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

Merrill's Troubles Not Over

Posted on April 16, 2008
According to the Wall St. Journal, Merrill Lynch will report $6-8 billion in new writedowns tomorrow, bringing the total to $30 billion since October. It will also report its third straight quarterly loss. Meanwhile, the SEC continues to look into...

President's Working Group Releases Two Reports on Hedge Fund Practices

Posted on April 15, 2008
Two blue-ribbon private-sector committees established by the President's Working Group released separate yet complementary sets of best practices for hedge fund investors and asset managers today. The PWG tasked the committees with collaborating on industry issues and developing a set...

Parmalat Suit Against Citigroup Set for Trial in New Jersey

Posted on April 15, 2008
The trial in New Jersey state court brought by Parmalat against Citigroup for allegedly assisting former Parmalat management in committing financial fraud will begin next month. Citigroup sought to dismiss the case on a number of grounds, including that New...

Cox Issued Statement on Financial Stability Forum's Report

Posted on April 15, 2008
SEC Chair Cox today issued the following statement on the Financial Stability Forum's (FSF) "Report on Enhancing Market and Institutional Resilience," which was undertaken at the request of the G-7 Finance Ministers and Central Bank Governors and delivered for their...

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SEC Charges Defendants with Defrauding JP Morgan Chase Through Sham Finder Fees

Posted on April 15, 2008
On April 15, 2008, the SEC filed a civil injunctive action in the United States District Court for the Eastern District of New York charging 6 defendants with engaging in a scheme to defraud JP Morgan Chase Bank (Chase)through the...

SEC Announces List of Unregistered Soliciting Firms

Posted on April 15, 2008
The SEC announced a Public Alert: Unregistered Soliciting Entities (PAUSE) website where it lists unregistered soliciting entities that have been the subject of investors' complaints. For each of the entities named on the website, SEC staff determined either (1) that...

No One Likes Blockbuster's Bid for Circuit City

Posted on April 15, 2008
Circuit City doubts that Blockbust can find the financing for its $1 billion cash hostile bid, and Wall St. thinks Blockbuster has enough financial problems already. James W. Keyes, Blockbuster CEO, says Carl Icahn's support for the deal is key....

Bear Stearns Files 10-Q Report

Posted on April 15, 2008
Bear Stearns filed its 10-Q Report for the first quarter of 2008, and both the notes to the financial statements and the MDA discuss the subsequent liquidity crisis, the merger with JPMorgan Chase and related litigation. It also discloses that...

Treasury Plans to Release Reports on Hedge Funds

Posted on April 15, 2008
Two reports on hedge funds are expected to be out today from the office of Robert K. Steel, under secretary of the Treasury for domestic finance. One, prepared by Eric Mindich, operator of the hedge fund Eton Park, proposes nonbinding...

Bayou's Israel Sentenced to 20 Years

Posted on April 14, 2008
Former Bayou hedge fund executive Samuel Israel III was sentenced to 20 years in prison for defrauding investors out of over $450 million. He was also ordered to pay $300 million in restitution. Israel pleaded guilty to conspiracy and investment...

SEC Settles Discriplinary Proceedings Against Two Worldcom Auditors

Posted on April 14, 2008
The SEC settled actions against two former Arthur Andersen LLP (Andersen) partners, Melvin Dick (Dick) and Kenneth M. Avery (Avery), who served on the WorldCom, Inc. (WorldCom) audit for the fiscal year ended December 31, 2001. Dick, former lead engagement...

SEC Sustained Expulsion of PAZ Securities

Posted on April 14, 2008
On remand from the United States Court of Appeals for the District of Columbia Circuit, the SEC sustained the expulsion of PAZ Securities, Inc. from NASD membership and the bar of Joseph Mizrachi from associating with any NASD member firm...

SEC Upholds in part NASD Disciplinary Proceedings Against Principals of Brokerage Firm

Posted on April 14, 2008
The SEC sustained in part and set aside in part NASD disciplinary action against Dennis Todd Lloyd Gordon, the chief executive officer of former NASD member firm Lloyd Scott and Valenti, Ltd. ("LSVL" or the "Firm"), and Sterling Scott Lee,...

Fox on Mandatory Disclosure

Posted on April 13, 2008
Civil Liability and Mandatory Disclosure, by MERRITT B. FOX, Columbia University - Columbia Law School, was recently posted on SSRN. Here is the abstract: This paper explores the appropriate system of civil liability for mandatory securities disclosure violations by established,...

Rose on Sovereign Shareholders

Posted on April 13, 2008
Sovereigns as Shareholders, by PAUL ROSE, Ohio State University - Michael E. Moritz College of Law, was recently posted on SSRN. Here is the abstract: This paper considers the increasing impact of sovereign wealth funds as equity investors. Sovereign investment...

