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By Donald Lambro
Growth spikes are little more than trend-free anomalies
Independent voices from the The Washington Times Communities
Topic - Robert Khuzami
Sen. Ted Cruz said Republicans came out on the short end of the "fiscal cliff" fight because President Obama had a stronger position — but the new Texas lawmaker expects a different outcome in the upcoming debt-ceiling negotiations.
Oppenheimer Funds agreed to pay more than $35 million to settle government charges that it misled investors who invested in two of its bond funds.
The Securities and Exchange Commission on Friday brought civil fraud charges against six former top executives at Fannie Mae and Freddie Mac, saying they misled investors about risky subprime loans the mortgage giants held when the housing bubble burst.
The Securities and Exchange Commission's chief enforcement official says the agency has toughened its efforts to shut down financial misconduct after failing to act quickly in the cases of R. Allen Stanford and Bernard Madoff.
"Firms that conduct audits knowing they cannot comply with laws requiring access to these work papers face serious sanctions," said Robert Khuzami, SEC enforcement director.
SEC Enforcement Director Robert Khuzami said the agency needs to have access to the documents in order to verify the accuracy of the firms' audits and protect investors from accounting fraud.