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

Goldman Files SPAC Registration Statement

Posted on March 26, 2008
Goldman Sachs joins the crowd and filed a registration statement to underwrite a "blank check" IPO to raise $350 million for Liberty Lane Acquisition Corp. Renamed Special Purpose Acquisition Companies, or SPACs, these companies typically have a deadline of two...

Pension Plans Sue Bear Over JPMorgan Merger

Posted on March 26, 2008
Two pension plans have sued the Bear Stearns board in Delaware, alleging that the $10 price for Bear Stearns stock offered by JP Morgan is "grossly inadequate" and that the board breached its duty in agreeing to the price. They...

Aflac Shareholders Have "Say on Pay"

Posted on March 25, 2008
Aflac's proxy statement formally invites shareholders to vote on the company's performance-based compensation. According to the company's press release, this is the first time shareholders at a major American public company will vote on executive compensation...

Chamber of Commerce 2d Annual Capital Markets Summit

Posted on March 25, 2008
The U.S. Chamber of Commerce Center for Capital Markets Competitiveness will host its 2nd Annual Capital Markets Summit on Wednesday, March 26, 2008, from 9:00am to 4:30pm. The event is scheduled to be on CNBC, and can be viewed via...

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SEC Announces Next Steps in Mutual Recognition

Posted on March 24, 2008
The SEC announced a series of actions it intends to take to further the implementation of the concept of mutual recognition for high-quality regulatory regimes in other countries. The Commission contemplates taking the following actions: Exploring initial agreements with one...

SEC Settles Fraud Charges with Biovail

Posted on March 24, 2008
The SEC charged Canadian pharmaceutical company Biovail Corporation and its former CEO, former CFO, and two current senior executives with engaging in a number of fraudulent accounting schemes and making a series of misstatements to analysts and investors...

FINRA Disciplines CEO of Investprivate

Posted on March 24, 2008
A FINRA Hearing Panel issued a decision that imposed a 90-day suspension, a concurrent 10-day suspension, and a $12,500 fine against Scott Mathis, Chairman and CEO of New York's Investprivate, Inc. (now known as DPEC Capital, Inc.), for failing to...

JPMorgan and Bear Amend Merger; Bear Shareholders Get More Value

Posted on March 24, 2008
JPMorgan Chase and Bear Stearns announced amendments to the merger and guaranty agreements, which are available at the Bear Stearns website. The shares of Bear Stearns are now valued at $10 for purposes of the share exchange into JPM shares....

JPMorgan-Bear Stearns Merger May be Renegotiated

Posted on March 24, 2008
The New York Times reports that JPMorgan Chase is negotiating to increase its offer for Bear Stearns stock to $10, up from the $2 agreed upon last weekend, as unhappy Bear Stearns shareholders threaten to vote down the merger agreement....

Schwarcz on Systemic Risk

Posted on March 23, 2008
Systemic Risk, by STEVEN L. SCHWARCZ, Duke University School of Law, was recently posted on SSRN. Here is the abstract: This article is the first major work of legal scholarship on systemic risk, under which the world's financial system can...

Verret on Hedge Fund Regulation

Posted on March 23, 2008
Dr. Jones and the Raiders of Lost Capital: Hedge Fund Regulation, Part II, a Self-Regulation Proposal, by J.W. VERRET, George Mason University - School of Law; Delaware Court of Chancery, was recently posted on SSRN. Here is the abstract: Hedge...

Int'l Bar Assoc. Report on Extraterritorial Jurisdiction

Posted on March 23, 2008
Draft Report of the Securities Law Subcommittee of the Task Force on Extraterritorial Jurisdiction of the International Bar Association, by MARGARET E. TAHYAR, Davis Polk & Wardwell; JAAP WILLEUMIER, Stibbe, ERIC J. PAN, Yeshiva University - Benjamin N...

Piotrosk & Srinivasan on SOX's Effect on Int'l Listings

Posted on March 23, 2008
Regulation and Bonding: The Sarbanes-Oxley Act and the Flow of International Listings, by JOSEPH D. PIOTROSK, Stanford University; University of Chicago - Graduate School of Business, and SURAJ SRINIVASAN, University of Chicago - Graduate School of Business, was recently posted...

Wang, Winton & Yu on IPO Fraud

Posted on March 23, 2008
Corporate Fraud and Business Conditions: Evidence from IPOs, by TRACY YUE WANG, University of Minnesota - Twin Cities - Carlson School of Management, ANDREW WINTON, University of Minnesota - Twin Cities - Carlson School of Management, and XIAOYUN YU, Indiana...

Hedge Fund Manager Criminally Charged with Market Manipulation

Posted on March 21, 2008
The SEC announced that the United States Attorney's Office for the Southern District of Florida unsealed an Indictment charging Michael Lauer and four other individuals with one count of conspiracy to commit mail, wire and securities fraud and six counts...

