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Corporate Governance

PomTalk

Commentary and analysis of developments in the fields of corporate governance, executive compensation, securities regulation and related areas geared towards institutional investors (hedge fund, pension fund, etc.).
By Murielle Steven, Jason S. Cowart, Jeremy Lieberman and and Fei-Lu Quan.

Post Frequency: 1/day

Last Entry: October 17, 2012 at 09:39:54

An Uneasy Trend: FDIC reports increase in the number of banks on its ?problem? list

Posted on August 12, 2008
As of March 2008, the FDIC reported that 90 banks surfaced on its ?problem? list radar, up from 76 for the last quarter of 2007. This number comprised $26.3 billion in assets, or about 0.2 percent of total assets in...

From the Pages of The Pomerantz Monitor: Hedge Funds Secretly Engage in ?Total Return Equity Swaps? to Gain Seats on CSX Board

Posted on August 12, 2008
The August issue of The Pomerantz Monitor reports on the questionable tactics successfully used by hedge funds to gain seats on the CSX board. For years, two offshore hedge fund groups, The Children's Investment Funds and the 3G Funds, have...

The SEC Advisory Committee on Improvements in Financial Reporting's Final Report to the SEC

Posted on August 11, 2008
In an effort to increase the effectiveness of financial statements in informing the investing public, the SEC Advisory Committee on Improvements in Financial Reporting recently issued its final report, which contains recommendations for major reform to regulation and standard setting...

Group Falls Short In Solving Financial Crisis

Posted on August 08, 2008
A group consisting of so called experts from some of the top financial institutions such as HSBC, Lehman Brothers, JP Morgan Chase, and Bank of America, has just released a 160 page report entitled, ?Containing Systemic Risk: The Road to...

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Citigroup the Latest to Make Good on ARS Marketing Fraud

Posted on August 07, 2008
As we have been reporting recently, following the February 2008 collapse of the auction rate securities (?ARS?) market, hundreds of thousands of investors were left holding hundreds of billions of dollars worth of illiquid ARS ?- essentially long-term bonds with...

To Blog or Not to Blog

Posted on August 04, 2008
In today?s age of technological advancement the use of blogs has become commonplace and is now a tool that companies can utilize for the ongoing exchange of opinions and ideas among management, employees, and shareholders. However, an SEC release that...

When Did the Auction Rate Securities Market REALLY Collapse?

Posted on July 31, 2008
The prevailing wisdom holds that the market for auction rate securities (essentially long-term bonds that carry an interest rate that is reset through periodic auctions) froze up last February. That is when the public auctions for these securities started to...

Credit Agencies Illegally Gave Municipalities Low Ratings

Posted on July 30, 2008
Connecticut?s Attorney General, Richard Blumenthal sued the three major credit rating agencies for violating Connecticut?s Unfair Trade Practices Act by intentionally giving low credit ratings to bonds issued by Connecticut?s municipalities and other public entities...

Congress Passes the Housing and Economic Recovery Act

Posted on July 29, 2008
Motivated by the recent Fannie Mae and Freddie Mac crisis, Congress passed the Housing and Economic Recovery Act (HR 3221) on Saturday. The act is regarded as the most significant housing legislation in decades and is designed to address the...

From the Pages of The Pomerantz Monitor -- Foreign Investors Seek U.S. Justice

Posted on July 29, 2008
As Tamar Weinrib and Marc Gross report in the August issue of The Pomerantz Monitor, our friends south of the border aren't the only foreigners clamoring to get into the United States. Overseas institutional investors are also beating down the...

Did Pension Funds Play An Unintentional Role In Bear's Collapse

Posted on July 25, 2008
As are readers know, the SEC recently opened an investigation into the role that short sellers played in the collapse of Bear Sterns. There are various allegation of misconduct, including the allegation that some hedge funds flooded the market with...

Companies Fail to Meet Tax Disclosure Requirements

Posted on July 23, 2008
According to a new survey, The Seigel Tax Reserve Report, published by Seigel & Associates, LLC, more than 28% of ?large public companies are not meeting the disclosure requirements for tax reserves required by the Financial Accounting Standards Board rule...

From the Pages of The Pomerantz Monitor: Should SEC "Fair Funds" Supplant Private Securities Fraud Litigation?

Posted on July 15, 2008
As Pomerantz Partner Marc I. Gross advised readers in the July issue of The Pomerantz Monitor, the SEC has set up an $800 million fund to be paid to investors in American International Group ("AIG") securities during a four year...

Hope for Fannie and Freddie?

Posted on July 14, 2008
Yesterday, the government announced a plan designed to renew confidence in the suffering Fannie Mae and Freddie Mac, which would allow them to continue to function as shareholder owned companies. Under this plan, the Bush administration said it would ask...

