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116-619: The company has endured a long history of struggles, including in 2001, when it filed for bankruptcy and was also found to have committed massive accounting fraud, for which it was subject to SEC investigation. In 2002, Sunbeam emerged from bankruptcy as American Household, Inc. (AHI). Sunbeam was owned by Jarden Consumer Solutions after Jarden 's acquisition in 2004, which was itself later purchased by Newell Rubbermaid (now Newell Brands ). In 1897 John K. Stewart and Thomas J. Clark incorporated their Chicago Flexible Shaft Company , which made horse trimming and sheep shearing machinery. In 1910

232-521: A Ponzi scheme because she was the firm's compliance attorney. The investigation was closed, and Swanson subsequently left the SEC, and married Shana Madoff. Approximately 45 percent of institutional investors thought that better oversight by the SEC could have prevented the Madoff fraud. Harry Markopolos complained to the SEC's Boston office in 2000, telling the SEC staff they should investigate Madoff because it

348-461: A civil action in a U.S. District Court , or an administrative proceeding which is heard by an independent administrative law judge (ALJ). The SEC does not have criminal authority but may refer matters to state and federal prosecutors. The Economic and Risk Analysis Division (DERA) was created in September 2009 to integrate financial economics and rigorous data analytics into the core mission of

464-613: A humid continental climate ( Köppen climate classification Dfa ) bordering a humid subtropical climate with hot summers, and cool to cold winters. The 2023 USDA places the city in hardiness zone 7a. The influence of the Atlantic Ocean keeps the state of Rhode Island warmer than many inland locales in New England. July is the warmest month with a daily mean of 73.5 °F (23.1 °C) and highs rising to 90 °F (32 °C) or higher an average of 10 days per summer, January

580-501: A "pending" status on 197 of the 312 recommendations made in audit reports. Some of the recommendations included imposing disciplinary action on SEC employees who receive improper gifts or other favors from financial companies, and investigating and reporting the causes of the failures to detect the Madoff ponzi scheme. In a 2011 article by Matt Taibbi in Rolling Stone , former SEC employees were interviewed and commented negatively on

696-658: A 15-foot tall granite statue of Roger Williams gazing over the city. As one of the first cities in America, Providence contains many historic buildings , while the East Side neighborhood in particular includes the largest contiguous area of buildings listed on the National Register of Historic Places in the U.S., with many pre-revolutionary houses. Providence's East Side is home to the First Baptist Church in America , which

812-469: A busy port, as it is situated at the mouth of the Providence River at the head of Narragansett Bay . Providence was one of the first cities in the country to industrialize and became noted for its textile manufacturing and subsequent machine tool, jewelry, and silverware industries. Today, the city of Providence is home to eight hospitals and eight institutions of higher learning which have shifted

928-560: A clear-cut set of deadlines, rules and guidelines. The SEC succeeded; Kennedy reassured the American business community that they would no longer be deceived and tricked and taken advantage of by Wall Street. He became a cheerleader for ordinary investors to return to the market and enable the economy to grow again. Later SEC commissioners and chairmen include William O. Douglas , Jerome Frank , and William J. Casey . Since 1994, most registration statements (and associated materials) filed with

1044-618: A distributor of natural and organic foods; Fortune 1000 Nortek Incorporated; Gilbane , a construction and real estate company. Other companies with headquarters in the city include Citizens Bank , Virgin Pulse , Ørsted US Offshore Wind , and Providence Equity . Providence is the site of a sectional center facility (SCF), a regional hub for the U.S. Postal Service. Providence is also home to some of toy manufacturer Hasbro 's business operations, although their headquarters are in Pawtucket. The city

1160-404: A dramatic turnaround the next year. Along with Dunlap and several other officers, the SEC sued Phillip Harlow at Sunbeam's accounting firm, Arthur Andersen . Dunlap was ultimately banned from serving again as an officer or director of a public company. In 2002, Sunbeam emerged from bankruptcy as American Household, Inc. (AHI), a privately held company. Its former household products division became

1276-582: A fairly clear spatial separation appears between the areas of pre-1980s development and post-1980s development; West Exchange Street and Exchange Terrace serve as rough boundaries between the two. The newer area, sometimes called "Capitol Center", includes the Providence Place Mall (1999), Omni Providence Hotel (1993) and Residences Providence (2007), GTECH Corporation (2006), Waterplace Towers condominiums (2007), and Waterplace Park (1994). The area tends toward newer development, since much of it

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1392-400: A free-running turntable and being driven by the 'edge' beater via a plastic cupped washer on the tip of the beater using friction drive against the sharply sloping side of the bowls near the bottoms. The mixer simply unclips from the base stand so it could be used as a hand mixer too. The Mixmaster became the company's flagship product for the next forty years, but the brand also became known for

1508-519: A measure to reduce volatility in turbulent markets. The SEC investigated cases involving individuals attempting to manipulate the market by passing false rumors about certain financial institutions. The commission has also investigated trading irregularities and abusive short-selling practices. Hedge fund managers, broker-dealers, and institutional investors were also asked to disclose under oath certain information pertaining to their positions in credit default swaps . The commission also negotiated

1624-487: A meeting at the SEC in which top staff discussed refusing to admit the destruction had taken place, because it was possibly illegal . Iowa Republican Senator Charles Grassley , among others, took note of Flynn's call for protection as a whistleblower, and the story of the agency's document-handling procedures. The SEC issued a statement defending its procedures. NPR quoted University of Denver Sturm College of Law professor Jay Brown as saying: "My initial take on this

