Regulation & Compliance: Page 44
-
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Madoff Case Triggers Wider Probe of SEC
The attempt to determine whether the Securities and Exchange Commission failed to do its job in detecting the $50 billion Ponzi scheme put together by Bernard Madoff will be the launching pad for a wider-ranging investigation of the SEC’s operations, the commission’s inspector general told someti...
By David Katz • Jan. 5, 2009 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Parratt Named SEC’s Corporation Finance Director
The deputy director of the Securities and Exchange Commission’s Division of Corporation Finance, Shelley E. Parratt, was named the division’s acting director by SEC chairman Christopher Cox. The appointment puts the veteran deputy director at the division — who has served in that position since 2...
By Roy Harris • Jan. 5, 2009 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Insurance Outlook: Higher Prices by Year’s End
Following five years in the bargain basement, property-casualty insurance prices will start to rise again by the last quarter of 2009 or the first quarter of 2010 and stay high for an unusually long time, according to a new report that attempts to predict the commercial insurance pricing cycle in...
By David Katz • Jan. 5, 2009 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Top 10 Things to Do with Top 10 Lists
There’s no shortage of city rankings available to companies that might want to pull up stakes. In the aggregate they provide an almost dizzying amount of information that might influence expansion or relocation plans. Want to know which U.S. city is the least expensive, or the most tax-friendly t...
By Alix Stuart • Jan. 1, 2009 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Contingency Fans
The surplus of corporate litigation in the United States is rarely viewed as a positive, but for at least one British firm it constitutes a unique investment opportunity.Juridica Capital Management, a UK-based investment firm, has put $90 million into 16 U.S. business-to-business lawsuits since i...
By Kate Plourd • Jan. 1, 2009 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Rethinking Risk
Last August, when Virgin Mobile CFO John Feehan spotted signs of looming bankruptcy at Circuit City, a retail outlet for his company’s cell phones, he didn’t sit idly by. Instead, Virgin Mobile tightened billing terms, demanded cash payments, and adjusted shipments daily. When Circuit City finall...
By Kate Plourd • Jan. 1, 2009 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
SEC: Fair Value’s Savior
The Securities and Exchange Commission, as expected, has decided not to suspend mark-to-market accounting — against the wishes of many banking lobbyists. But the debate over how to measure financial assets and liabilities is far from over. In fact, the SEC’s decision, outlined in a 211-page repor...
By Sarah Johnson • Dec. 31, 2008 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
The People Puzzle
Moira McKamey is one of many Americans with more free time than she would like. In November DHL, an express delivery company, said that it would close its American domestic operations at the end of January. Up to 10,000 jobs may be lost in Wilmington, Ohio, where DHL has its main hub for domestic...
By Economist Staff • Dec. 30, 2008 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
SEC Opens Door to Centralized Credit-Default Swaps
In an attempt to make what it sees as the shadowy dealings of the credit-default-swap market clearer to the outside world, the Securities and Exchange Commission today approved temporary exemptions that allow at least one firm, London-based LCH Clearnet Ltd., to operate as a central counterparty ...
By David Katz • Dec. 23, 2008 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
CIT to Qualify for $2.33B in TARP Funds
Commercial finance company CIT Group Inc. expects to receive $2.33 billion from the Treasury Department under the Troubled Assets Relief Program (TARP) — a result of the Federal Reserve preliminarily approving its application to convert to a bank holding company.Specifically, CIT has converted CI...
By Stephen Taub and Roy Harris • Dec. 23, 2008 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Back to the Backdating Scandal: Today, UnitedHealth
By settling its civil stock-option backdating case, UnitedHealth Group Inc. — and also its former general counsel — has wrapped up one of the biggest and earliest of the Securities and Exchange Commission actions in what became one of the biggest business scandals of 2006.UnitedHealth agreed to s...
By Stephen Taub • Dec. 23, 2008 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Stop Paying Divs, Fed Tells Three Banks
The Federal Reserve Board ordered three small banks to stop paying dividends and make other changes “to maintain the financial soundness” of the institutions. It is also requiring the banks to seek Fed approval before taking certain actions, and in some cases called for the banks to submit progre...
By Stephen Taub • Dec. 22, 2008 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Ground Zero
Central bankers ordinarily strive to be boring. But these are not ordinary times. On December 16th the Federal Reserve unveiled a three-part assault on America’s slump that lit up the news wires like a pyrotechnic display.The Fed’s policy panel, the Federal Open Market Committee (FOMC), announced...
