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9/30/2007
Learning to Live With Big Brother
Get Well RJ!
EconoBlogging, a Typology from Conde Nast Portfolio
When to Sue the NASD
Siemens Slush Fund Probe Continues, $1.5 Billion in Question
Putting Pretexting to Bed
Lerach Rivals Celebrate Fall
Kroll Releases New Report on Business Fraud Worldwide
Transparency International Releases 2007 Global Corruption Perception Index
Haligiannis Facing Extradition to the U.S., Additional Charges in Greece
FT Looks at the "Fallen Angels" of the U.S. Plaintiffs Bar
Late Night for Daddio
Spring Brings SEC Examination of Securities Class Action
Hedge Fund Fugitive, Haligiannis, Back Behind Bars
Melvyn Weiss Steps Down, Indictment Expected Today
Melvyn Weiss Indictment Expected
Siemens Taps GE GC to Take Charge of Compliance
New Securities Litigation Watch Blog
Lerach in Wired Circa 1996 and Update on Sentencing
Lerach Guilty Plea: To Serve 12 to 24 Months
Quick Hits
Industries Beg "Please Regulate Us!"
Lawsuits Down, Costs Up?
Private Banks as Corporate Shareholders
CEO Pre-Prison Survival Guide
Hedge Funds Gain By Investing in Chinese Police State 9/11/2007
A Sad Day
Corporate Investigative Firm Again Named in World Bank Conflict of Interest Report
Hard Times for CFOs Mean Boom Times for Forensic Accountants
Sub-Prime Mortgage Woes or No, Hedge Funds Still Offering Fat Bonuses
Plaintiff Attorneys in the Cross-Hairs
New York Sun Incredulous on State Inspector Investigation of Gov. Spitzer
Judge Skeptical of Apple Backdating Suit
C-Suite Exrreme Makeover
not a bad time at the Inc 500
More on the SEC's Letter Rogatory Request to the German Justice Ministry
Siemens Probes Extend to China
CNET Cleared by SEC on Backdating Charges
EWeek Runs Down the Worst Data Breaches Ever
Canada's Slaw Law Blog Covers E-Discovery
9/05/2007
The Daily Caveat Heads to the Inc 500
SEC Requests German Help in Siemens Investigation
Siemens Exec Arrested...
Lerach Plea Deal in the Works?
Learning to Live With Big Brother
A must read series from The Economist.
The magazine's September 29th issue features the second article in a series about the growing collection and mining of personal data around the world. This would include everything from well meaning health and safety data, to security-oriented government agencies and contractors to private companies' marketing efforts.
Across the globe, the amount of personally identifiable data being collected, parsed, sold, resold and the minimal level of regulation surrounding these processes is unprecedented in human history and provides just cause for alarm. But don't take my word for it, I'll let those radicals at The Economist lay it out for you:
The magazine's September 29th issue features the second article in a series about the growing collection and mining of personal data around the world. This would include everything from well meaning health and safety data, to security-oriented government agencies and contractors to private companies' marketing efforts.
Across the globe, the amount of personally identifiable data being collected, parsed, sold, resold and the minimal level of regulation surrounding these processes is unprecedented in human history and provides just cause for alarm. But don't take my word for it, I'll let those radicals at The Economist lay it out for you:
These days, data about people's whereabouts, purchases, behaviour and personal lives are gathered, stored and shared on a scale that no dictator of the old school ever thought possible. Most of the time, there is nothing obviously malign about this. Governments say they need to gather data to ward off terrorism or protect public health; corporations say they do it to deliver goods and services more efficiently. But the ubiquity of electronic data-gathering and processing—and above all, its acceptance by the public—is still astonishing, even compared with a decade ago...
...electronic surveillance has not yet had a big impact on most people's lives, other than (usually) making it easier to deal with officialdom. But with the collection and centralisation of such vast amounts of data, the potential for abuse is huge and the safeguards paltry. Ross Anderson, a professor at Cambridge University in Britain, has compared the present situation to a “boiled frog”—which fails to jump out of the saucepan as the water gradually heats. If liberty is eroded slowly, people will get used to it. He added a caveat: it was possible the invasion of privacy would reach a critical mass and prompt a revolt...
