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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

From the Pages of The Pomerantz Monitor: European Funds Turn to U.S. Courts to Recover Subprime Losses

Posted on December 16, 2008
As Joshua Silverman reports in the December issue of The Pomerantz Monitor, pension funds around the globe have lost hundreds of billions of dollars in the recent mortgage and credit market meltdown. Increasingly, they are turning to U.S. courts to...

SEC Takes Actions Against Rating Agencies

Posted on December 08, 2008
By now, it is well known that the three major credit rating agencies were strongly criticized by lawmakers, regulators, and investors for failing to timely and accurately downgrade mortgage-backed securities. On December 3, 2008, the SEC approved several measures to...

From the Pages of The Pomerantz Monitor: Shareholders of Seized Banks Take It on the Chin

Posted on December 04, 2008
As Robert Axelrod reports in the December issue of The Pomerantz Monitor, amidst the seemingly daily exposés of Wall Street gluttony and Potemkin Village-like banking accounting tricks is a lesser known banking phenomenon that may just as significantly impact pension...

Deloitte Study Links Bankruptcy and Fraud

Posted on December 01, 2008
As the financial crisis continues, the advent of fraud at struggling companies becomes a distinct danger that management needs to address. According to a recent study published by the Deloitte Forensic Center, ?Ten Things About Bankruptcy and Fraud,? companies that...

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SEC Considers Revamping FAS 157 - Fair Value Accounting Rule

Posted on December 01, 2008
On November 21, 2007, the SEC held a Roundtable discussion to assess whether the fair value accounting rule which requires assets to be valued at market prices, should be changed or replaced. FAS 157 have been blamed for contributing to...

SEC Attempts to Simplify Mutual Fund Disclosures

Posted on November 24, 2008
On November 20, the SEC voted unanimously to simplify mutual fund prospectuses so that investors can easily understand disclosures. Essentially, the rule provides for the sending of summary prospectuses to investors that detail the fund's risks and returns, including investment...

From the Pages of The Pomerantz Monitor: Feds Launch Multiple Criminal Investigations of Lehman

Posted on November 19, 2008
The November issue of The Pomerantz Monitor reports on the ongoing imbroglio at Lehman Brothers. As Lehman?s former CEO was being grilled on Capitol Hill, the FBI announced that it had opened a criminal investigation into the public statements Lehman...

The Road to CDS Transparency Continues

Posted on November 17, 2008
As a follow up to recent posts regarding credit default swaps (CDSs), note that on November 14, 2008, the SEC issued a Memorandum of Understanding with the Federal Reserve Board and the Commodity Futures Trading Commission dealing with central counterparties...

SEC Takes Decisive Action toward Credit Default Swap Regulation

Posted on November 06, 2008
As Carol Straw reported here two weeks ago, Senator Tom Harkin recently introduced a bill that would revise the regulation of credit default swaps (?CDSs?). Recall that CDSs act as insurance policies for corporations on the defaults of bonds and...

From the Pages of The Pomerantz Monitor: Fingers Point at the SEC

Posted on November 06, 2008
During the recent election campaign, when John McCain publicly declared that SEC Chairman Cox should be fired, most dismissed it as a cheap shot designed to grab headlines. But on second thought, he may have been on to something. The...

FASB Proposes Rules Changes: Putting Securitized Assets Back on Banks? Balance Sheets

Posted on October 28, 2008
During the past weeks, we have provided ongoing reporting on congressional and other efforts to reform the market for securitized assets. The FASB has joined the dialogue. According to CFO.com, it has proposed changes to two accounting rules requiring more...

From the Pages of The Pomerantz Monitor: The Next Wave of Subprime Litigation

Posted on October 23, 2008
As Joshua Silverman reports in the October issue of The Pomerantz Monitor, it?s not surprising that the first wave of litigation arising out of the mortgage meltdown focused on the common stocks of companies with subprime-related businesses. These were primarily...

Congress Introduces Bill to Regulate Credit Default Swaps

Posted on October 21, 2008
Last week, we reported that securitized assets are expected to survive despite the current credit crisis but with improved governmental oversight to promote transparency in the market for these kinds of investments. In 2008, the notional market in credit default...

Back to Basics: Keeping Securitized Assets Transparent and Simple

Posted on October 17, 2008
Securitization will survive the current market crisis, according to Jim Hamilton, who reported on the remarks of Adair Turner, the new chair of the UK Financial Services at the International Banking Seminar in Washington. However, banks must return back to...

From the Pages of The Pomerantz Monitor: DOJ Guidelines for Prosecuting Companies Are Overhauled

Posted on October 08, 2008
As Adam Prussin reports in the October issue of The Pomerantz Monitor, the U.S. Department of Justice has yet another new policy for the investigation and prosecution of businesses. The latest revisions relate primarily to what constitutes a company?s ?cooperation?...

