Nasdaq to pay $10m government fine over disruption to Facebook’s IPO

SEC levies biggest penalty ever against exchange after computer glitches delay start of heavily anticipated trading dayNasdaq has agreed to pay a $10m penalty to settle federal civil charges after regulators said its systems and decisions disrupted Facebook’s public stock offering last year.The Securities and Exchange Commission said Wednesday that the penalty is the largest […]
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Hedge fund billionaire Philip Falcone agrees to two-year ban with SEC

Falcone may continue on as chief executive and chairman of his firm Harbinger Capital but can’t make investment decisionsA once high-flying hedge fund billionaire, who made a fortune betting against the housing market, has agreed to an $18m settlement with US regulators that will effectively bar him from the financial services industry.Philip Falcone and his […]
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JP Morgan Chase and Credit Suisse pay $416.9m in penalties over mortgages

Fines and compensation are related to mortgage bond losses regarded as the ‘ground zero’ of the global financial crisisJP Morgan Chase and Credit Suisse will pay a combined $416.9m (£262.4m) to settle US civil charges that they misled investors in the sale of risky mortgage bonds prior to the 2008 financial crisis, regulators have said. […]
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News Corp strengthens compliance teams

Senior new appointments in wake of phone-hacking crisis include hiring of former SEC executive and federal prosecutorNews Corporation has hired a senior executive from the Securities and Exchange Commission and a former federal prosecutor to lead new compliance teams at its newspaper and book publishing, TV and film divisions.News Corp’s general counsel and chief compliance […]
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EU legislators aim for tougher law on oil, gas and mining payments

European parliamentary committee votes to put spotlight on payments by extractive companies to foreign governments in bid to increase transparency and curb corruptionAnti-poverty campaigners have hailed a vote on Tuesday by a European parliamentary committee requiring EU oil, gas, mining and timber companies to publish their payments to foreign governments.They say the move brings Europe […]
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Facebook IPO: banks investigated for allegedly keeping negative news secret

Morgan Stanley, JP Morgan and Goldman Sachs are said to have shared with big investors while keeping public in the darkFinancial regulators are to investigate whether the banks in charge of Facebook’s initial stock offering broke the rules by selectively releasing negative news about the company before shares went on sale.The financial industry regulatory authority […]
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Amazon: £7bn sales, no UK corporation tax

Online giant’s British operation owned by Luxembourg companyAmazon.co.uk, Britain’s biggest online retailer, generated sales of more than £3.3bn in the country last year but paid no corporation tax on any of the profits from that income – and is under investigation by the UK tax authorities.Regulatory filings by parent company Amazon.com with the US securities […]
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Is this Facebook’s great leap forward?

Site’s share offer will create new billionaires and millionaires – but analysts worry about its capacity for growth and many users fear for their privacyManagement consultant and business expert Peter Cohan does not plan on investing in Facebook stock any time soon. The author of 10 business books, including Capital Rising and Export Now, took […]
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