SEC to Make Wall Street Banks Reveal Capital, Liquidity

NEW YORK -- The Securities and Exchange Commission will require Wall Street investment banks to disclose their capital and liquidity levels, after speculation about a cash shortage at Bear Stearns Cos. triggered a run on the firm, SEC Chairman Christopher Cox said, according to Bloomberg News.

The disclosures will be “in terms that the market can readily understand and digest,'' Cox said Wednesday during a speech in Washington. The SEC will require the disclosures “later this year,'' he said, according to Bloomberg News.

-- NYSSCPA.org News Staff

Posted on 5/7/08