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Martha Stewart issues Thanksgiving Message and the Government Responds
Martha, who CNN notes is ranked as someone people wish to sit next to on a long plane flight (ranked just behind Bill Gates), issued a Thanksgiving message on her website. Included in the message, that thanks all her supporters, she lets us know that she has been informed that her website has " 8
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Encyclopedia on White Collar Crime
I thought I had seen all the white collar crime books written, but just heard about a new one. Yes, an encyclopedia – "The Encyclopedia of White Collar and Corporate Crime." It’s written by Lawrence M. Salinger and published by Sage Publications and looking at the introduction it appears to be a social science work.
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The Settlements Keep Rolling In
American International Group Inc. (AIG) issued a terse press release Tuesday evening (Nov. 23) stating, AIG and its subsidiary AIG Financial Products Corp. (AIGFP) have submitted an offer of settlement to the Staff of the Securities and Exchange Commission (SEC) that the Staff has agreed to recommend to the SEC, and reached agreement in principle
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Lawyers in the Crosshairs
An article in the Washington Post (Nov. 23) discusses the recent push to investigate the conduct of lawyers for corporations who assist their clients in wrongdoing. Defense lawyers have complained that the authority granted to the SEC in the Sarbanes-Oxley Act to discipline lawyers will be used to chill proper legal representation. Apparently, the complaint
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Quattrone Sanctioned by NASD
Frank Quattrone, former star high tech investment banker at Credit Suisse First Boston (CSFB), was permanently barred from the securities industry and fined $30,000 by the NASD yesterday (Nov. 22). Quattrone was convicted this past March of obstruction of justice in connection with an e-mail he forwarded to others in his group about cleaning up
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Boeing’s Unwanted Enemy
An earlier post (Nov. 17) discussed the government’s investigation of Boeing and the guilty pleas of two former executives, one of whom had been a senior Air Force official, for negotiating employment while the official worked on a contract awarded to Boeing. The Air Force’s favorable treatment of Boeing has created a very significant enemy
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Work Product Waiver
A recent decision by U.S. District Judge Harold Baer, Jr. on the availability of the work product protection for an internal investigation report shows the difficulty corporations face after the Sarbanes-Oxley Act and the heightened pressure on them to cooperate in government investigations. In Merrill Lynch & Co. v. Allegheny Energy Inc., No. 02 Civ.
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Lawyer Reporting of Corporate Misconduct
One of the more controversial provisions of the Sarbanes-Oxley Act of 2002 was Section 307, which required the SEC to adopt rules requiring lawyers for corporations to report misconduct within the organization to senior management and the board of directors. An implementing rule, since shelved, would have required lawyers to make a so-called "noisy withdrawal"
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Winning the Enron Barge Trial
What did it take to get a non-guilty verdict in the Enron Barge Trial? Yes, of course it helps to be innocent of crimes charged, but sometimes that just isn’t enough. In a fascinating article in the Texas Lawyer titled, "Enron Defendant Worked Alongside Attorneys to Win Acquittal," one hears the story of former Enron
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Insurance Probe Competition
The insurance industry probe took an interesting turn on Thursday (Nov. 18) when California Insurance Commissioner John Garamendi (California Department of Insurance) filed a lawsuit against Universal Life Resources (ULR) for taking undisclosed compensation and bid-rigging. This is the same company that New York Attorney General Eliot Spitzer sued the previous Friday (Nov. 12), alleging
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