Irving Picard, the bankruptcy trustee liquidating Bernard Madoff’s securities firm, had to file a motion with the court yesterday to block a supposed “$100 trillion offer” to buy Madoff’s company. The NY Post reports that Picard received correspondence from one Ade Ogunjobi proposing an “all stock tax free transaction involving $100 trillion in stock or […]
Bruce Carton
Posted inFrom the Archive
SEC’s Schapiro Questions “Profoundly” Obama Plan
A recently disclosed plan that could strip certain powers from the Securities and Exchange Commission has created the first public wedge between the Obama administration and SEC Chairman Mary Schapiro. The Obama administration is considering a proposal that would give the Federal Reserve more authority and cause it to take over some functions currently performed […]
Posted inFrom the Archive
FSA Prepares to Bring High-Profile Case vs. Two Lawyers
The UK’s newly-aggressive Financial Services Authority (FSA) is pursuing another high-profile insider trading case, as reports emerged today that a partner at the London office of Dorsey & Whitney and a former partner of McDermott Will & Emery will be charged criminally next month with insider trading. Bloomberg reports that Andrew Rimmington, a corporate partner […]
Posted inRegulatory Enforcement
SEC’s IG Reports on Possible Insider Trading by Staff
UPDATE: A copy of the SEC Inspector General’s Report entitled, “Employee’s Securities Transactions Raise Suspicions of Insider Trading and Create Appearances of Impropriety” is available here. (via CBS News). CBS News reports in this video on two attorneys at the SEC who are reportedly under “active” criminal investigation by the FBI for trading stocks based […]
Posted inFrom the Archive
Projectiles at European Shareholder Meetings Update!
Another day, another report of objects being hurled at annual shareholder meetings in Europe. Today’s report comes from Luxembourg, where Angry steel workers attacked the Luxembourg headquarters of ArcelorMittal, the world’s biggest steelmaker, during the company’s annual shareholders’ meeting yesterday, setting off smoke bombs and breaking through the front door in protest at temporary layoffs. […]
Posted inBoards & Shareholders
Euro-Shareholder Trend: Throwing Stuff at Board Members
When Flemish shareholders of Fortis revolted at a heated meeting in Ghent, Belgium last month by throwing shoes, coins and even ballot boxes at Fortis board members, I was willing to dismiss it as an isolated incident. (See the video below!) After today’s developments in Dublin, Ireland, however, I think it is time to declare […]
Posted inFrom the Archive
Sun Discloses Potentially Significant FCPA Violations
Fairly quietly, Sun Microsystems disclosed last week in its Form 10-Q that it may have violated the Foreign Corrupt Practices Act, and that such violations could have a material effect on its business. In its Form 10-Q dated May 8, 2009, Sun stated: We have identified potential violations of the Foreign Corrupt Practices Act, the […]
Posted inFrom the Archive
PBS Frontline Presents “The Madoff Affair”
Last night, PBS Frontline aired its new, one-hour analysis of the Madoff scandal, “The Madoff Affair.” The entire video can be seen below:
Posted inRegulatory Enforcement
Schumer Continues to Press for SEC Move from DC to NY
Back in January, Sen. Charles Schumer of New York commented that he believed it made sense to physically move the staff of the SEC’s Office of Compliance, Inspections and Examinations (OCIE) from Washington, DC to New York. He stated then that OCIE should be moved to New York because “it makes no sense to have […]
Posted inRegulatory Enforcement
GAO Report Raises Four Key Questions for Khuzami
Today at 2:30 pm ET, the U.S. Senate Banking Committee’s Subcommittee on Securities, Insurance, and Investment will hold an important hearing on “Strengthening the SEC’s Vital Enforcement Responsibilities.” The hearing comes just one day after the release of an extraordinary Report to Congressional Requesters by the Government Accountability Office (that bears the unextraordinary title of […]