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Post Frequency: 38.1/day

Last Entry: March 31, 2011 at 16:18:26

Visa Goes Public

Posted on March 19, 2008
Visa went public yesterday in the largest U.S. IPO ever -- $18 billion. The shares were priced at $44, above the expected range of $37-$42. About 77% of the IPOs in the pipeline have been withdrawn or postponed. WSJ, Visa's...

Will Bear Shareholders Kill the Deal?

Posted on March 19, 2008
Trading in Bear Stearns stock was heavy yesterday, and the stock closed at $5.91 per share, almost three times the price offered by JP Morgan Chase in the merger. Both bondholders, who want the deal to go through, and stockholders,...

Unregistered Day-Trading Firm Enjoined

Posted on March 18, 2008
On March 17, 2008, a federal court permanently enjoined Tuco Trading, LLC, an unregistered securities day-trading firm in La Jolla, California, and its principal, Douglas G. Frederick, from future violations of the broker-dealer registration and antifraud provisions of the federal...

W>P. Carey Settles Charges of Undisclosed Brokers' Payments

Posted on March 18, 2008
The SEC filed settled securities fraud charges against W.P. Carey & Co., a manager of real estate investment trusts (REITs), and two of W.P. Carey's senior executives for paying undisclosed compensation to a brokerage firm that sold the REITs to...

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SEC Staff on Bear Stearns Situation

Posted on March 18, 2008
The SEC website has posted Answers to Frequently Asked Investor Questions Regarding The Bear Stearns Companies, Inc. As part of a response to a question about SEC involvement in the JPMorgan Chase/Bear Stearns merger, the SEC stated: The Division of....

Yahoo Releases Three-Year Financial Plan

Posted on March 18, 2008
Yahoo! today filed an investor presentation that details the Company's three-year financial plan and strategic initiatives which hopes to roughly double operating cash flow over the next three years from $1.9 billion to $3.7 billion and generate $8.8 billion in...

Abu Dhabi Issues Nine Principles on Investments

Posted on March 18, 2008
Abu Dhabi, in response to concerns about the growing power of its investment fund, said that it would not use its SWF for political purposes. A letter sent to Treasury Secretary Paulson and other Western officials set forth nine general...

Is it Time to Reform the System?

Posted on March 18, 2008
The SEC has been on the sidelines after its Friday announcement that it was keeping a close watch on Bear Stearn's financial condition, as the Fed stepped in to engineer a bailout and attempt to restore confidence in the markets....

Bear Stearns-JP Morgan Deal Coverage

Posted on March 18, 2008
All the news is about JP Morgan Chase's steal of a deal for Bear Stearns, so just peruse your favorite news source. Both the NY Times and the Wall St. Journal give riveting accounts of how the deal came together...

Court Enters Judgment against Former Connecticut Majority Senate Leader

Posted on March 17, 2008
On March 13, 2008, the federal district court for the District of Connecticut entered a judgment imposing sanctions against William A. DiBella, the former Majority Leader of the Connecticut State Senate, and his consulting firm, North Cove Ventures, L...

SEC Publishes Text of Naked Short Sales Antifraud Rule

Posted on March 17, 2008
The SEC released for public comment the text of its proposed antifraud rule to address fails to deliver securities that have been associated with ?naked? short selling. The proposed rule is intended to highlight the liability of persons that deceive....

FINRA Proposes Amendment to Motion to Dismiss Procedures

Posted on March 17, 2008
FINRA Dispute Resolution is proposing to amend NASD Rules 12206 and 12504 of the Code of Arbitration Procedure for Customer Disputes (?Customer Code?) and NASD Rules 13206 and 13504 of the Code of Arbitration Procedure for Industry Disputes (?Industry Code?)...

SEC Approves FINRA Rule Amending Definition of Public Arbitrator

Posted on March 17, 2008
The SEC approved a FINRA proposal to amend the definition of public arbitrator in Rule 12100(u) of the Customer Code and Rule 13100(u) of the Industry Code to add a provision that would prevent an attorney, accountant, or other professional...

SEC Publishes NYSE Proposal on Listing Standards for SPACs

Posted on March 17, 2008
The SEC published the NYSE proposal to amend the Exchange?s Listed Company Manual (the ?Manual?) to adopt listing standards for special purpose companies formed for the purpose of raising capital in an initial public offering and entering into an undetermined...

SEC Files Complaint in Alleged Stock Touting Scheme

Posted on March 17, 2008
The SEC filed a civil injunctive action in the United States District Court for the Middle District of Florida against two penny stock promoters, Robert M. Esposito and Gregory A. King; Anscott Industries, Inc., a microcap company headquartered in Wayne,...

