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

Poll shows Americans Distrustful of SWFs

Posted on February 21, 2008
A poll by a political consulting firm shows that Americans are distrustful of foreign-government investment in U.S. firms, especially investments by Saudi Arabia, China, Abu Dhabi, Russia, Kuwait, Hong Kong, and Singapore. The poll also showed that those polled did...

Kahan & Rock on Hedge Fund Activism

Posted on February 19, 2008
Hedge Fund Activism in the Enforcement of Bondholder Rights, by MARCEL KAHAN, New York University - School of Law, and EDWARD B. ROCK, University of Pennsylvania Law School, was recently posted on SSRN. Here is the abstract: Activist hedge funds...

Proposed SEC Rule Would Ease 12(g) Exemption For Foreign Private Issuers

Posted on February 19, 2008
The SEC has published, and solicited public comment on, amendments to Rule 12g3-2(b), which exempts foreign private issuers from section 12(g) if they meet certain requirements. Once the foreign private issuer (FPI) obtains the Rule 12g3-2(b) exemption, its shares may...

SEC Seeks Injunctive Relief Against Refco's Bennett

Posted on February 19, 2008
Last week Philip Bennett, former CEO of Refco, the failed commodities firm, pleaded guilty to twenty counts of conspiracy, securities fraud, false filings with the SEC, wire fraud, false statements to Refco's auditors, bank fraud, and money laundering...

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Second Circuit Orders Panel to Clarify Award in Worldcom Arbitration

Posted on February 18, 2008
In Rich v. Spartis (2d Cir. Feb. 8, 2008), the Second Circuit affirmed the district court's vacatur of a securities arbitration award in favor of customers, but instructed the the district court to order the NASD panel that issued the...

Former Refco CEO Says He's Sorry

Posted on February 18, 2008
Philip Bennett, former CEO of failed commodities broker Refco, pleaded guilty to securities fraud weeks before his trial was set to start. The charges stem from a decade-long scheme to conceal the firm's true financial condition from the public. The....

Bond Insurers Under the Gun to Find Solutions

Posted on February 18, 2008
Bond insurers are scrambling to find ways to improve their triple-A rating. On Friday Governor Spitzer told Congress that they had 3-5 days to find solutions or the regulators would step in. On the same day, FGIC, the holding company...

Clear Channel Sues to Force Sale of TV Stations

Posted on February 18, 2008
Buyer's remorse is not our problem, says Clear Channel Communications, as it filed a complaint against a subsidiary of Providence Equity Partners to complete a $1.2 billion purchase of 56 television stations. Clear Channel is being acquired by private equity...

SPACs Raise Big Bucks from Investors

Posted on February 18, 2008
SPACs (Special Purpose Acquisition Companies, f/k/a blank check companies) are hot, even though, as former SEC Chair Arthur Levitt puts it, they are "the ultimate in terms of lack of transparency." Since 2003, SPACs have raised about $20 billion in...

AXM Pharma Settles Improper Revenue Recognition Charges

Posted on February 15, 2008
The SEC imposed a Cease-and-Desist Order against AXM Pharma, Inc. (AXM). The Order finds that AXM fraudulently recognized approximately $2.8 million in revenues on a series of sales to a distributor in Asia for the quarter ended June 30, 2005,...

SEC Launches "Financial Explorer"

Posted on February 15, 2008
The SEC announced the launch of the ?Financial Explorer? on the SEC Web site which, according to Chair Cox, will help investors analyze the financial results of public companies. According to the press release, Financial Explorer paints the picture of...

Comcast Announces Plans to Return Cash to Shareholders

Posted on February 15, 2008
Comcast made two announcements designed to placate investors unhappy with its drop in stock price. It announced a 25 cents per year dividend -- its first since 1999 -- and plans to buy back $7 billion of its shares by...

Criminal investigation into Bear Stearns Funds Focuses on Conference Call

Posted on February 15, 2008
A criminal investigation into two failed Bear Stearns funds is focusing on an April 25, 2007 conference call with investors by fund manager Ralph Cioffi. Two comments in particular: Cioffi said he was "cautiously optimistic" about the funds, while internal...

Cox Testifies on Ratings Agencies

Posted on February 14, 2008
Chair Christopher Cox testified today on The State of the United States Economy and Financial Markets before the U.S. Senate Committee on Banking, Housing and Urban Affairs. Below are excerpts from his testimony on the SEC's examination of the role...

Westinghouse Air Brake Technologies Settles FCPA Charges

Posted on February 14, 2008
The SEC filed two settled enforcement proceedings charging Westinghouse Air Brake Technologies Corporation ("Wabtec") with violations of the Foreign Corrupt Practices Act ("FCPA") in connection with certain improper payments that Wabtec's Indian subsidiary, Pioneer Friction Limited ("Pioneer"), made to employees...