1740-462: A mix of live music performances, art installations, craft markets, and food vendors showcasing global cuisines. Providence is home to a 1,200-acre (4.9 km ) park system. Notable among these are Waterplace Park and the Riverwalk, Roger Williams Park , Roger Williams National Memorial , and Prospect Terrace Park . Prospect Terrace Park features expansive views of the downtown area, as well as

1856-453: A result, Cox said that an investigation would ensue into "all staff contact and relationships with the Madoff family and firm, and their impact, if any, on decisions by staff regarding the firm". SEC Assistant Director of the Office of Compliance Investigations Eric Swanson had met Madoff's niece, Shana Madoff , when Swanson was conducting an SEC examination of whether Bernard Madoff was running

1972-478: A riverwalk; the construction of a Downtown ice rink; and the development of Providence Place Mall. In 1980, Providence's previously declining population began to grow once again. In the early 2000s, Providence developed an economic development plan that outlined a shift to a knowledge-based economy. These efforts involved the rebranding of the formerly industrial Jewelry District as a new "Knowledge District". Despite new investment, approximately 21.5-percent of

2088-537: A self-made multimillionaire, financier, and leader among the Irish-American community, as chairman of the SEC. Roosevelt chose Kennedy partly based on his experience on Wall Street. Two of the other five commissioners were James M. Landis and Ferdinand Pecora . Kennedy added a number of intelligent young lawyers to the SEC staff, including William O. Douglas and Abe Fortas , both of whom later became Supreme Court Justices. Kennedy's team defined four missions for

2204-424: A share. However, industry insiders were suspicious. The sudden surge in demand for barbecues did not hold up under scrutiny. An internal investigation revealed that Sunbeam was in severe crisis, and that Dunlap had encouraged violations of accepted accounting rules. Dunlap was fired, and under CEO Jerry W. Levin , the company filed for Chapter 11 bankruptcy protection in 2001. Soon after Sunbeam filed for bankruptcy,

2320-591: Is 80 °F (26.7 °C) on June 6, 1925. Temperature readings of 0 °F or −17.8 °C or lower are uncommon in Providence and generally occur once every several years. The year which had the most days with a temperature reading of zero degrees or lower was 2015 with eight days total—one day in January and seven days in February. Conversely, temperature readings of 100 °F or 37.8 °C or higher are even rarer, and

2436-468: Is based in trade, transportation, utilities, and educational and health services. As the capital of Rhode Island, the city's economy additionally consists of government services, with approximately 70,000 jobs. The unemployment rate in the city is 5.0% as of August 2022, compared to a national rate of 3.8%. Prominent companies headquartered in Providence include Fortune 500 Textron , an advanced technologies industrial conglomerate; United Natural Foods ,

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2552-524: Is compact—characteristic of eastern seaboard cities that developed prior to use of the automobile. The street layout of the city is irregular; more than one thousand streets run haphazardly, connecting and radiating from traditionally bustling places such as Market Square . Downtown Providence has numerous 19th-century mercantile buildings in the Federal and Victorian architectural styles, as well as several postmodern and modernist buildings. In particular,

2668-772: Is headquartered in Washington, D.C. The SEC's divisions are: Corporation Finance is the division that oversees the disclosure made by public companies , as well as the registration of transactions, such as mergers, made by companies. The division is also responsible for operating EDGAR. The Trading and Markets division oversees self-regulatory organizations (SRO's) such as the Financial Industry Regulatory Authority (FINRA) and Municipal Securities Rulemaking Board (MSRB) and all broker-dealer firms and investment houses . This division also interprets proposed changes to regulations and monitors operations of

2784-574: Is home to the Rhode Island Convention Center , which opened in December 1993. Along with a hotel, the convention center is connected to the Providence Place Mall , a major retail center, through a skywalk . Much of Providence culture is synonymous with the culture of Rhode Island as a whole. Like the state, the city has a non-rhotic accent that can be heard on local media. Providence also shares Rhode Island's affinity for coffee, with

2900-710: Is home to the famous roadside attraction Big Blue Bug , the world's largest termite and mascot of eponymous Big Blue Bug Solutions . Roger Williams Park contains a zoo , a botanical center , and the Museum of Natural History and Planetarium . Providence is home to the Providence Bruins of the American Hockey League , who play at the Amica Mutual Pavilion . From 1926 to 1972, the AHL's Providence Reds (renamed

3016-454: Is it's a tempest in a teapot," and Jacob Frenkel , a securities lawyer in the Washington, D.C., area, as saying in effect "there's no allegation the SEC tossed sensitive documents from banks it got under subpoena in high-profile cases that investors and lawmakers care about". NPR concluded its report: Providence, Rhode Island Providence is the capital and most populous city of

3132-464: Is known in underground music circles. Providence is also home to the Providence Improv Guild , an improvisational theatre that has weekly performances and offers improv and sketch comedy classes, and AS220 , a long-standing non-profit arts center with exhibition, educational, and performance spaces, as well as live-work studios. A multi-day annual outdoor arts festival, PVDFest, features

3248-558: Is land and the remaining 2.1 square miles (5.4 km ) is water (roughly 10%). Providence is located at the head of Narragansett Bay , with the Providence River running into the bay through the center of the city, formed by the confluence of the Moshassuck and Woonasquatucket Rivers. The Waterplace Park amphitheater and riverwalks line the river's banks through Downtown . Providence is one of many cities claimed to be founded on seven hills like Rome. As with many cities worldwide,

