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Posts Tagged ‘sec’

HP Files SEC Report Detailing New CEO’s Compensation Package

Former SAP executive Leo Apotheker, now in his fourth month as HP’s CEO, has a package that rivals that of superstar athletes and movie stars. – Hewlett-Packard filed a regulatory report Feb. 1 with the Security and
Exchange Commission detailing the compensation package it has arranged for its
new CEO, former SAP
executive Leo Apotheker a package that rivals that of superstar athletes and movie
stars.
Apotheker, who started his new job …


Financial Crisis Inquiry Commission Slams Greenspan, Bernanke, Geithner, Paulson, Summers, SEC, Rating Agencies and Big Banks for Causing Crisis

The Financial Crisis Inquiry Commission is releasing its report Thursday.The New York Times has a preview of the report, which shows that the Commission will slam the right people for causing the financial crisis.Barry Ritholtz gives a good summary of…

SEC Reportedly Investigating Hurd for Insider Trading

Wall Street Journal reports that the U.S. Security and Exchange Commission is investigating Mark Hurd for possible insider trading illegalities that allegedly took place in 2008. – Former Hewlett-Packard CEO Mark Hurd has been a regular magnet for legal controversy in 2010.

On Aug. 6, he was forced to resign at HP
following allegations of sexual harassment by an HP social-event
contractor and for falsifying reimbursement documents to cover up the
relationship. Hurd s…


Yanlord started at Buy by Samsung Sec, $1.95 target

Samsung Securities starts Yanlord Land (Z25.SG) at Buy with a $1.95 target price, based on a 20% discount to a 2011 NAV estimate.

Says the China-based high-end developer continues to surprise the market with its ongoing success with quality project launches.

Read more…

ATandT Prepared to Lose Apple iPhone: SEC Filing

Apple’s iPhone could appear on carriers besides AT&T by early 2011, an eventuality for which AT&T seems prepared in a recent SEC filing. Rumors also suggest that Apple is preparing an iPhone for use on Verizon’s network. – AT amp;T could be preparing to lose its exclusive rights to the iPhone in
the United States,
according to the carrier’s latest 10-Q filing with the Securities and Exchange
Commission. If the oblique statements in that filing prove accurate, it could
validate analysts’ claims that the iPhone will…


Dell to Pay $100M to Settle SEC Accounting Probe

Dell will pay $100 million to settle a five-year investigation by the SEC into accounting issues surrounding Dell’s relationship with Intel. Intel is said to have paid Dell not to use AMD processors in its desktops and notebooks. In addition, CEO Michael Dell will pay a $4 million fine for his role in the accounting case. – Dell will pay $100 million and CEO
Michael Dell will pay $4 million to settle investigations by federal regulators
into accounting issues surrounding the computer maker’s relationship with
Intel.
Dell
and the Securities and Exchange Commission announced the settlement July
22, six days after c…


Dell Gives SEC Settlement Proposal

Dell and its CEO, Michael Dell, have given the SEC a proposal to settle federal accounting probes of Dell and Michael Dell. The investigations relate to Dell’s relationship with chip maker Intel. – Dell executives have proposed
settlement plans with the Securities and Exchange Commission to resolve a
five-year accounting investigation by the federal agency.
The company announced the update July 16. According to Dell,
staff members at the SEC have taken the proposed settlements from the com…


SEC: Government Destroyed Documents Regarding Pre-9/11 Put Options

On September 19, 2001, CBS reported:Sources tell CBS News that the afternoon before the attack, alarm bells were sounding over unusual trading in the U.S. stock options market.An extraordinary number of trades were betting that American Airlines sto…

Dell Looks to Settle Intel Claims with SEC

Dell executives, including CEO Michael Dell, are in talks with the SEC to settle allegations of financial misconduct involving the OEM’s relationship with chip maker Intel. The allegations reportedly involve questionable accounting practices by Dell around payments and rebates it received from Intel over the past decade. –

Dell executives are in discussions with federal regulators to settle
allegations of financial misconduct brought by the Securities and Exchange
Commission related to the tech vendors dealings with chip maker Intel.
The discussions involve both an investigation by the SEC that
began in 2005 …


Oracle SEC Filing Gives Indication of Much Larger Sun Layoff Plan

Oracle has filed an 8-K affidavit with the SEC stating that it needs to spend more money and take a much larger charge that it originally expected for severance expenses and other staff-related costs in the $7.4 billion acquisition that closed Jan. 27. The implications are worrying for former Sun Microsystems employees. – Did Oracle CEO and co-founder Larry
Ellison underestimate how many of Sun Microsystems’ 27,600 employees might lose
their jobs in the acquisition
of Sun concluded in January?