Ware on Securities Arbitration

Posted on April 13, 2008
What Makes Securities Arbitration Different from Other Consumer and Employment Arbitration?, by STEPHEN J. WARE, University of Kansas - School of Law, was recently posted on SSRN. Here is the abstract: This short piece emphasizes what makes consumer and employment...

Cunningham on Gobal Accounting

Posted on April 13, 2008
The SEC's Global Accounting Vision: A Realistic Appraisal of a Quixotic Quest, by LAWRENCE A. CUNNINGHAM, George Washington University Law School, was recently posted on SSRN. Here is the abstract: In the most revolutionary securities law development since the New...

Mitchell on the Innocent Shareholder in Securities Class Actions

Posted on April 13, 2008
The "Innocent Shareholder": An Essay on Compensation and Deterrence in Securities Class Actions, by LAWRENCE E. MITCHELL, George Washington University - Law School, was recently posted on SSRN. Here is the abstract: One of the persistent tropes in the debate...

Fried on Backdating

Posted on April 13, 2008
Option Backdating and its Implications, by JESSE M. FRIED, University of California, Berkeley - School of Law, was recently posted on SSRN. Here is the abstract: Thousands of US companies appear to have secretly backdated stock options. This paper analyzes...

J.P. Morgan Files Registration Statement for Bear Stearns Merger

Posted on April 12, 2008
J.P. Morgan Chase filed yesterday the Registration Statement on Form S-4 for the shares to be issued in the Bear Stearns merger.

Bear Stearns Reports on Liquidity Crisis

Posted on April 12, 2008
Bear Stearns filed an 8-K Report yesterday, to provide disclosure regarding the liquidity crisis that the Company experienced during the end of the week of March 10, 2008 and related events in: (i) the historical consolidated statements of financial condition...

ISS Recommends Against 4 Citigroup Directors

Posted on April 11, 2008
ISS recommends that Citigroup shareholders not vote for the reelection of four directors. Three of the directors -- Alain J.P. Balda (Chair, Alcoa), Kenneth Derr (former Chair, Chevron), and Richard Parsons (Chair, Time Warner) are on the Compensation Committee, which...

Bear Stearns Notifies SEC It Cannot Timely File 10-Q

Posted on April 11, 2008
Bear Stearns notified the SEC today that it could not timely file its 10-Q Report because, as it explains: The Company experienced a significant liquidity crisis during the end of the week of March 10, 2008 that seriously jeopardized its...

SEC Charges Another U.K. Fund with Late Trading

Posted on April 11, 2008
For the second time in a week, the SEC charged a U.K. fund group with late trading and market timing in U.S. mutual funds. The SEC alleges that Headstart Advisers, its chief investment adviser, and Headstart Fund earned nearly $200...

Lehman Borrows from Fed Creatively

Posted on April 11, 2008
Wall St. is taking advantage of its new ability to borrow from the Fed. Lehman Brothers, for example, moved $8.2 billion in loans that it had trouble selling into a new investment vehicle "Freedom," so called because it gave the...

Bernanke Outlines Regulatory Reform

Posted on April 10, 2008
In a speech today, Addressing Weaknesses in the Global Financial Markets: The Report of the President's Working Group on Financial Markets, Ben S. Bernanke offered some preliminary conclusions about the causes of the current turmoil and identified some measures to...

Reports about Possible Yahoo and Microsoft Deals

Posted on April 10, 2008
The news today is full of behind-the-scenes dealmaking involving Microsoft and Yahoo. First, it is reported that News Corp. (Rupert Murdoch) and Microsoft are in talks about a joint bid for Yahoo that, if successful, would combine Yahoo, MSN, and...

SEC Advisory Committee on Improvements to Financial Reporting Notices Meeting

Posted on April 09, 2008
The SEC Advisory Committee on Improvements to Financial Reporting will hold a public meeting on Friday, May 2, 2008, in Rosemont, Illinois. The agenda for the meeting includes hearing oral testimony from panel participants regarding the Advisory Committee?s developed proposals...

Cox Addresses NASAA

Posted on April 09, 2008
Chairman Christopher Cox Addressed the North American Securities Administrators Association 2008 Public Policy Conference on April 1, 2008 and focused on SEC-NASAA initiatives against senior fraud and other enforcement actions against fraud.

Court Upholds Forfeiture of Gemstar-TV Guide Severance Payment

Posted on April 09, 2008
The SEC announced a court ruling that successfully concludes its effort to stop a $29.5 million severance package from being paid to the former CEO of Gemstar-TV Guide International, Henry C. Yuen, who committed securities fraud before leaving his position...

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