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Post Frequency: 38.1/day

Last Entry: March 31, 2011 at 16:18:26

SEC Proposes Requirement of Interactive Data Format

Posted on May 14, 2008
The SEC voted to propose a rule that would require all U.S. companies to provide financial information using interactive data beginning next year for the largest companies, and within three years for all public companies. The interactive data tags uniquely...

IAC and Liberty Settle Dispute over Spin-offs

Posted on May 14, 2008
Liberty Media (controlled by John Malone), which has majority voting power in IAC/Interactive Corp. (controlled by Barry Diller), went to court in Delaware to block IAC's planned restructuring that would have diluted its voting power. After a lower court decision...

Icahn Purchases Yahoo Stock and Considers Proxy Contest

Posted on May 13, 2008
Carl Icahn reportedly has purchased about 50 million shares of Yahoo stock since Microsoft withdrew its bid and is trying to decide whether to launch a proxy campaign to replace some or all of the directors at the upcoming July...

SEC Settles Manipulation Charges in OTC BB Stock

Posted on May 13, 2008
The United States District Court for the District of Columbia entered a Final Judgment of permanent injunction and other relief, including a bar against participating in offerings of penny stocks, against Jeffrey A. Hayden on May 7, 2008. Without admitting...

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SEC Settles Insider Trading Charges Involving U.S. Foodservice

Posted on May 13, 2008
The SEC settled insider trading charges against John Turchetta of Naples, Florida. The complaint alleges that Turchetta purchased securities of U.S. Foodservice (USF) after he acquired material, nonpublic information concerning a proposed tender offer by Royal Ahold (Koninklijke Ahold N...

SEC Settles Fraud Charges Against Former U.S. Foodservice VP

Posted on May 13, 2008
The SEC settled charges against Brian Spears, a former Vice President of Purchasing at U.S. Foodservice (USF). The SEC alleged that Spears and others at USF, then a subsidiary of Royal Ahold (Koninklijke Ahold N.V.) (Ahold), engaged in a large-scale....

SEC Investigates Wachovia's ARS Practices

Posted on May 13, 2008
Wachovia disclosed that the SEC and other regulators are seeking information about the underwriting, sale, and auctions of municipal auction-rate securities and auction-rate preferred securities. In addition, a lawsuit was filed in March in New York by customers who purchased...

Exxon Urges Investors to Reject Corporate Governance Proposal

Posted on May 13, 2008
Exxon Mobile asked its institutional investors to reject a shareholder's proposal, introduced by activist shareholder Robert A.G. Monks, to separate the positions of CEO and Chair at the May 28 shareholders' meeting. The resolution received 40% of the vote at...

Broker Sentenced in First Criminal Case Against Hedge Fund for Market-Timing

Posted on May 12, 2008
Beacon Rock Capital LLC ("Beacon Rock"), a hedge fund located in Portland, Oregon, and Thomas J. Gerbasio ("Gerbasio"), a former registered representative with a registered broker-dealer based in Philadelphia, have been sentenced in connection with the first U...

Greenberg Calls for Postponement of AIG Annual Meeting

Posted on May 12, 2008
Maurice Greenberg, who was forced out as AIG's CEO after an accounting scandal and who remains CEO of AIG's largest shareholder, C.V. Starr & Co., filed a 13D with the SEC, stating that AIG is "in crisis" and calling for...

Banks Agree to Fund Clear Channel Buyout at Reduced Price

Posted on May 12, 2008
A settlement is imminent between Wall St. banks and Thomas H. Lee Partners and Bain Capital, the two private equity firms that agreed to buy out Clear Channel Communications. The buyers sued the banks to force them to fund the...

Principles for Distribution of Structured Products to Individual Investors Released

Posted on May 12, 2008
Five leading trade associations, co-sponsors of the Joint Associations Committee (JAC), today released an exposure draft of ?Structured Products: Principles for Managing the Distributor-Individual Investor Relationship.? The global, non-binding, Principles address a wide range of issues affecting distribution of structured...

Hedge Fund Manager Settles Insider Trading Charges

Posted on May 12, 2008
The SEC announced that on May 8, 2008, the Massachusetts federal district court entered final judgments by consent against the remaining defendants in an insider trading case arising out of Rhode Island-based Citizens Bank's May 4, 2004 announcement that it...

SEC Charges Three Florida Doctors with Insider Trading

Posted on May 12, 2008
The SEC filed a civil action in the United States District Court for the Southern District of Florida charging three doctors, Dr. Zachariah P. Zachariah (Zachariah), Dr. Mammen P. Zachariah (M. Zachariah), and Dr. Sheldon Nassberg, with illegal insider trading...

Cablevision Set to Acquire Newsday

Posted on May 12, 2008
The Dolan family, who failed in its effort to take Cablevision private last year, seems to have prevailed with its $650 million bid for the Long Island newspaper, Newsday, after Rupert Murdoch pulled the News Co's $580 million bid and...

