Arab Today, arab today wells fargo settles case for 65 million
Last Updated : GMT 10:41:31
Arab Today, arab today
Arab Today, arab today

Wells Fargo settles case for $6.5 million

Arab Today, arab today

Arab Today, arab today Wells Fargo settles case for $6.5 million

New York - UPI

U.S. regulators said Wells Fargo had agreed to a $6.5 million settlement to end a case against it alleging poorly managed toxic securities. The Securities and Exchange Commission said the bank and a broker had sold bundled securities in the early months of the bursting housing bubble that the bank simply did not research well or understand. \"Broker-dealers must do their homework before recommending complex investments to their customers,\" said head of the SEC Municipal Securities and Public Pensions Unit Elaine Greenberg in a statement. The New York Times said Tuesday that Wells Fargo made a profit of $16 billion in 2011, making the $6.5 million settlement, all things being relative, about as worrisome as a parking ticket to some. The SEC has had mixed results pursuing cases related to the bursting housing bubble. It has pursued cases in which banks helped choose securities that went into a bundled package. The banks sold these as solid investments, but the big banks did not reveal that they were making bets that the securities would drop in value. On the other hand, the SEC recently announced it was dropping a case against Goldman Sachs concerning a 2006 mortgage deal. The SEC on Tuesday said it had also settled a case against Shawn McMurtry, a former Wells Fargo broker, who will pay a fine of $25,000 and be prohibited for six months from working in the securities industry, the newspaper said.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today wells fargo settles case for 65 million Arab Today, arab today wells fargo settles case for 65 million

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today wells fargo settles case for 65 million Arab Today, arab today wells fargo settles case for 65 million

 



Arab Today, arab today Etiquette expert calls for short visits

GMT 16:21 2017 Monday ,26 June

Etiquette expert calls for short visits
Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday