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Post Frequency: 38.1/day

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

BlackRock Gains Prominence in Wake of Bear Stearns Collapse

Posted on May 08, 2008
BlackRock, the largest publicly traded asset management firm, is making big bucks in the troubled credit markets, currently responsible for managing $30 billion of hard-to-sell assets of Bear Stearns and another $22 billion from UBS. Laurence D. Fink, BlackRock's CEO,...

SEC's Trading and Markets Director Testifies on Market Turmoil

Posted on May 07, 2008
Erik Sirri, Director, Division of Trading and Markets, SEC, testified on Turmoil in the Credit Markets: Examining the Regulation of Investment Banks Before the Subcommittee on Securities, Insurance, and Investment, United States Senate, on May 7, 2008.

Cox Testifies on SEC Budget

Posted on May 07, 2008
SEC Chair Cox Testified on the agency's Fiscal Year 2009 Appropriations Request Before the Subcommittee on Financial Services and General Government Committee on Appropriations, United States Senate, May 7, 2008.

Cox Addresses Security Traders Conference

Posted on May 07, 2008
Excerpt from SEC Chair Cox's Address to the Security Traders 12th Annual Washington Conference, Washington, D.C., on May 7, 2008: And yet here, the framework of federal financial services regulation as it was developed throughout the 20th and 21st centuries...

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SEC's Investment Management Proposes Change to BDC Regulations

Posted on May 07, 2008
The SEC's Division of Investment Management has prepared a recommendation for consideration by the Commission to increase the availability of capital to certain smaller companies that do not have ready access to the public capital markets or other forms of...

SEC Obtains Freeze Order Against Foreign Exchange Trading Scheme

Posted on May 07, 2008
The SEC obtained a court order to stop a $27 million Ponzi scheme involving investors in the United States, Canada, and other countries. The agency charged Gold-Quest International and its three principals for the alleged misuse of investor funds in....

Fannie Announces Another Big Loss

Posted on May 07, 2008
Fannie Mae plans to raise another $6 billion through sales of common and preferred shares. It announced a first quarter loss of $2.19 billion ($2.57 per share) and plans to cut the dividend from 35 cents to 25 cents. WSJ,...

Court Enjoins Stun Gun Manufacturer from Securities Fraud

Posted on May 06, 2008
The United States District Court for the Northern District of Georgia entered a Final Judgment against Stinger Systems, Inc. (?Stinger?), enjoining it from future violations of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder...

Bush Expected to Nominate Paredes to SEC

Posted on May 06, 2008
The Wall St. Journal reports that President Bush will nominate Professor Troy Paredes, Washington University at St. Louis School of Law, to replace Paul Atkins on the SEC. If Professor Paredes and the two Democratic nominations (Luis Aguilar and Elisse...

Senate Banking Committee Looks at SEC Oversight

Posted on May 06, 2008
A subcommittee of the Senate Banking Committee will hold a hearing tomorrow on the SEC's oversight of investment firms. The focus is likely to be the SEC's CSE (consolidated supervised entity) program that regulates the large firms from the holding...

Say on Pay Votes Are Down This Year

Posted on May 06, 2008
Is the "say on pay" shareholder proposal campaign losing its momentum? While Aflac yesterday became the first major U.S. corporation to give its shareholders an advisory vote on executive compensation, so far this proxy season these proposals have received a...

Donohue on Mutual Fund Reform

Posted on May 05, 2008
Andrew J. Donohue, SEC Director, Division of Investment Management, presented the Keynote Address at the Practicing Law Institute Investment Management Institute 2008, on April 24, 2008 in New York City. He addressed three "hot" topics: mutual fund disclosure, specifically the...

SEC Issues Order in False Rumors Proceeding

Posted on May 05, 2008
The SEC issued an Order Instituting Administrative Proceedings Pursuant to Section 15(b) of the Securities Exchange Act of 1934, Making Findings, and Imposing Remedial Sanctions (Order) against Paul S. Berliner. The Order finds that Berliner was enjoined from future violations...

SEC Gets Temporary Freeze of Plus Money and Advisor

Posted on May 05, 2008
The SEC filed an emergency action to halt an ongoing $30 million hedge fund fraud by an investment adviser located in San Diego. Named in the complaint are Plus Money, Inc. ("Plus Money") and Matthew La Madrid ("La Madrid"). The...

Atkins Announces That He Will Leave SEC

Posted on May 05, 2008
SEC Commissioner Paul Atkins announced today that he intends to leave the SEC following the end of his term in June. Appointed by President Bush in August 2002 for the first of two terms, he plans to stay until his...

FINRA Issues Investor Alert on ARS

Posted on May 05, 2008
FINRA issued an Investor Alert on Auction Rate Securities: What Happens When Auctions Fail, so that, it says, investors can know about some of the options available to them in the event their ARS investment becomes illiquid and what can...

Brooklyn Federal Prosecutor Leads Subprime Task Force

Posted on May 05, 2008
The U.S. Attorney for the Eastern District of New York (Brooklyn) has set up a special taskforce of federal, state and local agencies to investigate possible crimes relating to the subprime mortgage crisis. Investigations already underway include USB( alleged improper...

Johnsen on Directed Brokerage

Posted on May 04, 2008
Directed Brokerage, Conflicts of Interest, and Transaction Cost Economics, by D. BRUCE JOHNSEN, George Mason University School of Law, was recently posted on SSRN. Here is the abstract: This paper relies on the economics of transaction costs to assess the...

Johnsen on SEC's Soft Dollar Guidance

Posted on May 04, 2008
The SEC's 2006 Soft Dollar Guidance: Law and Economics, by D. BRUCE JOHNSEN, George Mason University School of Law, was recently posted on SSRN. Here is the abstract: After some two years of deliberations, in July 2006 the SEC released...

Leahy on Underwriters' Due Diligence

Posted on May 04, 2008
What Due Diligence Dilemma? Re-Envisioning Underwriters' Continuous Due Diligence after Worldcom, by JOSEPH KIERAN LEAHY, Brooklyn Law School , was recently posted on SSRN. Here is the abstract: The recent WorldCom decision is widely believed to pose a due diligence...

Choi, Fisch, & Kahan on Proxy Advisors

Posted on May 04, 2008
Director Elections and the Influence of Proxy Advisors, by STEPHEN J. CHOI, New York University - School of Law, JILL E. FISCH, Fordham University - School of Law, and MARCEL KAHAN, New York University - School of Law, was recently...

Microsoft Withdraws Bid for Yahoo!

Posted on May 04, 2008
Microsoft announced that it would not pursue its bid to acquire Yahoo! In a letter to Yahoo!'s CEO Jerry Yang, Microsoft CEO Steve Ballmer stated: In our conversations this week, we conveyed our willingness to raise our offer to $33.00...

Herbalife President Resigns

Posted on May 02, 2008
Herbalife's President Gregory Probert resigned, after admitting he faked a MBA claimed in the company's SEC filings. "Vanity" made him do it. WSJ, Herbalife President Resigns.

"Dolan Discount"?

Posted on May 02, 2008
Another example that it's tough being minority shareholders in a family-controlled public corporation. Last fall the public Cablevision shareholders rejected the Dolan family's bid to buy them out at $36.26. This year Cablevision's stock has declined, while the stock of...

SEC Obtains Freeze of Assets of Alleged Ponzi Scheme

Posted on May 02, 2008
The SEC obtained a court order halting a $25 million fraudulent scheme allegedly perpetrated by Laguna Hills, Calif.-based Safevest, LLC and its principals, Jon G. Ervinand John V. Slye. The U.S. District Court for the Central District of California issued...

Banc of America Investment Services Settles SEC Charges of Favoring Proprietary Funds

Posted on May 01, 2008
The SEC filed a settled enforcement action against Banc of America Investment Services, Inc. (BAISI) for failing to disclose to clients that in selecting investments for discretionary mutual fund wrap fee accounts, it favored two mutual funds affiliated with BAISI...

McCann-Erickson Settles Accounting Fraud Charges

Posted on May 01, 2008
The SEC filed a civil injunctive action against McCann-Erickson Worldwide, Inc. (?McCann?) and the Interpublic Group of Companies, Inc. (?IPG?) alleging that McCann committed securities fraud when it misstated its financial results by failing to expense properly intercompany charges and...

Time Warner Will Spin Off Cable Subsidiary

Posted on May 01, 2008
The dismantling of the failed Time Warner-AOL merger continues. Time Warner announced that it would spin off Time Warner Cable, its 84% owned subsidiary and the second largest provider of cable television, high-speed Internet, and telephone service. The cable company...

Cabelvision Joins Bidding for Newsday

Posted on May 01, 2008
Cablevision entered the auction for the Long Island newspaper Newday with a $650 million bid, competing against Rupert Murdoch and Mortimer Zuckerman, each of whom has bid $580 million. The latter two have also agreed to structure the deal so...

Survey of Auditors' Fees

Posted on May 01, 2008
A survey of financial executives at 185 companies found that larger firms spent an average of $3.6 million on total audit costs in 2007, up 2% from 2006, but a 5.4% decline in the cost for auditors' review of management's...

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