware, No. The main bankruptcy case is In re FTX Trading Ltd et al in the same court, No.

Persons: Sam Bankman, FTX, Caroline Ellison, Gary, Wang, Nishad Singh, Fried, John Ray, Ellison, Singh, Jonathan Stempel, Mike Scarcella, Leslie Adler Organizations: Alameda Research, Enron, U.S, Robinhood, Bankruptcy, District of, FTX, bk, Thomson Locations: Delaware, Alameda, U.S, District, District of Delaware, New York

The Australian scandal is the latest in a number the "big four" professional services firm has faced around the globe. Auditor PwC said it was unable to comment on client issues due to confidentiality clauses. Its auditor PwC and affiliates agreed to pay $33 million in fines and compensation to settle U.S. litigation in 2011. India's market regulator barred PwC's local affiliate from auditing listed companies for two years in 2018, but that was overturned the following year. ($1 = 1.4984 Australian dollars)Reporting by Lewis Jackson; Editing by Praveen Menon and Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

Persons: Kristin Stubbins, PwC, Lewis Jackson, Praveen Menon, Sonali Paul Organizations: SYDNEY, PricewaterhouseCoopers, International, Wyelands Bank, Colonial Bank ., Satyam, Enron, PwC, Thomson Locations: Australia, Brazil, Britain, Alabama, Colonial Bank . India

☆ Former SEC chief Harvey Pitt passes away at 78
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +2 min

May 31 (Reuters) - Harvey Pitt, a former chairman of the U.S. Securities and Exchange Commission, passed away on Tuesday, according to a statement from the director of the SEC Historical Society shared with Reuters. At the time, fellow SEC Commissioner Roel Campos said: "There has certainly never been anyone who loved this agency more than Chairman Pitt." Pitt was a graduate of St. John's University School of Law and the City University of New York, according to the SEC's website. He passed away on Tuesday, according to the statement from Jane Cobb, executive director of the SEC Historical Society. "Over the years, Harvey has been extremely generous with his time and sage advice," said Michael Piwowar, a former SEC commissioner.

Persons: Harvey Pitt, Pitt, George W, Bush, Roel Campos, Jane Cobb, Harvey, Michael Piwowar, Chris Prentice, Douglas Gillison, Niket, Shinjini Ganguli, Paul Simao Organizations: U.S . Securities, Exchange Commission, SEC Historical Society, Reuters, SEC, FBI, Enron, San Francisco Chronicle, Oxley, St, John's University School of Law, City University of New, Georgetown University, University of Pennsylvania, Kalorama Partners, Thomson Locations: City University of New York, Washington, New York, Bengaluru

☆ Harvey Pitt, SEC Chairman During 9/11 and Enron Meltdown, Dies at 78
▼ + stars: | 2023-05-31 | by ( Mark Maurer | Richard Vanderford | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones, harvey, pitt Organizations: enron

☆ Enron Short Seller Lists Miami Beach Condo for $21 Million
▼ + stars: | 2023-05-27 | by ( Katherine Clarke | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/enron-short-seller-lists-miami-beach-condo-for-21-million-eb9321af

☆ Credit ratings agencies like Moody's decide the US credit rating. Here's what you need to know
▼ + stars: | 2023-05-27 | by ( Samantha Delouya | ) edition.cnn.com time to read: +4 min

CNN —Credit rating agencies are once again in the spotlight amid the ongoing high-stakes debt ceiling negotiations in Washington. What is the purpose of credit rating agencies? Put simply, credit rating agencies provide their opinions and issue a score evaluating the likelihood that a borrower will repay its debt. Rating agencies first rose to prominence over a century ago, but today, the three major agencies dominate the market. Bonsall has studied the effectiveness of credit rating agencies and their possible conflicts of interest.

☆ Central bankers face a balance sheet reckoning
▼ + stars: | 2023-05-26 | by ( Edward Chancellor | ) www.reuters.com time to read: +7 min

LONDON, May 26 (Reuters Breakingviews) - Central banks’ balance sheets have exploded in size since 2008. That’s not a problem, we’re told, since central banks are not bound by ordinary accounting rules. Ferguson and his colleagues examined fourteen central bank balance sheets over a period of 400 years. Central bank hawks on the other hand, are typically slow to expand their balance sheets during crises. Central banks with weak balance sheets are less credible bastions of a fiat currency.

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