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August 6, 2013

OVERNIGHT MONEY: Labor look-see

Welcome to August! A fresh Friday in a new month can mean nothing else but a chance to sink our teeth into a fresh jobs report. Congress might be warming up the jet turbines as they prepare for the August recess, but Bureau of Labor Statistics will be keeping things fresh with the July jobs report.

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Fab, not so Fab. One of the more infamous figures of the financial meltdown was found liable Thursday afternoon of misleading investors over a complex derivatives deal. Fabrice “Fabulous Fab” Tourre faced the verdict in a high-profile civil case, and one of the few cases brought against a participant in the meltdown by government regulators. The Securities and Exchange Commission said they were “gratified” by the ruling, and will continue to hold accountable Wall Street fraudsters.

Meanwhile, financial reform advocates were eager to tell regulators to not be too eager to pat themselves on the back

 

“’You would think the SEC convicted the Al Capone of Wall Street today when all it did was scapegoat a single mid-level Goldman Sachs’ trader who bragged in emails to his girlfriend,’ said Dennis Kelleher, president and CEO of Better Markets.”

 

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Read full The Hill article here

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