A barrage of bad trades from Goldman Sachs and pricing paralysis on Nasdaq is spurring regulators to push ahead on new safeguards.
The Securities and Exchange Commission’s chairwoman, Mary Jo White, said that she would “shortly convene a meeting of the leaders of the exchanges†to push ahead on new testing requirements that have been rebuffed by exchange companies.
A look back on our reporting of the past week’s highs and lows in finance.
FRIDAY, AUG. 23
Nasdaq Chief Defends Handling of Trading Halt | Robert Greifeld said that the exchange needs to work on its “defensive driving†to deal better with mistakes by others. DealBook »
THURSDAY, AUG. 22
Pricing Problem Suspends Nasdaq for Three Hours | The United States stock market remains vulnerable to technological breakdowns even as regulators and market operators work to keep up with trading that is increasingly electronic and driven by speed. DealBook »
News Analysis: In Markets Tuned Up Machinery, Stubborn Ghosts Remain | Why are markets failing, and failing so often? One reason is the need for speed, says Floyd Norris. Another is increased competition. DealBook »
Big Name Is Leaving Boies’s Firm After a Year | Once staid partnerships where lawyers spent their entire careers, firms are increasingly collections of individuals with portable books of business. DealBook »
Moody’s Threatens to Cut Credit Ratings of Banks | If it follows through, Moody’s could reduce the ratings of Wall Street giants like Goldman Sachs, Morgan Stanley and JPMorgan Chase as much as two grades. DealBook »
Goldman Sachs Banker Charged With Rape | Jason Lee was arraigned on charges of raping a 20-year-old woman in an East Hampton rental home and posted $20,000 bail. The New York Times »
New Claims in U.S. Case Against SAC Ex-Trader | The updated charges against Mathew Martoma mesh with the accusations contained in the S.E.C. lawsuit brought against Steven Cohen last month. DealBook »
WEDNESDAY, AUG. 21
Bloomberg to Increase Oversight After Privacy Lapses | Investigators found that when the issue was first brought to the company’s attention in 2011, top executives decided to stop giving journalists access to the data but that no concrete steps were taken. DealBook »
For Activist Fund’s Chief, a Sober Self-Evaluation | William A. Ackman sounded a note of contrition in a letter to investors, saying that Pershing Square Capital Management’s investment in J. C. Penney had been a “failure.†DealBook »
Fed Appeals Rejection of Rule on Debit Card Fees | The appeal will be a crucial test of the courts’ power to overturn the financial regulations that stemmed from the sweeping banking overhaul after the crisis. DealBook »
TUESDAY, AUG. 20
Currency Volatility Unnerving Investors | Lawmakers and central bankers in India, Indonesia, Turkey and several emerging-market economies are scrambling to contain the damage from falling currencies and to keep foreign investors from heading for the exits. DealBook »
Many Wall St. Banks Woo Children of Chinese Leaders | Although many of those hired have worked diligently, others have been placed on the payroll with little or no work expected of them. DealBook »
Barnes & Noble’s Founder Will Not Pursue a Bid for the Bookstores | Leonard S. Riggio’s disclosure accompanied the retailer’s latest results, which included a loss that more than doubled from the same time last year. DealBook »
MONDAY, AUG. 19
An Admission of Wrongdoing as S.E.C. Takes a Harder Line | The agreement sets a potential precedent for the regulator, which is busy with investigations involving JPMorgan Chase and the hedge fund SAC Capital Advisors. DealBook »
Obama Presses for Action on Bank Rules In a private White House meeting, President Obama told the nation’s top financial regulators that they must work to prevent a repeat of the 2008 financial crisis. The New York Times »
DealBook Column: Hiring the Connected Isn’t Always a Scandal | In financial firms, does hiring the children of the elite constitute bribes? Hardly, says Andrew Ross Sorkin. DealBook »
Banks Coming Up Short in Planning for the Worst, Fed Says | The Fed said some banks were not taking into account the possibility of falling house prices when valuing certain mortgage-related assets for the tests. DealBook »
Norway’s Statoil Will Sell Some North Sea Assets to OMV of Australia | The $2.65 billion transaction saves $7 billion in capital costs, notably on Rosebank, a deepwater discovery that is likely to be one of Europe’s most expensive projects. DealBook »
Oversight Board Faults Broker-Dealer Audits | Auditors performed complete and correct audits of at least three brokerage firms last year. That amounted to only 5 percent of the 60 audits reviewed. DealBook »
Ex-Prosecutor in Enron Case Coming Back | The Justice Department named Leslie R. Caldwell, a defense lawyer at the firm Morgan Lewis, as the next head of its criminal division. DealBook »
To Cover New York, Zillow Buys a Rival Site | The seven-year-old start-up StreetEasy sold itself to the giant of online real estate information for $50 million in cash. DealBook »
SUNDAY, AUG. 18
Public Funds Take Control of Assets, Dodging Wall St. | The world’s biggest pension and sovereign wealth funds have found they can often manage their own money at a lower cost without losing out on returns. DealBook »
SATURDAY, AUG. 17
Hiring in China by JPMorgan Under Scrutiny | Federal authorities have opened a bribery investigation into whether JPMorgan Chase hired the children of powerful Chinese officials to help the bank win lucrative business in the booming nation, according to a confidential United States government document. DealBook »
WEEK IN VERSE
‘Cups’ “You’re gonna miss me when I’m gone,†sings Anna Kendrick. Even if it’s only for three hours. DealBook »
