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Corporate Governance

PomTalk

Commentary and analysis of developments in the fields of corporate governance, executive compensation, securities regulation and related areas geared towards institutional investors (hedge fund, pension fund, etc.).
By Murielle Steven, Jason S. Cowart, Jeremy Lieberman and and Fei-Lu Quan.

Post Frequency: 1/day

Last Entry: October 17, 2012 at 09:39:54

Monitoring by Institutional Investors Is Still Critical

Posted on June 02, 2009
In a new paper entitled, Institutional Monitoring Through Shareholder Litigation, a group of professors studied the effectiveness of institutional investors acting as lead plaintiffs in securities class actions. As noted in this blog by the authors, the study found that...

The Era of Shareholder Democracy?

Posted on May 18, 2009
On May 20 the SEC will meet to propose historic new rules to give long-term shareholders greater access to the director nomination process. Part of the discussion will revolve around what criteria must be met before a shareholder is given...

The Pomerantz Firm Hosts 12th Annual Abraham L. Pomerantz Lecture at Brooklyn Law School

Posted on May 05, 2009
Each year, the Pomerantz firm hosts the Pomerantz Lecture at Brooklyn Law School, which honors the life and work of Abraham L. Pomerantz, a 1924 graduate of Brooklyn Law School and the founding partner of the Pomerantz firm. The lecture...

From the Pages of The Pomerantz Monitor: How Judges Are Elected, or Art Imitates Life

Posted on April 20, 2009
An article in the April issue of The Pomerantz Monitor addresses potential problems caused by our current practice of electing judges. During the first week of March, the U.S. Supreme Court heard argument in Caperton v. Massey Coal Company, which...

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Understanding Fair Value Accounting

Posted on April 20, 2009
As previously reported in PomTalk, fair value accounting is a topic that has generated much interest as opinions have abounded as to its ability to enhance the clarity and accuracy of information provided to investors. The Council of Institutional Investors...

Reform Suggestions on Rating Agencies

Posted on April 14, 2009
Given the critical role that credit rating agencies have played in the financial crisis, the Council of Institutional Investors (CII) released a white paper on the regulation of credit rating agencies calling for stronger oversight and accountability of them...

FASB Approves Fair Value Accounting Standards

Posted on April 06, 2009
The Financial Accounting Standards Board ("FASB") approved three new fair value accounting standards that give financial institutions discretion in valuing asset-backed securities. The first rule makes it easier for banks to ignore valuations on a security if they deem the...

Demanding Books and Records from Chesapeake Energy

Posted on April 01, 2009
Last week, the Louisiana Municipal Police Employee Retirement System took the responsible step in demanding answers and accountability from directors of Chesapeake Energy by filing a ?books and records demand? in a state court of Oklahoma. As reported by Gretchen...

From the Pages of The Pomerantz Monitor: AIG, the Company We Love To Hate

Posted on April 01, 2009
In the April issue of The Pomerantz Monitor, Adam Prussin gives some background on how AIG ? the company that many feel bears the greatest blame for our present financial crisis ? destroyed itself. By now most of America realizes...

NASAA Testifies Before Senate Banking Committee

Posted on March 30, 2009
Fred Joseph, President of the North of the American Securities Administrators Association, Inc. (NASAA), testified on March 26, 2009 before the Senate Banking Committee asking for increased authority over investment advisers and the general ability to address fraud in its...

ICE US Trust Debuts First US-Based Credit Default Swap Market

Posted on March 27, 2009
ICE US Trust LLC, a division of InternationalExchange Inc., began processing credit default swap trades on March 9. By obtaining provisional exemptions from the SEC and developing the necessary technology quickly, ICE Trust has established a viable, centralized counterparty between...

Livent?s Last Act

Posted on March 27, 2009
As reported in the NY Times, this week in the Ontario Superior Court, Garth H. Drabinsky, the former chief executive of the defunct Broadway production company Livent and his business partner Myron I. Gottlieb were convicted of forgery and defrauding...

Pension Funds? Principles for Washington

Posted on March 23, 2009
In an effort to restore confidence in the capital market system, at least ten leading public pension funds of the United States have developed and announced a set of financial regulation principles. The ?Principles of Financial Regulation Reform: A Model...

Comment on Madoff

Posted on March 12, 2009
As Bernie Madoff pled guilty earlier today, there are still countless unanswered questions. Daniel Berger, a partner at Pomerantz Haudek Block Grossman & Gross LLP gives his insights to this $50 billion Ponzi scheme on The Today Show.

Madoff to Plead Guilty on Thursday

Posted on March 10, 2009
Bernard Madoff, the infamous architect of the largest Ponzi scheme in history, is set to plead guilty in federal court in Manhattan on Thursday, to charges that will result in a life sentence. See further coverage here. And read the...

