Tagged: Elizabeth Nowicki

SCOTUS on the “honest services” law

The Supreme Court restricted a favorite tool for pursuing corrupt politicians and self-dealing corporate chiefs, ruling that the law that makes it a crime to deprive the public or one’s employer of the “intangible right of honest services” can only be used where they could prove defendants accepted bribes or kickbacks.  It means, for instance, that […]

BP faces Congress

It’s all BP all the time in Washington this week.  After President Obama addresses the nation Wednesday on the BP oil spill situation, company executives on Thursday face a Congressional hearing on the matter.  Visiting law Professor Elizabeth Nowicki, both a former SEC and Wall Street attorney, says BP CEO Tony Hayward would be well-served to remember […]

Dell settling Intel claims

Dell is in settlement talks with the Securities and Exchange Commission to resolve allegations that its founder/CEO Michael Dell engaged in financial irregularities related to Dell’s dealings with chip-maker Intel — with no admission of guilt or bar of Dell from service as an officer or a public company.  Visiting law Professor Elizabeth Nowicki, a […]

Congress eyes credit-rating agencies

The Congressionally sponsored bipartisan Financial Crisis Inquiry Commission now has cast its eyes on the credit-rating agencies and the impact they may have had on the Great Crash of 2008.  Law Professor Elizabeth Nowicki, a veteran attorney from both Wall Street and the Securities and Exchange Commission, says the agencies are both hopelessly plagued by […]

BofA, Citi hid debt like Lehman

Bank of America and Citigroup brushed off reports that they incorrectly hid from investors billions in debt — similar to what Lehman Brothers did — to obscure its true level of risk.  Company documents filed with regulators show the two Wall Street banks classified some short-term repurchase agreements (“repos”) as sales, which they should have […]

SEC moves to avoid “flash crash”

In an effort to avoid a repeat of the May 6th “flash crash” when computerized trading markets tumbled out of control, the Securities and Exchange Commission has voted unanimously to require audit trails to cover all trading orders from start to finish.  Visiting Law Professor Elizabeth Nowicki, a former SEC and Wall Street attorney, says the […]

Morgan Stanley new Fed target

Wall Street investment bank Morgan Stanley reportedly is being investigated by federal authorities to see if it misled investors about mortage-derivatives deals it helped design and sometimes bet against.  This is on the heels of the Securities and Exchange Commission charging Goldman Sachs with securities fraud involving similar collateralized debt obligations or CDOs.  Law Professor […]

SEC probes stock-market plunge

Heads of the major stock exchanges were summoned to Washington by federal regulators to try to help figure out what caused last week’s computerized sell-off the shot the Dow Jones Industrial Average down 1,000 points in a matter of minutes.  Law Professor Elizabeth Nowicki, a former Securities and Exchange Commission attorney and Wall Street lawyer, […]

Congress confronts Goldman

With senators in a confrontational mood, top executives from Goldman Sachs testified that while the investment-banking industry made mistakes, they personally did nothing wrong and rejected responsibility for the housing bust that plunged the nation into financial crisis.  Law Professor Elizabeth Nowicki, a former SEC lawyer and Wall Street attorney, says the world’s largest investment […]

Treasury less than candid with bailout

A report from the inspector general overseeing the government’s bailout of the banking system says the Treasury Department was less than candid last fall about the health of the bailed-out banks.  Visiting law Professor Elizabeth Nowicki, a former SEC attorney and Wall Street lawyer, says such lack of transparancy is what caused a run on […]