Source's Cover Blown by SEC [WSJ]
Federal securities regulators, in a sensitive breach, inadvertently revealed the identity of a whistleblower during a probe of a firm that ran a stock trading platform. The gaffe by the Securities and Exchange Commission occurred during an investigation of Pipeline Trading Systems LLC when an SEC lawyer showed an executive who was being questioned a notebook from the whistleblower filled with jottings about trades, calls and meetings. The executive says he recognized the handwriting.
Former Accounting Board Chairs Urge SEC to Commit to IFRS [AT]
Robert Herz, the former chairman of the Financial Accounting Standards Board, and Sir David Tweedie, the former chairman of the International Accounting Standards Board, said Tuesday that the Securities and Exchange Commission needs to make a decision soon on committing to International Financial Reporting Standards, or other major countries could drop their support for IFRS.
Protesters Beseige Wells Fargo Meeting [WSJ]
The company's 45-minute annual meeting in San Francisco on Tuesday afternoon was disrupted three times. Twenty-four people were arrested in protests outside the Merchants Exchange Building that police estimated exceeded 1,000 people. Dozens of San Francisco police officers closed part of California Street, a stone's throw from where the bank has been based for its 160-year history. "Our intent is that this meeting should not go forward," said Sarah Norr, a 32-year-old union organizer from Oakland, who sat outside and linked arms with other protesters in an effort to keep shareholders from entering the building.
Good enough for government work.
Alternatively: debits from credits.