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 … Read more »
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 … Read more »
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 … Read more »
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 … Read more »
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 … Read more »
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 … Read more »
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. … Read more »
Workplace Computer Policy and the Attorney Client Privilege
Back in April, I mentioned a New Jersey case that found e-mail, sent during work hours on a company computer, was not protected by the attorney-client privilege: Compliance Policies and Email (Stengart v. Loving Care [.pdf]) That case has now been overturned. It seems that a company’s policy on computer use may be more limited … Read more »
To Lead, Create a Shared Vision
In the January 2009 issue of the Harvard Business Review is a short Forethought piece on the importance of leaders creating vision: To Lead, Create a Shared Vision. James M. Kouzes and Barry Z. Posner emphasize the important of leaders creating vision for their organization and develop a forward-looking capacity. But rather than leaders thinking … Read more »
Whistleblowing in Europe – Legal Aspects
Jonathan Armstrong of Eversheds gave this webinar. (You can watch it yourself after a free registration: Whistelblowing: Challenges in running a helpline in Europe) These are my notes: Why have a hotline? A hotline can help the headquarters connect with offices abroad. They can help internalize issues and the flow of information. The main reason … Read more »