The House Financial Services Committee passed H.R. 3818, the Private Fund Investment Advisers Registration Act, introduced by Congressman Paul E. Kanjorski (D-PA), Chairman of the House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises. The Committee passed H.R. 3818 by a vote of 67-1. The press release summarizes the bill as “Everyone … Read more »
Accidental Securities Underwriter
So you made almost $1 million on selling penny stocks through the pink sheets on $75,000. Nice pay day. Then the SEC makes you give it all back. This is the sad tale of Rodney Schoemann, a professional stock market trader. Schoemann had previous purchased some restricted shares in Stinger Systems, Inc. that were marked … Read more »
How to Read a Privacy Policy
The Common Data Project surveyed the online privacy policies of the largest internet companies. Their conclusion: We realize that most users of online services have not and never will read the privacy policies so carefully crafted by teams of lawyers at Google and Microsoft. And having read all of these documents (many times over), we’re … Read more »
More than 100 Banks Have Failed in 2009
Bank closures are usually symptomatic of the economy. Last Thursday, the number of banks subject to FDIC closure stood at 99. Since FDIC take-overs are usually Friday afternoon, the question was “Would the FDIC would reach one hundred this weekend?” They smashed through the century mark, closing seven banks over the weekend: First DuPage Bank, … Read more »
Who Knows What?
A nice piece in Monday’s Wall Street Journal on knowledge management: Who Knows What? Finding in-house experts isn’t easy. But most companies make it harder than it should be. The article, by Dorit Nevo, Izak Benbasat and Yair Wand, explores the expertise location benefits of enterprise 2.0. The authors describe the use of blogs, wikis, social … Read more »
No Bribe, Just a Thanks
The Commonwealth of Massachusetts Ethics Commission fined Norfolk property developer Jack Scott for violating section 3 of M.G.L. c. 268A, the conflict of interest law, by offering an illegal gift to a municipal employee. Scott offered a free week’s stay at his fly-fishing cabin in Pennsylvania to the chairman of the Norfolk Conservation Commission at … Read more »
Compliance Bits and Pieces
Here are some interesting stories from the past week: Compliance Surprises in Cuba’s Closed Economy by Alexandra Wrage on the WrageBlog Companies enjoying any success in Cuba have partnered with savvy locals who guide them through the dense, opaque bureaucracy. Such companies must convince the government that they are there for the long haul. They … Read more »
Personal Knowledge Management and Compliance
Today, I am presenting at the Boston KM Forum on Personal Knowledge Management. My presentation is part an all-day symposium on personal knowledge management. My take on this subject is that knowledge management had been too focused on the benefits to the enterprise instead of the immediate benefits to the individual. Firehose of Information We … Read more »
New Mexico Regulates the Use of Placement Agents
New Mexico, like New York and California is regulating the use of placement agents. The state has adopted the New York Model and banned any future investments with money managers who employ third-party placement agents. They have also instituted enhanced disclosure requirements. The New Mexico State Investment Council policy will preclude any investments being made … Read more »
Insider Trading Enforcement
Either the Securities and Exchange Commission has stepped up its enforcement of insider trading or it’s doing a better job of publicizing its enforcement. Earlier this week, the SEC announced its case against Raj Rajaratnam and his New York-based hedge fund advisory firm Galleon Management LP. On September 23, they charged Reza Saleh with insider … Read more »