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Elizabeth Warren calls SEC's approval of firm 'a mockery' and questions mission

Discussion in 'Market News' started by Lily, Apr 21, 2016.

  1. Lily

    Lily Forum Member

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    Senator says decision to approve Stamford Harbor, which has ties to hedge fund manager who pleaded guilty to insider trading, potentially exploits investors

    Elizabeth Warren is not thrilled with the US Securities and Exchange Commission. On Thursday, the Massachusetts senator sent a missive to Mary Jo White, SEC chair, telling her she was making “a mockery” of the regulator’s core mission.

    Warren, a scourge of Wall Street, is disappointed with the agency’s decision to approve Stamford Harbor Capital to act as investment adviser to outside clients. The reason? The firm is associated with Steven Cohen, former manager of SAC Capital Advisors who pleaded guilty to insider trading in 2013 and paid a record $1.8bn fine.

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    Related: Elizabeth Warren to SEC chair: you make a 'disappointing' Wall Street cop

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