Oracle filed an 8-K affidavit with the federal Securities and Exchange Commission
late June 4 stating that it needs to…


Otto Marine flat; job loss one-off, says Phillip Sec

Otto Marine (G4F.SG) flat at $0.415 after yesterday’s 4.6% fall triggered by orderbook hit as customer Mosvold Supply calls off contract for construction of anchor handling, towing & supply vessel, according to Dow Jones.

Read more…

Chip Shot: Preliminary 2010 Proxy Statement Filed with SEC

A preliminary version of Intel’s 2010 Proxy Statement was filed with the SEC and is available on the SEC Website today. Following SEC review Intel plans to publish and distribute the definitive version of the Proxy Statement along with the 2009 Annual Report to Stockholders. (Note: The preliminary document is not intended as a solicitation of proxy voting authority; that will come with the definitive document.) Separately, Intel noted in SEC filings that John Thornton, a director since 2003, has decided not stand for re-election to the Intel Board of Directors at the upcoming Annual Stockholders’ Meeting. The Intel Board currently has 11 members, and with Mr. Thornton’s retirement the Board will be composed of 10 members following the Annual Meeting.

SEC Probing Insider Trading in HP-3Com Deal: Report

A jump in options call trading for 3Com in the hours leading up to HPs announcement of is $2.7 billion bid for networking company 3Com is prompting SEC regulators to investigate whether there was insider trading, according to Bloomberg. In addition, 3Com faces two shareholder lawsuits from investors who say HPs offer is too low. HP is hoping to adding 3Com to its networking business to better compete with Cisco.
– Federal regulators reportedly are investigating whether there was illegal inside trading connected to Hewlett-Packards $2.7 billion bid for networking company 3Com.
According to a report by Bloomberg, options call trading for 3Com jumped in the hours before HP announced the offer, at one point grow…


Former SEC Chairman Levitt: Ban SIVs

Former SEC Chairman Arthur Levitt will tell the House Committee on Financial Services today that it would be helpful to ban SIVs. In his prepared remarks, Levitt says:Clearly, a series of other rules – banning the use of off-balance sheet vehicles, to…

The SEC fines GE : Magic numbers

American regulators find fault with a corporate icon

GENERAL ELECTRIC (GE) has built its reputation as the world’s leading conglomerate on two pillars: its ability to meet or beat analysts’ expectations every quarter, come rain or shine, and its ability to produce first-rate leaders. An embarrassing deal with the Securities and Exchange Commission (SEC) on August 4th tarnished both.

The SEC had accused GE of bending “accounting rules beyond breaking point” in order to avoid disappointing results on four occasions in 2002 and 2003. The “rule bending” boosted GE’s earnings by more than $780m and its revenues by $370m. One alleged violation involved changing the way it accounted for hedges. Another involved treating yet-to-be-completed sales of locomotives as done deals. …

First Madoff Interview: Can’t Believe I Got Away with It

In his first prison interview, a buff-looking Bernie Madoff said he couldn’t believe he got away with his massive Ponzi scheme for so long.

“There were several times that I met with the SEC and thought ‘they got me,’” Madoff told Joseph Cotch…

US rules on abusive short selling

Wall Street, New York

US stock market regulators have made permanent a rule aimed at reducing abusive short-selling.

The emergency rule on "naked short-selling" was introduced at the height of last year’s market turmoil, and was due to expire on Friday.

Short-sellers usually borrow shares, sell them, then buy them back when the stock falls and return them to the lender keeping the difference in price.

"Naked" short selling is when sellers do not even borrow the shares.

The US the Securities Exchange Commission (SEC) acknowledges that short selling can help limit market bubbles in individual shares.

But it has been concerned that the practice can also be used to manipulate the market.

‘Abuse’ reduced

The rule now made permanent includes a requirement that brokers must promptly buy or borrow securities to deliver on a short sale.

The SEC says this has helped to reduce what it calls "abusive, naked short-selling", by more than 50% in an eight-month test period.

US politicians have put pressure on the SEC to curb trading moves they believe worsened the market downturn.

However, some analysts in the securities industry warn that the new regulation on naked short-selling could have negative consequences, such as wilder price swings and market turbulence.

In a related move, the SEC says it is working on new approaches to reining in rushes of short-selling that can cause dramatic plunges in stock prices.</p


This article is from the BBC News website. © British Broadcasting Corporation, The BBC is not responsible for the content of external internet sites.

Hazem al-Braikan, Kuwaiti Charged With Fraud In The US, Kills Himself

KUWAIT CITY — A Kuwaiti businessman linked to Citigroup and charged in the United States with fraud committed suicide Sunday, a security official said.

Hazem al-Braikan was found dead in his bed with a gunshot wound to the head and a ha…

Wiggins makes hay but Contador flies

• Wiggins goes fourth after stage 18
• Contador wins time trial to increase his lead

“Time is my everything,” Bradley Wiggins tapped out on his Twitter site a couple of hours before the start of race today’s against the clock, quoting Ian Brown, the former lead singer of the Stone Roses, but it was not destined to be a day on which the clock became his plaything.

