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    When Banksters Buy Regulators and Prosecutors

    Two of our nation’s top attorneys, Helen Chaitman and Lance Gotthoffer, just released Chapter 3 of their riveting and free book, JPMadoff – The Unholy Alliance Between America’s Biggest Bank and America’s Biggest Crook. All Americans concerned about financial fraud and the role of our regulators and politicians in sustaining financial fraud need to read this book at www.jpmadoff.com.
    The book, which incorporates exclusive interviews with Bernie Madoff, focuses on JP Morgan Chase ’s 20-year role in laundering money for Madoff. Money laundering, as everyone knows, is a big-time criminal offense. Yet no one at JP Morgan Chase (JPMC) who was involved, year after year, in taking in Madoff’s huge client deposits and watching him transfer them to a small number of special “clients” rather than invest them in the securities he claimed he was buying, bothered to pick up the phone and inform anyone in law enforcement. Indeed, according to the authors, the New York office of JPMC failed to report anything amiss even after its London office conveyed an explicit warning that Madoff was perpetrating a fraud. More on Forbes here.

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    Head of municipal securities office at U.S. SEC to leave agency

    The director of the office of municipal securities at the Securities and Exchange Commission, John Cross, will leave his post in November to return to the U.S. Treasury Office of Tax Policy, the agency said on Tuesday. Cross was named head of the newly formed office barely two years ago after becoming a leading figure in the $3.7 trillion municipal bond market through his role as associate tax legislative counsel in the Treasury’s tax policy arm. More on Reuters here.

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    U.S. regulators adopt new risk rules for securitization

    U.S. regulators on Tuesday issued a rule requiring banks that sell loans to investors to keep part of the risk on their own books, a measure aimed at preventing the sloppy loans that sparked the 2007-09 credit crisis. The rule was mandated by the 2010 Dodd-Frank Wall Street reform law. After years of debate over its parameters, the 553-page measure was adopted by three of the six agencies that need to sign off on it. More on Reuters here.

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    Madoff Trustee, Investor Strike Settlement

    A real-estate developer who invested with Bernard Madoff agreed to return $32.75 million in cash and surrender $29.35 million in claims against the convicted Ponzi-scheme operator’s investment firm under a new settlement. Irving Picard , the court-appointed official tracking down money for victims of the biggest Ponzi scheme ever, on Friday filed papers in bankruptcy court outlining a settlement with developer Edward Blumenfeld, his New York real-estate company and his family. More in the Wall Street Journal here.

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    SEC Is Steering More Trials to Judges It Appoints

    The Securities and Exchange Commission is increasingly steering cases to hearings in front of the agency’s appointed administrative judges, who found in its favor in every verdict for the 12 months through September, rather than taking them to federal court. The winning streak comes amid a marked shift at the agency toward trying cases that are more complex before its administrative law judges. Historically, the SEC had more often turned to these judges for relatively straightforward legal actions, such as barring stockbrokers who had been convicted of criminal fraud. Thanks in part to enhanced powers granted in the 2010 Dodd-Frank financial-reform bill, the SEC lately has been using the administrative judges for complicated cases, including several involving insider trading. More in the Wall Street Journal here.

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