Regulation & Compliance: Page 47
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xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Citi Triumphant: Parmalat Loses
A New Jersey state court jury ruled that Citigroup did not help executives at Italian dairy Parmalat commit a massive fraud earlier this decade.The global banking giant was sued for $1.92 billion in damages. However, lawyers for Parmalat CEO Enrico Bondi failed to prove Citi aided in the fraud, B...
By Stephen Taub • Oct. 20, 2008 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Capitalism at Bay
ONE hundred and sixty five years ago, a Scottish businessman set out his plans for a newspaper. James Wilson’s starting point was “a melancholy reflection”: “while wealth and capital have been rapidly increasing” and science and art “working the most surprising miracles”, all classes of people we...
By Economist Staff • Oct. 17, 2008 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
The Last Word
THE third and final debate, which took place at Hofstra University, New York, was a firecracker of a show, as riveting as the two previous meetings were soporific. The candidates discussed substantive issues. They exchanged sharp blows. And, most of the time, they avoided reciting their talking p...
By Economist Staff • Oct. 16, 2008 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
It’s Years More Jail for the “Tyco Two”
It looks like former Tyco International Ltd. chief executive Dennis Kozlowski and former chief financial officer Mark Swartz will be in the slammer for many years more, after all.The New York State Court of Appeals upheld their criminal convictions today, according to Reuters. In a written decisi...
By Stephen Taub • Oct. 16, 2008 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
America Catches Up
WITH luck, the American government’s bank recapitalization plan will save the financial system, but it is probably too late to save the economy from succumbing to the combined impact of shrinking wealth and the credit crunch.American officials unveiled a three-part rescue programme on Tuesday Oct...
By Economist Staff • Oct. 15, 2008 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Barroso Spies “Light at the End of the Tunnel”
The president of the European Commission, José Manuel Barroso, has said he sees “light at the end of the tunnel” following the massive, co-ordinated rescue packages offered by EU and other governments in a bid to restore confidence in the world’s financial system. “We have created nothing less th...
By European Voice Staff • Oct. 15, 2008 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Two Take Pills; Don’t Call Them in the Morning
At least two more companies — Cleveland-Cliffs Inc. and Mariner Energy Inc. — this week said their boards approved shareholder-rights plans, in a sign that the global selloff in stocks has companies feeling undervalued and vulnerable to a hostile bidders.Cleveland-Cliffs, which said it would off...
By Stephen Taub • Oct. 14, 2008 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Verdict Against KPMG Could Lead to $41M Payment
Clarification:In an earlier version of this story, the amount of the jury award against KPMG was given as “more than $41 million,” although the actual dollar amount cited by the jury was $31.8 million. The $41-million-plus figure reflects interest on that amount. The original headline also incorr...
By Roy Harris and Stephen Taub • Oct. 14, 2008 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Katy Bar the Filing Costs
Katy Industries is orchestrating an intriguing two-step process with the ultimate goal of de-registering its shares.The company, which makes industrial and home-consumer cleaning products, including Brillo, said its plan will reduce costs by eliminating SEC reporting requirements and Sarbanes-Oxl...
By Stephen Taub • Oct. 13, 2008 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
TARP Priority
THE signing into law of America’s $700 billion bailout was never likely to save the financial system. In the event, it did not even come close. The Troubled Asset Relief Programme (TARP) could still do some good but to maximise its effectiveness, the Treasury will almost certainly have to stray f...
By Economist Staff • Oct. 13, 2008 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Ex-Duane Reade Execs Charged with Fraud
The Securities and Exchange Commission charged a former CEO and a one-time CFO of drug store chain Duane Reade with fraud, saying they orchestrated elaborate multimillion-dollar accounting schemes that led the company to inflate earnings.Filed in federal court in Manhattan, the center of the metr...
By Roy Harris • Oct. 9, 2008 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Mission Impossible?
With bad news continuing to pour out of the banking sector, it takes a brave person like Tom Hill to want to take charge of a bank’s financial communications. Hill recently stepped down after three years as UBS’s chief communication officer. But there’s a twist. As before, Hill’s replacement as C...
By Tim Burke • Oct. 8, 2008 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Reporting in Real Time, All the Time?
A slippery slope appeared during the Wednesday meeting discussing the Securities and Exchange Commission’s 21st Century Disclosure Initiative. What if companies had to be filing financial information all the time? The initiative, announced last June, is intended to modernize the disclosure system...
