Avoiding: The Securities and Exchange Commission has allowed Wall Street's biggest firms to avoid punishment targeted specifically for fraud cases, The New York Times reports. The agency has repeatedly granted exemptions to laws and regulations that serve as a deterrent to fraud.
Twitter Tiff: A dispute in California federal district court is brewing over ownership of a Twitter account. The National Law Journal reports the ownership question--between an employee and his former company--remains unresolved. But a federal magistrate judge is allowing the company's legal claims to the account to move forward. The company, PhoneDog, sued the former employer for, among other things, alleged misappropriation of trade secrets.
Banned: The U.S. Senate overwhelmingly passed legislation that bans insider trading among members of Congress. The new law would prohibit lawmakers from trading stocks based on information the member of Congress learned on Capitol Hill. The Washington Post has coverage here.
Blocked: The U.S. Court of Appeals for the 9th Circuit has overturned a judge's ruling to unseal the video recording of the Proposition 8 trial. California's The Recorder has the story here. The appeals court said the trial judge had promised the recording of the proceedings would be used only in chambers.
Charged: Federal prosecutors have charged Switzerland's oldest bank on allegations it helped Americans hide more than a billion dollars in secret accounts, The Wall Street Journal reports. The prosecution of Wegelin & Co. is the first time prosecutors have charged a foreign bank, rather than account holders, in a tax evasion case.
Game Face: The New York Giants face the Patriots of New England on Sunday in Indianapolis for Super Bowl XLVI (46). If you are more into the ads than the action, The Wall Street Journal has this look at the crop of Super Bowl commercials. Perhaps to the delight of the Federal Communications Commission, Madonna, who is scheduled to perform during halftime, has promised "there will be no wardrobe malfunctions."