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

SEC Proposes Credit Rating Agency Reforms

Posted on June 11, 2008
The SEC voted to formally propose a comprehensive series of credit rating agency reforms to bring increased transparency to the ratings process and curb practices that contributed to recent turmoil in the credit markets. The proposed rulemaking continues the implementation...

Yahoo Says An Icahn Win Would Trigger Severance Benefits Plan

Posted on June 11, 2008
Yahoo's employee severance plan, adopted as a response to Microsoft's takeover offer and triggered by a change of control, would be triggered if Carl Icahn is successful in his bid to take control of the board of directors, according to...

Yahoo Says An Icahn Win Would Trigger Severance Benefits Plan

Cabelvision's Compensation Consultant Pays in Settlement

Posted on June 10, 2008
In what is said to be a first, a compensation consultant to Cablevision will pay the company $2 million to settle a derivative suit charging backdating of stock options. The total settlement involves 16 individuals, including directors, officers and general...

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SEC Will Consider Proposed NRSRO Rules Tomorrow

Posted on June 10, 2008
The SEC's Open Meeting Agenda for Wednesday, June 11, 2008: Item 1: Nationally Recognized Statistical Rating Organizations Office: Division of Trading and Markets The Commission will consider whether to propose rules relating to Nationally Recognized Statistical Rating Organizations.

SEC Proposes Rule Requiring Interactive Data for Mutual Fund Risk/Return Summary

Posted on June 10, 2008
The SEC has published for public comment a proposed rule on Interactive Data for Mutual Fund Risk/Return Summary. The proposed rule would require mutual funds to provide risk/return summary information to the SEC and on their Web sites in interactive...

CEOS Get Big "Golden Coffins"

Posted on June 10, 2008
The Wall St. Journal focuses on "golden coffins," or death benefits, paid to CEOs who die in office, about which, thanks to the SEC's compensation rule changes, companies are required to give more disclosure. Compensation critics describe death benefits as...

NY Fed's Geithner Calls for Greater Oversight

Posted on June 09, 2008
Timothy Geithner, President of the Federal Reserve Bank of New York and the principal architect of the bailout of Bear Stearns, called for tougher regulation of the financial markets and increased Fed supervision to prevent future crises. Geithner also said...

Yahoo Sets Annual Meeting for August 1

Posted on June 09, 2008
Yahoo filed its proxy statement for its August 1 annual meeting and urged shareholders to re-elect the current board of directors and reject Carl Icahn's slate, saying that the board is committed to maximizing shareholder value and that Icahn has...

Lehman Announces $2.8 Billion Loss

Posted on June 09, 2008
Lehman Brothers said that it lost $2.8 billion in the second quarter and plans to raise $6 billion by selling stock, $4 billion in common stock (increasing its outstanding by 25%) and $2 billion in convertible preferred shares. The loss...

Duffie & Hu on Global Derivative Markets

Posted on June 08, 2008
Competing for a Share of Global Derivatives Markets: Trends and Policy Choices for the United States, by DARRELL DUFFIE, Stanford Graduate School of Business; National Bureau of Economic Research (NBER), and HENRY T.C. HU, University of Texas at Austin -...

Campbell on Regulation D

Posted on June 08, 2008
Pernicious Economic Rules: The SEC's Inglorious Role in Limiting Small Business's Access to Capital, by RUTHEFORD B. CAMPBELL Jr., University of Kentucky - College of Law, was recently posted on SSRN. Here is the abstract: One of the most curious...

SEC and DOJ Investigate AIG

Posted on June 06, 2008
The Wall St. Journal reports that both the SEC and the Department of Justice are investigating whether AIG overstated the value of credit default swaps, which are contracts that insure against default of securities, including those backed by subprime mortgages...

Two Fed Reserve Presidents Warn About Lending Money to Investment Firms

Posted on June 06, 2008
The debate over the Federal Reserve's decision to bail out Bear Stearns and lend money to securities firms was renewed as two Federal Reserve Bank Presidents independently warned of adverse consequences from the decision. Jeffrey Lacker, President of the Federal...

SEC's White Speaks on IFRS

Posted on June 06, 2008
John W. White, Director, Division of Corporation Finance, SEC, spoke on IFRS and U.S. Companies: A Look Ahead at the Financial Executives International Global Financial Reporting Convergence Conference in New York, New York on June 5, 2008.

Faro Settles FCPA Charges

Posted on June 06, 2008
The SEC instituted settled enforcement proceedings charging Faro Technologies, Inc. (Faro) with violations of the Foreign Corrupt Practices Act (FCPA) in connection with certain improper payments that Faro's Chinese subsidiary made to employees of Chinese state-owned companies in order to...

