Ironically, the proposal’s fatal flaw is that the dramatic rate of change in AI technology already has made it obsolete. Since its publication just a few months ago, we’ve gone from requesting haikus from generative AI chat websites to integrated functions in our everyday applications. Machines now produce initial drafts of prose and code on par with junior analysts, and…
Undeterred, Gensler is pushing ahead with the biggest regulatory blitz since the financial crisis, setting the stage for the latest in a long line of battles between Wall Street and its main regulator. The question now is whether he can see through his ambitious agenda in the face of an industry fightback, sceptical judges and the possibility of a new…
Sheppard, Mullin, Richter & Hampton LLP is pleased to announce that John Marston has joined the firm as a partner in the Governmental Practice, based in the Washington, D.C office. Marston joins from Foley Hoag LLP. A former federal prosecutor, Marston has led numerous investigations and tried more than 50 civil and criminal cases to verdict. Marston also brings specialized…
Damian Williams, the United States Attorney for the Southern District of New York, announced the guilty plea today of SHAMOON RAFIQ, a/k/a “Shamoon Omer Rafiq,” a/k/a “Omar Rafiq,” a/k/a “Omer Rafiq,” a resident of Singapore, for engaging in a scheme in which RAFIQ solicited millions of dollars of investors’ money by falsely representing that he was offering investments in shares…
The U.S. Justice Department team tasked with rooting out corporate crime secured $690 million in penalties in 2023, its lowest tally in at least eight years, according to new DOJ data released Thursday. The department’s Washington D.C. Fraud Section, which focuses on corporate wrongdoing related to healthcare, securities, and foreign bribery, last year brought eight resolutions to settle probes into…
In any discussion these days of emerging directors’ and officers’ risks, the conversation inevitably turns to the topic of Artificial Intelligence (AI). There is a general perception that while AI presents significant opportunities, it also involves significant liability risks. The contours of the risk that AI represents have yet to develop, largely because the claims have yet to emerge. That…
At least three companies — Planet Fitness Inc., Mister Car Wash Inc. and Rivian Automotive Inc. — had to correct parts of their earnings released in the past day. All three cited a “clerical error” in filings Thursday with the US Securities and Exchange Commission. The mistakes come about a week after Lyft Inc. had to correct its earnings release…
And there are very fine-grained forms of jealousy here. If you are the co-head of some important business, and you are not on a committee, and the other co-head of that business is on that committee, that is a mortal insult. The Financial Times reports: “Two of Goldman Sachs’ top investment bankers have threatened to quit after being excluded from…
On 10 January, the US Securities and Exchange Commission (SEC) approved spot exchange-traded funds (ETFs) for Bitcoin. For disciples, the formal approval confirms that Bitcoin investments are safe and the preceding rally is proof of an unstoppable triumph. We disagree with both claims and reiterate that the fair value of Bitcoin is still zero. For society, a renewed boom-bust cycle…