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Join the Securities Litigation and Enforcement Group on LinkedInJaime Lizárraga Sworn In as SEC Commissioner
The Securities and Exchange Commission today announced that Jaime Lizárraga has been sworn into office as a Commissioner by Chair Gary Gensler. Commissioner Lizárraga was nominated by President Biden earlier this year and confirmed by the U.S. Senate on June 16. Source: SEC.gov | Jaime Lizárraga Sworn In as SEC Commissioner
Elon Wants to Fight the Bots – Bloomberg
Elon Musk is trying to get out of his deal to buy Twitter. He claims to believe that more than 5% of Twitter’s mDAUs are bots. It would clearly be advantageous for Musk if we lived in the alternate universe where Twitter’s merger agreement promised that no more than 5% of its mDAUs were bots. For one […]
Statement on Departure of Commissioner Allison Herren Lee
We want to thank Allison Herren Lee for her tireless work and commitment to the Commission and its mission. Her years of public service have been marked by her humility, thoughtfulness, and dedication to investors and our markets. We have been fortunate to have her as a colleague. Source: SEC.gov | Statement on Departure of […]
Raj Rajaratnam Is Out of Jail and Hunting for His Next Big Trade – Bloomberg
…To hear Rajaratnam tell it, Bharara used the power of his office to win at all costs and advance his own career. He mentions Bharara 325 times in his 333-page book. Bharara today says he doesn’t care what Rajaratnam thinks. In an email, the former prosecutor called the hedge funder he put away possibly “the […]
Auditors Cheating on Ethics Exams – Who’s Surprised? – Re:Balance — Jim Peterson
Pious dissections of the SEC’s record-setting $ 100 million fine levied this summer against EY for widespread staff cheating on ethics and other exams, and the firm’s delays and mis-directions in its regulatory reporting, have missed three points: They did it because they could, and had their reasons. The reasons evaded the understanding and best […]
SEC Action Against CCO Raises Many Questions | ThinkAdvisor
The order presents several problems for the industry. First, there are three missing players in this drama: the “bad guy” who engaged in undisclosed OBA(s) and who hasn’t apparently been sanctioned, the IAR’s supervisor who presumably could have ordered him to complete those missing forms, and the CCO’s supervisor. Second, it’s not clear how the […]
Racial and Ethnic Diversity on U.S. Corporate Boards – Progress Since 2020
As the following graph demonstrates, 2022 has set a record by being the first year when all S&P 500 companies included at least one racially/ethnically diverse director, with the number of non-diverse S&P 500 boards going from 11 percent in 2020 to 5 percent in 2021 and zero in 2022. A record 36 percent of […]