• SEC

    Buffett Couldn’t Care Less About SEC’s Goldman Charges


    / Apr 23, 2010 at 11:36 AM
  • SEC, short selling

    Probably Useless Short Selling Rule Expires Tomorrow

    The emergency measure meant to protect shares of 19 financial companies from abusive short-selling is set to expire tomorrow. The SEC has said that it will not extend the rule. Instead, it plans to propose a new rules on short-selling that will apply across all US equities markets. But that rule could be months in […]

    / Aug 11, 2008 at 3:36 PM
  • Health, SEC, Shareholder Democracy

    Is The SEC Staff Out Of Control?
    Universal Healthcare Proxy Rulings May Indicate The Lunatics Are Running The Asylum

    Is the staff of the Securities and Exchange Commission pursuing its own activist agenda without adequate supervision by agency heads? Many SEC observers were caught off guard yesterday when the New York Times broke the news that the SEC has been requiring major US corporations to include shareholder proposals supporting universal healthcare in official proxy […]

    / May 28, 2008 at 11:30 AM
  • SEC, Shareholder Democracy

    Weird, Useless And Dangerous Shareholder Proposals On Universal Health Care

    As Opening Bell mentioned this morning, shareholder democracy took a turn for the weird recently when the Securities and Exchange Commission began telling major public corporations that they would have to subsidize shareholder proposals urging the company to take a lobbying position in favor of universal health care. Boeing, General Motors, United Technologies, Wendy’s International […]

    / May 27, 2008 at 10:59 AM
  • SEC

    New SEC Commissioner Is A Skeptic Of Post-Bubble Regulation

    President Bush nominated Washington University Law School professor Troy Paredes to the Securities and Exchange Commission yesterday. If confirmed by the Senate, Paredes would replace DealBreaker’s favorite SEC commissioner Paul Atkins. We’d feared that the loss of Atkins, who’s been a consistent critic excessive financial regulation, would be a blow to the SEC. But Paredes […]

    / May 7, 2008 at 1:21 PM
  • SEC

    SEC’S Case Against Short-Sellers Stumbles

    The Securities and Exchange Commission is on a three case losing streak in its attempts to sue hedge-fund managers who close out short positions with stock bought through private placements. Bloomberg reports: Since October, judges in three cases rejected the U.S. Securities and Exchange Commission’s argument that closing out short positions with shares bought in […]

    / Feb 26, 2008 at 9:15 AM
  • SEC

    The SEC’s Material Weakness

    Implementing the “internal controls” provisions of Sarbanes-Oxley has been immensely costly for publicly held businesses in the United States while the concrete evidence of it’s benefits has been scant. By some estimates, the direct costs of implementation are as high as $35 billion each year. And the real costs might be even higher. Nonetheless, because […]

    / Nov 20, 2007 at 9:29 AM
  • Proxy Access, SEC

    The Dangerous Myth of Shareholder Democracy

    The myth of shareholder democracy holds a powerful sway over public opinion. The comments we’ve received on our two articles on the proxy access rules now up for comment at the Securities and Exchange Commission demonstrate that people continue to be bedeviled by the misguided analogy with democratic political regimes. One of the mental levers […]

    / Sep 28, 2007 at 2:34 PM
  • SEC

    The Proxy Access Threat To Individual Investors
    Or: Why Christopher Cox Should Reject The New Proxy Access Rule

    Sometime in the next few weeks, Securities and Exchange Commission chairman Chris Cox will likely have to decide how he will vote on a pair of competing rules on shareholder access. One “proxy access” rule would shift power from boards of directors to cliques of outside shareholders by permitting certain shareholders and groups of shareholders […]

    / Sep 28, 2007 at 8:25 AM
  • SEC

    Against Shareholder Democracy

    Securities and Exchange Commission Chairman Chris Cox holds the swing vote in one of the most important questions of corporate control currently being considered by the government. Sometime soon he’ll have to decide whether to support the proxy access proposals put forward by the Democratic commissioners or cast his lot with Republican proposals to maintain […]

