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Join the Securities Litigation and Enforcement Group on LinkedInCombined Total of FSA Fines Since 2001 About to Crack £100 Million
The total amount of fines administered by the UK’s Financial Services Authority (FSA) since its creation in 2001 is about to hit the £100 million milestone, OpRisk & Compliance reports. So far in 2008, FSA has imposed £20.5 million in fines, £8.1 million of which were jointly levied against Santander-owned UK bank Alliance & Leicester […]
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The Lessons of Eminem’s “8 Mile” for Fannie Mae and Freddie Mac Executives
Stop reading now if you did not like (or bother to see) Eminem’s movie “8 Mile.” Hey … where did everybody go? OK, for the three of you who are still reading, Joe Weisenthal of Clusterstock has some original advice for the heads of Fannie Mae and Freddie Mac who must testify next month on […]
RiskMetrics Group Releases Latest SCAS Top 100 List of Securities Class Action Settlements
RiskMetrics Group’s Securities Class Action Services released yesterday its most recent SCAS Top 100 list of the largest securities class action settlements since the passage of the PSLRA. Only final settlements (approved by the court) are included. Only one 2008 settlement has made its way into the report’s Top 20: the $1,042,500,000 McKesson HBOC Inc. […]
Video: “The Lesson of Enron … There Is No Lesson”
The WSJ’s Dennis Berman revisits Enron, once thought to be “the scandal to end all scandals.” Looking at the current financial crisis, he says it appears that no lessons were learned from Enron’s downfall.
The SEC’s Office of Risk Assessment: Reloaded
»Lynn Turner, October 7, 2008 Congressional testimony: “At the SEC, the Office of Risk [Assessment] had been reduced to an office of one by February of this year.” »SEC Chairman Christopher Cox, October 23, 2008 Congressional testimony: “The Office of Risk Assessment when I came to the SEC had seven people. It has seven people […]