The Good, The Bad & The Ugly – Week of 11/5/12

The Good

  • Sandy gives OWS the opportunity to prove what it’s all about. NY Times, 11/11/12. See how you can help here.
  • A federal court in Australia ruled that S&P’s AAA ratings on several structured notes in 2006 were “misleading and deceptive,” and led to millions in losses for local investors. “The 1,459-page judgement, the first ever against a ratings agency with respect to CPDOs, could be used to support further suits around the world over securities which collapsed in the financial crisis.” Bloomberg, 11/4/12

The Bad

  • The Senate gears up to hamstring financial regulation by making the independent regulators more accountable to the executive branch. Firedoglake, 11/9/12
  • Goldman is attempting to exploit a divergence in federal court rulings in its argument that the Supreme Court should invalidate a mortgage securities class action suit “that it said could cost Wall Street tens of billions of dollars.” Reuters, 11/2/12

The Ugly

  • Susan Antilla provides a case study of the ongoing failures of self-regulation, as FINRA serves papers against a stockbroker after he is already in jail for other charges. TheStreet, 11/7/12
  • Opposition from committee staffers and the industry they “oversee” may keep Elizabeth Warren off the Senate Banking Committee. CNBC, 11/9/12

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