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Link: New Jersey Settles S.E.C. Case Over Pensions
http://www.nytimes.com/2010/08/19/business/19muni.html?pa...
![[link]](http://s3-ak.buzzfed.com/static/images/public/icons/external-link2.png)
Federal regulators accused New Jersey of securities fraud for claiming it was funding public workers' pensions when it was not.
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Worst April Fools Ever
Business Buzz The online stock trading site Zecco surprised its customers with fake multi-million dollar balances. Ha-ha! But then something happened… People started buying lots and lots of real stock! Now, everybody's screwed. Woopsies, Zecco!
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Uptick Rule
Business Buzz Barney Frank just said the SEC is going to bring back the uptick rule. So what is it? It's designed to slow down short-sellers by requiring them to sell at a price higher than the previous trade. The rule was created following the Great Depression and removed in July 2007. People have basically been calling for its reinstatement ever since.
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Link: Harry Markopolos
http://nymag.com/daily/intel/2009/02/harry_markopoulos_is...
Harry Markopolos tried for years to convince the SEC that Bernie Madoff was running a giant Ponzi scheme. Now he's testifying before Congress and accusing the SEC of being “captive to the industry it regulates.” He's also saying the Wall Street Journal passed up a chance to break the Madoff Ponzi scheme story.
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Shana Madoff
Business Buzz Shana Madoff is the cute niece and former “compliance officer” of Wall St. swindler Bernie Madoff. Shana is married to former SEC lawyer Eric Swanson, who was part of the team that investigated Madoff's investment firm and found it A-OK in 2005. Shana is very likely headed to prison, for which she is preparing with a prep course on “how to survive inside.” $850 and you too can learn how to avoid a prison riot.
