SEC rejects Congress' request, SEC refuses to allow Bear Stearns Investigation

SEC Rebuffs Lawmakers Over Bear
By Michael Siconolfi
Word Count: 361 | Companies Featured in This Article: Bear Stearns, J.P. Morgan Chase

Securities regulators refused a congressional request to disclose why they dropped an investigation into whether Bear Stearns Cos. harmed investors by improperly valuing complex debt securities.

The Securities and Exchange Commission cited confidentiality in its decision involving the late-stage probe of the Wall Street firm.

At issue is a move by the SEC to abort an enforcement case into activities at Bear Stearns several months before the firm imploded in March. The firm ...