November 1, 1974 - "We're Moving Right Along," Herblock, Copyright by The Herb Block Foundation

SEC Historical Society

The Securities and Exchange Commission Historical Society has launched a new gallery exploring the SEC during the mid to late 1970s: In the Midst of Revolution: The SEC, 1973-1981. “From 1973 to 1981, the securities industry and the SEC experienced revolutionary change that created enormous upheaval, provided new economic opportunity and made the task of […]

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Computer Files for Employees in France

France has strict laws on the ability of a company to monitor its employees’ computers. But a recent French decision found that files created by an employee on a computer issued by the company for work purposes are presumed professional unless the employee identified them clearly as personal. So the company can open these files […]

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Supreme Court to Hear Case on Employer Access to Worker Messages

How much privacy do workers have when they send text messages from company accounts? Users of text-messaging services “have a reasonable expectation of privacy” regarding messages stored on the service provider’s network, 9th Circuit Judge Kim Wardlaw said in Quon v. Arch Wireless Operating Company, Inc., 529 F.3d 892 (9th Cir. 2008). In that case […]

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COBRA Subsidy Expiring

Congress continues to health care reform while the emergency COBRA subsidy is set to expire. To help out the wave of workers laid-off, downsized and outsourced, Congress included a health insurance subsidy as part of the American Recovery and Reinvestment Act of 2009. The government would pay 65 percent of the COBRA premium for eligible […]

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Happy Hanukkah

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House Passes Far-Reaching Bill Tightening Financial Rules

Today, the House passed the Wall Street Reform and Consumer Protection Act of 2009 (H.R. 4173 ), a week after it was introduced. It looks it is a mashup of other bills that were being tossed around in the House to regulate the financial industry. According to Carl Husle of the New York Times, “After […]

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Compliance Bits and Pieces for December 11

Here are some interesting stories from the past week. Tis the Season! Where are the gifts from vendors?? from Kathleen Edmond, Best Buy’s Chief Ethics Officer This time every year we send out reminders to our employees that we do not accept gifts from vendors. At the same time we send letters to our vendors […]

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Carried Interest Tax Legislation Suddenly Appears and Moves Forward

Tucked into the Tax Extenders Act of 2009 (H.R. 4213), is a provision targeted at partnership interests held by partners providing services. This proposal seems to be the same proposal offered by Congressman Sandy Levin from the 12th District of Michigan in H.R. 1935 which has been sitting in Committee [See prior post: Carried Interest […]

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Data Accountability and Trust Act Passed by House

The Data Accountability and Trust Act (H.R. 2221) was passed by the House on Tuesday. This act would requires the Federal Trade Commission to promulgate regulations requiring each person engaged in interstate commerce that owns or possesses electronic data containing personal information to establish security policies and procedures. This bill would preempt any state laws in […]

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SEC Goes After Sub-Prime Lender

The Securities and Exchange Commission charged three former top officers of New Century Financial Corporation with securities fraud for misleading investors as New Century’s subprime mortgage business was collapsing in 2006. At the time of the fraud, New Century was one of the largest subprime lenders in the nation. In its complaint, the SEC alleges […]

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