3364-411: Is land reclaimed in the 1970s from a mass of railroad tracks referred to colloquially as the "Chinese Wall". This part of Downtown is characterized by open spaces, wide roads, and landscaping. The streetscape of much of historic downtown has retained a similar appearance since the early 20th century. Many of the state's tallest buildings are found here. At 426 feet (130 m), the city's largest structure

3480-533: Is much lower than the percentages of these groups in Rhode Island as a whole. The city also has a sizable Jewish community, estimated at 10,500 in 2012, or roughly 5% of the city's population. In 2020, people of Hispanic or Latino origin composed 43.5% of the city's population. They formed a majority of city public school students as of 2007. The majority of Hispanics in Providence are of Dominican descent. Numbering roughly 25,000 and constituting roughly half of

3596-434: Is the art deco Industrial National Bank Building . The building contrasts with the city's second tallest structure— One Financial Plaza —which is designed in the modernist style. Other core buildings of the Providence skyline are the postmodern 50 Kennedy Plaza and late modern Textron Tower . Downtown is also the home of the historic Providence Biltmore hotel and Westminster Arcade —the oldest enclosed shopping mall in

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3712-414: Is the coldest month with a daily mean of 29.2 °F (−1.6 °C) and low temperatures dropping to 10 °F (−12 °C) or lower an average of 11 days per winter. while. Extremes range from −17 °F or −27.2 °C on February 9, 1934 to 104 °F or 40 °C on August 2, 1975; the record cold daily maximum is 1 °F (−17.2 °C) on February 5, 1918, while the record warm daily minimum

3828-517: The American Civil War , as many had ties to Southern cotton and the slave trade. Despite ambivalence concerning the war, the number of military volunteers routinely exceeded quota, and the city's manufacturing proved invaluable to the Union. Providence thrived after the war, and waves of immigrants brought the population from 54,595 in 1865 to 175,597 by 1900. By the early 1900s, Providence was one of

3944-559: The Fortune 500 list. In 1996, Albert J. Dunlap was recruited to be CEO and chairman of Sunbeam-Oster. Dunlap quickly announced that he would lay off half of Sunbeam-Oster’s work force among other measures. In 1997, Sunbeam reported massive increases in sales for its various backyard and kitchen items. Dunlap purchased controlling interest in Coleman and Signature Brands (acquiring Mr. Coffee and First Alert ) during this time. Stock soared to $ 52

4060-566: The Great Recession that the SEC was supposed to have been regulating. The documents included those relating to " Matters Under Inquiry ", or MUI, the name the SEC gives to the first stages of the investigation process. The tradition of destruction began as early as the 1990s. This SEC activity eventually caused a conflict with the National Archives and Records Administration when it was revealed to them in 2010 by Flynn. Flynn also described

4176-674: The New York Stock Exchange , self-regulatory organizations , the Municipal Securities Rulemaking Board , NASDAQ , alternative trading systems , and any other persons engaged in transactions for the accounts of others. Section 4 of the 1934 Act transferred the FTC's enforcement authority under the 1933 Act to the newly created Securities and Exchange Commission and tasked the new Commission with enforcing both Acts. In 1934, Roosevelt named his friend Joseph P. Kennedy ,

4292-520: The North End (Italian), Fox Point (Portuguese), West End (mainly Central American and Asian), and Smith Hill (Irish). There are also many dedicated community organizations and arts associations located in the city. The city gained the reputation as one of the most active and growing gay and lesbian communities in the Northeast. The rate of reported gay and lesbian relationships is 75% higher than

4408-611: The Northeastern megacity has a large population of feral pigeons ( Columba livia ). Although expecting Providence's population genetics to be continuous with the larger megacity, Carlen & Munshi-South 2020 find Providence and Boston share one population and the rest of the region shares another. This is likely due to the intervening low urbanization zone in western Connecticut . Providence has 25 official neighborhoods, though these neighborhoods are often grouped together and referred to collectively: Geographically, Providence

4524-654: The Rhode Island Philharmonic Orchestra , as well as groups such as The American Band , once associated with noted American composer David Wallis Reeves . Providence hosts several performing arts centers, such as the Veterans Memorial Auditorium , the Providence Performing Arts Center , and Festival Ballet Providence . The city's underground music is centered on artist-run spaces such as the now-defunct Fort Thunder and

4640-533: The SEC, was at the time representing Morgan Stanley and was involved in this case. While the insider case was dropped at the time, a month prior to the SEC's settlement with Aguirre the SEC filed charges against Pequot. The Senate released a report in August 2007 detailing the issue and calling for reform of the SEC. On September 26, 2016, Democratic senator Mark Warner sent a letter to the SEC, asking them to evaluate whether

4756-456: The Securities Act of 1933 ( 15 U.S.C.   § 77a ), which federally regulates original issues of securities across state lines, primarily by requiring that issuing companies register distributions prior to sale so that investors may access basic financial information and make informed decisions. For the first year of the law's enactment, the enforcement of the statute rested with

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4872-900: The Securities Exchange Act of 1934 (now codified as 15 U.S.C.   § 78d and commonly referred to as the Exchange Act or the 1934 Act), SEC enforces the Securities Act of 1933 , the Trust Indenture Act of 1939 , the Investment Company Act of 1940 , the Investment Advisers Act of 1940 , the Sarbanes–Oxley Act of 2002 , among other statutes. The SEC has a three-part mission: to protect investors; maintain fair, orderly, and efficient markets; and facilitate capital formation. To achieve its mandate,

4988-408: The U.S. Securities and Exchange Commission (SEC) sued Dunlap and four other Sunbeam executives, alleging that they had engineered a massive accounting fraud. The SEC said $ 60 million of Sunbeam's supposed record $ 189 million earnings for 1997 were the result of fraudulent accounting. It also said that Dunlap had falsely created the impression of massive losses in 1996 to make it look as if Sunbeam made