The End of Mark-To-Market

Posted on October 03, 2008
In light of the current financial crisis, the passage of the Emergency Economic Stabilization Act of 2008 will create a real possibility that the SEC will suspend mark-to-market accounting or ?fair value? accounting. However, the Center for Audit Quality (?CAQ?),...

From the Pages of The Pomerantz Monitor: Read This Book

Posted on September 23, 2008
In the September issue of The Pomerantz Monitor, Teresa Webb reported on a notable new book, ?When the Good Pensions Go Away ? Why America Needs a New Deal for Pension and Health Care Reform,? by Dr. Thomas J. Mackell...

They Broke It, We Bought It

Posted on September 22, 2008
Last week, Treasury Secretary, Henry Paulson, briefed Congress on the ?apocalyptic? magnitude of the present credit crunch. Congress responded by putting together a $700 billion bailout package for the beleaguered financial institutions. On Sunday, the Financial Services Roundtable ? a...

New Rule: Comments Not Required, Effective Immediately

Posted on September 17, 2008
On September 17, 2008, the SEC announced new rules effective immediately, to protect investors against ?naked? short selling abuses. According to the SEC press release, the new rules require: that short sellers and their broker-dealers deliver securities by the close...

Lehman Bites the Dust, AIG Nervously Waits in the Wings

Posted on September 15, 2008
Today, Lehman Brothers Holding Inc. filed for bankruptcy after takeover talks with Barclays Plc and Bank of America failed this weekend. The investment banking giant succumbed to the subprime mortgage crisis it helped to create. Lehman was the biggest underwriter...

DOJ and FTC Disagree on Antitrust

Posted on September 10, 2008
Immediately after the Justice Department released its 215-page report laying a broad framework on antitrust enforcement, three of the four Federal Trade commissioners have come out and criticized the new policy as ?a blueprint for radically weakened enforcement? against anticompetitive...

From the Pages of The Pomerantz Monitor: UBS Pressured to Settle Auction Rate Securities Claims

Posted on September 09, 2008
The September issue of The Pomerantz Monitor relays events that led UBS to enter into a global settlement with federal and state regulators over auction rate securities. UBS, the Swiss banking colossus with $1.9 trillion under management and over 80,000...

A New Frontier ? Disclosing the Financial Risks of Climate Change

Posted on September 09, 2008
On August 27, 2008, New York State Attorney General announced an agreement with Xcel Energy for the utility firm to provide more disclosure to investors on the financial risks of climate change. According to Cuomo, ?This landmark agreement sets a...

Not Minding GAAP

Posted on September 03, 2008
On August 27, the SEC proposed a timetable for transitioning all public companies from reporting their financial statements under U.S. generally accepted accounting standards to international financial reporting standards (?IFRS?) within eight years. Specifically, the SEC estimates that 110 companies...

The Jury Is Out on IRS? New Whistle Blowers Policy

Posted on September 02, 2008
If you have ever considered whistle blowing on your corporate employer for violating federal laws, risking your job may offer little incentive to do the right thing notwithstanding that Sarbox offers whistleblower protection. However, if you an accountant considering whistle...

From the Pages of The Pomerantz Monitor: Suspicions Grow Over the Demise of Bear Stearns

Posted on August 26, 2008
In the September issue of The Pomerantz Monitor, Adam Prussin reports on growing suspicions over the demise of Bear Stearns. In July, SEC chief Christopher Cox told Congress that the Commission was investigating whether illegal trading spurred the collapse of...

Investors Welcome New Disclosure Rules for Banks and Other Sellers of Credit Derivatives

Posted on August 19, 2008
Last week, the Financial Accounting Standards Board (FASB) adopted new rules for banks and other purveyors of credit derivatives to help investors get a better read on these financial instruments. For companies with calendar year-ends, the decision leaves them with...

PCAOB to KPMG: Time to Shape Up

Posted on August 18, 2008
Auditors have been lobbying Congress for the imposition of liability caps ever since the collapse of Arthur Anderson in 2002 but a recent Public Company Accounting Oversight Board ("PCAOB") report on KPMG confirms that auditors need accountability for the procedures...

New Study on Financial Reporting Gives Banks Low Marks for Substance and Transparency

Posted on August 15, 2008
According to a report released by PricewaterhouseCoopers earlier this week, large banks have been holding back critical information from investors. PwC reviewed the 2007 financial statements of 22 global banks that follow GAAP and international financial reporting standards...

Tax Liability Is Optional for Corporations

Posted on August 13, 2008
At the request of two senators, Carl Levin of Michigan and Byron L. Dorgan of North Dakota, the Government Accountability Office, the investigative arm of Congress, issued a report finding that two out of every three U.S. corporations paid no...

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