The whole piece - the whole series in fact - is required reading.
Labels: data brokers, data mining, Seisint, The Economist, The Matrix
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Get Well RJ!
A quick note of well wishes to the ailing (but recovering) RJ Hillhouse. RJ is a popular author and proprietor of The Spy Who Billed Me. If you're interested in the intersection of espionage and the private sector then you've found your next blog to bookmark. Also...I haven't forgotten that I owe Dr. Hillhouse a review of her most recent book, Outsourced, which she was kind enough to send me a copy of. I'll make good on that, without question. Let me just quickly say, that if you are interested or concerned about the use of private contractors in our military / intelligence apparatus (and you should be), Outsourced, while it will entertain you, is not going to make you feel any better.
-- MDT
9/28/2007
-- MDT
Labels: Outsourced, RJ Hillhouse
EconoBlogging, a Typology from Conde Nast Portfolio
Have I mentioned that I am loving CondeNast Portfolio? Although word of editorial troubles has gone around, the end product is easily the most stylish and new-media friendly online financial publication. For example, there is this uber-cool interactive breakdown of the Econoblogosphere.
I'll assume the omission of The Daily Caveat is just an oversight...
Lots of my favorites make appearances, along with plenty of new faces I'll have to add to my rotation. Hopefully this is something that they'll keep updating as time goes on, as some of the categories are a bit scant at present. But the idea and execution, very cool.
-- MDT
I'll assume the omission of The Daily Caveat is just an oversight...
Lots of my favorites make appearances, along with plenty of new faces I'll have to add to my rotation. Hopefully this is something that they'll keep updating as time goes on, as some of the categories are a bit scant at present. But the idea and execution, very cool.
-- MDT
Labels: blogs, CondeNast Portfolio
When to Sue the NASD
In a recent paper Brian Rubin and Christian Cannon at Sutherland Asbill & Brennan offer their analysis of when to litigate against a potential disciplinary action from the Financial Industry Regulatory Authority (formely the NASD - yes I am not used to the new name either. The Daily Caveat hates change.)
Rubin, for his part, is the former Deputy Chief Counsel of Enforcement for the NASD. No doubt he has a pretty nuanced view of the functioning of the FIRA. The report walks you through the disciplinary process and, based on an analysis of a number of trials, offers guidance on when to take your lumps and when to hit back.
The report summary is here, the full monte here.
-- MDT
9/27/2007
Rubin, for his part, is the former Deputy Chief Counsel of Enforcement for the NASD. No doubt he has a pretty nuanced view of the functioning of the FIRA. The report walks you through the disciplinary process and, based on an analysis of a number of trials, offers guidance on when to take your lumps and when to hit back.
The report summary is here, the full monte here.
-- MDT
Labels: Brian Rubin, Christian Cannon, FIRA, NASD, Sutherland Asbill
Siemens Slush Fund Probe Continues, $1.5 Billion in Question
Dating back to the mid-1990s, questionable deals and dealings at Siemens now hang heavy over the company - to the tune of $1.5 billion. Investigators in Europe, Asia and the U.S. continue to dig in, with Siemens' own internal investigators at Debevoise & Plimpton continue to make more information public.
One major question spiraling out of all this is what roll Siemens' auditor, KPMG played in allowing all this to come to pass. That is a subject D&P plans to turn their attention to in short order. And if there is one blogger out there who you should look to for some deep thoughts on the subject of KPMG/Siemens, it would be Francine McKenna at RE: The Auditors.
-- MDT
9/26/2007
One major question spiraling out of all this is what roll Siemens' auditor, KPMG played in allowing all this to come to pass. That is a subject D&P plans to turn their attention to in short order. And if there is one blogger out there who you should look to for some deep thoughts on the subject of KPMG/Siemens, it would be Francine McKenna at RE: The Auditors.
-- MDT
Labels: bribery, Debevoise and Plimpton, KPMG, Siemens
Putting Pretexting to Bed
Great article at Law.com on pretexting in the context of corporate investigations from the esteemed Bridget M. Rohde of Mintz Levin.
