Derivatives

SEC Chairman Mary Schapiro said the agency is considering whether disclosure rules for stocks should apply to “security- based” derivatives that don’t trade on ex changes.

Inside sale$

Executives at US companies are taking advantage of the big gest stock-market rally in 71 years to sell their shares at the fastest pace since credit mar kets started to seize up two years ago. Insiders of Standard & Poor’s 500 index companies were net sellers for 14-straight weeks as the gauge rose 36 percent, data compiled by Insid erScore.com show.

Morgan gets

Morgan Stanley said it has named Carlyle Group executive James Hance Jr. to its board, effective July 1. He pre viously worked at Bank of America for 18 years as a vice chairman, CFO and board mem ber.

No dividend

At least three small cash-poor banks have stopped paying TARP- related dividends to the government in an effort to save capital. The banks are Pacific Capital Bancorp, Seacost Bank ing Corp. and Midwest Banc Holdings.

Harvard exit

Marc Seidner, who headed domestic fixed- income operations at Harvard University’s en dowment plans since 2006, plans to leave at the end of the month, a source said. Harvard has warned of a likely 30 percent decline in the endowment this year.