Andrew Ackerman

Groundbreaking for new U.S. home construction was down 10.6% in October to 529,000, while private housing permits fell 4.0% to 552,000, according to Commerce Department data released yesterday.

WASHINGTON - Groundbreaking for new U.S. home construction was down 10.6% in October to 529,000, while private housing permits fell 4.0% to 552,000, according to Commerce Department data released this morning.

WASHINGTON — The Obama administration yesterday announced the formation of a multi-agency task force that will investigate and prosecute “significant” financial crimes and civil violations tied to the financial crisis and the government’s economic recovery programs.

Industrial production inched up just 0.1% in October, trailing economists’ expectations and monthly gains that averaged 0.9% over the previous three months, according to data released yesterday by the Federal Reserve.

WASHINGTON – Industrial production inched up just 0.1% in October, trailing economists' expectations and monthly gains that averaged 0.9% over the previous three months, according to data released this morning by the Federal Reserve.

The Financial Industry Regulatory Authority censured and fined four firms a total of $175,500 for municipal and other rule violations, including $55,000 against Morgan Stanley for failing to report municipal and corporate securities transactions in a timely manner.

The Municipal Securities Rulemaking Board would have more leeway to select members on a 15-member majority-public board under a revised draft of financial regulatory reform legislation released yesterday by the Senate Banking Committee.

WASHINGTON — Brazos Student Finance Corp. wants to be the first student loan lender to ask institutional investors to voluntarily tender, at a discount, illiquid auction-rate securities in exchange for new floating-rate notes, about a year after a much larger and more complex offer failed.

Import prices rose 0.7% in October, led by a 1.8% increase in fuel prices, the Labor Department reported Friday.

Import prices rose 0.7% in October, led by a 1.8% increase in fuel prices, the Labor Department reported today.

WASHINGTON — The Securities and Exchange Commission will likely vote to adopt final changes to its Rule 15c2-12 on disclosure “very early” next year and will then meet with lawmakers to see what can be done to expand its authority over the muni market, SEC chairman Mary Schapiro said this week.

WASHINGTON — The Securities and Exchange Commission’s settlement last week with JPMorgan over payments former bankers made to get municipal bond and swap business from Jefferson County, Ala., as well as other recent enforcement actions, show the SEC is not afraid to pursue complex and difficult financial crimes, the agency’s head of enforcement said yesterday.

WASHINGTON — Senate Banking Committee chairman Christopher Dodd yesterday unveiled a massive draft regulatory reform bill that envisions a more independent and powerful Municipal Securities Rulemaking Board.

David Rubin, founder of CDR Financial Products Inc., and two colleagues on Friday pleaded not guilty to criminal antitrust, wire fraud and other charges stemming from an alleged conspiracy to rig bids for municipal investment agreements and derivatives contracts for kickbacks.

WASHINGTON — The Municipal Securities Rulemaking Board yesterday filed a new rule with the Securities and Exchange Commission that would allow it to collect a flat $60 “development fee” on examinations taken by municipal securities representatives and principals, as well as muni fund securities “limited principals,” to demonstrate competence in their areas of work.

WASHINGTON — The United States faces an immense challenge with an economy expected to be $2 trillion smaller than what it should be over the next five years and growing unemployment that is likely to last “for at least some time,” according to Felix Rohatyn, the veteran investment banker who helped save New York City from bankruptcy in the 1970s.

WASHINGTON — The Securities and Exchange Commission announced yesterday that it has settled securities fraud and other charges against JPMorgan Securities Inc. and is pursuing charges against two of the firm’s former managing directors, Charles LeCroy and Douglas MacFaddin, in connection with muni bond and swap transactions done with Jefferson County, Ala.

WASHINGTON - The Securities and Exchange Commission announced this morning that it settled securities fraud and other charges with JPMorgan Securities Inc. and is pursuing charges against two of the firm’s former managing directors, Charles LeCroy and Douglas MacFaddin, in connection with muni bond and swap transactions done with Jefferson County, Ala.

WASHINGTON — Two prominent industry groups are raising strong objections to draft changes the Municipal Securities Rulemaking Board proposed for its Rule G-37 on political contributions that would require dealer-affiliated banks and bank holding company political action committees to disclose the contributions they make to issuer officials.

WASHINGTON — Court documents filed in class action and other lawsuits by issuers’ lawyers who were briefed by attorneys at Bank of America — the one firm that is cooperating with the Justice Department’s antitrust probe in return for indemnity from criminal charges — present a disturbing picture of alleged widespread collusion between dozens of firms involved with municipal investment contracts and derivatives.