IFRS for U.S. by 2010?
In a previous entry, I highlighted the SEC’s movement to require U.S. companies to prepare their financial statements using International Financial Reporting Standards (a.k.a. “IFRS”).* In that entry, I speculated that the transition to IFRS would be rapid but didn’t offer a specific timeline. Having parsed more closely some of Chris Cox’s comments at a […]
Lerach, S-corps & the Savvy Guy Syndrome
Today, attorney William Lerach was sentenced to two years in the federal pen for obstructing justice and making false statements. He once won a $7 billion judgment against Enron for . . . (drum roll) making false statements. It’s a classic example of what I call the “savvy guy syndrome,” a behavioral disorder in which […]
When your stock falls, expect an insider-trading investigation
On top of everything else, Société Générale now faces European and SEC investigations into possible insider trading. Today’s Wall Street Journal headline reads “SEC Probes French Bank: U.S. Investigation of SocGen Focuses On Stock Sales.” When a publicly traded stock falls dramatically, you can expect market regulators to begin trolling for impropriety in trades by […]