October 15, 2008

Companies Cut Investment In Tough Times; Credit Crunch Key, But Even Cash-rich Firms Reluctant To Spend Now

By: Investor's Business Daily
REINHARDT KRAUSE

Corporate America is putting the brakes on capital spending.

If investment screeches to a stop, that could intensify a recession, economists say. That's because capital spending is a big driver of economic growth.

Companies have...

October 15, 2008

Federal Deficit Hits Record $455 Billion; The Shortfall For Fiscal 2008 Is Larger Than Was Feared. It Is Likely To Be A Key Issue In The Last Weeks Of The Campaign.

By: Los Angeles Times
Richard Simon, Times Staff Writer

Compounding terrible economic news, budget officials announced Tuesday that the federal deficit has soared to a record $455 billion, injecting new urgency into the closing days of the presidential campaign about spending in...

October 13, 2008

15 EU Nations Unite In Bid To Prop Up Banks; The Coordinated Effort Mirrors U.S. And British Actions. World Markets Await Details From Each Of The Euro Countries.

By: Los Angeles Times
Achrene Sicakyuz and Sebastian Rotella, Times Staff Write

European leaders agreed Sunday on a coordinated rescue plan to guarantee inter-bank lending, inject cash into the banking sector and take other measures to beat back the crisis caused by the global financial meltdown.

At an...

October 13, 2008

Accounting Firm SingerLewak Expects A Rise In Governance, Risk And Compliance Vulnerabilities In U.S. Corporations Following The Government's $700 Billion Bailout Plan; Leading California Accounting And Consulting Firm Seeks To Advise America's Executives To Tighten Internal Controls Now

By: PR Newswire

LOS ANGELES, Oct. 13 /PRNewswire/ -- SingerLewak, a full service accounting and management consulting firm headquartered in Los Angeles, today issued a Governance, Risk and Compliance advisory following the federal government's...

October 12, 2008

Executives Not All To Blame For Exorbitant Pay; Boards Of Directors Need To Pay Attention To Performance, Delphi CEO Says

By: Grand Rapid Press (Michigan)

Exorbitant executive pay packages and scant regulation of complex investments even those selling them didn't fully understand were major points of contention in the $700 billion Wall Street bailout.

October 12, 2008

Sprint Nextel Execs Top List Of Most Overpaid

By: PC Magazine.com
Reuters

NEW YORK (Reuters) - An investor advisory firm has deemed Sprint Nextel Corp executives the most overpaid in corporate America, with top managers awarded pay valued at nearly $74 million last year when the company struggled. The...

October 11, 2008

Finding The Right Person For The CEO's Job; Ineffective Selection Processes Are Leading To Poor And Very Costly Top Executive Hires, Says ROLAND RUIZ

By: The Business Times Singapore

AS a governance responsibility, CEO succession is arguably the most important decision that boards will make. Given the volatility in today's financial markets and regional economies, shareholders are demanding the right to...

October 11, 2008

ICE Joins Forces To Create Market; Clearinghouse Could Reduce Risk Of Credit Default Swaps

By: The Atlanta Journal-Constitution
PAUL DONSKY; Staff

Atlanta-based IntercontinentalExchange, or ICE, has joined forces with three other financial companies to create a global clearinghouse for credit default swaps, the obscure securities blamed for fueling Wall Street's financial...

October 10, 2008

Jury Awards $31.8 Million In Damages Against KPMG In Accounting Fraud Trial, Announces Eagan O'Malley & Avenatti, LLP

By: Business Wire

A jury today awarded $31.8 million against Big Four firm KPMG in an accounting fraud lawsuit.Cast Art Industries, LLP v. KPMG, LLP, Superior Court of New Jersey Law Division - Middlesex County (Docket No. MID L-3295-03). With...

October 10, 2008

SEC Charges Former Duane Reade Executives with Accounting Fraud

By: Securities and Exchange Commission

Washington, D.C., Oct. 9, 2008 — The Securities and Exchange Commission has charged two former senior executives at Duane Reade with fraud for orchestrating multi-million dollar accounting schemes that caused the company to...