FINRA Charges Broker with Misappropriating Funds From Elderly Client

Posted on February 14, 2008
FINRA announced it has charged registered representative John Edward Mullins, of Margate, NJ, with misappropriating almost $400,000 from a 97-year-old nursing home resident who was a Mullins' client for more than 20 years, as well as from her charitable foundation...

SEC, FBI Subprime Investigations in Early Stages

Posted on February 14, 2008
It may be a while before we see major enforcement or criminal actions stemming from the subprime mortgage collapse and credit crunch. The FBI has 16 criminal investigations, the SEC has another two dozen, all in early stages, and the...

Unhappy Investors Left Holding Auction Rate Bonds

Posted on February 14, 2008
Auction-rate bonds are longterm bonds with interest rates reset regularly at monthly auctions. For over 20 years they were regarded as cashlike investments because of their liquidity, but with a higher rate of return than money market funds, and used...

SEC Proposes a Plain English Brochure for Investment Advisers

Posted on February 13, 2008
The SEC voted to propose rule amendments requiring investment advisers to prepare and deliver to clients and prospective clients a narrative brochure written in plain English. Brochures would be made available to the general public through the SEC sponsored Investment...

SEC Proposes New Disclosure Rules for Foreign Private Issuers

Posted on February 13, 2008
The SEC voted to propose amendments to modernize its disclosure requirements for foreign companies, including eliminating all requirements for paper submissions. Many of the proposed SEC rule changes are designed to update the Commission?s rules, reflect advancements in technology, and...

NYSE Disciplines Credit Suisse Analyst for Tipping

Posted on February 13, 2008
The NYSE disclosed a disciplinary action against Adam Galeon, a research analyst with Credit Suisse, alleging that he obtained and disseminated certain information before public release. An NYSE hearing officer found that on May 24, 2005, Galeon obtained certain information...

AIG's New ACcounting Troubles Affect Market

Posted on February 13, 2008
AIG's new accounting problems are causing consternation on Wall St. just as the criminal trial involving a past AIG accounting fraud, involving phony loss reserves, is about to go to the jury. NYTimes, At Trial, Lawyer Says Buffett Gave Approval....

Senator Bayh Urges More Regulation of SWFs

Posted on February 13, 2008
Senator Evan Bayh, Chair of the Senate Banking Subcommittee of the Security and International Trade & Finance Committee, in an op-ed piece in today's Wall St. Journal, warns about sovereign wealth funds and urges Congress to establish standards for transparency...

AIG's Auditors Find Material Weaknesses in Valuing Complex Instruments

Posted on February 12, 2008
More news that calls in question the risk management systems at leading financial institutions -- AIG reported a $4.88 billion charge (5 times more than it predicted in December) resulting from "material weaknesses" identified by its auditor PricewaterhouseCoopers that understated...

Recent and Past Interviews with Lerach

Posted on February 12, 2008
The Wall St. Journal published excerpts of an interview with William Lerach after his sentencing, in which he states: "I regret that I did not have the strength of character and will to resist doing what I did." WSJ, 'I...

SEC Settles Fraud Charges Against Former OCA CFO

Posted on February 12, 2008
The SEC settled charges against Bartholomew F. Palmisano, Jr., the former Chief Financial Officer of OCA, Inc. ("OCA"). The SEC alleged that during twelve different quarters during 1998 through 2001, Palmisano recorded eighteen fraudulent journal entries on OCA's general ledger...

Waiting for Microsoft's Next Moves

Posted on February 11, 2008
What will Microsoft do, now that the Yahoo board has formally rejected its $45 billion offer as "massively" undervaluing the company? Likely next moves range from the aggressive, such as starting a proxy contest or a tender offer, to more...

Shareholder Resolutions Focus on Succession Planning, Risk Assessment

Posted on February 11, 2008
Shareholder activists at some corporations are seeking to include on the management proxy statement this year shareholder resolutions that management assert relate to the ordinary business operations of the company. At several corporations the board is asked to provide information...

Advisory Committee Urges Mandatory XBRL

Posted on February 11, 2008
The SEC Advisory Committee on Improvements to Financial Reporting (CIFR) voted to submit to Chair Cox a report that urges the SEC to require corporations to filed audited XBRL financial statements in three years. CFO.com, SEC Told to Mandate XBRL.

SEC Settles Rule 102(e) Proceeding Against Take-Two's Audit Partner

Posted on February 11, 2008
The SEC settled a Rule 102(e) administrative proceeding against Robert A. Fish, CPA (Fish), the former PricewaterhouseCoopers (PwC) audit engagement partner responsible for the fiscal year end 2000 audit of video game publisher and distributor Take-Two Interactive Software, Inc...

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