Highly, highly recommended for P.I.s and the people who hire them.
-- MDT
Highly, highly recommended for P.I.s and the people who hire them.
-- MDT
Labels: Bridget Rohde, Mintz Levin, pretexting
Lerach Rivals Celebrate Fall
Kroll Releases New Report on Business Fraud Worldwide
In keeping with the morning's corruption theme, investigative juggernaut Kroll has released its 2007 report outlining the effects of fraud on global business. The report, drawing on work by the Economist Intelligence Unit, publishers of The Economist magazine, indicates that four of five companies worldwide are effected by fraud. To dig a little deeper, check out the report synopsys or just download the whole darn thing.
-- MDT
-- MDT
Labels: corruption, Economist, Kroll
Transparency International Releases 2007 Global Corruption Perception Index
Amongst the highlights of Transparency International's sixth annual report on global corruption:
-- MDT
- Analysis of the causes of judicial corruption and its consequences, including an exploration of the particular impact on women
- Reports on judicial corruption in 35 countries
- Evaluation of efforts to reduce judicial corruption
- Recommendations for action against judicial corruption directed at judges, political powers, prosecutors, lawyers and civil society
- A specially commissioned survey on citizens' experiences of court corruption around the world
- The latest empirical research on judicial corruption, for example on the determinants of judicial corruption and the relationship between immunity laws and corruption
- Detailed assessments of the state of corruption in countries by national chapters of Transparency International and other experts
-- MDT
Haligiannis Facing Extradition to the U.S., Additional Charges in Greece
Angelo is really coming home this time, it seems. But before he returns to the states to do his time, Greek authorities apparently have a few new books to throw at him.
-- MDT
-- MDT
Labels: Angelo Haligiannis, Fraud, hedge fund
FT Looks at the "Fallen Angels" of the U.S. Plaintiffs Bar
Interesting, some might say apologist, perspective from the Financial Times on the embroglio surrounding Messers Weiss and Lerach.
- MDT
9/25/2007
- MDT
Labels: Bill Lerach, FTI Consulting, kickbacks, Melvyn Weiss, Milberg Weiss
Late Night for Daddio
Apologies for the dearth of new content. I was up late last worrying over baby's labored breathing. Nothing to be concerned about, just typical new parent stress.
Forgive me if you're just here for the white collar crime and what not... Many of the friends and colleagues who check out the blog regularly have asked for the occasional fatherhood update, so please forgive my off-topic indulgence of their repeated requests.
In short:
I am tired (like soggy, tepid; old toast as the poem goes) but fatherhood is, on the whole, the greatest gift I can image. My wife is the all-time champion of the world and if you've ever in your days seen a cuter one-month-old I'll eat my hat:
First a nap...then back to business.
-- MDT
9/24/2007
Forgive me if you're just here for the white collar crime and what not... Many of the friends and colleagues who check out the blog regularly have asked for the occasional fatherhood update, so please forgive my off-topic indulgence of their repeated requests.
In short:
I am tired (like soggy, tepid; old toast as the poem goes) but fatherhood is, on the whole, the greatest gift I can image. My wife is the all-time champion of the world and if you've ever in your days seen a cuter one-month-old I'll eat my hat:
First a nap...then back to business.
-- MDT
Labels: baby
Spring Brings SEC Examination of Securities Class Action
The WSJ has details on the upcoming securities lit round table at the SEC. Chairman Christopher Cox has committed to a meeting on class action litigation reform for the first quarter '08, according to the Journal. Obviously this is a subject on the minds of many given the recent travails of class action kings, Bill Lerach and Melvyn Weiss.
It is worth noting that Cox was a co-author of 1995's Private Securities Litigation Reform Act, the most sweeping recent regulatory measure effecting securities litigation. He also, as a reminder, broke with the Bush Administration in asking that the Justice Department's Solicitor General support the right of former Enron shareholders to pursue compensation from third parties.
An interesting enigma is our Mr. Cox. He was seen as a very pro-business pick when appointed and many we're declaring that an end to big business reform was nigh, but Cox has carved out some very respectable middle ground over the course of his tenure. That probably means ain't nobody happy, but such is the nature of compromise.