Cox Supports Basel Committee's Guidance on Liquidity Management

Posted on March 21, 2008
SEC Chair Christopher Cox sent a letter to the chairman of the Basel Committee on Banking Supervision expressing strong support for its planned updated guidance on liquidity management for banking organizations in light of the recent market turmoil. Chairman Cox...

Levitt on Financial Reform

Posted on March 21, 2008
Arthur Levitt, former SEC Chair, calls for regulatory reforms in a Wall St. Journal op-ed piece, including: Beyond these immediate fixes, what's needed to restore public confidence is a more wholesale reconsideration of how we can inject greater transparency into...

SEC Compensation Rules Result in Math But Not Comprehension

Posted on March 21, 2008
What has been the effect of the SEC's new rules on the disclosure of executive compensation in the 2008 proxy materials? Complex mathematical formulas and not much comprehension of the numbers is what the Wall St. Journal found in a...

SWFs Adopt Investment Principles

Posted on March 21, 2008
Treasury Secretary Paulson announced that the Abu Dhabi and Singapore SWFs adopted investment principles committing them to avoid "geopolitical goals," promote disclosure of investment activity and adopt strong internal controls. In addition, the IMF plans to develop "best practices" for...

Frank Calls For Unified Financial Regulation

Posted on March 21, 2008
Will the cost to the financial industry of the Fed's bailout be more pervasive regulation over the entire industry? Rep. Barney Frank calls for a single regulator with the power to regulate banks, securities firms, hedge funds and other financial...

FINRA Proposes Two Changes to Arbitration Codes

Posted on March 20, 2008
The SEC published for public comment two minor revisions to the FINRA Codes of Arbitration Procedure for Customer and Industry Disputes: to Amend the Chairperson Eligibility Requirements and to Permit Submissions to Arbitrators After a Case Has Closed Under Limited...

Richards on SEC Exams of Investment Advisers

Posted on March 20, 2008
Speech by SEC Staff: Focus Areas in SEC Examinations of Investment Advisers: the Top 10, by Lori A. Richards, Director, Office of Compliance Inspections and Examinations, U.S. Securities and Exchange Commission, at the IA Compliance Best Practices Summit 2008, IA...

AB Volvo Settles FCPA charges

Posted on March 20, 2008
The SEC settled Foreign Corrupt Practices Act books and records and internal controls charges against AB Volvo in the U.S. District Court for the District of Columbia. AB Volvo is a Swedish company that provides commercial transport solutions, including trucks,...

Melvyn Weiss Pleads Guilty, Will Serve 18-33 months

Posted on March 20, 2008
Melvyn Weiss agreed to plead guilty to a federal racketeering charge and acknowledge that he and others concealed secret payment arrangements that Milberg Weiss had with named plaintiffs in class action lawsuits. The plea agreement calls for a sentence of...

SEC Investigating Bear Stearns Put Trades

Posted on March 20, 2008
The Wall St. Journal reports that the SEC is investigating an unusual increase last week in trading in put options of Bear Stearns Stock. Put options give the purchaser the right to sell the stock at a fixed price in...

Weiss Agrees to Plea Bargain

Posted on March 20, 2008
Melvyn Weiss agreed to plead guilty to kickbacks in securities class actions. The terms of the deal were not announced. WSJ, Weiss Makes Plea Deal In Kickback Case.

Bear Stearns Amends Indemnification Bylaw

Posted on March 19, 2008
Bear Stearns has posted at its website Shareholder FAQs about the Morgan-Bear merger. One question, and answer: How could this have happened to an 85 year old firm? Extraordinary conditions have existed in the credit markets for at least nine...

SEC Issues No-Action Letter re. Form BD Amendments in Morgan-Bear Merger

Posted on March 19, 2008
The SEC Division of Trading and Markets issued a no-action letter to J.P. Morgan Chase, stating that In view of the circumstances of the purchase of Bear Stearns by JP Morgan Chase, the Division of Trading and Markets will not...

SEC Shuts Down Ponzi Scheme

Posted on March 19, 2008
The SEC announced the filing of a settled civil injunctive action in the United States District Court for the Eastern District of Virginia against Ralph Gregory Gibbs, who operated an offering fraud and "Ponzi" scheme. The Complaint alleges that since...

Abu Dhabi's SWF Speaks on its Plans

Posted on March 19, 2008
Yousef Al Otaiba, the Director of International Affairs for the Government of Abu Dhabi, has an opinion piece in today's Wall St. Journal on Our Sovereign Wealth Plans, in which he states: Abu Dhabi's investment organizations also meticulously follow all...

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