5104-537: The U.S. state of Rhode Island . The county seat of Providence County , it is one of the oldest cities in New England , founded in 1636 by Roger Williams , a Reformed Baptist theologian and religious exile from the Massachusetts Bay Colony . He named the area in honor of "God's merciful Providence" which he believed was responsible for revealing such a haven for him and his followers. The city developed as

5220-447: The poverty line . Of residents in poverty, the largest concentrations are found in the city's Olneyville, and Upper and Lower South Providence areas. Poverty has affected children at a disproportionately higher rate, with 40.1% of those under the age of 18 living below the poverty line. These residents are concentrated west of Downtown in the neighborhoods of Hartford, Federal Hill, and Olneyville. Over one third of Providence's economy

5336-458: The 10% average for colonial Rhode Island, but above the 5% average for the northern colonies. In March 1676, Providence Plantations was burned to the ground by the Narragansetts during King Philip's War . Later in the year, the Rhode Island legislature formally rebuked the other colonies for provoking the war. In 1770, Brown University moved to Providence from nearby Warren . At the time,

5452-536: The 1940s, just prior to the nationwide period of rapid suburbanization . The Providence metropolitan area includes Providence, Fall River, Massachusetts , and Warwick , and is estimated to have a population of 1,622,520. In 2006, this area was officially added to the Boston Combined Statistical Area (CSA), the sixth-largest CSA in the country . In recent years, Providence has experienced a sizable growth in its under-18 population. The median age of

5568-432: The 1950s to the 1980s, Providence was a notorious bastion of organized crime. From 1975 until 1982, $ 606 million of local and national community development funds were invested throughout the city. In the 1990s, the city pushed for revitalization, completing a number of major development projects. Among these were the realignment of railroad tracks; the relocation of rivers, creation of Waterplace Park , and development of

5684-513: The Commission and other Divisions/Offices and developing customized, analytic tools and analyzes to proactively detect market risks indicative of possible violations of the Federal securities laws. Using data, DERA staff create analytic programs designed to detect patterns identifying risks, enabling Commission divisions and offices to deploy scarce resources targeting possible misconduct. DERA also houses

5800-453: The Commission that the SEC undertake enforcement action against a person or company if that entity engages in a particular action. These letters are sent in response to requests made when the legal status of an activity is not clear. These letters are publicly released and increase the body of knowledge on what exactly is and is not allowed. They represent the staff's interpretations of the securities laws and, while persuasive, are not binding on

5916-718: The Constitution. Following the war, Providence was the nation's ninth-largest city with 7,614 people. The economy shifted from maritime endeavors to manufacturing, in particular machinery, tools, silverware, jewelry, and textiles. By the start of the 20th century, Providence hosted some of the largest manufacturing plants in the country, including Brown & Sharpe , Nicholson File , and Gorham Manufacturing Company . The city's industries attracted many immigrants from Ireland, Germany, Sweden, England, Italy, Portugal, Cape Verde, and French Canada. These economic and demographic shifts caused social strife. Hard Scrabble and Snow Town were

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6032-469: The Federal Trade Commission. The subsequent Securities Exchange Act of 1934 ( 15 U.S.C.   § 78d ) regulates secondary markets for securities. The 1934 Act regulates secondary trading between individuals and companies which are often unrelated to the original issuers of securities. Entities under the SEC's authority include securities exchanges with physical trading floors such as

6148-635: The Grinnell Corporation, the Gorham Manufacturing Company, Nicholson File, and the Fruit of the Loom textile company. The manufacturing of jewelry and costume jewelry emerged as a dominant local industry. In the 1960s, jewelry trade magazines referred to Providence as "the jewelry capital of the world." In 1922, it was affected by the 1922 New England Textile Strike , shutting down the mills in

6264-636: The Investment Bankers Association told its members that they could circumvent blue sky laws by making securities offerings across state lines through the mail. The SEC's authority was established by the Securities Act of 1933 and Securities Exchange Act of 1934; both laws are considered parts of Franklin D. Roosevelt 's New Deal program. After the Pecora Commission hearings on abuses and frauds in securities markets, Congress passed

6380-502: The Investment Company Act of 1940 and Investment Advisers Act of 1940. This division's responsibilities include: The Enforcement Division investigates violations of the securities laws and regulations to bring legal actions against alleged violators. It is the largest division in terms of both headcount and budget, and its resources have been increased by more than 50% since the 2007–2008 financial crisis . The SEC can bring

6496-444: The Madoff investigation, among others, because Kotz was a "very good friend" with Markopolos. It concluded that while it was unclear when Kotz and Markopolos became friends, it would have violated U.S. ethics rules if their relationship began before or during Kotz's Madoff investigation. The report also found that Kotz himself "appeared to have a conflict of interest" and should not have opened his Standford investigation, because he

6612-534: The President of the United States. No more than three Commissioners may belong to the same political party. Their terms last five years and are staggered so that one commissioner's term ends on June 5 of each year. Service may continue up to eighteen additional months past term expiration. The president also designates one of the commissioners as chairman, the SEC's top executive. However, the president does not possess

6728-516: The SEC can be accessed via the SEC's online system, EDGAR. In 2019, the Securities and Exchange Commission Historical Society introduced an online gallery to illustrate changes in the US securities market structure since the 1930s. The online gallery features a narrative history supported by dozens of documents, papers, interviews, photos and videos. The commission has five commissioners who are appointed by

