Compliance Bits and Pieces for May 21

Here are some compliance related stories that caught my eye recently:

The annotated MBA oath by Alex Beam in the Boston Globe

How does a pledge of honor fit into today’s business world? Just read between the lines.

FCPA Red Flags, Hewlett-Packard and Big Papi by Tom Fox

Recently, commentator and former big league manager, Buck Showalter discussed the current batting slump of Big Papi, David Ortiz, by noting that his inability to hit the off-speed was a Red Flag for what is really ailing him, decreased bat speed. Showalter explained that the reason Big Papi’s failure to hit a curve ball was a Red Flag which indicates a bigger problem; Ortiz has to amp up to hit a fastball so much now that he is susceptible to being quite easily fooled by an off-speed pitch. In the FCPA compliance world a Red Flag can also be equally indicative of a larger problem.

Private Equity Council issues statement on proposal to raise taxes on growth investments

“At this time of great market uncertainly, now is not the time to upend more than 50 years of partnership tax law characterizing carried interest as a capital gain. This punitive, 157 percent tax hike on growth investment by real estate, venture, private equity and other firms will hurt those companies that are most desperately in need of capital to sustain or create jobs and drive growth.”

Why E.D. Va. Has Jurisdiction Over Fraud at Public Cos. by Bruce Carton for Compliance Week‘s Enforcement Action

So why is Mr. MacBride gearing up in this way? Mr. MacBride, didn’t you hear that Northern Virginia never quite became the “Silicon Valley of the East” as was hoped back in 2000? Actually, it turns out that MacBride’s plans have nothing to do with companies headquartered or even doing business in Virginia. Rather, MacBride asserts that his office has jurisdiction over most securities fraud because the SEC’s EDGAR database is physically housed in Alexandria, Va. That means that every publicly traded company technically makes their SEC filings in his district.

New Survey Studies Social Media Use by General Counsel by ALM Legal Intelligence

The survey of the social media habits of 164 in-house counsel was conducted by Greentarget Strategic Communications, ALM Legal Intelligence and Zeughauser Group. The survey reveals that sophisticated purchasers of legal services in major corporations increasingly are influenced by attorney-authored blogs in forming opinions that influence law firm hiring decisions. Additionally, nearly 70 percent of respondents aged 30 to 39 expect their consumption of business and legal industry news through social media platforms to increase within the next six months.

Attorney General Eric Holder at Boston University School of Law’s Convocation

Dean O’Rourke, distinguished faculty, proud parents, family, and friends, and, above all, members of the class of 2010. I am proud to salute you. And I am honored to stand with you on the day that, more than any other, marks the start of your journey of service to the law – and to the people it protects and empowers.

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