Via BloggingStocks.
-- MDT
9/21/2007
It is worth noting that Cox was a co-author of 1995's Private Securities Litigation Reform Act, the most sweeping recent regulatory measure effecting securities litigation. He also, as a reminder, broke with the Bush Administration in asking that the Justice Department's Solicitor General support the right of former Enron shareholders to pursue compensation from third parties.
An interesting enigma is our Mr. Cox. He was seen as a very pro-business pick when appointed and many we're declaring that an end to big business reform was nigh, but Cox has carved out some very respectable middle ground over the course of his tenure. That probably means ain't nobody happy, but such is the nature of compromise.
Via BloggingStocks.
-- MDT
Labels: Bill Lerach, Christopher Cox, class action, Melvyn Weiss, SEC, securities
Hedge Fund Fugitive, Haligiannis, Back Behind Bars
Angelo Haligiannis is a colorful characters. He, until recently, was also a fugitive, on the run from fraud charges in New York state. Of course, for Haligiannis, on the run included more yachts, cocktails and fancy hotels than your average fugitive.
The former president of hedge fund Sterling Watters, Haligiannis had been arrested just recently by Greek authorities, only to be released prior to extradition to the U.S. Haligiannis was picked up again this week in Greece while passing through a tollbooth. We'll see if he makes it back to the U.S. this time.
-- MDT
The former president of hedge fund Sterling Watters, Haligiannis had been arrested just recently by Greek authorities, only to be released prior to extradition to the U.S. Haligiannis was picked up again this week in Greece while passing through a tollbooth. We'll see if he makes it back to the U.S. this time.
-- MDT
Labels: Angelo Haligiannis, Fraud, fugitive, hedge fund
Melvyn Weiss Steps Down, Indictment Expected Today
The word is out on the Mel Weiss indictment. Milberg issued a statement late yesterday indicating that, in anticipation of a revised indictment expected to be filed in short order (via the New York Observer):
Roger Parloff's Legal Pad blog has the Shulman plea agreement linked if you want to review it for your own speculations. See Defendants Obligations sub 18 for notes on Schulman's cooperation with authorities.
-- MDT
9/20/2007
"Milberg Weiss understands that a second superseding indictment will be issued tomorrow that will include new charges against the Firm and also Melvyn Weiss. Mr. Weiss has decided to discontinue his participation in Firm management in order to focus on the defense of the charges against him. The Firm’s other partners, none of whom is alleged to have been involved in any wrong doing, will be responsible for its management and litigation activities. Mr. Weiss will remain available to counsel clients and Firm attorneys. The Firm remains proud of Mr. Weiss’s and the Firm’s accomplishments over the years and will continue to fight for its clients and class members and to produce the excellent results for which it is known. We do not anticipate any interruption in our work and we look forward to putting this difficult period behind us."It has been reported that the recent zeroing in on Weiss is the result of information obtained following the plea agreement of former Milberg lawyer, Steven Schulman. Over at CNNMoney,
Roger Parloff's Legal Pad blog has the Shulman plea agreement linked if you want to review it for your own speculations. See Defendants Obligations sub 18 for notes on Schulman's cooperation with authorities.
-- MDT
Labels: indictment, kickbacks, Melvyn Weiss, Milberg, Milberg Weiss
Melvyn Weiss Indictment Expected
The WSJ law Blog has details and a statement from Milberg Weiss on the upcoming, revised kickback indictment, which is expected to include charges against Milbeg Weiss patriarch, Melvyn Weiss.
And as usual, at the WSJ Law Blog, half the fun is in the comments.
-- MDT
And as usual, at the WSJ Law Blog, half the fun is in the comments.
-- MDT
Labels: indictment, kickbacks, Melvyn Weiss, Milberg, Milberg Weiss
Siemens Taps GE GC to Take Charge of Compliance
New Securities Litigation Watch Blog
Same blog, swank new digs. The Daily Caveat needs an upgrade! Where are my web minions?
If you don't read Securities Litigation Watch you probably should. If you haven't checked out their stuff in a while, the new site is worth your time.
