Shadiness at the SEC

The Wall Street Journal and the Washington Post lead with explanations of the insider-trading probe at the SEC. A recent report alleges that employees of the SEC traded stocks of certain companies that, at the time, were under investigation by the agency. According to the Post, Citigroup (C) and United Health Group (UNH) were among the company stocks in question. The article also says that one SEC official tried to "intimidate and influence" a family member's broker by "invoking her position." The Journal reports that some SEC employees had a "standing lunch" on Mondays to discuss the market, and that one person involved had made more than 200 trades over two years. 

While impending credit card legislation is intended to help consumers, don't expect to see its effects any time soom, says the Washington Post: "As proposed, the earliest that either the House or Senate version would go into effect is nine months after being signed into law. The Federal Reserve, meanwhile, has approved new regulations that do not go into effect until July 2010." Some industry experts predict, however, that credit card issuers will be under pressure from competitors to increase transparency as soon as possible. 

The economy in Europe isn't showing signs of a turnaround yet, reports the Financial Times: GDP fell by 2.5 percent in the first quarter, "outpacing the US slowdown," according to data released yesterday. Germany, among the worst off of the 16 countries in the region, reported a 4 percent contraction.

"Thanks, but no thanks." That's the message the Treasury Department heard from some insurers on Friday, says the Wall Street Journal. After winning approval for TARP money, Ameriprise Financial Inc. (AMP) turned down the money. Prudential Financial Inc. (PRU) is expected to do the same, according to the article. While many companies strived to qualify for the funds this past fall, changes in market conditions have allowed some firms to raise capital on their own instead. 

NBC is still waiting for its star executive to shine, the New York Times reports today. The media company brought Ben Silverman (now NBC Entertainment's co-chief) on board in 2007, hoping that he could work his magic as he had done in the past, popularizing reality shows and The Office. Sagging ratings suggest he hasn't done that yet. According to the article: "Some detractors, rooting for his exit, have suggested that he and NBC can't wait to part company. " But Mr. Silverman says he's planning to stay put:  "I plan to stay at NBC as part of the NBC family. I'm there. I'm committed," he said in an interview.

And, finally, CNN Money reports that Apple-watchers have predicted that today may mark the day that the iPhone finally arrives in mainland China. There are two reasons for the speculation: It's World Telecom Day, and it is the day that China is scheduled to acquire its first 3G service based on WCDMA (Wideband Code Division Multiple Access), the protocol used by the Apple (AAPL) iPhone 3G. When China comes through, according to the article, it could be "the last missing piece in Steve Jobs' master plan to blanket the earth with iPhones."