By Alan Rappeport • Oct. 8, 2008 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Revenue Scheme to Win Financing Is Charged
The former CFO and former CEO of small, privately-held software company Entellium Corp, were charged with wire fraud for overstating revenue to help them secure financing.Parrish L. Jones, Seattle-based Entellium’s former chief financial officer, and former chief executive officer Paul Thomas Joh...
By Stephen Taub • Oct. 8, 2008 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
On Defensive, SEC Touts Reporting Plan
The Securities and Exchange Commission suggested during a meeting today that had its plans for a new financial reporting system been implemented earlier, they could have provided more transparency during the financial market meltdown. Launched in June, the project involves changing the way compan...
By Sarah Johnson • Oct. 8, 2008 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Insurance: Hartford Sells Allianz a $2.5B Stake
The Hartford Financial Services Group is receiving a $2.5-billion capital investment from German insurer Allianz SE. The Hartford also is cutting its quarterly dividend by 40 percent, to 32 cents a share. The moves, announced by The Hartford this week, will allow the company to finish the year wi...
By Alan Rappeport • Oct. 7, 2008 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
SEC: Small Insider Trades Get Caught, Too
A former vice president of treasury at Restoration Hardware settled Securities and Exchange Commission civil insider-trading charges that he tipped three friends to the company’s pending acquisition, the SEC said.The friends made more than $900,000 in unlawful profits after public announcement of...
By Stephen Taub • Oct. 7, 2008 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Pay Attention
When it comes to penny-pinching, slashing dividends is a dramatic move for a listed company. But recently a string of firms — from big banks down to pub companies — have hit shareholders in the pocket by doing just that.At Redrow, a £650m (€817m) UK housebuilder, the reasons for cancelling a full...
By Tim Burke • Oct. 6, 2008 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Changing the Rules
AT THE best of times, economic regulation does not lend itself to close examination in election campaigns. Regulation, like economics itself, is about trade-offs and judgment, whereas candidates need to put things in black and white.That is even more so in this election, when Barack Obama and Joh...
By Economist Staff • Oct. 6, 2008 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
AIG Tries to Hang on to Corporate Insurance Buyers
AIG, which by September 30 had drawn down $61 billion of the $85 billion credit facility provided by the U.S. Federal Reserve two weeks earlier, is seeking to strengthen itself by selling off some of its subsidiaries. The company intends to make itself look good enough to avoid a flight by corpor...
By David Katz • Oct. 3, 2008 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Eight Years Later, Ex-CFO Sentenced
The former CFO of Network Associates Inc. — now called McAfee Inc. — was sentenced to a year and a day in federal prison for his role in a scheme to falsify financial statements, The San Francisco Chronicle reported. Prabhat Goyal must also pay a $200,000 fine, according to the paper.In December ...
By Stephen Taub • Oct. 3, 2008 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
SEC Extends Buyback Safe Harbor
When the Securities and Exchange Commission issued restrictions on short selling on September 18, it also modified rules related to stock repurchases, something that affects corporate issuers directly. However, at the time, the short-selling announcement grabbed the headlines, and the buyback pro...
By Stephen Taub • Oct. 2, 2008 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
The Jury’s Out
Last January, Apollo Group, owner of the University of Phoenix, learned a hard lesson about the risk of going to trial when a jury ordered it to pay shareholders up to $278 million in a securities class-action case. But the company enjoyed a reversal of fortune in August, when the judge who overs...
By Alix Stuart • Oct. 1, 2008 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
Europe Eyes Sweeping Bank Regulation Changes
In response to “the current meltdown of the financial system,” the European Commission proposed a series of rules to tighten the regulation of banks within the European Union today. Most notably, the commission wants sellers of securitised products to retain a material stake in these creations, w...
By Jason Karaian • Oct. 1, 2008 -
xdfolio. "Policies Standards Compliance" [Illustration]. Retrieved from Pixabay.
White House Works to Pass Senate Bill
The White House expressed its full support today for the Senate financial bailout bill to be voted on tonight, asserting that support in Congress for the plan is growing amid changes to the legislation and constituents’ complaints about the House’s failure to approve the plan.White House Deputy P...
By Roll Call Staff • Oct. 1, 2008
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