Simple, clean...all around nice.
-- MDT
9/19/2007
If you don't read Securities Litigation Watch you probably should. If you haven't checked out their stuff in a while, the new site is worth your time.
Simple, clean...all around nice.
-- MDT
Labels: Blog, Securities Litigation Warch
Lerach in Wired Circa 1996 and Update on Sentencing
Via an article entitled Bloodsucking Scumbag written by Karen Donovan of the National Law Journal. Lets call this:
Lerach: A Negative View
An interesting blast from the past and definitely a piece for those who view his current travails as comuppance.
And in case you missed it late yesterday, Lerach's statement regarding his guilty plea:
"I have always fought for my clients aggressively and vigorously in order to hold powerful corporations responsible when their actions harmed people. However, I regrettably crossed a line and pushed too far. For my actions, I apologize and accept full responsibility for my conduct."
I should also note that in addition to the $8 million (Ok, $7.8 million) mentioned yesterday as part of the settlement is a straight forfeiture. There is also a $250,000 fine. Most notably, Lerach's settlement in no way obligates him to cooperate with authorities in their investigation
-- MDT
9/18/2007
Lerach: A Negative View
An interesting blast from the past and definitely a piece for those who view his current travails as comuppance.
And in case you missed it late yesterday, Lerach's statement regarding his guilty plea:
"I have always fought for my clients aggressively and vigorously in order to hold powerful corporations responsible when their actions harmed people. However, I regrettably crossed a line and pushed too far. For my actions, I apologize and accept full responsibility for my conduct."
I should also note that in addition to the $8 million (Ok, $7.8 million) mentioned yesterday as part of the settlement is a straight forfeiture. There is also a $250,000 fine. Most notably, Lerach's settlement in no way obligates him to cooperate with authorities in their investigation
-- MDT
Labels: Bill Lerach, Lerach, Wilson Sonsini
Lerach Guilty Plea: To Serve 12 to 24 Months
It is being widely reported today that William Lerach is expected to accept a plea bargain in connection with the continuing kickback investigation into his former firm, Milberg Weiss. While Lerach had yet to be formally faced with any charges, it has been long assumed that he was one of the unnamed attorneys mentioned throughout the government's case against Milberg.
The word coming in from all over creation is that Lerach will accept a guilty plea on one count of conspiracy for which he would face a sentence of 12 to 24 months and an $8 million fine. It is widely known that Lerach and his lawyers have been negotiating with federal prosecutors for some time now and this purported agreement apparently reflects the outcome of those talks. A judge would still have give final approval to the deal.
Lerach would be the second former Milberg attorney to plead guilty in connection with the case. The other would be indicted former partner David Bershad, who plead guilty back in July to similar charges. Steven Schulman, a third attorney from Milberg continues to deny kickback-related charges, as does the firm itself.
Please step back and allow the dancing on the grave to begin. Overlawyered, I'm looking at you. Point of Law, don't disappoint me now.
Personally, I'm biased. I'll admit it. I've worked in product safety and consumer advocacy. I also cut my teeth as an investigator working on too many securities class action lawsuits not to have my sympathies with Lerach and the plaintiffs' bar. Frankly, I can count the number of cases where something significant wasn't found - probably on one hand. And yet clearly you must play by the rules, rules which it seems were broken.
Of couse, the guilty plea isn't what burned Lerach's rep. Even before the kickback case got going in earnest (about 6 years into the 7 year investigation) Lerach was a already a polarizing figure. His tactics over the year have done little to endear him to the other side of the aisle, but his success on behalf of investors have also not been insignificant.
The legal profession might be a bit dirtier for Lerach's influence and, lets call it zealous advocacy, but you can't tell me that business isn't also a little cleaner as a result. I won't mourn his rightful prosecution but I don't plan on celebrating it either.
-- MDT
The word coming in from all over creation is that Lerach will accept a guilty plea on one count of conspiracy for which he would face a sentence of 12 to 24 months and an $8 million fine. It is widely known that Lerach and his lawyers have been negotiating with federal prosecutors for some time now and this purported agreement apparently reflects the outcome of those talks. A judge would still have give final approval to the deal.
