A Wall Street short-seller on Thursday was charged by the Securities and Exchange Commission with spreading false rumours in a case that suggests regulators are taking a fresh look at behaviour that many companies say is now rampant.
The case, which hinges on rumours about a Blackstone takeover deal, comes as the SEC faces growing pressure to investigate allegations that false rumours about Bear Stearns may have had contributed to its collapse last month…
Mr. Cox: Do you still believe this and which barriers to entry should be changed?
With regard to liability relief , Financial Week’s Andrew Osterlund said in May of 2007, “SEC chairman Christopher Cox, already under fire for what some critics describe as steering the commission in too business-friendly a direction, may be less willing to take up the issue.”
Mr. Cox: What are your views on liability caps for the Big 4?
In anticipation of his June 25th appearance before Congress’ Financial Services Committee, journalists felt Cox would undoubtedly face questions then about the July 2006 executive compensation rule, which even he has admitted has failed to stem corporate “boilerplate” on executive pay and that he would field questions about why it made sense for the SEC in 2000 to adopt rules on auditor “independence,” but why it does not make sense now to do the same for compensation consultants.
Mr. Cox: What are your views on independence rules for compensation consultants?
In June of 2007, after his appearance in Congress, the Washington Post reported that Chairman Cox told told lawmakers the government “would do its very best to make sure that injured Enron investors receive the full amount of recovery to which they are entitled in our legal system.”
Mr. Cox: Do you still believe the government can help Enron investors receive appropriate recovery given the failure the Supreme Court to rule in favor of the plaintiff’s in Stoneridge?
Mr. Parrett was Global CEO of Deloitte until May 31, 2007 when Jim Quigley succeeded him. But he is still a member of the firm and has not yet retired. He will be a retired partner of Deloitte soon but will still collect benefits (and be interested in their success and profitability) while Deloitte is Blackstone’s auditor.
In July of 2007, Securities and Exchange Commission Chairman Christopher Cox said mortgage servicers may modify individual mortgage loans when a default is reasonably foreseeable without breaking accounting rules.
Mr. Cox, What is your current view on whether it’s still the accountants and the accounting rules that are preventing mortgage services from modifying mortgage loans to help citizens suffering from usurious rate adjustments?
From The Independent Accountant – Will the SEC adopt my “Blankfein Test” and ignore insignificant enforcement actions, like that against the PWC two?