Mitchell on Morals of the Marketplace

Posted on May 11, 2008
The Morals of the Marketplace, by LAWRENCE E. MITCHELL, George Washington University - Law School, was recently posted on SSRN. Here is the abstract: This brief essay explores the economic and social legitimacy of modern financial markets, with particular attention...

Heminway on SOX and Ethics

Posted on May 11, 2008
Does Sarbanes-Oxley Foster the Existence of Ethical Executive Role Models in the Corporation?, by JOAN MACLEOD HEMINWAY, University of Tennessee College of Law, was recently posted on SSRN. Here is the abstract: If compliance with, or the efficacy of, Sarbanes-Oxley...

Bartlett on Going Private

Posted on May 11, 2008
Going Private But Staying Public: Reexamining the Effect of Sarbanes-Oxley on Firms' Going-Private Decisions, by ROBERT P. BARTLETT III, University of Georgia Law School, was recently posted on SSRN. Here is the abstract: This article examines whether the cost of...

Karmel on SROs as Government Agencies

Posted on May 11, 2008
Should Securities Industry Self-Regulatory Organizations be Considered Government Agencies?, by ROBERTA S. KARMEL, Brooklyn Law School, was recently posted on SSRN. Here is the abstract: Securities industry self-regulatory organizations (SROs) began as private sector membership organizations of securities industry professionals...

Krawiec on Risk Management

Posted on May 11, 2008
Operational Risk Management: An Emergent Industry, by KIMBERLY D. KRAWIEC, University of North Carolina at Chapel Hill - School of Law, was recently posted on SSRN. Here is the abstract: Financial institutions have always been exposed to operational risk -...

SEC Director of Trading & Markets Speaks on Liquidity

Posted on May 09, 2008
Erik R. Sirri, Director, Division of Trading and Markets, SEC, spoke at the SIFMA Market Structure Conference 2008, on May 9, 2008, on Maximizing Liquidity in the U.S. Equity Markets. He focused on the key characteristics of the post-Reg NMS...

SEC Obtains Emergency Relief Against Ponzi Scheme

Posted on May 09, 2008
The SEC obtained emergency relief in response to its complaint, filed May 5, 2008, that Gregory N. McKnight (McKnight) and Legisi Holdings, LLC (Legisi Holdings) conducted a fraudulent, unregistered offering of securities in which, between December 2005 and at least...

SEC Approves Amendment to Narrow Definition of Public Arbitrator

Posted on May 09, 2008
In recent years FINRA has narrowed the definition of "public arbitrator" to reduce the connections of the non-industry arbitrator to the securities industry. Effective June 9, 2008, FINRA will add an annual revenue limitation to the definition of public arbitrator,...

SEC Plans to Rein in Wall St.

Posted on May 09, 2008
SEC Chair Cox's response to the Bear Stearns collapse -- and perhaps to the Treasury Dept's Blueprint that calls for a diminishment of the SEC's role -- is to call for greater agency oversight over the four remaining "consolidated supervised...

UBS Returns Money to Massachusetts Cities That Purchases ARSs

Posted on May 08, 2008
UBS concluded an investigation by the Massachusetts Attorney General and agreed to return $35 million to Massachusetts municipalities that bought auction rate securities for short-term cash needs and were unable to sell them later when the auction market dried up...

SEC Proposes Changes to Cross-Border Tender and Exchange Offer Rules

Posted on May 08, 2008
On May 6, the SEC proposed amendments to the rules applicable to cross-border tender and exchange offers and other kinds of cross-border business combination transactions. The rule changes are intended to protect U.S. investors while facilitating and streamlining cross-border transactions,...

SEC Settles Backdating Charges Against Marvell Technology

Posted on May 08, 2008
The SEC settled charges against Marvell Technology Group, Ltd., a Silicon Valley semiconductor company, and its co-founder for improperly backdating stock option grants to employees. The agency alleged that Marvell provided potentially lucrative "in-the-money" options to employees, backdated the options...

FINRA Fines GunnAllen for Trade Allocation Scheme and Other Deficiencies

Posted on May 08, 2008
FINRA fined GunnAllen Financial, Inc., of Tampa, FL $750,000 for its role in a trade allocation scheme conducted by the firm's former head trader, as well as for various Anti-Money Laundering (AML), reporting, record-keeping and supervisory deficiencies...

Thain Says Merrill's Capital is Adequate

Posted on May 08, 2008
Merrill CEO John Thain said yesterday that the company has $44 billion of equity capital, an all-time high, and that it does not need to raise any more. He also stated that he expects Merrill's clients' auction-rate securities to be...

Cox Calls for Supervision of Large Investment Firms

Posted on May 08, 2008
In recent speeches, SEC Chair Cox has emphasized the regulatory gap in the supervision of investment banks after Gramm-Leach-Bliley, where there is no mandatory consolidated supervision for four of the major linvestment banks -- Goldman Sachs, Lehman, Merrill Lynch and...

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