From his 23rd-floor suite of offices in Houston’s Lyric Centre, John M. O’Quinn is plotting what he hopes will be his next multibillion-dollar jackpot. Not that the 62-year-old senior partner of O’Quinn, Laminack & Pirtle needs the dough; FORBES estimates his law firm has won $1.5 billion in fees from the makers of silicon breast implants and cigarettes. This time he’s aiming at Wall Street.
Parts the Seas, Restores Hope & Morality to the American Way,
The author has written a book that outlines an implementable vision worthy of the Nobel Prize.If you buy just one book this year, if you read just one book prior to voting in the primary and general elections of any country, this is the book. It combines common sense, a deep understanding of the flaws of a capitalist system that has been hijacked by unethical elites, and an extraordinary diversity of interviews and sources that I found compellingly sensible and straight-forward.
On February 3, 2003, The Depository Trust Company filed with the Securities and Exchange Commission (“Commission”) and on February 11, 2003, amended proposed rule change SR-DTC-2003-02 pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (“Act”).1 Notice of the proposal was published in the Federal Register on February 22, 2003.2 Eighty-nine comment letters were received.3 For the reasons discussed below, the Commission is granting approval of the proposed rule change.
In November 1932, deputy Fabien Albertin took the floor of the National Assembly in Paris to denounce tax evasion by eminent French personalities-politicians, judges, industrialists, church dignitaries, and directors of newspapers-who were hiding their money in Switzerland.
“The minister of finance knows very well that for ten years, the concern of all his predecessors has been to track down this fraud . . . ” he declared. “However, till now, the information one has gotten has been extremely vague. When documents arrive, they are formless notebooks in which holders of accounts are represented only as numbers. Employees of the banks don’t know the names of account holders. These names are known only to the director of the bank, who the clients forbid to correspond with them, so anxious are they to preserve anonymity.”
“The Securities and Exchange Commission, expanding a probe into alleged IPO abuses, has signaled to Morgan Stanley that it may file civil charges alleging the securities firm doled out shares to investors based partly on their commitments to buy additional stock after trading began, people familiar with the matter say,” writes Randall Smith in today’s Wall Street Journal.
“The SEC staff has informally indicated to Morgan Stanley that it plans to send a so-called Wells notice notifying the firm of the planned charges, the people said. The development suggests the SEC’s investigation into such “laddering” of stock sold in initial public offerings could be heating up. The probe is one of the last major regulatory crackdowns on Wall Street excesses that characterized the 1990s stock-market bubble.”
Douglas and Deborah Millar are about to become $7.7 million richer. The Pennsylvania couple didn’t buy a state lottery ticket. Instead, they played another popular game of chance: Sue Your Broker.
In granting one of the largest awards on record six weeks ago, a private arbitration panel ruled that Merrill Lynch failed to advise the Millars on how to protect the value of a stake in former Internet high-flier FreeMarkets that in better times was worth $48 million. Merrill has appealed, but legal scholars say arbitration awards are rarely overturned.
The shorts have crowded in on UAL in a big way, helping to push the parent of financially troubled United Airlines much closer to bankruptcy. The stock has nosedived from $20 a year ago to $2 on Oct. 8. Right after US Airways filed for bankruptcy protection on Aug. 11, UAL (UAL ) announced that it, too, might have to resort to Chapter 11 bankruptcy protection. UAL shares were then trading at $4.
High Yield Financing and Efficiency-Enhancing Takeovers
Milken Institute Policy Brief No. 22, 27 November 2000
This study analyzes the determinants of the risk of takeover from 1981 to 1997 based on a sample of 896 Fortune 500 firms using sophisticated methodology. The measure of firm efficiency includes both production costs and overhead expenses. If relatively inefficient firms are chosen as the targets in takeovers and the new owners reduce the costs of these inefficiencies, then the potential for gains from takeovers for the US economy exists. Because firm-level costs are adjusted for the industry median, the study is able to capture the inefficiency implications of firms where it is clear that other firms in the same general product line are better controlling their costs. Indeed, high total cost per unit of revenue is a powerful determinant of the risk of takeover throughout the period under study. The impact of size on the risk of takeover, however, changed across time.
Holder is notorious for his bad judgement and complicity in massive financial fraud inclusive of naked short selling. The Holder Memorandum will stand with Herbert Hoover’s complicity in The Great Depression as one of the most examples of what Matt Taibbi calls “Griftopia” – the merger of political and financial crime.