Entries in SEC (2)


Obama's SEC Pick Pleases Wall Street Critics

Chris Hondros/Newsmakers(WASHINGTON) -- After four years of disappointing many of Wall Street’s toughest critics, President Obama seems to have done something to please them.  

His decision to nominate former U.S. attorney and NASDAQ director Mary Jo White to lead the Securities and Exchange Commission is getting some good reviews from those who favor tighter rules for financial firms.

Neil Barofsky, a former Troubled Asset Relief Program cop whose recent book Bailout blasted the Treasury Department's response to the financial crisis, says she is a “terrific” choice and a “true beacon of independence.”

Dennis Kelleher, president of Better Markets, a nonprofit organization that pushes for tougher regulations, is hopeful that she will get things done.

“Mary Jo White was a tough, smart, no nonsense, broadly experienced and highly accomplished prosecutor," he says.  "She knew who the bad guys were, went after them and put them in prison when they broke the law.  That’s what must happen if integrity and investor confidence is to be restored in our securities markets.  Wall Street is a high crime area and Mary Jo White brings the right skill set to restore the rule of law on Wall Street.  If the SEC does that, Wall Street, Main Street, our economy and our country will prosper.”

Copyright 2013 ABC News Radio


Perry Chides Obama, Talks Super Committee and Stock Trade Probe

Chip Somodevilla/Getty Images(JACKSON, Miss.) -- Texas Gov. Rick Perry said that as president, he would not honor the budget cuts that would go into effect should the super committee fail to reach its deficit reduction goal, and he reprimanded President Obama for his trip abroad as the super committee attempts to reach an agreement before its Nov. 23 deadline.

“Not at all,” Perry said when asked if he would uphold the cuts. “As a matter of fact, the super committee is a great example of just the lack of leadership that we have in Washington. The president, AWOL as far as I’m concerned. As a matter of fact instead of being in Hawaii, or Asia, or whether he thinks he is on this particular trip, he ought to be here, working on this budget issue. We know what the problem is, we got a spending problem in Washington, D,C., and we’ve got to be sitting down and working out the details of this, and I think abrogating the responsibility of the presidency to a super committee of Congress was bad leadership to begin with.”

Perry, who is on a fundraising swing through Mississippi, held the media availability session to address his request to debate Rep. Nancy Pelosi, D-Calif., next Monday, a proposition she declined Thursday morning.

“When you have routine insider corruption on Capitol Hill, when you have liberal opposition to freeing the economy in this country, when you have total disrespect for family values, that’s the reason Nancy Pelosi is running away from having a debate with me,” Perry said.

Since she would not agree to debate the Texas governor, Perry called on Pelosi to turn over any information pertaining to her involvement in potential insider trading to the SEC.

In 1998, the SEC opened an investigation into possible insider trading on the part of Perry, an investigation which was later terminated.

According to the Huffington Post, Perry purchased 2,800 shares of stock in Kinetics Concepts, Inc., a company owned by top Perry donor James Leininger, in late January 1996. Perry sold his stock for a profit of $38,000 one month later. In an interview with the Dallas Morning News, Perry admitted he spoke with Leininger on the same day he made his stock purchase, but denied the topic of stocks came up in their conversation.

Ray Sullivan, communications director for Perry, said the investigation was a result of attacks from his Democratic opponent in the lieutenant governor’s race and a Democratic congressman who requested the investigation be conducted. Sullivan noted “the allegations were not based on the use of government information, as Congress is accused of doing.” The SEC later terminated the investigation and did not pursue any enforcement action against the governor, according to a letter provided to ABC News.

Perry’s holdings were put into a blind trust in 1998, and since then he has had no involvement in his stock portfolio.

While in Mississippi, Perry was accompanied by Henry Barbour, a Perry supporter and fundraiser and nephew of former Mississippi Gov. Haley Barbour, who said the Texas governor still has the fundraising muscle to remain viable in the race.

“He has definitely has sufficient resources to run a very strong race,” Barbour said. “He is in Mississippi today, and we raised good money.”

Copyright 2011 ABC News Radio

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