The regulatory principles of the United States Securities and Exchange Commission were established three-quarters of a century ago and have been copied by securities regulators throughout the world. The SEC sets forth its principles on its web site: The mission of the U.S. Securities and Exchange Commission is to protect investors, maintain fair, orderly, and […]

The Democratic Party and its supporters have indicated a willingness to enact legislation that will reduce demand for bonds, while increasing supply: a recipe for lower bond prices and higher yields. There are few signs that the weakened Republican Party, now in the minority, will put up effective resistance. Here are some signs, portents, and expectations: Increased […]

On November 15, 2020, in the back pages of the Wall Street Journal, an article, “San Diego Settles SEC Charges Over Pension Funds”, starts out: San Diego agreed to settle Securities and Exchange Commission charges that it failed to tell municipal bond investors about the city’s mounting pension-fund obligations and its increasing inability to […]