"Wal-Mart dispatched investigators to Mexico City, and within days they unearthed evidence of widespread bribery. They found a paper trail of hundreds of suspect payments totaling more than $24 million. They also found documents showing that Wal-Mart de Mexico’s top executives not only knew about the payments, but had taken steps to conceal them from Wal-Mart’s headquarters in Bentonville, Ark. [...] The lead investigator recommended that Wal-Mart expand the investigation. Instead, an examination by The New York Times found, Wal-Mart’s leaders shut it down.
posted by reductiondesign
on Apr 22, 2012 -
Why I Am Leaving Goldman Sachs.
New York Time Op-Ed. March 14th 2012:
TODAY is my last day at Goldman Sachs. After almost 12 years at the firm — first as a summer intern while at Stanford, then in New York for 10 years, and now in London — I believe I have worked here long enough to understand the trajectory of its culture, its people and its identity. And I can honestly say that the environment now is as toxic and destructive as I have ever seen it. [more inside]
posted by Skygazer
on Mar 14, 2012 -
Maybe Microsoft is trading in London at a penny less than it's trading at the same moment in New York. A high-frequency trader will buy shares in London and wait for them to rise. Since the discrepancy lasts a mere fraction of a second, speed is key. [Tradework CEO] M. Narang boasts it takes only 15 millionth of a second for his computers to place a buy or sell order after detecting an opportunity. Or, as he puts it, "If you try to pick up the penny, we'll probably beat you to it." [more inside]
posted by HP LaserJet P10006
on May 15, 2010 -
"When a company or individual receives a surprise subpoena on a Friday from the SEC, it is usually designed to ruin their weekend plans. Yes, the SEC can get personal in its own way...Back in the day as the criminal CFO of Crazy Eddie
, I received a surprise subpoena from the SEC late Friday afternoon. I had to wait until Monday before my attorneys had time to advise me on a course of action." Ex-white collar felon Sam Antar blogs about the SEC's recent move
. [more inside]
posted by inkyroom
on Apr 20, 2010 -
SEC sues Goldman Sachs for fraud
. GS has already come under fire for "betting against" financial products it was marketing, a practice that apparently helped it prosper from the real estate bubble but come out relatively unscathed. The SEC now says that one such product was designed specifically so that a Goldman business partner, Paulson & Company, could take a short position on it. Investors were apparently not advised of this fact. Goldman's stock was off more than 10% in the half hour following the announcement. [more inside]
posted by grobstein
on Apr 16, 2010 -
, a blog devoted to pointing out those buried atrocities in SEC filings, is having its annual worst footnote of the year contest
. contenders include Chesapeake Energy disclosing it spent $12.1 million to purchase Aubrey McClendon's antique map collection, Martha Stewart's $3 million retention payment to remain at Martha Stewart Omnimedia and InfoGroup disclosing it really spent $852K on former CEO Gupta's yacht instead of zero. Polls close tomorrow.
posted by krautland
on Dec 30, 2009 -
Dallas Mavericks owner
, celebrity dancer
, Dairy Queen manager
, and bloviating billionaire Mark Cuban has been accused of insider trading
. In its complaint
, the U.S. Securities and Exchange Commission accused Cuban of selling his entire stake in Momma.com
) to avoid a $750,000 loss in 2004. But not even the government has a gag big enough to cover Cuban's mouth.
On his blog
, Cuban says the SEC is picking on him
and presented an excerpt of a deposition
of Mamma.com's CEO.
And Cuban would like you to believe that he's being politically persecuted
for his support of the 9/11 conspiracy film, "Loose Change
." Cuban's Magnolia Pictures
, which redacted Redacted
, was said
to be interested in a distribution deal.
posted by up in the old hotel
on Nov 19, 2008 -
Clinton Fires Back at Republican Accusations
"There was corporate malfeasance both before he took office and after. The difference is I actually tried to do something about it and their party stopped it. And one of the people who stopped our attempt to stop Enron accounting was made chairman of the Securities and Exchange Commission." He also talks about the Middle East and the related "Blame Clinton" movement. I can hear the teeth gnashing already.
posted by owillis
on Jul 28, 2002 -
LA Times article goes into some of the details of the Bush/Harken SEC investigation. While it leaves a lot of questions unanswered, it's largely exculpatory.
posted by electro
on Jul 14, 2002 -
The SEC has created a fake website
to try and educate the naive. I can't decide if this is a good idea, or if someone has too much time on their hands and is wasting my tax dollars.
posted by FreezBoy
on Jan 30, 2002 -