Although Hollywood continues to perpetuate the image of starving artists, in reality, with celebrity artists such as Andy Warhol and Damien Hirst, they seem to be a dying species. Economic success is no longer something that the artistic geniuses are denied, but rather the very mark of their artistic genius. While the financial crisis might address the over-saturation of the art market temporarily, it is unlikely to reverse the process of globalization. However, a crisis for the market need not necessarily be a crisis for art. The financial instability may have encouraged artists around the world experiment more. Collectors have become more cautious not only in their choice of artwork, but also in their methods of purchase. The apparent decrease in auction sales has been somewhat offset...
Although the enactment of the Sarbanes-Oxley Act (SOX) received nearly unanimous congressional support, only a few years thereafter its wisdom was increasingly questioned and its supporters had to stave off attempts to recraft the legislation. The financial crisis of 2008 has sidelined efforts to alter the legislation's most costly provision, as Congress's attention has turned to overhauling the regulatory regime for financial institutions. There is, nonetheless, much to be learned about financial regulation and SOX's future, from an in-depth examination of the interplay of the government and private commissions created with an eye to revising the legislation, media coverage of those entities, and congressional responses. That interaction provides a map of political fault lines and assi...
...capital markets post-SOX. Underscoring those concerns, the reports...
The financial system in Norway and other countries has been exposed to unusual shocks in recent months. The financial market crisis entered a more serious phase in mid-September, when the US investment bank Lehman Brothers filed for bankruptcy. Interest rate premiums on interbank loans rose markedly. In October, a range of measures to address the crisis were announced in a number of countries, on the recommendation of the G7 countries and the IMF. One of the measures introduced was government guarantees for banks' loans and arrangements for injections of state capital. The Norwegian authorities have also implemented measures to improve the liquidity situation for banks. Norges Bank has injected large amounts of liquidity into the banking system, both in NOK and USD. With a deep downturn...
As the current financial crisis has broadened and deepened, spreading from the subprime mortgage market to the financial sector to the rest of the world economy, people have searched for the root causes. Amid the accusations, some fingers have been pointed at accountants, specifically at the FASB and its recent implementation of new standards for fair value accounting. Although SFAS 157, Fair Value Measurements, does not require fair value accounting for new categories of assets, it does clarify the accounting for those items that are already required to be recorded at fair value. SFAS 157 clarifies the distinctions between the different kinds of inputs used to determine fair value and emphasizes market-based values rather than entity-specific values. In response to a question from an a...
SEC Commissioner Luis Aguilar, in a speech at the 2009 Independent Director Conference, said, "I've been very vocal about a number of changes the SEC should make and about the Congressional action needed to address gaps in the SEC authority, and the actions needed to provide the SEC with the teeth and resources it needs to aggressively fulfill its mission to protect investors; maintain fair, orderly, and efficient markets; and facilitate capital formation." The legal landscape for directors is concerning on multiple levels as they face higher levels of liability resulting from the global financial crisis, increased stock-market volatility, activist shareholders, an emboldened plaintiffs' bar, active regulatory oversight and strict securities laws enforcement.
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