Posts Tagged shareholder
Two Charged in Insider Trading Scheme Linked to Law Firms
Posted by Oksana Grebenjuk in Favourites, Fund Markets on Апрель 8th, 2011
Federal prosecutors have charged a corporate lawyer and a trader with operating a decades-long insider trading scheme that earned the men $32 million.
Matthew Kluger, who until February was a lawyer in the mergers and acquisitions department of the California law firm Wilson Sonsini Goodrich & Rosati, is accused of “stealing” material nonpublic information about deals that his firm was working on, according to federal prosecutors in New Jersey.
Mr. Kluger, the government’s complaint said, shared the information with Garrett Bauer, a trader who then used the tidbits to place bets on certain firms involved in the deals.
In April 2009, for instance, Mr. Kluger tapped Sonsini’s computer system to gather information about the Oracle Corporation’s proposed bid for Sun Microsystems. Shortly thereafter, Mr. Bauer purchased more than four million shares of Sun Micro. The deal closed in early 2010.
The scheme, according to the government, dates back to the 1990s when Mr. Kluger was a lawyer at two of the biggest Wall Street law firms, Cravath Swaine & Moore and Skadden, Arps, Slate, Meagher & Flom. Mr. Kluger left Sonsini’s Washington office in March. Read the rest of this entry »
U.S. Stocks Decline, S&P 500 Ends Longest Weekly Winning Streak Since 2007
Posted by Oksana Grebenjuk in Favourites, Fund Markets on Январь 24th, 2011
U.S. stocks fell, ending the longest weekly winning streak for the Standard & Poor’s 500 Index since 2007, after Goldman Sachs Group Inc. and Citigroup Inc. failed to beat analysts’ earnings estimates and housing starts slid more than forecast.
The S&P 500 pared its weekly slump yesterday after General Electric Co. reported higher-than-projected profit, driving its shares up 7.1 percent. Goldman Sachs and Citigroup fell more than 4.6 percent this week after less trading hurt their earnings. Freeport-McMoRan Copper & Gold Inc. plunged 8.4 percent after cutting its sales forecasts, while Massey Energy Co. lost 4.8 percent, the most for a week since September.
The S&P 500 declined 0.8 percent to 1,283.35 this week, the first drop after seven straight weeks of gains. It retreated 1 percent on Jan. 19, the biggest one-day drop since November. The Dow Jones Industrial Average added 84.46 points, or 0.7 percent, to 11,871.84. The indexes hadn’t moved in opposite directions since October. Stock exchanges were closed on Jan. 17 for the Martin Luther King Jr. holiday.
“You came into earnings season with the bar set pretty high,” said Scott Migliori, the San Francisco-based U.S. chief investment officer at RCM, a unit of Allianz Global Investors that oversees more than $145 billion in assets. “Expectations have been ratcheted up over the last couple of months as the macroeconomic data points and macroeconomic outlook have improved. A pullback in late January, early February is reasonable and shouldn’t scare anybody.” Read the rest of this entry »
Banks go for say-on-pay vote uniformity
Posted by Oksana Grebenjuk in Banks on Октябрь 27th, 2009
Canada’s nine largest financial services companies have reached an agreement to give shareholders a vote next year on the same resolution approving the firms’ compensation policies for top executives.
The rare show of co-operation among the largest banks and insurers comes as they are preparing to give shareholders their first vote on executive compensation, a practice known as “say on pay.”
“We thought it was best for all our shareholders if we had a common approach, so that everyone would be on a level playing field,” said Deborah Alexander, general counsel at Bank of Nova Scotia.
“And I think we achieved something in this country that hasn’t been achieved anywhere else, in terms of a common approach that everyone feels is appropriate.”
While U.S. lawmakers are expected to pass legislation this year making say on pay mandatory for U.S. firms, Canada’s largest companies are championing a voluntary approach to compensation reform and are working together to ensure a standardized process for the first votes next year. Read the rest of this entry »
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