Word: sec
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...Gist: It took just 211 sec. for Chesley Sullenberger to guide U.S. Airways Flight 1549 to the safety of the Hudson River on a frigid January afternoon, and a New York minute for his legend to flourish. In this slim volume, William Langewiesche lets some of the air out of Sully's soaring mystique. The Vanity Fair correspondent, a professional aviator himself, hails the captain as a "superb pilot" whose "extraordinary concentration" helped save the lives of 150 passengers and five crew members after his Airbus A320 struck a flock of Canada geese and lost thrust in both engines...
BERNIE MADOFF, jailed financier and Ponzi schemer, in a newly released interview with representatives of the Securities and Exchange Commission, which was part of an investigation into the SEC's failure to uncover Madoff's scam for 16 years...
...video that's gotten the most attention is the one for Cullman Liquidation, featuring a brutally honest owner and a memorable tagline: "Come get yourself a mobile home. Or don't. I don't care." The 1 min. 20 sec. spot's a little bloated to actually run on TV, but who cares? More than 700,000 people have viewed the clip online. That's probably nearly as effective as an actual ad on local...
...value. But it wasn't until after the 1929 stock-market crash that Congress passed laws to limit such trading (although it didn't move to ban it outright) and created the Securities and Exchange Commission to enhance market oversight. As the stock market expanded in the 1960s, the SEC grew more aggressive in fighting insider trading, relying on a general prohibition against securities fraud. In 1987, the Supreme Court ruled that a former Wall Street Journal reporter, R. Foster Winans, and two associates were guilty of mail and wire fraud for trading on names mentioned in upcoming editions...
...worst-case scenario, Dodd wants the SEC and FDIC to continue to have the power to dissolve failed banks, while the Administration would give power over big banks to the Federal Reserve. Dodd will also unveil new rules for over-the-counter-derivatives trading, whereas Frank has put off dealing with derivatives reform until next year...