Securities giant Goldman Sachs & Co. will pay $550 million to settle a civil fraud case brought by the Securities Exchange Commission (SEC), charging that the company misled investors of complex mortgage-related investments. The fine is the largest against a Wall Street firm in the SEC’s history. $300 million will be paid to the federal government, with the remainder to be paid to two European banks that lost money as a result of the scandal.
President Barack Obama has signed into law sweeping financial reforms that mark the first major overhaul of financial regulatory protections for consumers since the Great Depression.
The landmark legislation creates a consumer bureau to protect borrowers from lending abuses and gives the government broader authority to take over troubled financial firms. It also establishes a council of federal regulators to monitor problems that might threaten the financial system. Additionally, it provides for oversight of the derivatives market and provides shareholders with more control of corporations’ executive pay.
As Tropical Storm Bonnie enters the Gulf of Mexico, BP had temporarily plugged the relief well that is hoped to be a permanent fix for the massive oil spill in the Gulf. BP’s Chief Operating Officer has said that bad weather from the tropical storm could delay work on the relief well for 10-14 days, and it will also delay any work on the “static kill” procedure that has been proposed to plug the wellhead.
Baron & Budd, P.C. was founded in 1977 to represent people and communities harmed by corporate fraud and misconduct. Over the years, our attorneys have amassed substantial knowledge, as well as some strong opinions. This website represents our desire and commitment to share some of what we know-and what we believe-with you. It's one more way that we try to live up to our mission: Protecting What's Right.
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