6844-460: The SEC enforces the statutory requirement that public companies and other regulated entities submit quarterly and annual reports , as well as other periodic disclosures. In addition to annual financial reports , company executives must provide a narrative account, called the " management discussion and analysis " (MD&A), that outlines the previous year of operations and explains how the company fared in that time period. MD&A usually addresses

6960-476: The SEC to inform rule-making initiatives, identify and monitor risks, improve industry practices and pursue misconduct. There are 11 regional offices throughout the US, which are listed below along with the name of the respective regional director. Among the SEC's offices are: Comment letters are issued by the SEC's Division of Corporation Finance in response to a company's public filing. This letter, initially private, contains an itemized list of requests from

7076-753: The SEC's Office of the Inspector General (OIG). Going to the OIG was "well-known to be a career-killer". Because of concerns raised by David P. Weber , former SEC Chief Investigator, regarding conduct by SEC Inspector General H. David Kotz , Inspector General David C. Williams of the U.S. Postal Service was brought in to conduct an independent, outside review of Kotz's alleged improper conduct in 2012. Williams concluded in his 66-page Report that Kotz violated ethics rules by overseeing probes that involved people with whom he had conflicts of interest due to "personal relationships". The report questioned Kotz's work on

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7192-522: The SEC, but only 21 letters for these companies were posted on the SEC's website. John W. White, the head of the Division of Corporation Finance, told the New York Times in 2006: "We have now resolved the hurdles of posting the information... We expect a significant number of new postings in the coming months." No-action letters are letters by the SEC staff indicating that the staff will not recommend to

7308-507: The SEC. Each comment in the letter asks the filer to provide additional information, modify their submitted filing, or change the way they disclose in future filings. The filer must reply to each item in the comment letter. The SEC may then reply back with follow-up comments. This correspondence is later made public. In October 2001 the SEC wrote to CA, Inc. , covering 15 items, mostly about CA's accounting, including 5 about revenue recognition . The chief executive officer of CA, to whom

7424-408: The SEC. The Division is involved across the entire range of SEC activities, including policy-making, rule-making, enforcement, and examination. As the agency's "think tank", DERA relies on a variety of academic disciplines, quantitative and non-quantitative approaches, and knowledge of market institutions and practices to help the Commission approach complex matters in a fresh light. DERA also assists in

7540-546: The U.S. The Rhode Island School of Design Museum contains the 20th-largest collection in the United States. The Providence Athenæum is the fourth oldest library in the United States, in addition to the Providence Public Library and the nine branches of the Providence Community Library. Edgar Allan Poe frequented the library, and met and courted Sarah Helen Whitman there. H. P. Lovecraft

7656-460: The U.S. The city's southern waterfront, away from the downtown core, is the location of oil tanks, ferry and sailing docks, power plants, and nightclubs. The Russian Submarine Museum was located here until 2008, when the submarine sank. The Fox Point Hurricane Barrier is also found here, built to protect Providence from storm surge like those endured by the city during the 1938 New England Hurricane and 1954 Hurricane Carol . Providence has

7772-425: The agency, such as reports. The same online system also accepts tips and complaints from investors to help the SEC track down violators of the securities laws, as well as offering publications on investment-related topics for public education. The SEC maintains a strict policy of refraining from commenting on the existence or status of any ongoing investigation. Prior to the enactment of the federal securities laws and

7888-513: The city has multiracial ancestry. American Indians and Pacific Islanders make up the remaining 0.9%. Providence has a considerable community of immigrants from various Portuguese-speaking countries, especially Portugal, Brazil, and Cape Verde . These residents are concentrated in the Washington Park and Fox Point neighborhoods. Portuguese is the city's third-largest European ethnicity, after Italian and Irish. Cape Verdeans compose 2% of

8004-539: The city over an attempted wage cut and hours increase. The city began to see a decline by the mid-1920s as manufacturing industries began to shut down. It was deeply affected by the Great Depression , which left more than a third of the city's labor force unemployed. The subsequent Recession of 1937–1938 was immediately followed by the New England Hurricane of 1938 , which flooded downtown. The hurricane

8120-480: The city population lives below the poverty line. Recent increases in real estate values have further exacerbated problems for those at marginal income levels, mirroring a statewide housing affordability crisis. From 2004 to 2005, Providence saw the highest rise in median housing price of any city in the United States. The Providence city limits enclose a small geographical region with a total area of 20.5 square miles (53 km ); 18.5 square miles (48 km ) of it

8236-411: The city was 28 years, while the largest age cohort is 20- to 24-year-olds as of 2000. Providence has a racially and ethnically diverse population. In 2020, white Americans formed 53.1% of the population, including a sizable white Hispanic community. Non-Hispanic whites were 33.8% of the total population, down from 89.5% in 1970. Providence has had a substantial Italian American population since

8352-488: The city's Hispanic population, Providence's Dominican community is the fifth largest in the United States. Other Hispanic groups present in sizable numbers include Puerto Ricans, Guatemalans, and Colombians. Hispanics are widespread in significant numbers in most of Providence, but most concentrated in the neighborhoods of Elmwood , the West End, and Upper and Lower South Providence . African Americans constitute 16.1% of

8468-493: The city's economy into service industries, though it still retains some manufacturing activity. At the 2020 census , Providence had a population of 190,934, making it the third-most-populous city in New England after Boston and Worcester, Massachusetts . The Providence metropolitan area , which extends into Massachusetts, is the second largest metropolitan area in New England by a large margin with over 1.6 million residents, nearly 30% larger than metro Hartford . Providence