By Economist Staff • Dec. 19, 2008 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Con of the Century
Bernard Madoff worked as a lifeguard to earn enough money to start his own securities firm. Almost half a century later, the colossal Ponzi scheme into which it mutated has proved impossible to keep afloat — unlike Mr. Madoff’s 55-foot fishing boat, “Bull.” The $17.1 billion that Mr. Madoff claim...
By Economist Staff • Dec. 18, 2008 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
KPMG Tax-Shelter Case Is Mixed Win for U.S.
The long, circuitous prosecution of KPMG LLP executives over the selling of illegal personal tax shelters concluded with a handful of convictions Wednesday afternoon. But some observers saw the mixed-bag result, which included acquittals along with the jury’s guilty verdicts, as a sign that the d...
By Roy Harris • Dec. 18, 2008 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Obama Picks FINRA Head Mary Schapiro to Lead SEC
President-elect Barack Obama nominated Mary Schapiro as the next chairman of the Securities and Exchange Commission, calling on her to help overhaul the troubled U.S. regulatory system. Obama said Schapiro, a one-time acting SEC chairman and a political independent, who currently heads the Financ...
By Sarah Johnson • Dec. 18, 2008 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
FTC Alleges Ovation Has Baby-drug Monopoly
The Federal Trade Commission sued Ovation Pharmaceuticals Inc. for antitrust violations over its 2006 acquisition of the drug NeoProfen — which the FTC said sealed a monopoly in the market for products that treat a life-threatening heart defect in premature babies.The complaint, filed in U.S. Dis...
By Kate Plourd • Dec. 16, 2008 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Conservatives Oppose Bush Plan to Help Auto Industry
House conservatives, in a letter to President George W. Bush, objected Wednesday to a White House plan to transfer a portion of the $700 billion financial rescue plan to save the Big Three U.S. automakers.The letter, signed by 22 GOP Members including Republican Study Committee Chairman Jeb Hensa...
By Roll Call Staff • Dec. 16, 2008 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Judge: Ex-Broadcom CFO, CEO Must Face Charges
A judge ruled that Broadcom’s former chief financial officer and chief executive officer both must face charges in the company’s stock option backdating scandal.Ex-CEO Henry Nicholas and ex-CFO William Ruehle were accused of illegally backdating stock options, causing the chipmaker to restate $2....
By Stephen Taub • Dec. 16, 2008 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
New Siemens Fines Bring the Total to $1.6B
Siemens AG’s agreement to pay $800 million to settle civil and criminal bribery charges leveled by U.S. authorities, after a long-running probe, brings the global total of fines paid by the company and its subsidiaries to a staggering $1.6 billion.The latest amount is the largest penalty collecte...
By Sarah Johnson • Dec. 15, 2008 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
What Does Madoff’s Auditor Say? No Answer
The tiny auditor of Bernard Madoff’s Wall Street firm, at the center of an alleged $50-billion Ponzi scheme, is being investigated by the district attorney in a New York City suburb. Friehling & Horowitz had signed off on the annual financial statement for Bernard L. Madoff Investment Securit...
By Stephen Taub • Dec. 15, 2008 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Pelosi Demands Mortgage Aid
Speaker Nancy Pelosi (D-Calif.) on Monday demanded that the Bush administration spell out a plan to help distressed homeowners before releasing the remaining $350 billion in the $700 billion financial rescue fund.Pelosi said the law’s written intent of providing mortgage relief “has been totally ...
By Roll Call Staff • Dec. 15, 2008 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
The Auto Bailout Is Official — in Sweden
Two business units of America’s Ford Motor and General Motors are getting government cash infusions already. The money comes from the Swedish government, which is providing $3.4 billion to Volvo and Saab.Volvo is Ford’s Swedish-based product, while GM is the owner of Saab. The deal includes credi...
By Stephen Taub • Dec. 11, 2008 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
SEC Completes ARS Pacts with Citi, UBS
The Securities and Exchange Commission completed its settlements with Citigroup Global Markets Inc., and UBS Securities LLC and UBS Financial Services Inc., which all told will provide nearly $30 billion to tens of thousands of customers who invested in auction rate securities before the market f...
By Stephen Taub • Dec. 11, 2008 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Reid Offers Bailout Ultimatum to GOP
Senate Majority Leader Harry Reid (D-Nev.) presented Republicans with a take-it-or-leave proposal Thursday morning for voting on the auto industry bailout bill, saying he would not entertain amendments but would allow a vote on an alternative GOP measure. He said that if Republicans refuse his of...
By Roll Call Staff • Dec. 11, 2008
Previous
