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Everyone’s Testifying in Tyco Case
Dennis Kozlowski is not the only accused that the jury will hear from in this trial, as former CFO Mark Swartz took the stand today. Hearing a defendant say – I didn’t do anything wrong – certainly is beneficial. The downside, however, comes when the witness-defendant has to go through cross-examination. It may be more…
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What is Happening in Education?
If you are concerned about our present education system, I am afraid this post may make you even more concerned. Here’s a sampling of recent education related activities that are of interest to this blog: The Chronicle of Higher Education today reports here (subscription required) that "A former president of William Tyndale College pleaded guilty…
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The Fight Over Greenberg’s Trinkets in His AIG Office
The split between American International Group and its former long-time CEO Maurice Greenberg has all the hallmarks of a nasty divorce, according to a front-page Wall Street Journal story here. Among the items being fought over are a Remington sculpture, Chinese vases, and a Van Gogh painting. While celebrity divorces are always an interesting side…
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N.Y. Court of Appeals Rejects Partnership’s Fifth Amendment Privilege Claim for Business Records
The New York Court of Appeals adopted the Supreme Court’s approach to the availability of the Fifth Amendment privilege against self-incrimination for collective entities when it rejected a claim under the New York Constitution that a broad subpoena for a law partnership’s records could be resisted on Fifth Amendment grounds. The New York Attorney General’s…
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Hedge Fund Manager Charged With Fraud
Vincent Montagna, who managed two hedge funds (Tiburon Asset Management and Tiburon Partners), was indicted on two counts of securities fraud, two counts of investment adviser fraud, and five counts of wire fraud related to his operation of the funds for his personal benefit. According to the press release issued by the U.S. Attorney’s Office…
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Developer Charged in Monmouth County (NJ) Corruption Probe
The drumbeat of prosecutions arising from the Monmouth County, New Jersey, corruption probe continues with the arrest of developer Anthony Spalliero, who was charged with bribing former Marlboro Mayor Matthew Scannapieco and the former director of the Monmouth County Board of Freeholders. According to a press release (here) from the U.S. Attorney’s Office: Spalliero offered…
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R.I. Lawyer Pleads Guilty to Contempt and Perjury for Leaking FBI Tape to Reporter
Rhode Island attorney Joseph Bevilacqua, Jr., agreed to plead guilty to contempt of court and perjury for leaking to a television reporter an FBI videotape of a Providence city official accepting a bribe. The tape was made during the investigation of former Providence Mayor Vincent Cianci, whose 60 month sentence for corruption was recently remanded…
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Outback Steakhouse CFO Quits Because of the Regulatory Environment
Prof. Gordon Smith (Wisconsin) on the Conglomerate Blog has an interesting post about the resignation of Outback Steakhouse’s CFO, Bob Merritt, who blamed the current regulatory environment for his decision to resign. Gordon writes(here): The more we hear about the problems associated with financial reporting, the more this looks like a problem for which fingers…
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GE Joins the Subpoena Club
The General Electric Company joined the crowd of insurers under the microspope (AIG, General Re, Marsh Mac, AON) by disclosing that it received a subpoena from the SEC on April 29 requiring it to produce documents related to its sales of so-called "finite risk" insurance. This type of policy, which GE describes as a "loss…
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30-Month Sentence in Connecticut Public Corruption Case
Ben Andrews, former head of the Connecticut NAACP, was convicted by a jury of corruption charges related to sharing a $1.5 million consulting contract with former Connecticut State Treasurer Paul Silvester in 1998 in connection with steering $150 million of state pension assets to a private equity fund. Andrews testified in his defense that the…
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