8584-646: The city's population, with their greatest concentrations found in Mount Hope and the Upper and Lower South Providence neighborhoods. Providence has small Liberian and Haitian communities in the city. Liberians compose 0.4% of the population; the city is home to one of the largest Liberian immigrant populations in the country. Asian-Americans constitute 5.6% of Providence's population. The largest Asian groups are Cambodians (1.7%), Chinese (1.1%), Indian Americans (0.7%), Laotians (0.6%), and Koreans (0.6%). Another 6% of

8700-414: The city's population. The per capita income as of the 2000 census was $ 15,525, which is well below both the state average of $ 29,113 and the national average of $ 21,587. The median income for a household was $ 26,867, and the median income for a family in Providence was $ 32,058,. The city has one of the highest rates of poverty in the nation with 29.1% of the population and 23.9% of families living below

8816-462: The college was known as Rhode Island College and occupied a single building on College Hill . The college's choice to relocate to Providence as opposed to Newport symbolized a larger shift away from Newport's commercial and political dominance over the colony. In 1772, a group from Providence burned a British customs schooner south of Providence in the event known as the Gaspee Affair . This

8932-542: The colony. Williams and others established a settlement in Rumford, Rhode Island . The group later moved down the Seekonk River , around Fox Point and up the Providence River to the confluence of the Moshassuck and Woonasquatucket Rivers. The settlement was named after "God's merciful Providence." Providence lacked a royal charter, unlike Salem and Boston. The settlers thus organized themselves, allotting tracts on

9048-400: The commission's Chief Economist. The Division of Examinations conducts the SEC's National Exam Program. The Division's mission is to protect investors, ensure market integrity and support responsible capital formation through risk-focused strategies that: (1) improve compliance; (2) prevent fraud; (3) monitor risk; and (4) inform policy. The results of the Division's examinations are used by

9164-538: The commission's efforts to identify, analyze, and respond to risks and trends, including those associated with new financial products and strategies. Through the range and nature of its activities, DERA serves the critical function of promoting collaborative efforts throughout the agency and breaking through silos that might otherwise limit the impact of the agency's institutional expertise. The Division's activities include providing detailed, high-quality economic and statistical analyzes, and specific subject-matter expertise to

9280-535: The company produced its first Sunbeam branded household appliance, the Princess Electric Iron (with an option to buy a fireproof metal storage box). The name "Sunbeam" came from a company wide contest to rebrand its growing home appliance business. Edwin J. Gallagher (1897–1983), a buyer and traffic manager for the company, won the contest and received a check for $ 1,000. The company did not officially change its corporate name to Sunbeam until 1946. In 1928,

9396-627: The company's head designer, Swedish immigrant Ivar Jepson, alongside Bernard Alton Graham, invented the Mixmaster mixer. Introduced in 1930, it was the first mechanical mixer with two detachable beaters whose blades interlocked. Several attachments were available for the Mixmaster, including a juice extractor, drink mixer, meat grinder–food chopper, and slicer–shredder. Other accessories include: dough hooks, blender, meat mincer, fine and coarse graters and came with 2 bowl sizes. The bowls rotated, sitting atop

9512-456: The courts. One such use, from 1975 to 2007, was with the nationally recognized statistical rating organization (NRSRO), a credit rating agency that issues credit ratings that the SEC permits other financial firms to use for certain regulatory purposes. In the latest Center for Effective Government analysis of 15 federal agencies which receive the most Freedom of Information Act (FOIA) requests published in 2015 (using 2012 and 2013 data,

9628-519: The creation of the SEC, securities trading was governed by so-called blue sky laws . These laws were enacted and enforced at the state level and regulated the offering and sale of securities to protect the public from fraud. Though the specific provisions of these laws varied among states, they all required the registration of all securities offerings and sales, as well as of every U.S. stockbroker and brokerage firm. However, blue sky laws were generally considered ineffective. For example, as early as 1915,

9744-541: The current disclosure regime was adequate, citing the low number of companies' disclosures to date. In 2009, the Project on Government Oversight , a government watchdog group, sent a letter to Congress criticizing the SEC for failing to implement more than half of the recommendations made to it by its Inspector General . According to POGO, in the prior two years, the SEC had taken no action on 27 out of 52 recommended reforms suggested in Inspector General reports, and still had

9860-480: The designs, mainly by Robert Davol Budlong , of electric toasters, coffee makers, and electric shavers, among other appliances. The Mixmaster universe , a cosmological model of the early universe, was named after the Mixmaster product. Sunbeam acquired Rain King Sprinkler Company producing a popular lawn sprinkler line of the 1950s and 1960s. Meanwhile, Sunbeam continued to expand outside of Chicago . By

9976-616: The eastern side of the Providence River in 1638 allowing roughly six acres each. These home lots extended from Towne Street (now South Main Street) to Hope Street. Over the following two decades, Providence Plantations grew into a self-sufficient agricultural and fishing settlement, though its lands were difficult to farm and its borders were disputed with Connecticut and Massachusetts. In 1652, Providence prohibited indentured servitude for periods of longer than 10 years. This statute constituted

10092-554: The end of the 1970s, as the leading American manufacturer of small appliances, Sunbeam enjoyed about $ 1.3 billion in annual sales and employed nearly 30,000 people worldwide. The John Oster Manufacturing Company was acquired in 1960 by Sunbeam Corporation. In 1981, after Sunbeam was bought by Allegheny International Inc. of Pittsburgh , most of the Chicago-area factories were closed and the headquarters moved to downtown Pittsburgh . Under Allegheny International's ownership Sunbeam became

