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Post Frequency: 38.1/day

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

Cheffins on Corporate Governance and the 2008 Meltdown

Posted on February 07, 2010
Did Corporate Governance 'Fail' during the 2008 Stock Market Meltdown? The Case of the S&P 500, by Brian R. Cheffins, University of Cambridge - Faculty of Law; European Corporate Governance Institute (ECGI), was recently posted on SSRN. Here is the...

Morley & Curtis on Mutual Fund Exit

Posted on February 07, 2010
Exit, Voice and Fee Liability in Mutual Funds, by John Morley, Yale Law School Center for the Study of Corporate Law, and Quinn Curtis, Yale School of Management; Yale University - Law School, was recently posted on SSRN. Here is...

Conti-Brown on Measurement of Financial Risk

Posted on February 07, 2010
A Proposed Fat-Tail Risk Metric: Disclosures, Derivatives and the Measurement of Financial Risk, by Peter Conti-Brown, Stanford Law School, was recently posted on SSRN. Here is the abstract: This paper argues that the financial regulatory reform currently debated in the...

FINRA Board Will Review Allegations of Excessive Compensation

Posted on February 05, 2010
FINRA's board of governors will review allegations that senior executives, including Mary Schapiro, received excessive compensation in 2008, despite the organization's operating losses. FINRA is conducting the review in response to a lawsuit brought by Amerivet Securities...

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Schapiro Outlines SEC's Initiatives for Retail Investors

Posted on February 05, 2010
In a major speech today, the SEC's Chair Schapiro reviews the agency's accomplishments of the past year and looks ahead to future actions. Among those she identified of particular interest to retail investors are: Point of Sale: Retail investors should...

SEC Drops Charges Against Broadcom Executives

Posted on February 05, 2010
The SEC announced that it has dropped its case involving stock options backdating against current and former Broadcom officers. Last year one defendant was acquitted of criminal charges, and the charges were dismissed against another. In addition, the presiding judge...

Finra Looking for a Few Good Arbitrators

Posted on February 05, 2010
Concerns have been expressed for some time about whether FINRA will be able to handle the deluge of customers' complaints against brokers resulting from the financial meltdown. The Wall St. Journal, for example, reports today that FINRA is reaching out...

What Will Judge Rakoff Think?

Posted on February 04, 2010
Of course, like so many others, I'm wondering what Judge Rakoff will think of the proposed settlement between the SEC and Bank of America, which would settle both of the SEC's enforcement actions against BofA stemming from the alleged deficiencies...

State Street Settles SEC & Massachusetts Charges Relating to Subprime Exposure

Posted on February 04, 2010
The SEC and Boston-based State Street Bank and Trust Company settled charges that State Street misled its investors about their exposure to subprime investments while selectively disclosing more complete information to specific investors. State Street has agreed to settle the...

SEC and BofA Will Try to Settle Their Litigation Again

Posted on February 04, 2010
In a previous post, I discussed the new litigation arising from the Bank of America-Merrill Lynch merger brought today by the New York AG. That suit targets the failure to disclose Merrill's recent losses toBofA shareholders prior to the vote....

New York Sues BofA over Nondisclosure of Merrill Losses

Posted on February 04, 2010
New York AG Attorney General, who was joined by Special Inspector General for the Troubled Asset Relief Program Neil Barofsky, today announced a lawsuit against Bank of America, its former CEO Kenneth D. Lewis, and its former CFO Joseph L....

SEC Publishes Interpretive Guidance on Climate Change

Posted on February 03, 2010
The SEC posted on its website its interpretive release to provide guidance to public companies regarding the Commission?s existing disclosure requirements as they apply to climate change matters.

AARP, NASAA and CFA Join Forces in Support of Proposed Senate Bill

Posted on February 03, 2010
A coalition including AARP, NASAA and Consumer Federation of America has written a joint letter to Senators Dodd and Shelby (Chair and Ranking Member, respectively, of the Senate Banking Committee) urging their support for the elimination of the broker-dealer exclusion...

AIG Plans to Pay $100 Million in Bonuses

Posted on February 02, 2010
WPost, AIG plans to pay about $100 million in bonuses Wednesday Here we go again! Prepare for lots of Congressional righteous anger.

Volcker Testifies on Financial Reform

Posted on February 02, 2010
STATEMENT(Download VolckerTestimony) OF PAUL A. VOLCKER BEFORE THE JOINT ECONOMIC COMMITTEE (FEBRUARY 26, 2009), Hearing on ?Restoring the Economy: Strategies for Short-term and Long-term change?.