Lerach would be the second former Milberg attorney to plead guilty in connection with the case. The other would be indicted former partner David Bershad, who plead guilty back in July to similar charges. Steven Schulman, a third attorney from Milberg continues to deny kickback-related charges, as does the firm itself.
Please step back and allow the dancing on the grave to begin. Overlawyered, I'm looking at you. Point of Law, don't disappoint me now.
Personally, I'm biased. I'll admit it. I've worked in product safety and consumer advocacy. I also cut my teeth as an investigator working on too many securities class action lawsuits not to have my sympathies with Lerach and the plaintiffs' bar. Frankly, I can count the number of cases where something significant wasn't found - probably on one hand. And yet clearly you must play by the rules, rules which it seems were broken.
Of couse, the guilty plea isn't what burned Lerach's rep. Even before the kickback case got going in earnest (about 6 years into the 7 year investigation) Lerach was a already a polarizing figure. His tactics over the year have done little to endear him to the other side of the aisle, but his success on behalf of investors have also not been insignificant.
The legal profession might be a bit dirtier for Lerach's influence and, lets call it zealous advocacy, but you can't tell me that business isn't also a little cleaner as a result. I won't mourn his rightful prosecution but I don't plan on celebrating it either.
-- MDT
Labels: Bill Lerach, David Bershad, Lerach, Milberg, Milberg Weiss, Seymour Lazar, Steven Cooperman, Steven Schulman
Quick Hits
We've got plumbing, housecleaning, dog walking and just general baby domination going on right now at Daily Caveat HQ. So we'll make this a quick one today - all killer, no filler:
Lerach guilty plea set, says Lattman at the WSJ law Blog.
Met Mortgage execs meet with SEC on settlement agreement.
Quest announces a $143 million financial restatement.
SEC slaps 69 firms for failure to comply with PCAB.
Update on BP negligence case - will Lord Browne testify?
Penn Traffic grocery chain pumps up the books, gets caught.
The SEC comes out swinging at Nortel.
Formula One levies fines for spying teams.
Siemens supervisory board dismisses two.
Go get'em kids...
-- MDT
9/17/2007
Lerach guilty plea set, says Lattman at the WSJ law Blog.
Met Mortgage execs meet with SEC on settlement agreement.
Quest announces a $143 million financial restatement.
SEC slaps 69 firms for failure to comply with PCAB.
Update on BP negligence case - will Lord Browne testify?
Penn Traffic grocery chain pumps up the books, gets caught.
The SEC comes out swinging at Nortel.
Formula One levies fines for spying teams.
Siemens supervisory board dismisses two.
Go get'em kids...
-- MDT
Labels: Met Mortgage
Industries Beg "Please Regulate Us!"
Lawsuits Down, Costs Up?
Get the numbers from the Manhattan Institute, NERA and the Stanford Securities Class Action Clearinghouse, all summarized by the Washington Examiner. While trying not to be too picky, we'll also note that The Examiner offers up this piece capped by the opinion of Victor Schwartz, general counsel for the American Tort Reform Association, without rebuttal as a part of their continuing series (we kid you not) Lawyers Gone Wild.
-- MDT
9/13/2007
-- MDT
Private Banks as Corporate Shareholders
An interesting history lesson for you, from Miguel Cantillo at the University of Navarra (Spain) IESE School of Business. You can read a short snippet or download the full working paper, depending on your interest and attention span.
-- MDT
9/12/2007
-- MDT
Labels: Banking, shareholders
CEO Pre-Prison Survival Guide
CondeNast Portfolio continues to amuse...
Well, ME at least.
-- MDT
Well, ME at least.
-- MDT
Labels: CondeNast Portfolio, corporate scandal, funny, Prison
Hedge Funds Gain By Investing in Chinese Police State 9/11/2007
A Sad Day
I know most folks around the country are long past outward observances of the shock and sadness of September 11, 2001. I can't say that I am one of them. Hearing my windows rattle as the Pentagon was hit and watching the second plane hit the World Trade Center live on television are not memories that have faded for me in the slightest.
