bloomberg.com : Children as young as 4 years old received first-time homebuyer tax credits as the U.S. failed to adequately screen filings, a Treasury inspector general told lawmakers today. “Some key controls were missing to prevent an individual from erroneously or fraudulently claiming the credit and receiving an erroneous refund of up to $8,000,” Treasury’s J.

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 Federal regulators on Thursday accused a real estate funds promoter and former brokerage executive with bilking mostly elderly investors of about $12 million by using “free lunch” seminars to lure them to invest. The Securities and Exchange Commission’s allegations, brought in a civil lawsuit filed in federal court in Brooklyn, New York, were announced as SEC Chairman Mary Schapiro said fraud against seniors is a key focus of the agency’s enforcement efforts.

The House Financial Services Committee passed a watered-down version of the proposed Consumer Financial Protection Agency Thursday morning. In the words of Financial Services chairman Barney Frank: “We have restricted the CFPA from what the administration proposed.” The CFPA is largely the idea of Elizabeth Warren, the Harvard law professor who serves as the chair of the Congressional Oversight Panel for the TARP program, and who has long advocated for stronger consumer protections. The Huffington Post has been given exclusive video of a candid interview Warren gave to Michael Moore for his documentary “Capitalism: A Love Story,” much of which never made it into the film


 
 Ronald E. Logue, chairman and CEO of State Street Corp., will retire March 1, 2010, the company announced this afternoon. Jay Hooley, president and COO at State Street, will succeed Mr.


 
 Advisers interested in the technology behind ultra-high-speed trading should take a look at a newly published white paper from exchange technology provider Cinnober. These days, developers of highly sophisticated computerized trading systems are scrambling to shave milliseconds off the time it takes to process trades. Reducing delays between a trader’s computer screen and the exchanges where the trades are made is a big deal because it makes or saves big money for the trading firms

For Lawrence Summers, the president’s economic adviser, the financial crisis is kind of like a military battle. Buried in this Wall Street Journal about the disconnect between Wall Street and Main Street, is a rather odd quote from Summers in which, by way of metaphor, average Americans are just collateral damage in the economic crisis.