April 3, 2009 |
Under intense pressure from Congress, accounting rule makers on Thursday voted to give banks more discretion in valuing dicey assets. The changes to so-called mark-to-market accounting standards could help banks avoid more write-downs on troubled mortgage-backed bonds. Banks also could decide to boost the value of those assets on their balance sheets, which could bolster their finances -- allaying concerns about the need to raise more capital.
October 4, 1995 |
Chrysler Corp. Chairman Robert J. Eaton launched a strong attack Tuesday on renegade stockholder Kirk Kerkorian, saying the time had come to speak out against a "negative campaign" hurting the auto maker. Eaton accused Kerkorian, Chrysler's largest stockholder, of trying to harass and discredit the auto maker's management as part of an effort to enrich himself at all costs after a failed takeover bid.
February 11, 2002 |
After Enron, the accounting and securities industries are in the same uncomfortable position as the airlines after Sept. 11. To reassure fliers wary of the skies after the terrorist hijackings, the airline industry had to accept a long list of federal safety regulations it had long grounded. Likewise, to lure back investors fearful of more Enron-like accounting scandals, the investment industries may now have to accept new federal investor protections they have long blocked.
July 27, 1997 |
When Philadelphia lawyers sued directors of Archer-Daniels-Midland Co. last year for their role in a huge price-fixing scandal, they said they were striking a blow for the company's shareholders. ADM settled the suit recently for $8 million. But guess who gets the money? Not the shareholders, but the lawyers. "It's a classic case of lawyer greed," said Mark C. Hansen, an attorney for institutional shareholders protesting the settlement.
November 9, 2007 |
Two groups representing union pension funds turned their sights on Countrywide Financial Corp.'s directors Thursday, saying board members failed to curb what they called excessive compensation for Chairman and Chief Executive Angelo Mozilo.
February 15, 1985 |
Financier Carl Icahn said Thursday that if shareholders join him in rejecting a refinancing plan for Phillips Petroleum Co. next week, he will attempt to have the company sold to an employee group or another bidder "at a fair price" after first unseating the board of directors. "I'm not going away under any conditions," he said, adding that he would hold his stock--currently 7.5 million shares, or 4.
July 27, 2005 |
Silicon Valley lost its best hope to avoid treating stock options as a formal expense, when the man poised to become the nation's new securities chief said Tuesday that he would support the accounting shift. While Rep. Christopher Cox tried to beat back the options change in Congress, he told a Senate committee weighing his nomination as Securities and Exchange Commission chairman that the agency should make sure "that the rule is implemented as the markets expect."
January 23, 2007 |
The Securities and Exchange Commission Monday said it would not intervene in a dispute over board election rules at Hewlett-Packard Co. and signaled that a clear policy governing director nomination contests probably would not be implemented until the 2008 season of corporate meetings. The announcement underscored the difficulties faced by the SEC and its chairman, Christopher Cox, in achieving consensus on a plan to give shareholders a greater voice in the corporate election process.
September 28, 2007 |
Shareholder activists Thursday blasted proposals by the Securities and Exchange Commission affecting investor rights in corporate elections, suggesting the agency's approach would not resolve a long-smoldering dispute. "I think this is a case where more work needs to be done," Rep. Barney Frank (D-Mass.), chairman of the House Committee on Financial Services, said after a hearing on the matter.
March 5, 2004 |
The pressure on the board of Walt Disney Co. continued to grow Thursday as public and private pension fund managers chastised the company's directors for standing by Michael Eisner. The board's decision to keep Eisner in the chief executive job -- after stockholders at the annual meeting here delivered one of the harshest snubs ever to a CEO -- was roundly criticized.