As a country we've made plenty of mistakes since September 11, 2001 both in dealing with our grief and in trying to ensure our security. We'll pay for those errors in big and small ways for decades to come. A mistake we should not make is to so quickly for get the innocent men and women that died that day or those who perished while trying to save them.
Moreover, we've let September 11th be used as the rallying point for America's domestic and international policy for the last six years. If we fail to observe and remember these events, if they have in only a few short years become so inconsequential to our lives we are failing not just those who died on 9/11.
We are failing our country and ourselves.
-- MDT
As a country we've made plenty of mistakes since September 11, 2001 both in dealing with our grief and in trying to ensure our security. We'll pay for those errors in big and small ways for decades to come. A mistake we should not make is to so quickly for get the innocent men and women that died that day or those who perished while trying to save them.
Moreover, we've let September 11th be used as the rallying point for America's domestic and international policy for the last six years. If we fail to observe and remember these events, if they have in only a few short years become so inconsequential to our lives we are failing not just those who died on 9/11.
We are failing our country and ourselves.
-- MDT
Corporate Investigative Firm Again Named in World Bank Conflict of Interest Report
The Government Accountability Project has released a more in depth look at the previously reported potential conflicts of interest at the (2005-2007) Paul Volker-headed World Bank Department of Institutional Integrity.
Notable to The Daily Caveat is the re-occurring mention of the corporate investigative firm, Diligence LLC. in GAP's report. You can check out the report right here. Also see our March'07 post for further details.
-- MDT
Notable to The Daily Caveat is the re-occurring mention of the corporate investigative firm, Diligence LLC. in GAP's report. You can check out the report right here. Also see our March'07 post for further details.
-- MDT
Labels: Diligence LLC, Paul Volker, World Bank
Hard Times for CFOs Mean Boom Times for Forensic Accountants
Really nice, if brief, article on gumshoe accountants from Financial Week. Look for notable quotes from William Keevan, a senior managing director from Kroll. In addition to being the most prominent corporate investigative firm in the world, Kroll is also one of the big four forensic accounting firms, along with Navigant Consulting, Huron Consulting and FTI Consulting.
Joe Bartling at FTI is a great fellow, I can certainly vouch for that.
-- MDT
Joe Bartling at FTI is a great fellow, I can certainly vouch for that.
-- MDT
Labels: FTI Consulting, Huron, Joe Bartling, Kroll, Navigant, William Keevan
Sub-Prime Mortgage Woes or No, Hedge Funds Still Offering Fat Bonuses
Is it me or does the hedge fund fraud of the week story seem to have abated? Lagging returns and relatively mundane catalysts for implosion like overindulgence in the sub-prime mortgage market make for dull blogging. In some good news, senior fund managers can still expect to rake in the fat cash! Salaries are up 40 to 50% since 2002, according to the UK's Independent.
-- MDT
9/10/2007
-- MDT
Labels: hedge fund, salaries
Plaintiff Attorneys in the Cross-Hairs
Details on Milberg and more from the National Law Journal.
-- MDT
-- MDT
Labels: indictment, investigation, Milberg, Milberg Weiss, plaintiffs bar
New York Sun Incredulous on State Inspector Investigation of Gov. Spitzer
And this surprises you? Check it out for the latest in NYC's governmental soap opera.
-- MDT
-- MDT
Labels: Eliot Spitzer, investigation, Joseph Bruno, Kristine Hamann
Judge Skeptical of Apple Backdating Suit
(In keeping with our iPhone theme...)
Justin Scheck at the LegalPad Cal Law blog has details...
-- MDT
Justin Scheck at the LegalPad Cal Law blog has details...
-- MDT
Labels: Apple, backdating, Cal Law Blog, stock options
C-Suite Exrreme Makeover
Interesting story from the Washington Post about the career makeover of Joseph Beradino, the one time Chief Executive of Aurthur Andersen (right about the time that was not a great place to be...Enron). To catch up on what Beradino is up to and for a collection of other top execs who have made similarly interesting trajectory shifts, check out this Washington Post article.
