Khuzami supports SEC's lawsuit-settlement policy | Nasdaq's eSpeed acquisition is move toward diversifying | Closely watched bond index posts first Q1 loss since 2006
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April 3, 2013
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SEC allows public companies to announce info via social media
The Securities and Exchange Commission says publicly traded companies are free to use social media to announce important information as long as they inform investors which websites they intend to use. "One set of shareholders should not be able to get a jump on other shareholders just because the company is selectively disclosing important information," said George Canellos, acting director of the SEC's Division of Enforcement. Reuters (4/2), (4/2), Bloomberg Businessweek (4/3), The Washington Post (4/2), The New York Times (tiered subscription model)/DealBook blog (4/2)
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Industry Update
Khuzami supports SEC's lawsuit-settlement policy
The Securities and Exchange Commission's policy of agreeing to settlements with companies that neither admit or nor deny allegations makes sense, says a former head of the Division of Enforcement, Robert Khuzami. "By admitting wrongdoing in the government investigations, which companies might well be prepared to do, they face a great deal of liability on the civil side and, in fact, the admissions may well be tantamount to conceding liability on the civil side," Khuzami said. The Wall Street Journal/CFO Journal (4/2)
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Nasdaq's eSpeed acquisition is move toward diversifying
Nasdaq OMX's purchase of eSpeed from BGC Partners is expected to help the company expand into the fixed-income market. "We are building a diverse, customer-centric portfolio of corporate, trading, technology and information solutions," said Bob Greifeld, Nasdaq's CEO. Nasdaq said it expects the acquisition to help it capitalize on increases in Treasury trading as fiscal stability returns to the U.S. Financial Times (tiered subscription model) (4/2), The Trade News (U.K.) (4/2)
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Closely watched bond index posts first Q1 loss since 2006
Concerns about the potential effects of future U.S. inflation on fixed-income investments are reflected in a widely followed bond index, the Barclays U.S. Aggregate Bond Index. Commonly called "the Agg," the index fell 0.12%, its first decline in a first quarter in seven years. Pensions & Investments (free access for SmartBrief readers) (4/1), The Wall Street Journal (4/2)
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S&P makes case to shift lawsuits from state to federal level
Standard and Poor's says the fraud lawsuits against it by 16 U.S. states should be moved to federal court. The move would limit S&P's liability, and would avoid a "patchwork of potentially overlapping and inconsistent injunctions," the company says. The results of recent court cases mean the effort might be difficult, legal experts say. Reuters (4/2)
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New York Focus
N.Y. state Sen. Smith among 6 charged in bribery case
Federal prosecutors have accused New York state Sen. Malcolm Smith and five other people of participating in a bribery scheme intended to win Smith the Republican nomination in New York City's mayoral race. "A show-me-the-money culture seems to pervade every level of New York government," federal prosecutor Preet Bharara said. Bloomberg (4/2), The New York Times (tiered subscription model) (4/2)
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Group: Uninsured New Yorkers qualify for health care tax credits
About 1.5 million New Yorkers without medical insurance will be able to claim tax credits to help pay for heath coverage next year, according to the advocacy group Families USA. The assistance will be paid directly to health plans that provide coverage for the individuals or families insured, the group said. The Wall Street Journal/The Associated Press (4/3)
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Career Development
Why smart leaders deliberately trip themselves up
It's all too easy for leaders to uncritically adopt suboptimal strategies simply because they can't think of a better option, says Chip Heath. To avoid that, bosses should set up a "mental trip wire" that, if tripped, requires them to re-evaluate their decisions. "Setting a mental trip wire is a way of establishing another decision point in the future, so that if we get into a bad situation we'll revisit it," Heath explains. The Washington Post (3/28)
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On The Economy
U.S. vehicle sales rose 3.4% in March
More new cars and trucks were sold in March than in any other month since 2007. Autodata says 1.45 million vehicles were sold last month, a 3.4% increase compared with March 2012. The New York Times (tiered subscription model) (4/2), Detroit Free Press (4/2)
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Financial Products
USAA seeks SEC approval to introduce 14 ETFs
USAA, which specializes in serving U.S. military and diplomatic personnel, has filed with the Securities and Exchange Commission to market 14 actively managed exchange-traded funds. The products include equity and fixed-income funds, as well as ETFs that mix equity and fixed income. (4/2), ETF Trends (4/1)
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Hold on; hold fast; hold out. Patience is genius."
-- Georges-Louis Leclerc,
French naturalist, mathematician, cosmologist and author
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