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  • Posts by Ivan Diamond
    In Memoriam

    1940 - 2013 In Memoriam

    Ivan died at home on June 17, with Penny, his wife of 50 years, at his side, listening to his favorite jazz music. During a five-year battle with cancer, Ivan and Penny completed a lengthy bucket list of trips ...

Treasury Secretary Henry Paulson recently announced terms for private bank participation in Treasury’s capital purchase program (the “CPP”). Private bank applications under the CPP are due on December 8, 2008. Among the key features of the CPP for private banks (“Private Bank Program”) are the following terms.

  • Amount of Equity; Eligible Institutions. Eligible ...

The Emergency Economic Stabilization Act of 2008 (the “Act”), authorizing a $700 billion U.S. economic rescue plan, was passed by Congress on October 3, 2008, and President Bush has signed the Act into law. Since that date, financial industry regulators have announced a number of significant initiatives designed to foster liquidity and confidence in the U.S. financial system ...

 

Responsible corporate governance is essential to all businesses, both public and private. The regulations of the Sarbanes-Oxley Act require public companies to run a tight ship, but there are many reasons for private companies to have good corporate governance practices, as well. For instance, you could be impeded from selling your business, going public or obtaining financing.

 Public companies should begin to prepare for the upcoming proxy season now. The revolutionary change in how proxy statements can or must be delivered to shareholders next year means that companies need to develop a plan of action when it comes to the proxy process as soon as possible. Those companies that wait too long may end up missing out on potentially big savings or find out they are too ...

Identity theft, which involves the stealing of personal identifying information, is a growing crime that impacts thousands of unsuspecting consumers. After an identity thief obtains personal information, it may be used to steal money from the victim’s accounts or make massive purchases on the basis of the victim’s credit. While identity theft clearly harms the victim, a ...

Posted in General

The era of the more business friendly Securities and Exchange Commission (“SEC”) of former Chairman Harvey Pitt has come to an end in the wake of Sarbanes-Oxley and the Enron-WorldCom corporate implosions. In fact, the total fines levied by the SEC have skyrocketed from $44 million in 2001 to more than $1 billion in both 2003 and 2004. During the same period, the number of enforcement actions initiated because of alleged abuses in the areas of financial reporting and accounting have increased by more than 70 percent. See Tim Reason, The Limits of Mercy, CFO, April 2005, at 61, 62.This increase in the number and severity of enforcement actions being brought by the SEC appears to be a policy shift for the agency in general. Companies and individuals that fail to respond to this shift in corporate oversight and accountability may join the growing ranks of those facing SEC enforcement penalties through its enforcement process.

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