The SEC has told Standard and Poor’s that they may file civil charges over the rating agency’s role in a 2007 mortgage backed securities deal. The formal warning of potential imminent charges, known as a Wells notice, was delivered yesterday.

Both of the provisions quoted will most likely be removed long before the Jobs bill gets anywhere near a vote, thanks to the captive legislators from both parties which makes the whining about it that much more irritating and ludicrous.

You could probably talk to 100 people and get 100 different interpretations of the stock market volatility we’re seeing in real time. The market opened up 1% and then immediately fell to about even. The stock market is not the economy and really shouldn’t be seen as a barometer for the economy.

Laws and rules are for the little people. Especially the ones without guns.

Tax cuts for the rich increase the money looking for returns in financial markets. That’s your retirement the rich are eating with these foolish tax cuts.

The FBI conducted raids on two hedge funds in Connecticut at the center of a growing insider trading scandal. Diamondback Capital Management and Level Global Investors LP experienced the raids today, which were carried out under court-authorized search warrants.

“I’m exhausted of defending you, defending your administration. … I’m deeply disappointed where we are right now. I’m waiting, sir. I’m waiting. I don’t feel it yet. … Is this my new reality?”

Brian Beutler reports that Hill aides told him President Obama’s Treasury Department sided with Scott Brown in the waning moments of the Wall Street reform conference committee, favoring his loophole for the Volcker rule designed to help asset management companies in Massachusetts.

The giant punchline to all this? Brown could very well vote against the conference report because of its four-year, $19 billion dollar bank levy to cover implementation.

This will be a jam-packed week for the Wall Street reform conference committee, with a final draft expected to go to both chambers of Congress by Friday. And many of the more important details remain up in the air. In particular, the consequential, hard-wired reforms designed to reduce risk and even the size of risky markets still have to clear the final hurdles.

Wall Street has a sweetheart tax credit allowing it to double its money in seven years through charter school investments.