After losing the advantage of a promising start to a 40km time trial around Lake Annecy, however, he did well enough to ensure that he ended the day in fourth position in the general classification of the Tour de France, two places above his standing when he rolled down the starting ramp.

The time trial is his speciality, its disciplines honed during his reign as the world’s finest individual pursuit rider, and the course, including a third-category climb, appeared to be made for him. But, like all the contenders for the overall victory, he was outshone by a staggering ride from Alberto Contador, who took over the maillot jaune in Verbier last Sunday and used today’s stage 18 to make it virtually certain that he will wear it all the way to Paris this weekend.

Starting last, Contador was a yellow-clad streak of lightning cutting through the heavy air on a day when thunder rumbled in the surrounding mountains. Much earlier in the day the Swiss rider Fabian Cancellara, the Olympic time trial champion, set an impressive time of 48min 33sec and appeared to have secured a repeat of his victory in the opening stage in Monaco. But when Contador arrived at the first check-point, after 18km, the stopwatch suggested that he was moving in another dimension.

Inevitably his exertions took a toll, and his margin over the field gradually diminished as he circled the lake, but he came home in a time three seconds faster than that of the Swiss rider, with Wiggins, the closest of the challengers to his overall leadership, a further 40sec behind.

It was a demonstration worthy of his compatriot Miguel Indurain, a prodigious time trial performer who won the Tour five times in a row between 1991 and 1995, and on Sunday there will surely be a second victory in three years for Contador.

He explained that he had eased up towards the end of Wednesday’s stage, when he and the Schlecks were climbing the Col de la Colombière, in order to conserve his energy for the time trial. “That was an important factor,” he said.

He had started off thinking only of preserving his leadership, but when he saw his time at the top of the hill he decided to go for the stage win. “I knew Cancellara had gained a lot of time on the descent,” he said, “so I focused on going down the other side of the climb as fast as possible.”

The Schleck brothers, whose combined assault on Wednesday had lifted them to second and third places overall, experienced mixed fortunes. Neither is a time trial expert but, while the elder, Frank, lost 2min 34sec to Contador and dropped to sixth in the standings, the younger, Andy, limited his deficit on the day to 1min 45sec and held on to his second position, now 4min 11sec behind the yellow jersey, as a reward.

“I didn’t lose too much,” the 24-year-old Luxemburger said with a relieved smile at the end of a day that might have brought much worse news. He emphasised that he and his brother are looking forward to Saturday, when the race’s penultimate stage takes the riders up the Mont Ventoux, where they will again be hoping to use their climbing skills to isolate and attack Contador.

On the day Lance Armstrong announced that the principal sponsor of his new team will be RadioShack, a US chain of electronics stores, the seven-times winner failed to respond to signals and could finish no higher than 16th, 1min 30sec behind Contador. Frank Schleck’s bad display, however, lifted Armstrong to third place in the standings, 1min 14sec behind the younger Schleck but now a mere 11sec ahead of Wiggins.

The Englishman’s performance was clearly compromised by his earlier labours in the Pyrenees and the Alps, where he kept pace with the world’s greatest climbers. He was always likely to be presented with a bill, and it arrived on the Côte de Bluffy where he began to struggle.

His start had been fast enough to raise hopes of an ideal way to celebrate the 50th anniversary of the last time the Tour stopped by the side of this lake in the Haute-Savoie, when a stage from Annecy to Chalon-sur-Saone was won by Brian Robinson. That day the Yorkshireman was following up his achievement of the previous year when he had become the first British rider to win a Tour stage.

Wiggins has yet to join the list of Britain’s Tour de France laureates, but one of them, his current Garmin-Slipstream colleague David Millar, did not stint with his praise. “If you’d asked me three years ago whether Brad would have been in contention going up the mountains, I’d have said no,” the Scot announced after coming in with a time good enough for fifth place on the day, two seconds ahead of Wiggins. “But after seeing his determination and how hard he’s worked to be in such great physical condition, I’m proud to call him a team-mate. He inspires me.”

Saturday’s rolling stage from Bourgoin-Jallieu to Aubenas is likely to be a day of recovery rather than inspiration for those still in contention for a place on the podium, before the Giant of Provence discloses how much Wiggins, Armstrong, Andy Schleck and Andreas Kloden have left in the tank. The man in yellow, however, appears to be away and gone.

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SEC Orders Ex-CEO To Return Pay

The Securities and Exchange Commission for the first time Wednesday ordered an executive to return compensation awarded during years the company misstated financial results — even though the executive himself wasn’t accused of wrongdoing.