IRS to Audit More S Corporations
Unlike more common C corporations, the small businesses are able to avoid double taxation. But the government wants to more closely track their compliance with the law.
Senate Panel OKs Fannie, Freddie Bill
Hopes of stricter regulatory oversight of the mortgage companies may be put to a vote as early as September. A friendlier House bill has stalled.
Parmalat Prosecutors Seek Bank Charges
Separately, the dairy-foods company has filed its own complaint charging Standard & Poor’s with wrongdoing relating to Parmalat's $17 billion collapse.
Altera CFO Apologizes to Equity Analyst
The company backpedaled in its decision to cut ties with the Wells Fargo analyst, who argued that a share-repurchase program destroyed shareholder value.
CFO Sullivan Praised for Ebbers Takedown
Prosecutors must perform a balancing act in their reports to the judge regarding the former WorldCom finance chief: they must avoid being so laudatory as to encourage would-be offenders while rewarding Sullivan enough to persuade others to cooperate.
Senate Banking Committee Endorses Cox
The committee okays SEC commissioner Roel Campos for a second term and SEC market regulation division director Annette Nazareth as a new commissioner.
GAO to SEC: Improve Your Controls
The accountability office sent the securities watchdog 18 recommendations for remedying weaknesses involving disgorgements and penalties and financial reporting.
Counterparty Risks under the Lens
"We have no authority whatsoever, but we have a fair amount of moral-suasion," says the chairman of the group behind a new report that aims to reduce the risk of a "systemic shock" to the financial markets.
DaimlerChrysler Hotline in Hot Water
A former administrator of the automaker's whistle-blower hotline claims that corporate auditors suppressed some claims of theft and fraud and did not investigate others.
Ex-CFO of WorldCom to Forfeit Estate
Like Bernard Ebbers before him, Scott Sullivan has agreed to relinquish most of his assets toward the settlement of a shareholder lawsuit.
Former Qwest Exec to Pay $2.1 Million
Department of Justice requests that the SEC civil lawsuit be suspended while their criminal investigation continues.