Panasonic unit in U.S. bribery investigation: WSJ
NEW YORK - A unit of Japan's Panasonic Corp is under investigation by U.S. authorities looking at whether the company paid bribes overseas to airline employees or government officials to help land business, the Wall Street Journal reported.
Found 1 month ago on channel Reuters
Panasonic Draws U.S. Bribery Probe
U.S. authorities are investigating whether a unit of Japanese electronics giant Panasonic paid bribes abroad to land business, according to company documents reviewed by The Wall Street Journal.
On Executive Comp, the Swiss Aren’t Neutral — Will the U.S. Be Persuaded?
For more than a century, the Swiss have managed to stay out of conflicts and wars. But when it comes to excessive corporate compensations, they are hardly neutral. Last Sunday, 68% of Swiss voters accepted a groundbreaking proposal that will require shareholders to approve the pay of executives and board members of public companies. The result of the controversial nationwide referendum reverberated around the world because it set radical new rules for corporate governance that could spill over to other countries. Several nations already allow shareholders to have a say on executive compensation, and the EU agreed last week to cap bankers’ bonuses at twice their salaries. In the U.S., the Dodd-Frank Wall Street Reform and Consumer Protection Act, passed in 2010, requires all public corporations to seek a non-binding shareholder approval of executive compensations. But Switzerland’s new legislation will be by far the strictest, because the “say on pay” will be compulsory rather than ...
SAC Capital: Feds Are Probing Insider Trading Scandal
SAC Capital, the giant hedge fund run by billionaire Wall Street titan Steven A. Cohen, informed its clients on Wednesday that the firm is under investigation by the Securities and Exchange Commission, according to multiple reports. In a brief 8 a.m. conference call, Tom Conheeney, SAC’s president, told clients that the $14 billion hedge fund has received a so-called Wells Notice from the SEC, which is often a precursor to formal charges, according to multiple reports. SAC is grappling with the fallout from a federal insider trading investigation, following the arrest of one of its former portfolio managers, Mathew Martoma, who is accused of orchestrating a $276 million fraud. Martoma, who appeared on $5 million bail in U.S. federal court on Monday in New York City, has been charged with misusing information he got from a University of Michigan doctor involved in an important pharmaceutical drug trial in 2008. Martoma, a 38-year-old graduate of Stanford Business School, has been charged ...
SEC Official Elisse Walter Chosen to Lead Agency
(WASHINGTON) — President Barack Obama has chosen Elisse Walter, one of five members of the Securities and Exchange Commission, to become chairman of the agency. Chairman Mary Schapiro will leave next month after a tumultuous tenure in which she helped lead the government’s regulatory response to the 2008 financial crisis. Walter will take over at a critical time for the SEC, which is finalizing new rules in response to the 2008 financial crisis. She can serve through 2013 without Senate approval because she’s already been confirmed to the commission. Obama will need to nominate a permanent successor before Walter’s term ends. News reports have suggested that Mary John Miller, a top Treasury Department official, is among those mentioned as a potential candidate. (MORE: Obama Selects Three Financial Regulators) Walter, who is a Democrat, was appointed to the SEC in 2008 by President George W. Bush. Earlier, she was a senior official at the Financial Industry Regulatory Authority, the ...