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 [...]
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Tagged Boston University School of Law, BU LAW, BU Law School, CEO Jeff Skilling, Conrad Black, Elizabeth Nowicki, Enron, honest services law, intangible right of honest services, Jeffrey Skilling, Justice Sonia Sotomayor, SEC, Supreme Court, Wall Street
June 15, 2010 at 11:16 am
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 [...]
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Tagged Boston University, BP, BP CEO, BP oil spill, BU Law School, Business and Politics, CEO, Congress, Deepwater Horizon oil spill, Elizabeth Nowicki, Graham Wilson, Political Science, President Obama, SEC, Tony Hayward, Wall Street
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 [...]
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Tagged Attorney General, BU Law School, CEO, Dell, Elizabeth Nowicki, Intel, Michael Dell, New York, New York's attorney general, SEC, Securities and Exchange Commission, Wall Street
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 [...]
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 [...]
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 [...]
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 [...]
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, [...]
April 27, 2010 at 4:01 pm
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 [...]
October 5, 2009 at 3:38 pm
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 [...]