CME and Nymex Sign Deal

Posted on March 17, 2008
The Chicago Mercantile Exchange operator CME Group signed an agreement to acquire Nymex Holding, a $9.3 billion deal that will expand the CME into energy trading. WSJ, CME Signs Deal for Nymex.

Nacchio Conviction Reversed, Remanded for New Trial

Posted on March 17, 2008
The 10th Circuit Court of Appeals reversed the conviction of Joseph Nacchio, former CEO of Qwest Communications, for insider trading. Nacchio was convicted last April on 19 counts of insider trading and sentenced to six years in prison. The Court...

Federal Reserve Will Lend Money to Securities Dealers

Posted on March 17, 2008
For the first time, the Federal Reserve will lend money to securities dealers, effective immediately and extending for at least six months. The move is intended to provide financial institutions with greater assurance of access to funds. WSJ, Central Bank...

JP Morgan Chase Will Acquire Bear Stearns and Immediately Guarantee Trading Obligations

Posted on March 17, 2008
Bear Stearns agreed to be acquired by JP Morgan Chase in a stock for stock exchange that values Bear Stearns stock at about $2 per share, or $236 million. As recently as Friday, Bear Stearns had a market capitalization of...

Plumlee & Plumlee on Financial Reporting

Posted on March 15, 2008
Assurance on XBRL for Financial Reporting, by DAVID PLUMLEE, University of Utah - David Eccles School of Business, and MARLENE PLUMLEE, University of Utah - School of Accounting and Information Systems, was recently posted on SSRN. Here is the abstract:...

Palmiter & Taha on Mutual Fund Investors

Posted on March 15, 2008
Mutual Fund Investors: Divergent Profiles, by ALAN R. PALMITER, Wake Forest University - School of Law, and AHMED E. TAHA, Wake Forest University - School of Law, was recently posted on SSRN. Here is the abstract: Mutual funds are owned...

Sjostrom on Rule 144A Equity Offerings

Posted on March 15, 2008
The Birth of Rule 144A Equity Offerings, by WILLIAM K. SJOSTROM Jr., Northern Kentucky University - Salmon P. Chase College of Law, was recently posted on SSRN. Here is the abstract: In a groundbreaking deal closed in May 2007, Oaktree...

Leuz & Wysocki on Financial Reporting

Posted on March 15, 2008
Economic Consequences of Financial Reporting and Disclosure Regulation: A Review and Suggestions for Future Research, by CHRISTIAN LEUZ, University of Chicago - Graduate School of Business; European Corporate Governance Institute (ECGI); University of Pennsylvania - Wharton Financial Institutions Center, and...

"The Dysfunctional Board: Causes and Cures

Posted on March 15, 2008
The Corporate Law Center at the University of Cincinnati College of Law presented its 21st Annual Corporate Law Symposium on March 14 on "The Dysfunctional Board: Causes and Cures," before a packed audience consisting of students, practitioners, and academics...

SEC Trading & Markets Div. on Bear Stearns

Posted on March 14, 2008
The SEC's Division of Trading and Markets today issued the following statement regarding The Bear Stearns Companies: "The decision by the Federal Reserve Bank of New York to provide The Bear Stearns Companies temporary funding through J.P. Morgan Chase &...

Former Lason Executives Settle Accounting Fraud Charges

Posted on March 14, 2008
The SEC settled fraud charges against Gary L. Monroe, William J. Rauwerdink, John R. Messinger, and Robert T. Bassman, the former CEO, CFO, COO and Controller, respectively, of Lason, Inc., a document management company based in Troy, Michigan. The Final...

Bear Stearns Reports Financing Arrangement With JPMorgan Chase

Posted on March 14, 2008
The Bear Stearns Companies Inc. announced today it reached an agreement with JPMorgan Chase & Co. (JPMC) to provide a secured loan facility for an initial period of up to 28 days allowing Bear Stearns to access liquidity as needed....

FINRA Revises Portfolio Margin Risk Disclosure Statements

Posted on March 14, 2008
FINRA has revised the sample portfolio margining risk disclosure and acknowledgment statements that member firms must provide to customers who have been approved for portfolio margin. This replaces the March 2007 sample risk disclosure and acknowledgment statements...

Goldman Plans to Underwrite SPAC Offerings

Posted on March 13, 2008
Offerings of blank check companies -- now upgraded to Special Purpose Acquisition Companies (SPACs) -- are hot, comprising almost 25% of all IPOs in the US last year. Goldman Sachs is the last major securities firm that has declined to...

Chicago Mercantile and Nymex Near Deal

Posted on March 13, 2008
CME Group, parent of Chicago Mercantile Exchange, the largest US exchange operator, may announce a definitive deal to buy energy exchange operator Nymex Holdings soon. The two have been in exclusive talks since January. If the deal closes, CME would....

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