    / Sep 27, 2007 at 3:43 PM

    Someone Hasn’t Been Doing Their Homework – NEC Voted Off the Island

    Filing annual reports and auditing financial statements according to US GAAP standards is excruciating for all public companies but for NEC electronics, it’s become a debilitating factor in their American depository receipts trading on our exchange. The company formerly known as Nippon Electronic Company’s ADRs will no longer be traded on the Nasdaq as of […]

    / Sep 27, 2007 at 1:42 PM
  • Europe, SEC

    Europeans Still Pissed Over the End of North American Colonialism

    Ever the persistent bunch, the Europeans will stop at nothing to get a slice of that delectable American pie. If it’s not attempting to rename the simple hot dog into something called a Frankfurters, it’s our wallets they are after. Now it seems they want the SEC to confirm to their dodgy accounting principles. The […]

    / Sep 25, 2007 at 3:26 PM
  • SEC, Sports

    Kind Of Surprised The SEC Didn’t Buy It

    The SEC implied yesterday afternoon that Dwight “Sean” Jones, former defensive lineman for the Raiders, Oilers, and Packers blocked regulators from examining the business records of his investment advisory firm, Amaroq. Jones allegedly evaded requests for information, and then told the SEC that the records were no longer available, because Opinion Polls & Market Research (There’s nothing […]

    / Sep 25, 2007 at 1:12 PM
  • SEC

    What Time Is It? (Terrorism) Tool Time!

    Last month, the SEC put up links on its website to every company filing that mentions business conducted with the U.S. designated “State Sponsors of Terrorism,” or Cuba, Iran, North Korea, Sudan and Syria. We covered it here. The most common “offenders” were banks, consumer products companies, natural resource companies and Nokia. There were even […]

    / Jul 24, 2007 at 10:30 AM
  • Companies, Dow Jones, insider-trading, legal, News Corp, SEC

    Dow Jones Director Gets Wells Notice From SEC
    Lawsuit For Insider In Dow Jones-News Corp Deal On Its Way

    We got so caught up in the excitement over the board of directors, Bancroft family, Rupert Murdoch, News Corp drama that we’d totally forgotten about the insider trading angle to this story. But fortunately we have the Securities and Exchange Commission to remind us that prior to the public learning of the deal, a Hong […]

    / Jul 18, 2007 at 4:38 PM
  • SEC

    At Least We’re Not Brazil

    If you think insider trading in the U.S. is bad, where 41% of deals show signs of “suspicious” pre-announcement trading, take a look at some other countries. The Dutch are just as dodgy, Deal Journal reports. Dutch authorities are looking into the 11% spike in Numico shares before the announcement of a $17 billion bid […]

    / Jul 11, 2007 at 12:00 PM
  • SEC

    If the Following Companies Profit, the Terrorists Win

    The SEC has added links on its website to the pertinent portion of every company filing that mentions business conducted with U.S. designated “State Sponsors of Terrorism.” The five winning countries are Cuba, Iran, North Korea, Sudan and Syria. The companies are mostly banks, financial services or natural resource companies, with a sprinkling of some […]

    / Jun 26, 2007 at 11:27 AM
  • Bear Stearns, SEC

    SEC To Investigate Bear Stearns Fund

    The Securities & Exchange Commission has opened up a preliminary inquiry into the near collapse of a highly levered hedge fund it managed, Business Week’s Matthew Goldstein is reporting. Apparently regulators would like to know how the investment firm went from telling investors that April’s losses were below 7% only to restate them at 18.97%. […]

    / Jun 25, 2007 at 3:53 PM
  • IBM, SEC

    IBM uses phony chart, makes up earning’s guidance, is slapped on wrist

    IBM settled with the SEC, without admitting any wrongdoing, over charges that it deliberately used a misleading chart (pictured) in a 2005 earnings call. The IBM chart in question portrayed the impact of expensing employee stock options on EPS in 2005. IBM said in the chart that the negative impact of expensing employee stock options […]

    / Jun 6, 2007 at 11:51 AM
  • Regulators, SEC

    SEC Allegiance: Banks or Trial Lawyers?

