Topic: Regulatory

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What are they shopping for at Dillard’s?
December 10, 2008—Earlier this week, Barrington Capital and Newcastle Partners sent this letter to Dillard’s (DDS) asking to inspect the company’s records and books, including board minutes, corporate jet records and records related to transactions with various members of the Dillard family. The letter was virtually identical to this one sent back in March. While the story […]

Some post-Thanksgiving turkey…
December 1, 2008—As footnoted regulars know, companies love to file juicy stuff on days like this past Friday — a day when few people are likely to pay attention. And while there were quite a few worthwhile SEC filings, this report from the SEC’s Office of the Inspector General quickly rose to the top. Extra points were […]

Fortress worries about Obama’s plans and other new rules…
November 19, 2008—Last Thursday, we had the spectacle of five top hedge fund managers testifying on Capitol Hill. Several Congressmen honed in on the current tax code which allows hedge fund partners (and other partnerships) to be taxed at a lower rate because of the rules on carried interest. At last week’s hearing, George Soros and Jim […]

Live blogging hedge fund hearing!
November 13, 2008—Today’s main event — the fifth in a series of hearings examining the market meltdown — is likely to be a lively hearing featuring five top hedge fund managers and a group of professors, among them former SEC Chairman David Ruder. The prepared testimony is available on the committee’s site. Henry Waxman just opened the […]

Companies assess (or at least guess) impact of new Obama Administration…
November 7, 2008—Even before Tuesday’s election results, companies began contemplating what the change in Administration would mean for them. But now that the results have come in (for the most part, anyway, since there’s still 9 House and Senate seats in limbo), companies are beginning to spell out their concerns as well as their hopes and dreams […]

Another day, another hearing on what went wrong…
October 23, 2008—Yesterday was the credit rating agencies. Today’s turn before the Committee on Oversight is the troika of Former Fed Chairman Alan Greenspan, former Treasury Secretary John Snow, and current SEC chairman Chris Cox. The opening statements, including a substantially shorter one by Cox than the one sent out to reporters only an hour earlier. Cox’s […]

Short list continues to grow…
October 7, 2008—Late Friday, the SEC announced that the short-sale ban that it had put in place on Sept. 19 would end at midnight tomorrow night. So imagine my surprise when I checked the list that came out last night to see that it continues to grow. As of last night, there were 981 companies on the […]

Playing the blame game…
October 2, 2008—This financial crisis is painful, but everyone seems to be enjoying the blamefest. Choose your culprit: Wall Street, the White House, Congress, candidates, lobbyists, Fannie, Freddie, FASB, mortgage bankers, borrowers. Or all of the above. Then there are the regulators. On that score, some politicians are saying there was “no regulation” of the financial markets. […]

R.I.P WaMu…
September 26, 2008—Less than three weeks after WaMu CEO Kerry Killinger “retired” from the bank, it was seized by federal regulators, making it the largest bank failure in this nation’s history. What remains was sold to JP Morgan Chase (JPM), which wasted no time putting up a welcome banner on WaMu’s web site. As footnoted regulars know, […]

Ted Oglove’s thoughts on the current mess…
September 16, 2008—Yesterday afternoon, I called Thornton “Ted” Oglove, who has been a mentor ever since I cold-called him six years ago when I started working on my book, Financial Fine Print. Though I was really only calling about my trip next week to San Francisco to speak to the CFA Society of SF, the conversation quickly […]