SEC Settlements Decline in 2008

Posted on March 09, 2009
In 2003, the year following the enactment of Sarbanes Oxley, the number of SEC settlements soared. However, since 2003 the number of SEC settlements has steadily declined hitting a five year low of 672 settlements in 2008. NERA Economic Consulting,...

Don?t Blame Fair Value Rule for Banks? Capital Losses in Financial Crisis, Says SEC

Posted on March 03, 2009

From the Pages of The Pomerantz Monitor: Scandal at Satyam

Posted on February 24, 2009
In January, while the world was still reeling from revelations of Bernard Madoff?s $50 billion Ponzi scheme, another huge scandal shocked the markets: a billion dollar fraud at Satyam Computer Services Ltd. (?Satyam?), a leading Indian outsourcing firm whose name,...

White House and Treasury Department Release New Executive Compensation Guidelines for Companies Receiving Public Funding

Posted on February 17, 2009
Last week President Obama and the Treasury Department issued a new set of guidelines on executive pay for financial institutions that are receiving governmental assistance in the current financial crisis. The guidelines aim to ensure that public funds are directed...

The Madoff Saga Continues as Pomerantz Files the First Derivative Suit Against an Auditor

Posted on February 11, 2009
Britain?s Times Online has taken a keen interest in the Madoff scandal as numerous members of English society have emerged on lists of Madoff clients. Members of Parliament have now joined ranks with the likes of the New York Mets,...

The Madoff Saga Continues as Pomerantz Files the First Derivative Suit Against an Auditor

Banks Reaped Windfalls from Tax Code Change in Bailout Debacle

Posted on February 03, 2009
In the midst of Congressional approval of the controversial $700 billion bailout package which passed last year, the Treasury Department quietly issued a ruling in which it repealed a 22-yr tax law limiting a kind of tax shelters arising in...

Santander?s Offer to Madoff Clients Questioned

Posted on January 29, 2009
Yesterday, we discussed Banco Santander?s offer to compensate its private banking clients for money lost in Madoff?s $50 billion Ponzi scheme. Taking a closer look at the offer, the Wall Street Journal reports in an article entitled ?Santander?s Clients React...

Banco Santander Takes Lead in Madoff

Posted on January 28, 2009
This week, Spain?s largest bank, Banco Santander SA offered a solution to its clients who had invested 2.33 billion euros ($3.1 billion) in Santander?s Optimal Strategic US Equity Fund that was ultimately channeled to Bernard Madoff. Specifically, Santander is offering...

From the Pages of The Pomerantz Monitor: Bail Out Funds Have Yet to Unfreeze the Credit Markets

Posted on January 27, 2009
As President Obama appeals to Republicans to pass his $825 billion economic stimulus package, called the "American Recovery and Reinvestment Plan," it?s worth re-examining the Troubled Asset Relief Plan (?TARP?) initiated by the Bush Administration (known in some circles as...

Congress Introduces Bill to Increase Funds to Fight White Collar Crime

Posted on January 26, 2009
Recently, Senators Charles Schumer and Richard Shelby introduced bipartisan legislation to enhance SEC enforcement capabilities, as well as overall federal enforcement ability, according to Jim Hamilton?s blog. The Supplemental Anti-Fraud Enforcement (?SAFE?) Market Act would grant an additional $110 million...

Must Questions for Schapiro

Posted on January 15, 2009
On January 12, 2009, the Council of Institutional Investors, a nonprofit association of more than 140 public, union and corporate pension funds, forwarded a letter to the Chairman of the Senate?s Committee on Banking, Housing and Urban Affairs, Senator Christopher...

From the Pages of The Pomerantz Monitor: The Crash Hits Pension Plans

Posted on January 13, 2009
As Susan Weiswasser reports in the January issue of The Pomerantz Monitor, the economic slump has hit pension funds hard. The Center for Retirement Research at Boston College estimates that the value of investments in each of private sector and...

Recouping Losses Post-Madoff

Posted on January 12, 2009
While investors are still reeling from the stunning impact of the revelation of Bernard Madoff's unprecedented $50 billion Ponzi scheme, opinions abound as to where they should turn for relief. Aside from lawsuits against Madoff and the fund-of-funds who invested...

From the Pages of The Pomerantz Monitor: Investment Advisors? Standing to File Suits on Behalf of Their Clients Is Curtailed by a Federal Appeals Court

Posted on January 05, 2009
As Pomerantz Managing Partner Stan Grossman reports in the January issue of The Pomerantz Monitor, when Congress passed the Private Securities Law Reform Act (?PSLRA?) in 1995, it changed the rules for the appointment of a lead plaintiff in securities...

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