Former senior employees of Lehman Brothers Holdings Inc [LEHLO.UL] who once commanded seven-figure pay packages failed to persuade a federal judge to restore hundreds of millions of dollars of stock awards that become worthless after the Wall Street bank’s collapse.

Sen. Elizabeth Warren (D-Mass.) is calling on the Securities and Exchange Commission to investigate financial firms for allegedly making misleading statements about a federal effort to protect people saving for retirement.

In a letter sent Thursday to SEC Chair Mary Jo White, Warren said firms could have violated securities laws by issuing conflicting comments about a proposed rule that would require financial advisors to act in the best interest of their clients, rather than the best interest of their own profit.

Warren is referring to the so-called fiduciary rule, which the White House estimates could help Americans trying to retire save $17 billion a year. Current law allows financial advisors to work on commission when they offer suggestions to savers about retirement accounts, such as 401(k)s and Individual Retirement Accounts (IRAs). Advisors are allowed to earn money from mutual fund companies for steering clients to specific funds, even if…

When is the media going to interview William Black and Bank Whistleblowers United ??

NY Post:

The political establishment is marshaling forces for a smackdown of Wall Street corruption.

The financial elite is fretting over an apocalyptic future of more regulation, more taxes, more fees (and less profit). Meanwhile, to tough-talking, reform-minded presidential candidates, nothing is off the table — from jail time for bankers to the dismemberment of their “too big to fail” banks.

And the rhetoric is not confined to the campaign trail.

“We need to control fraud and those who loot the company for their own personal enrichment,” William Black, an associate professor of economics and law at the University of Missouri, said in Washington recently, calling on the US presidential candidates to get tough on Wall Street. “Our system of checks and balances is a fake,” added Black, a whistleblower who helped expose the Keating Five savings and…