10208-475: The first anti-slavery law in the United States, though there is no evidence the prohibition was ever enforced. However, the Rhode Island General Assembly legalized African and Native American slavery throughout the colony in 1703, and Providence merchants' participation in the slave trade helped turn the city into a major port. By 1755, enslaved people made up 8% of Providence's population, below

10324-547: The former SEC chairman, has recognized the organization's multiple failures in relation to the Bernard Madoff fraud. Starting with an investigation in 1992 into a Madoff feeder fund that only invested with Madoff, and which, according to the SEC, promised "curiously steady" returns, the SEC did not investigate indications that something was amiss in Madoff's investment firm. The SEC has been accused of missing numerous red flags and ignoring tips on Madoff's alleged fraud. As

10440-582: The head of Narragansett Bay makes it vulnerable to storm surges. Hurricane Carol in 1954 and the 1938 Hurricane were particularly damaging. See or edit raw graph data . As of the 2000 United States census , Providence's population consisted of 173,618 people, 162,389 households, and 35,859 families. The population density was 9,401.7 inhabitants per square mile (3,630.0/km ), characteristic of other small cities in New England such as New Haven, Connecticut ; Springfield, Massachusetts ; and Hartford, Connecticut . The city's population peaked in

10556-649: The industry. In practice, the SEC delegates most of its enforcement and rulemaking authority to FINRA. In fact, all trading firms not regulated by other SROs must register as a member of FINRA. Individuals trading securities must pass exams administered by FINRA to become registered representatives . The Investment Management Division oversees registered investment companies, which include mutual funds , as well as registered investment advisors . These entities are subject to extensive regulation under various federal securities laws. The Division of Investment Management administers various federal securities laws, in particular,

10672-549: The issuer and the security itself gives private individuals as well as large institutions the same fundamental facts about the public companies they invest in, thereby increasing public scrutiny while reducing insider trading and fraud . In an attempt to level the playing field for all investors, the SEC maintains an online database called EDGAR (the Electronic Data Gathering, Analysis, and Retrieval system) online from which investors can access information filed with

10788-402: The largest settlements in the history of the SEC (approximately $ 51 billion in all) on behalf of investors who purchased auction rate securities from six different financial institutions. The SEC has been criticized "for being too 'tentative and fearful' in confronting wrongdoing on Wall Street ", and for doing "an especially poor job of holding executives accountable". Christopher Cox ,

10904-502: The late-1980s. Because Sunbeam-Oster was one of the most important divisions, responsible for nearly half of all sales, stockholders became very concerned about the leadership of the company. In 1986, stockholders accused the Chairman and CEO, Robert Buckley, of misappropriating funds. Buckley's successor, Oliver Travers, downsized the company considerably and, by 1988, it was essentially just Sunbeam and Oster. The decline continued, worsened by

11020-474: The letter was addressed, pleaded guilty to fraud at CA in 2004. In June 2004, the SEC announced that it would publicly post all comment letters, to give investors access to the information in them. An analysis of regulatory filings in May 2006 over the prior 12 months indicated, that the SEC had not accomplished what it said it would do. The analysis found 212 companies that had reported receiving comment letters from

11136-606: The most coffee and doughnut shops per capita of any city in the country. Providence is also reputed to have the highest number of restaurants per capita of major U.S. cities. During the summer months, the city regularly hosts WaterFire , an environmental art installation that consists of about 100 bonfires which blaze just above the surface of the three rivers that pass through the middle of Downtown Providence. There are multiple WaterFire events that are accompanied by various pieces of classical and world music . Providence has several ethnic neighborhoods, notably Federal Hill and

11252-408: The most recent years available), the SEC was among the 5 lowest performers, earned a D− by scoring 61 out of a possible 100 points, i.e. did not earn a satisfactory overall grade. It had deteriorated from a D− in 2013. The SEC's Enforcement Division took a number of major actions in 2009–12. The SEC announced on September 17, 2008, strict new rules to prohibit all forms of " naked short selling " as

11368-606: The national average. Former mayor David Cicilline won his election running as an openly gay man. Former Mayor Buddy Cianci instituted the position of Mayor's Liaison to the Gay and Lesbian community in the 1990s. and Providence is home to the largest gay bathhouse in New England. The city is the home of the Tony Award -winning theater group Trinity Repertory Company , the Providence Black Repertory Company , and

11484-432: The new Commission: (1) to restore investor confidence in the securities market, which had practically collapsed; (2) to restore integrity to securities markets by prosecuting and eliminating fraudulent and unsound practices targeting investors; (3) to end million-dollar insider trading by top officials of major corporations; and (4) to establish a complex and universal system of registration for securities sold in America, with

11600-490: The power to fire the appointed Commissioners, a provision that was made to ensure the independence of the SEC. This issue arose during the 2007–2008 financial crisis and the John McCain 2008 presidential campaign . The current board members as of September 24, 2024: President Biden has nominated the following to fill a seat on the commission. They await Senate confirmation. Within the SEC, there are six divisions, which

11716-683: The sites of race riots in 1824 and 1831. Providence residents ratified a city charter in 1831 as the population passed 17,000. The seat of city government was located in the Market House in Market Square from 1832 to 1878, which was the geographic and social center of the city. The city offices soon outgrew this building, and the City Council resolved to create a permanent municipal building in 1845. The city offices moved into Providence City Hall in 1878. Local politics split over slavery during

11832-482: The start of the 20th century, with 14% of the population claiming Italian ancestry. Italian influence manifests itself in Providence's ' Little Italy ' in Federal Hill. Irish immigrants have also had considerable influence on the city's history, with 8% of residents claiming Irish heritage. The percentages of people claiming Irish and Italian ancestry, though high, has gone down considerably from historical highs, and

