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POPSPaulson Urges Stronger Fed Role On Wall St. Reiteration of the thrust of the Treasury's blueprint from earlier this year as Washington's tries to work out how to get out of the situation the Fed created by flooding the banks with lifeboat liquidity.
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POPSReady? Here comes XBRL. The SEC has been pushing for companies to use XBRL for electronic filing of their reports, wtih not much luck. But will keeping up with foreigners prove sufficient motivation for U.S. companies to fall in line? We think not.
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POPSClayton Holdings Subpoenaed In SEC Subprime Probe The SEC has been looking for potential accounting irregularities in the securitization of subprime mortgages for some months. A suspicion is that firms have been using credit quality ratings as the basis for pricing and marking issues of collaterallised debt obligations (CDOs), which are repackaged pools of debt, in this case subprime mortgages, sold to investors. CDOs are not easy to price as there is not an active market in them. Most times it is a matter of an educated guess. But a credit quality rating is not the same as a valuation. No doubt some investors have taken the two to be the same, and suffered as a result. But who encouraged them to think so? And is it sharp or illegal practice if a firm did encourage them to do so. That is something the SEC is trying to work out. -- PM
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POPSFired Halliburton Whistleblower To Sarbanes-Oxley has provided less protection to those who blow the whistle on alleged accounting improprieties than might have been expected. This case, involving Anthony Menendez, may be different as Halliburton is such a high profile company and some in Congress are talking an interest. However, the SEC has already looked into the allegations, which concern the company's revenue booking practices on products and services not yet delivered, and not seen fit to take any action.
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POPSDo Your Stocks Do Business With State Sponors Of Terrorism? This page has a link to an SEC tool that lets investors see at a glance which companies have business ties with countries the U.S. has designated State Sponsors of Terrorism -- Cuba, Iran, North Korea, Sudan and Syria. The information comes from each company's latest annual report filed with the SEC. As the SEC notes, the existence of a disclosure by a company concerning activities in one of the listed countries does not, in itself, mean that the company directly or indirectly supports terrorism or is otherwise engaged in any improper activity. But many of the financial firms listed are furious to have been so.
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