    It is apparently still news to some that the Securities and Exchange commission is very deferential to the securities industry. This morning the Wall Street Journal reported that “the agency has been publicly and noisily pressured by a congressman, a union leader and a Democratic presidential candidate, amid increasing consternation the agency is favoring business […]

    / May 29, 2007 at 4:21 PM
  • Corporate Governance, Hank Paulson, Regulators, SEC

    If at first you don’t disclose, just restate and restate again

    There were 116 financial restatements in corporate public filings in 1997. Almost ten years later (2006), that number has grown over 15 fold to 1,876. Hank Paulson wants to know why. Paulson has ordered a Treasury study of restatements, their predominant causes, and effect on investors that will be headed by former SEC chairman Arthur […]

    / May 18, 2007 at 9:05 AM
  • Back Dating, Brocade, CEOs, legal, SEC

    Backdating Is Back: The Materiality Question Arises And Gets Swatted Down

    A key question in the great brouhaha over backdating—dating stock option grants on days when the stock was at a historic low rather than the date they were actually granted—has always been whether or not it matters to shareholders. Was backdating a trivial accounting matter that potentially increased compensation for those receiving the backdated options […]

    / May 15, 2007 at 12:36 PM
  • Banks, Morgan Stanley, Regulators, SEC

    Morgan Stanley Pays $7.9 Million for Trying the Office Space Trick

    In the movie Office Space, Initech employees decide to enrich themselves by skimming fractional amounts off transactions and pocketing it. Yesterday Morgan Stanley agreed to pay nearly $8 million to settle charges brought by the SEC that it had captured gains that rightfully belonged to customers by failing to offer them the best price available […]

    / May 10, 2007 at 2:55 PM
  • Business Media, Companies, Dow Jones, insider-trading, M&A, News Corp, Newspapers, Regulators, Rupert Murdoch, SEC, Wall Street Journal

    Dow Jones Insider Trading Watch: Two Charges, Dow Jones Director Scutinized

    That was fast! The Securities and Exchange Commission didn’t waste much time going after investors who bought shares of Dow Jones & Co in the weeks prior leading up to the public revelations that News Corp had offered to buy the company at a steep premium. Yesterday, the SEC filed a lawsuit against a Hong […]

    / May 9, 2007 at 3:16 PM
  • Credit Suisse, insider-trading, Regulators, SEC, TXU

    Credit Suisse Banker Charged With Insider Trading

    Yesterday federal prosecutors charged Hafiz Muhammad Zubair Naseem, a Credit Suisse investment banker, with insider trading. He is accused of tipping off a banker in Pakistan with information about nine corporate acquisitions, including the TXU buyout. It appears that Naseem was more or less a full-time insider trading professional, using his position—as well as his […]

    / May 4, 2007 at 2:09 PM
  • Exchanges, NYSE, SEC

    NYSE And REG NMS: The Mystery Continues

    Why can’t we get a straight answer on this? Last week we reported that a source familiar with the market regulation work at the Securities and Exchange Commission had told DealBreaker that the New York Stock Exchange is still not in compliance with government regulations meant secure the best price available for stock traders. The […]

    / Apr 9, 2007 at 3:57 PM
  • Exchanges, NYSE, Regulators, SEC

    NYSE: Still Not Complying With Reg NMS?

    The New York Stock Exchange is still not in compliance with government regulations meant secure the best price available for stock traders, a source familiar with the SEC’s regulatory work says. The National Market System regulation—known as “Reg NMS” to regulators and securities industry insiders—requires stock exchanges to provide smaller traders and individuals with access […]

    / Apr 5, 2007 at 10:13 AM
  • SEC

    It’s all about bucks, kid. The rest is conversations with the SEC.

    Even our friends sometimes tease us about taking our obsession with the Wall Street of Hollywood too far—and this is no more obviously the case when it comes to the actual “Wall Street” of Hollywood, the Oliver Stone movie. But you people don’t get it. This is actually what makes Wall Street tick. Ask around […]

    / Apr 3, 2007 at 10:55 AM

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