-- MDT
9/09/2007
-- MDT
Labels: Arthur Andersen, Enron, Joseph Beradino
not a bad time at the Inc 500
They (American Express) gave away free iPhones to all attendees. This would be how I am currently posting to the blog - mobile style.
Very cool gadget!
-- MDT
9/06/2007
Very cool gadget!
-- MDT
Labels: Inc 500
More on the SEC's Letter Rogatory Request to the German Justice Ministry
Forbes has much more detail on the request put in to German authorities by U.S. regulators back in March for information on the Siemens bribery probe.
-- MDT
-- MDT
Labels: bribery, Letter Rogatory, SEC, Siemens
Siemens Probes Extend to China
20 have been let go by Siemens China operation on suspicion of corruption and it is known that Chinese authorities have interrogated at least one Siemens employee. Another person, a hospital employee, has also been arrested.
-- MDT
-- MDT
CNET Cleared by SEC on Backdating Charges
EWeek Runs Down the Worst Data Breaches Ever
A few summers back corporate and public sector data breach stories were a weekly event it seemed. The press was all over the issue and The Daily Caveat spilled paragraphs and paragraphs on the subject. It has been a while since we've touched the issue but this slide show from EWEEK running down the worst data beaches of all time made it worth whipping that horse one more time.
-- MDT
-- MDT
Labels: data breach, EWEEK
Canada's Slaw Law Blog Covers E-Discovery
Interesting reading on an E-Discovery Nightmare from Kelly Friedman of Ogilvy Renault, LLP.
And SLAW, for the record, is a blog you should be reading.
-- MDT
And SLAW, for the record, is a blog you should be reading.
-- MDT
Labels: E-Discovery, Ogilvy Renault
1 Comments.
Thanks for the kind words about Slaw, Michael. The Friedman column was good, wasn't it? There'll be another half dozen e-discovery columns over the next year, along with many others on great topics.
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The Daily Caveat Heads to the Inc 500
This blog, fun and challenging distraction though it may be, doesn't exactly pay the bills (although thanks to you charitable advert clicking it does pay for itself). When I'm not seeking out the skinny corporate crime and corruption fodder for your reading pleasure I am, actually, working for a living over here.
When I left the investigative industry a little over a year a go I'm lucky enough to have moved to a company that I love with people I respect and adore. I am extremely proud to say that this year we've made Inc Magazine's list of the 500 fasted growing privately held companies in America.
Later in the week we'll head out to Chicago for the associated conference, gala and network-a-rama. Should be an amazing time! If by chance you'll be in the vicinity, give me a holler.
-- MDT
When I left the investigative industry a little over a year a go I'm lucky enough to have moved to a company that I love with people I respect and adore. I am extremely proud to say that this year we've made Inc Magazine's list of the 500 fasted growing privately held companies in America.
Later in the week we'll head out to Chicago for the associated conference, gala and network-a-rama. Should be an amazing time! If by chance you'll be in the vicinity, give me a holler.
-- MDT
Labels: Inc 500
SEC Requests German Help in Siemens Investigation
The SEC has put in a request to Germany's Justice Ministry pursuant to the the U.S. regulator's state-side look into Siemens bribery allegations. German authorities are still mulling over cooperating with the SEC request.
-- MDT
9/02/2007
-- MDT
Siemens Exec Arrested...
Big backlog of post-baby Siemens news to wade through, but here's a quick hit for your Labor Day reading - Johannes Feldmayer, a member of Siemens management board became the most senior executive yet arrested in the onling transnational briber probe surrounding the company. was detained as prosecutors
Labels: Johannes Feldmayer, Siemens
Lerach Plea Deal in the Works?
LABizObserved, which I've mentioned before as a blog to watch, has details on a supposed plea agreement that Bill Lerach is said to have been working out with federal prosecutors. Similar insinuations have come from the WSJ alongside the formal announcement of Lerach's August 31st retirement date. That Lerach had been in conversation with prosecutors is not exactly news, but the idea that a plea deal is close to done is certainly interesting stuff. The next few weeks will tell the tale... In the meantime, here's another Lerach retrospective from The UK's Independent.
-- MDT
-- MDT
Labels: Bill Lerach, kickbacks, Lerach, plea agreement
