Never mind the budget crisis or handing out IOUs, California has passed its own Electronic Discovery Act. California joins the 30 other states that have decided to include provisions in their rules aimed directly at the discovery of Electronically Stored Information. The Act amends the California Code of Civil Procedure by expressly permitting discovery of [...]
Archive | July, 2009
Special Report on Sovereign Wealth Funds
Pensions & Investments published a Special Report on Sovereign Wealth Funds. The report is based on a survey conducted in April by the Oxford University Center for Employment, Work and Finance: Oxford SWF Project. Sovereign wealth funds are perceived to be shrouded in mystery because, like many private investment funds, they do not publicly report [...]
Ethics and the Sales Relationship in World-Class Bull
The May issue of the Harvard Business Review offers up an ethics problem in its monthly case study: World-Class Bull (subscription required for full article). The three commentaries offer very different reactions to the facts presented in the case study’s fact pattern. John Humphreys, Zafar U. Ahmed, and Mildred Pryor penned the fact pattern. The [...]
Obama Plan for Financial Regulatory Reform and Private Investment Funds
Along with the Hedge Fund Adviser Registration Act of 2009, the Hedge Fund Transparency Act of 2009 and the Private Fund Transparency Act of 2009, we also have the Obama plan for financial reform: Financial Regulatory Reform – A New Foundation: Rebuilding Financial Supervision and Regulation. Under the Obama plan, all advisers to private pools [...]
California IOUs
California started issuing IOUs instead of checks. I know some people that got an IOU instead of their tax refund. They are not alone. In the last week, State Controller John Chiang’s office issued 91,000 IOUs worth $354 million to people expecting tax refunds, to state vendors and to local governments. Banks have been willing [...]
Enterprise 2.0 by Andrew McAfee
I just read an early preview chapter from Andrew McAfee’s forthcoming book Enterprise 2.0: New Collaborative Tools for Your Organization’s Toughest Challenges. The book is scheduled for release later this year from Harvard Business Press. You can also download and read the preview chapter: Introduction of Enterprise 2.0. Much like Professor McAfee, I too was [...]
Discretion and Compliance
Martin Lomasney created a famous saying on the importance of discretion: “Never write if you can speak; never speak if you can nod; never nod if you can wink.” At the time of Lomasney, it was not email but telegrams that were the principal method of electronic communication. But those telegrams just ended up on [...]
Corporate Compliance Scam Comes to North Carolina
A vigilant reader in North Carolina received an “Annual Minutes Requirement Statement” from Corporate Compliance Services. We have seen a similar scam in California, Colorado, Florida, Georgia, Indiana, Illinois, Massachusetts, Montana, New York, Ohio, and Texas. The very official document cites North Carolina General Statute §55-16-01(a) with the requirement that a corporation must keep a [...]
Associational Retaliation Claims
Most companies have some form of non-retaliation policy for employees who make a good faith report of a problem. But what if the company retaliates against someone else instead? That was the situation presented in a recent court case: Thompson v. North American Stainless. A woman and her fiancee worked at the same company. She [...]
What Went Wrong at Lehman?
Complinet interviewed David DeMuro, head of compliance at Lehman Brothers during its last days in 2008. It should come as no surprise that the warning signs were there for everyone to see but in the midst of a bubble, employees were too scared to raise their hand because there was still money to be made. [...]
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