Broadcom Co-Founder Indicted on Backdating and Drug Charges

Posted on June 05, 2008
Federal officials unsealed two indictments of Broadcom co-founder Henry T. Nicholas III. One relates to securities fraud violations in connection with the company's backdating options scandal. The other indictment charges Nicholas with conspiracy to distribute and acquire controlled substances, including...

New York Attorney General Enters Agreement with Credit Rating Agencies to Increase Independence

Posted on June 05, 2008
New York State Attorney General Andrew M. Cuomo today announced agreement with the nation?s three principal credit rating agencies in the residential mortgage-backed securities market -- Standard & Poor?s (?S&P?) Moody?s Investors Service, Inc. (?Moody?s?), and Fitch, Inc...

Yahoo Responds to Icahn's Letter

Posted on June 05, 2008
Roy Bostock, chairman of Yahoo, responded to Carl Icahn's letter and took issue with Icahn's characterization of the employee severance plan as a poison pill. Rather, the plan "is intended to help us preserve and enhance shareholder value by allowing...

Attorney Settles Insider Trading Charges Involving NSD Bancorp

Posted on June 04, 2008
The SEC filed a complaint in the United States District Court for the Southern District of New York against Jeffrey P. Myers, an attorney, alleging that he engaged in unlawful insider trading. Myers unlawfully purchased 1,000 shares of the common...

SEC Charges Two With Insider Trading in Connection with Johnson & Johnson Merger

Posted on June 04, 2008
The SEC filed a civil action in the United States District Court for the Southern District of New York against Burr B. McKeehan and Joseph A. Fontanetta for engaging in unlawful insider trading in the securities of Animas Corporation ("Animas")...

SEC Announces Panelists for International Conference on Interactive Data

Posted on June 04, 2008
The SEC announced the list of panelists scheduled to participate in the International Roundtable on Interactive Data for Public Financial Reporting scheduled for June 10, 2008, from 9:30 a.m. to 12:00 p.m. The Roundtable follows the issuance on May 30,...

SEC Nominees Appear Before Senate Banking Committee

Posted on June 04, 2008
The Senate Banking Committee questioned the three nominees to the SEC yesterday -- Democrats Luis Aguiler and Elisse Walter and Republican Troy Paredes -- so perhaps they will be confirmed shortly so that the SEC can be at full membership...

Lehman's Continuing Troubles

Posted on June 04, 2008
Lots of news about Lehman Brothers' troubles in the past few days. Its stock price continues to decline, and it is down 53% since the start of the year. The company is expected to post one of its largest quarterly...

Icahn Says He'd Remove Yang

Posted on June 03, 2008
Carl Icahn said he will seek to remove Yahoo co-founder and CEO Jerry Yang if he is successful in his proxy campaign to replace the directors. Icahn accused the CEO of taking extreme measures to ward off Microsoft's bid in...

Credit Ratings Firms Expected to Announce New Fees System

Posted on June 03, 2008
The three major credit ratings firms -- Moody's, Standard & Poor, and Fitch -- are expected to announce that they will revise their fees structure to settle an investigation by the New York State Attorney General. Under current practice, only...

SEC Charges Broker with Defrauding Elderly Customer

Posted on June 03, 2008
The SEC announced the filing of a civil action against Frederick J. Barton (Barton), a formerly registered representative of a national, registered broker-dealer and two entities he controlled: TwinSpan Capital Management, LLC (TwinSpan), an investment adviser formerly registered with the...

SEC Files Charges Against Oil & Gas Joint Ventures

Posted on June 03, 2008
The SEC filed civil securities fraud charges against a number of defendants in federal district court in Kansas. The charges stem from an alleged massive securities offering fraud that has victimized over 1,300 investors from across the United States, as...

Allixon Settles Charges of Improper Reg D Offering

Posted on June 03, 2008
The SEC settled charges against Allixon International Corporation relating to the issuance of unregistered securities. The Order finds that in July 2005 Allixon's board of directors authorized the issuance of 1.3 million shares to two Turks and Caicos entities pursuant...

SEC Chairs Roundtable Discussion Announced

Posted on June 03, 2008
SEC Chair Cox announced that six former SEC chairmen will join him for a roundtable discussion on Wednesday, June 4, 2008, at the agency's headquarters in Washington D.C. No agenda was stated. In addition to Chairman Cox, roundtable participants will...

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