11948-666: The stock market crash of October 1987, and Allegheny filed for Chapter 11 bankruptcy . In the fall of 1989, an investment group called Japonica Partners purchased the remains of Allegheny for $ 250 million ($ 614.5 million today) in a hostile takeover. The company was renamed Sunbeam-Oster Company, Inc. The business was then divided into four divisions: Outdoor Products, Household Products, Specialty Products, and International Sales. The company headquarters were moved again, from Pittsburgh to Providence, Rhode Island , and then, finally, to Fort Lauderdale, Florida. By late 1991, Sunbeam-Oster's sales had increased by seven percent, enabling it to make

12064-687: The subsidiary Sunbeam Products, Inc. AHI was purchased in September 2004 by the Jarden Corporation , of which it was a subsidiary. Jarden continued to grow its brands, purchasing the Holmes Group in 2005, K2 in 2007, and Mapa Spontex in 2009. More recently, Jarden purchased Aero International and Quickie Manufacturing. As of 2015, Sunbeam batteries were made in China and imported into the United States by Greenbrier International and into Canada by DTSC Imports for Dollar Tree stores. Jarden Corporation

12180-457: The upcoming year, outlining future goals and approaches to new projects. Quarterly and semiannual reports from public companies are crucial for investors to make sound decisions when investing in capital markets. Unlike banking , investment in capital markets is not guaranteed by the federal government. The potential for large gains needs to be weighed against that of sizable losses. Mandatory disclosure of financial and other information about

12296-474: The wealthiest cities in the United States. Immigrant labor powered one of the nation's largest industrial manufacturing centers. Providence was a major manufacturer of industrial products, from steam engines to precision tools to silverware, screws, and textiles. Giant companies were based in or near Providence, such as Brown & Sharpe, the Corliss Steam Engine Company, Babcock & Wilcox ,

12412-510: The world's largest maker of small appliances through much of the 1980s. Allegheny International moved its headquarters into a 32-floor signature skyscraper in Pittsburgh. During this time the companies Allegheny controlled included John Zink Company (manufactured air pollution control devices) and Hanson Scale (manufactured bathroom scales and other balance machines). Allegheny's four principal divisions, including Sunbeam, went into decline during

12528-570: The year with the most days in this category was 1944 with three days, all of which were in August. Monthly precipitation in Providence ranges from a high of 4.43 inches (112.5 mm) in March to a low of 3.17 inches (80.5 mm) in July. In general, precipitation levels are slightly less in the summer months than the winter months, when nor'easters can cause significant snowfall on occasion. Hurricanes have impacted Providence, and Providence's location at

12644-518: Was also a regular patron. The Bank Newport City Center is located near Kennedy Plaza in the Downtown district, connected by pedestrian tunnel to Waterplace Park, a cobblestone and concrete park below street traffic that abuts Providence's three rivers. Another downtown landmark is the Providence Biltmore , a historic hotel which stands adjacent to Kennedy Plaza. The southern part of the city

12760-556: Was founded by Williams in 1638, as well as the Old State House which served as the state's capitol from 1762 to 1904. Nearby is Roger Williams National Memorial. The dome of the State House is the fourth-largest self-supporting marble dome in the world and the second-largest marble dome after St. Peter's Basilica in Rome. The Westminster Arcade is the oldest enclosed shopping center in

12876-399: Was friends with a female attorney who represented victims of the fraud. According to former SEC employee and whistleblower Darcy Flynn, also reported by Taibbi, the agency routinely destroyed thousands of documents related to preliminary investigations of alleged crimes committed by Deutsche Bank , Goldman Sachs , Lehman Brothers , SAC Capital , and other financial companies involved in

12992-460: Was impossible to legally make the profits Madoff claimed using the investment strategies that he said he used. In June 2010, the SEC settled a wrongful termination lawsuit with former SEC enforcement lawyer Gary J. Aguirre , who was terminated in September 2005 following his attempt to subpoena Wall Street figure John J. Mack in an insider trading case involving hedge fund Pequot Capital Management ; Mary Jo White , who later served as chair of

13108-468: Was particularly destructive to the struggling textile industry, with many mills never reopening following the storm. Providence's population declined from a peak of 253,504 in 1940 to only 179,213 in 1970, as the white middle class moved to the suburbs. From the 1940s to 1970s, white middle class residents vacated Providence faster than any other American city other than Detroit . The remainder of these residents were disproportionately poor and elderly. From

13224-477: Was purchased by Newell Rubbermaid to form Newell Brands in 2016. United States Securities and Exchange Commission The U.S. Securities and Exchange Commission ( SEC ) is an independent agency of the United States federal government , created in the aftermath of the Wall Street Crash of 1929 . Its primary purpose is to enforce laws against market manipulation . Created by Section 4 of

13340-508: Was settled in June 1636 by Puritan theologian Roger Williams and grew into one of the original Thirteen Colonies . As a minister in the Massachusetts Bay Colony , Williams had advocated the separation of church and state and condemned colonists' confiscation of land from the Indians. For these and other "diverse, new, and dangerous opinions," he was convicted of sedition and heresy and banished from

13456-665: Was the first act of armed resistance to British rule in America, predating the more famous Boston Tea Party by more than a year. Rhode Island was the first of the Thirteen Colonies to renounce its allegiance to the British Crown on May 4, 1776. It was also the last of the Thirteen States to ratify the United States Constitution on May 29, 1790, once assurances were made that a Bill of Rights would become part of

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