Mary Jo White
Current, Former U.S. Attorneys For The Southern District Of New York Would Like To Respectfully Disagree With The U.S. Court Of Appeals For The Second CircuitBy Jon Shazar
Mary Jo White & co. are struggling mightily to cobble together the pay-ratio rule required by the Dodd-Frank law four years ago. The SEC chief hopes and expects, she said a few months ago, to finish it by the end of the year.
What is the pay-ratio rule, you might ask? On its face, it seems like a rule that asks companies to first have Excel determine their media employee salary, then to copy that figure and paste it in a regulatory filing, which is completed by copying and pasting the CEO’s salary in an adjacent box. Perhaps the SEC will even require companies to create an easy to quote-and-understand ratio, saying exactly how many hundreds of thousands of dollars the CEO earns for each dollar the median employee earns.
Jeb Hensarling, Scott Garrett and Bill Huizenga are Republicans, so they don’t like the idea of forcing companies to disclose anything, let alone something so embarrassing as the above. So they have a suggestion for MJW: Read more »
Mary Jo White was the top federal prosecutor in New York City during Bill Bratton’s first run as the Big Apple’s top cop, and she learned a few lessons from his “broken windows” theory: Clean a place up a little, and throw the fucking book at the street urchins who are messing things up with graffiti and public defecation and, well, window-breaking, and the city will become the safe, sterile, boring place its leaders have always wanted it to be, and the street urchins will fall in line.
So don’t tell her that she’s spending a little too much time and energy going after inadvertent violators of Rule 105 of Regulation M, which says you can’t short a stock and then buy it in a public offering. Because that’s just a start. Next thing you know, you’ll have tens of thousands of Bernie Madoffs and insider traders and “magnets for market cheaters” to deal with. You can thank her later. Read more »
Remember about a year and a half ago, when President Obama appointed a former federal prosecutor to head the SEC with the promise that she’d be, pound for pound, the toughest regulator D.C. had ever seen?
Well, she’s been tough, alright: tough to deal with. Her fellow Democrats on the commission hate her, her fellow regulators hate her, Congressional Democrats hate her (and Republican ones aren’t interested in giving her any more money), consumer groups hate her, and the White House isn’t thrilled, either.
And what does she have to show for all of the alienation? Well, a great deal of alienation. Read more »
SEC Commissioners May Not Agree On What To Order For Lunch, But They’re Unanimous Re: Wanting Steve Cohen’s Ass On A Cake Stand For DessertBy Bess Levin
In case that was unclear. Read more »
SEC Changes Its Mind About Deal With Phil Falcone That Included “Go Ahead And Keep Committing Fraud” ProvisionBy Matt Levine
The Securities and Exchange Commission overruled its own enforcement division’s decision to settle a civil case with the high-flying money manager Philip A. Falcone and his flagship hedge fund, a rare reversal that signals a broader crackdown by the agency. … While the deal also included at least a two-year ban from raising new capital, a potential death knell to a hedge fund manager, that punishment came with a number of caveats. And in a a moral victory for Mr. Falcone, the deal also omitted a common provision that prohibits defendants from committing future violations with fraudulent intent.
Apparently SEC Chairman Mary Jo White killed the deal:
White, a former Wall Street defense lawyer, and Democrats Luis A. Aguilar and Elisse B. Walter, in a 3-to-1 vote, were concerned that Falcone wasn’t barred from serving as officer or director of a public company, said the people, asking not to be named because the deliberations aren’t public. The SEC informed Falcone’s Harbinger Capital Partners LLC of the decision yesterday, according to a filing from Harbinger Group Inc.1
Man it’s hard to be the SEC. Presumably they employ a lot of people who do, like, actual work. Read more »
There Will Be No More Of This ‘Without Admitting Or Denying Guilt’ Business On New SEC Chief’s WatchBy Bess Levin
Well, technically there’ll be some, but a lot fewer instances than in the past. Don’t do the crime if you can’t do the can’t do the time and admit publicly to [circle all that apply] insider trading/running a fake hedge fund/blowing investor money at T.G.I. Friday’s. Read more »