Rating Agencies Behaving Badly

Posted on July 10, 2008
This week, the SEC released its much anticipated report on the three major agencies. Among the findings after a ten month investigation, the report concluded that the firms failed to properly manage conflicts of interest and violated their own internal...

Fed and SEC Agree to Share Information

Posted on July 07, 2008
The Federal Reserve and the Securities and Exchange Commission today announced an information-sharing agreement designed to better detect potential risks to the U.S. financial system. Officials say that this agreement should enhance regulatory cooperation between the two agencies, allowing them...

Delaware to Decide on Proxy Proposal

Posted on July 02, 2008
With more than 60% of U.S. companies being incorporated in Delaware, the state?s legislature established a procedure last year where the Securities and Exchange Commission is able to get direct access to Delaware?s highest court and requests rulings on various...

From the Pages of The Pomerantz Monitor: The Best of Times and the Worst of Times

Posted on July 01, 2008
The July issue of The Pomerantz Monitor reports that on June 12, MasterCard Worldwide released the first set of findings of its "Wordwide Centers of Commerce" report, including its Index ranking the top 50 cities worldwide on a variety of...

SEC Commissioners Win Sentate Committee Approval

Posted on June 27, 2008
The Senate Committee on Banking, Housing and Urban Affairs has approved the three nominees for the open SEC positions clearing the way for full Senate approval. The Committee unanimously approved the nominations of Luis Aguilar, Troy Paredes and Elisse Walter...

New SEC Rules Promise to Reform the Credit Ratings Process

Posted on June 19, 2008
Last week, the Securities and Exchange Commission voted to formally propose credit rating agency reforms, which the Commission promises will ?bring increased transparency to the ratings process and curb practices that contributed to recent turmoil in the credit markets...

What Do People Think About Public Pensions?

Posted on June 18, 2008
A study examining the public?s perception of defined benefit vis � vis defined contribution plans -- entitled ?The New Intersection on the Road to Retirement: Public Pensions, Economics, Perceptions, Politics & Interest Groups? -- was recently presented at the Wharton...

From the Pages of The Pomerantz Monitor: Wachovia Bank Fined for Aiding and Abetting Telemarketing Scam

Posted on June 17, 2008
Readers of the June issue of The Pomerantz Monitor learned of unconscionable telemarketing scams aided and abetted by Wachovia Bank, the nation's fourth largest bank. In February, Wachovia first announced that it was the subject of an investigation by the...

New Auditors? Reports without Audits

Posted on June 11, 2008
In order to make auditing firms more transparent to the investing public, the Public Company Accounting Oversight Board (?PCAOB?) recently adopted rules that will require firms to file with the PCAOB their own annual reports and special interim reports...

Say on Pay Prospects Brighten

Posted on June 10, 2008
Regardless of who is elected President, shareholders may soon get the type of ?say-on-pay? rights they deserve. Earlier this year, the House of Representatives passed a bill requiring companies to give shareholders the opportunity to cast non-binding votes on the...

Credit Ratings Agencies Reach Agreement with New York Attorney General

Posted on June 06, 2008
Wall Street?s top three credit ratings agencies -- Standard & Poor?s, Moody?s Investors Service, and Fitch Ratings -- finalized an agreement yesterday with New York Attorney General, Andrew Cuomo, which is designed to improve transparency in the mortgage-backed securities industry...

Restatements Decline with the Assistance of the SEC

Posted on June 04, 2008
According to a new study from Glass, Lewis & Co., there was a significant drop in the number of financial restatements filed by companies to correct accounting errors. Specifically, in 2007 there was a 17% decline in restatements, compared to...

From the Pages of The Pomerantz Monitor: "Liar's Loans" Are Playing a Huge Role in the Subprime Crisis

Posted on June 03, 2008
In the current issue of The Pomerantz Monitor, Adam Prussin writes about the role of ?Liar?s Loans? in the subprime crisis. We did not make up the term Liar's Loan, which is actually a term of art in the mortgage...

From the Pages of The Pomerantz Monitor: The Next Frontier: The Subprime Mess Spreads to Europe

Posted on May 21, 2008
As Murielle Steven Walsh reports in the current issue of The Pomerantz Monitor, international investors have been wondering how deep the impact of the US subprime distress will be in Europe; and what, if anything, will be done about it....

SEC Unanimously Supports New Technology

Posted on May 20, 2008
The SEC would like to improve the way it and investors get financial information from corporations and has proposed a rule change that would require companies to provide that information using a form of interactive data. The format is called...

Former SEC Chairman Back Obama

Posted on May 16, 2008
Three former chairmen of the Securities and Exchange Commission publicly endorsed Democratic Sen. Barack Obama's bid for the presidency Wednesday, including one who served under President Bush. William Donaldson, who was SEC chairman for approximately 2� years under current President...

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