SEC's Investor Advisory Committee Sets Agenda for Feb. 22 Meeting

Posted on February 02, 2010
The SEC's Investor Advisory Committee will hold a public meeting on Monday, February 22, 2010. The public is invited to submit written statements to the Committee. The agenda for the meeting includes: (i) consideration of a Committee recusal policy; (ii)...

SEC Charges Former Hedge Fund Portfolio Manager with Insider Trading

Posted on February 02, 2010
The SEC today announced insider trading charges against David R. Slaine, a former hedge fund portfolio manager at DSJ International Resources Ltd. (d/b/a ?Chelsey Capital?). The SEC alleges that Slaine used inside information tipped by a former executive at UBS...

SEC Charges New York Securities Lawyer with Securities Fraud

Posted on February 02, 2010
On February 1, 2010, the SEC sued Stephen Czarnik, a securities lawyer, for his role in multi-million dollar pump-and-dump stock schemes. According to the complaint, the actions of Czarnik allowed three stock promoters ? Ryan Reynolds, Jason Wynn and Carlton...

SEC Charges Winning Kids with Sales of Unregistered Securities

Posted on February 02, 2010
The SEC settled charges against Winning Kids, Inc. and its founder and CEO, Christian Hainsworth for conducting a fraudulent offering scheme reaching approximately 200 investors nationwide. According to the complaint, the defendants raised approximately $2 million from investors, purportedly for...

Deputy Treasury Secretary Testifies Before Senate Committee on Financial Reform

Posted on February 02, 2010
Deputy Secretary of the Treasury Neal S. Wolin testified today before the Senate Committee on Banking, Housing, and Urban Affairs about the Administration's recent proposals to prohibit certain risky financial activities at banks and bank holding companies and to prevent...

FINRA Fines Two Firms for Deficiencies in AML Programs

Posted on February 02, 2010
FINRA fined two firms for inadequate anti-money laundering (AML) programs. Penson Financial Services, a Dallas-based securities clearing firm, settled charges and agreed to pay a fine of $450,000 for failing to establish and implement an adequate anti-money laundering (AML) program...

SEC Plans to Use Increased Funding to Reinvigorate Enforcement

Posted on February 01, 2010
The SEC released its 2011 Budget Justification which provides further information about how the SEC plans to spend its funds if the increased funding set forth in the Administration's budget comes to pass. The Executive Summary states: Between fiscal years...

Obama Calls for Increased Funding for SEC and CFTC

Posted on February 01, 2010
President Obama released the 2011 Budget today. According to published reports, it calls for a 11 to 13% increase (varies in reports) in the SEC's budget, to nearly $1.3 billion, and a 55% increase in the CFTC's budget, to $261...

Karmel on Systemic Risk Regulation

Posted on January 31, 2010
The Controversy Over Systemic Risk Regulation, by Roberta S. Karmel, Brooklyn Law School, was recently posted on SSRN. Here is the abstract: There is widespread support for a systemic risk regulator, in the United States and in Europe, but little...

Pritchard on Populist Retribution

Posted on January 31, 2010
Populist Retribution and International Competition in Financial Services Regulation, by Adam C. Pritchard University of Michigan Law School, was recently posted on SSRN. Here is the abstract: This essay compares the current effort to reform financial services regulation with the...

Brummer on International Financial Law

Posted on January 31, 2010
How International Financial Law Works (and How it Doesn't), by Chris Brummer, Georgetown University Law Center, was recently posted on SSRN. Here is the abstract: The ?Great Recession? has given way to a dizzying array of international agreements aimed at...

Fox et alia on Short Selling and the News

Posted on January 31, 2010
Short Selling and the News: A Preliminary Report on an Empirical Study, by Merritt B. Fox, Columbia University - Law School, Lawrence R. Glosten, Columbia Business School - Department of Finance & Economics, and Paul C. Tetlock, Columbia Business School,...

Davis on the SEC & Foreign Companies

Posted on January 31, 2010
The SEC and Foreign Companies ? A Balance of Competing Interests, by Kenneth B. Davis Jr., University of Wisconsin Law School, was recently posted on SSRN. Here is the absract: Foreign private issuers sell their securities to US investors principally...

SEC Expands Insider Trading Charges Against Rajaratnam and Kumar

Posted on January 31, 2010
The United States District Court for the Southern District of New York has authorized the SEC to file a Second Amended Complaint ("SAC"), containing new allegations of insider trading in the securities of two additional companies by Raj Rajaratnam ("Rajaratnam")...

President Obama Sets Up Advisory Council on Financial Capability

Posted on January 29, 2010
Just in case anyone had any lingering hope that meaningful consumer and investor protection would result from the 2008 financial meltdown, read this and weep: Today President Barack Obama signed an executive order regarding the President?s Advisory Council on Financial...

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