... . Alleging losses after purchasing Charter Communications, Inc., common stock, petitioner fil... and others under §10(b) of the Securities Exchange Act of 1934 and Securities and Exchange C...
...This meant that nationally chartered banks, whose primary regulator is the OCC, were ex... since banks are limited to government securities, these investments are low risk and should enhance...
This article examines the federal government's growing use of 18 USC § 1346 to prosecute public company executives for breaching their fiduciary duties. Section 1346 is a controversial but under-examined statute making it a felony to engage in a scheme "to deprive another of the intangible right of honest services." Although enacted by Congress over twenty years ago, the Supreme Court repeatedly declined to review the statute, until now. The questions before the Supreme Court are of particular interest to public company executives and their professional advisors. Traditionally, Delaware law has governed the content and enforcement of executives' legal duties, largely protecting public company fiduciaries from civil liability. Now, with the emergence of honest services fraud as a weapon ...
... or the threshold for pursuing civil securities fraud claims. In fact, civil law and criminal law ... in bad faith and that the corporation's charter includes an exculpatory provision.90. 4. Exculpato...
Corporate law theory and practice considers shareholder relations with companies and the implications of ownership separated from control. Yet through the Troubled Asset Relief Program (TARP) bailout and the government's resultant shareholding, ownership and control at many companies have merged, leaving corporate theory and practice for the financial and automotive sectors in chaos. The government's $700 billion bailout is a unique historical event; not merely because of its size, but also because of a resulting ripple through corporate scholarship and practice. This article builds on the author's five testimonies before Congress during the financial crisis and implementation of the TARP bailout and his consultation for the Special Inspector General for TARP. After considering corporat...
... theory and practice of corporate and securities law in the United States is a carefully constructe... the federal government has frequently chartered businesses that were wholly owned by the United St...
... Group Inc., he ran the mortgage-backed securities business, and later co-founded Dame Capital Manage...But OneWest's owners, who had secured a charter with the IndyMac deal, were free to continue acqui...
... would require sponsors of asset-backed securities (ABS) to retain at least 5 percent of the credit r... without regard to corporate form or charter choice; and (3) share, refer, and route complaints...
The Blueprint for a Modernized Financial Regulatory Structure, proposed by Treasury Secretary Henry M. Paulson Jr. earlier this year, calls for one federal regulator of banks, which would likely make having a state charter unnecessary. Some bank directors worry this proposal would take away a special relationship he has had with state regulators, fostered by his 32-year tenure as chief executive. The Treasury's plan aims to shelve the current system of regulation over the next decade and replace it with three agencies that would oversee banking, market stability, and consumer and investor protection. Proponents argue the changes are needed since regulatory oversight has not kept up with financial innovation over the years. With regard to community banks, some of the most controversial p...
... officials from the Federal Reserve, Securities and Exchange Commission, and Commodity Futures Tra...
In recent years there has been dramatic growth in the hedge fund industry, accompanied by an equally sizable increase in the public notoriety of such funds. Hedge funds currently control a substantial portion of trading in many financial markets and are subject to less federal regulation than nearly any other type of financial entity or institution. The US Securities and Exchange commission (SEC) recently made cases involving insider trading within hedge funds a priority, a change that can be attributed to the perception that there is widespread insider trading in these funds. This note illustrates why the structure of hedge funds makes them prone to instances of insider trading and why the SEC struggles to deal with this problem. Hedge funds are structured to avoid tax consequences and...
... was in talks to acquire another bank, Charter One Financial, Inc., and the offending investor le...
... bank insurance agencies: First Niagara Securities, Inc. (First Niagara Savings Bank); M&W Agency, Innc. (Evans National Bank); and Charter One Securities, Inc. (Charter One Bank). The openi...
An empirical examination of some 700 corporate fraud lawsuits shows a significant overlap in the application of the variety of suits available, as well as pronounced differences in the effectiveness of the various kinds.
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