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Dodd-Frank Wall Street Reform Act Includes Immediate Change to Securities Act of 1933 "Accredited Investor" Definition for Natural Persons

by Kristy T. Harlan and Vincent J. Pisano On July 21, President Obama signed the Dodd- Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). A change to the definition of "accredited investor" under the Securities Act of 1933, takes effect immediately and may impact issuers...

What Caused the 2008 Crisis?: All the Devils are Here

Was it Fannie Mae? Was it the lack of regulatory oversight? Was it the rating agencies? Was it pure greed? Yes, yes, yes and yes. Plus, there were lots of other factors. Bethany McLean and Joe Nocera put together an insightful look at the many factors that created the housing bubble and amplified...

Auditors Under Pressure In The UK: Or Are They?

The UK accounting firms' response to the "pressure" on their industry post-crisis has been sharp, quick, and on message. But the "pressure" itself feels like a strategy orchestrated by the audit firms to force legislators to grant their wishes under the mistaken assumption...

SEC, USAO Charge Former Broker with Securities Fraud Tied to Market Crisis

The SEC and the U.S. Attorney for the District of Connecticut filed, respectively, civil and criminal fraud charges against a former account executive at Jefferies & Co. arising out of the financial crisis. The charges center on the sale of mortgage backed securities or MBS to funds, including...

Former Credit Suisse Managing Director Pleads Guilty in Market Crisis Case

In one of the most significant market crisis cases to date, the former Global Head of Structured Credit Trading at Credit Suisse pleaded guilty to a conspiracy charge based on falsifying asset values which ended with the financial institution to take a $2.65 write down. Kareem Serageldin was charged...